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<Research>JPM Keeps Neutral on LINK REIT, Expects Limited Short-term Benefit for Tenant Sales
Recommend 6 Positive 9 Negative 3 |
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According to the 9MFY26 (April to December 2025) operational data released by LINK REIT (00823.HK), while the company's tenant sales at Hong Kong malls saw a mild improvement, they still lagged behind the retail sales of essential consumer goods in Hong Kong, JPMorgan wrote in its research report. LINK REIT's rental yield also expanded to -7.5%, aligning with the previous guidance of a high single-digit percentage decline. Given that the company's investment portfolio in Hong Kong is primarily focused on essential goods and the penetration of cross-border e-commerce is increasing, JPMorgan doesn't expect the tenant sales to stage a significant rebound in the short term. JPMorgan has kept a Neutral rating on LINK REIT, with a target price of HKD36. AAStocks Financial News |
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