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<Research>G Sachs: LINK REIT (00823.HK) Rating Kept at Neutral as 1-3FQ Negative Growth in HK Retail Rental Reversion Expanded to 7.5%
Recommend 3 Positive 4 Negative 2 |
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LINK REIT (00823.HK) announced operational updates for the first nine months of the fiscal year 2025/26 (nine months ended December 2025), Goldman Sachs published a research report saying. The decline in tenant sales in Hong Kong slightly narrowed to 1.5%, but the negative growth in rental reversion expanded to 7.5%. LINK REIT's Hong Kong property portfolio saw a slight improvement in tenant sales, with the YoY decline narrowing to 1.5% over the nine-month period, mainly driven by a slight growth in the catering category on increased leasing demand by Chinese restaurants. On the other hand, sales from the supermarket and food categories slowed to a YoY drop of 0.4%. Overall sales continued to lag behind the overall Hong Kong retail market, which benefited from high-priced goods and the launch of the new iPhone, to which LINK REIT has limited exposure. Therefore, the broker kept rating at Neutral for LINK REIT, with a target price of $41.3, based on a discounted cash flow model, with a weighted average cost of capital (WACC) of 7.2% and a terminal growth rate of 2%. AASTOCKS Financial News Website: www.aastocks.com |
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