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<Research>Citi Upgrades LINK REIT (00823.HK) to Buy, Raises TP to HKD44.8
Recommend 12 Positive 10 Negative 10 |
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The worst for LINK REIT (00823.HK) is behind, as a series of positive developments is emerging, including improving retail tenant sales in Hong Kong and stabilizing cash rents, the completion of the disposal of its Singapore retail assets with proceeds to be used for share buybacks, and the expected appointment of a new CEO in 1Q/2QFY27E, Citi said in its report. The broker upgraded LINK REIT from Neutral to Buy and raised its TP from HKD36.8 to HKD44.8. LINK REIT plans to employ all of its proceeds from the sale of approximately USD250 million (equivalent to approximately HKD1.5 billion) for share buybacks, representing about 1.4% of the market cap. The buyback program is expected to commence in late June 2026 and may be scaled up depending on further sales and funding costs. The broker estimated that the company's non-core assets have a book value of approximately HKD14.9 billion, representing about 7% of its portfolio, including office buildings in Australia, the UK, mainland China, and logistics assets. Management confirmed its strategy of recycling funds from non-core assets. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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