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<Research>Citi: LINK REIT, Weighed by Sliding Retail Lease Renewals in HK, Sees Interim DPU Drop ~6%, Shy of Forecasts
Recommend 17 Positive 19 Negative 18 |
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LINK REIT (00823.HK)'s distribution per unit (DPU) for 1FH ending September decreased by 5.9% YoY to HKD1.2688, accounting for 48.7% of the full-year forecast and slightly missing the market expectation of a 4-5% YoY decline, according to a Citi research report. This performance was attributable to steeper-than-expected declines in lease renewal rents in Hong Kong and Mainland China retail sectors, escalated operating expenses, and higher administrative management fees. The report also highlighted the widened negative growth in lease renewal rents for LINK REIT's Hong Kong retail business. The retail reversion reached -6.4% (-2.2% in FY25), as dragged down by wet markets and cooked food stalls (-9.3%) and general retail stores (-5.9%). Tenant sales declined by 2.1% YoY, underperforming the overall retail growth in Hong Kong. Citi kept a Buy rating on LINK REIT with a target price of HKD50. AAStocks Financial News |
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