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<Research>JPM Downgrades LINK REIT to Neutral, Cuts TP to HKD38
Recommend 14 Positive 11 Negative 22 |
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LINK REIT (00823.HK) management's tone at the interim results briefing was more cautious than expected, claiming that the operating environment will slightly deteriorate in 2H25 before bottoming out, JPMorgan commented in its research report. JPMorgan originally anticipated a mid-single-digit percentage decline in renewal rents for the full fiscal year, but it has now altered its estimate to a high single-digit percentage of decline in renewal rants for 2HFY26, mainly due to the unexpected weakening of sales by LINK REIT's Hong Kong tenants from July to September 2025, which are estimated to reach a YoY drop of 3%, underperforming the 3% YoY rise in Hong Kong's essential consumer goods retail sales. LINK REIT's rating was downgraded from Overweight to Neutral, and its target price was cut from HKD48 to HKD38. AAStocks Financial News |
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