来源：新浪港股 报告指，受滞后效应及大众零售复苏速度低于预期影响，续租租金下滑趋势可能持续至2027财年上半 年。而线上销售增长及中国电商渗透率提升，恐对领展零售物业组合造成冲击。 摩根士丹利发布研报称，领展房产基金（00823）"与大市同步"评级，目标价37港元。领展预计将于5月 公布今年3月底止2026财政年度业绩。尽管香港零售销售有所改善，该行预期2026财政年度每基金派息 将因租金收入下降而同比减少7.3%，市场预测减9.3%，这意味着2026下半年每基金单位派息将同比下 降9.9%。 ...

报告指，受滞后效应及大众零售复苏速度低于预期影响，续租租金下滑趋势可能持续至2027财年上半 年。而线上销售增长及中国电商渗透率提升，恐对领展零售物业组合造成冲击。 摩根士丹利发布研报称，领展房产基金(00823)"与大市同步"评级，目标价37港元。领展预计将于5月公 布今年3月底止2026财政年度业绩。尽管香港零售销售有所改善，该行预期2026财政年度每基金派息将 因租金收入下降而同比减少7.3%，市场预测减9.3%，这意味着2026下半年每基金单位派息将同比下降 9.9%。 ...

Core Viewpoint - Morningstar maintains a fair value estimate of HKD 45 per unit for Link REIT (00823), indicating that the current unit value is undervalued, with a projected distribution per unit of HKD 2.57 for the fiscal year 2026, reflecting an attractive yield of 6.6% [1] Financial Performance - For the half-year period ending September, Link REIT's net property income decreased by 3.4% year-on-year, primarily due to negative rental growth in its retail property portfolio in Hong Kong and mainland China [1] - The interim distribution per unit fell by 5.9% to HKD 1.27, which aligns with expectations [1] Market Outlook - Morningstar anticipates that the headwinds in the retail sector will continue to compress rental income through negative rental renewals, predicting that rental income from Hong Kong's retail property portfolio will stabilize starting in the fiscal year 2027 [1] - The rental performance of the mainland China retail property portfolio recorded a negative 16.4%, as Link REIT prioritized maintaining occupancy rates by reducing rents [1] Strategic Initiatives - Link REIT is restructuring its assets in Beijing, while retail sales in Shanghai have shown signs of stabilization [1] - The diversification strategy has proven effective, with strong performance in retail assets in Australia and Singapore, both showing double-digit positive rental returns, which effectively offsets the weak performance in Greater China [1]