Lots of ASX 200 companies report this week, and earnings season volatility could intensify as expectations are tested.Last week reminded us how quickly sentiment can turn. AMP Ltd (ASX: AMP) tumbled 30% after its update. REA Group Ltd (ASX: REA) shares opened down 18% on results day before clawing back some ground. CSL Ltd (ASX: CSL) fell 11% following its interim numbers, adding to an already tough 12 months.As we covered in our recent earnings watchlist, reporting season is rarely about headlines alone. I ...

Investment Rating - The report indicates a stable rental performance in modern logistics, while general industrial properties experienced a slight decline in rental rates [1][6]. Core Insights - The leasing activities in Hong Kong's industrial property market were more active in Q4 2025, with an increase in expansions and relocations, particularly in the logistics sector [1]. - The vacancy rate in modern logistics improved, decreasing by 0.5 percentage points to 12.8%, while Kowloon East saw a decline in vacancy from 9.9% in Q3 2025 to 7.8% in Q4 2025 [1]. - A significant transaction involved Brookfield and Uni-China Group establishing a joint venture for cold storage, purchasing a property for HK$663 million, which will enhance cold storage facilities for food and medical products [3]. - The demand for logistics related to e-commerce in the PRC is increasing, influencing warehouse and flatted factory tenants to seek expansion [4]. - The industrial market outlook for 2026 suggests continued favorable conditions for tenants, with rental forecasts expected to decline by 0% to 3% [6]. Summary by Sections General Vacancy and Rent Changes - Modern logistics rental rates remained stable, while general industrial properties recorded a 0.4% decline quarter-on-quarter, with Kowloon East experiencing a larger decline of 1.2% [1]. - The vacancy rate in Kowloon East decreased significantly due to rent declines and incentives offered [1]. Significant Transactions - A notable new lease in the logistics sector was signed at G2000 Warehouse Building, covering approximately 123,600 sq ft [2]. - Brookfield's joint venture with Uni-China Group involved the purchase of a cold storage facility for HK$663 million, expected to begin operations in Q3 2026 [3]. Industry Movement/Trend - The logistics demand driven by e-commerce in the PRC is reshaping the market, with a focus on expansion in traditional warehouses and flatted factories [4]. - The presence of Mainland electric vehicle brands in Hong Kong has increased demand for car repair services, leading to new leases in Kwai Chung [5]. Market Outlook - The industrial market in 2026 is projected to remain tenant-friendly, with landlords becoming more flexible in negotiations [6]. - The demand for data center leasing remains low due to selectivity among international operators [6].

Group 1 - Goodman Group's share price increased by 9% following the announcement of a European data centre partnership [1] - The partnership with Canada Pension Plan (CPP Investments) involves a total investment of A$14 billion, with an initial capital commitment of A$3.9 billion [2] - The partnership aims to develop data centre projects in key European cities: Frankfurt, Amsterdam, and Paris [2][5] Group 2 - The European project will consist of four data centres, with a combined primary power of 435 MW and an IT load of 282 MW [5] - Construction is expected to begin by June 30, 2026, with secured power connections and planning permits already in place [5][7] - Goodman has a significant pipeline of projects, with 57% of its development work in progress focused on data centres, aligning with the growing demand for cloud computing and AI [8] Group 3 - Goodman and CPP Investments have a long-standing partnership since 2009, with this being their first data centre collaboration in Europe [4] - CEO Greg Goodman highlighted the rarity and quality of the portfolio in Europe's FLAP markets, emphasizing the importance of speed to market and delivery certainty [6] - The share price has seen a decline of over 11% in the past year, indicating reliance on capital growth rather than distribution payments [9]