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【券商聚焦】建银国际维持领展房产基金(00823)“优于大市”评级 指上半财年每单位分派增长胜预期

[Brokerage Focus] CCB International maintains Link REIT (00823) with an "outperform market" rating, expecting a better than expected growth in distribution per unit for the first half of the fiscal year.

Golden Guard Financial News ·  Nov 7 21:14

Jinwu Financial News | CCB International Development Research Report shows that the growth in the distribution per unit (DPU) of the Lingzhan Real Estate Fund (00823) in the first half of fiscal year 2025 was better than expected. Despite good results, the new chairman of Lingzhan is conservative about market uncertainty and the implementation of the Link 3.0 strategy. The bank believes this is mainly due to: (1) the new chairman needs time to blend in with the existing team; (2) leading asset management needs to establish a track record for potential investors; and (3) market adjustments require more time to stabilize. From a forward-looking perspective, however, retail sales have shown signs of stabilizing in the fourth quarter of 2024, although management confirmed the bank's previous views on the FY2025 rent pullback. The rise in capitalization rates and the trend towards market levels are also conducive to any potential asset disposal or divestment, so that a series of unit repurchases or reinvestments can be initiated.

The bank fine-tuned the distribution forecast per unit for the 2025-2027 fiscal year by 0.6-0.7% and maintained the target price at HK$45.00. The bank maintains an “superior to market” rating because it believes that factors such as unit buybacks and possible inclusion in Hong Kong Stock Connect are catalysts driving unit prices.

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