Link Real Estate Investment Trust

Link Real Estate Investment Trust is a collective investment scheme constituted as a unit trust that invests primarily in retail and carpark operations.
  • Ticker0823
  • ISINHK0823032773
  • ExchangeHong Kong Stock Exchange
  • SectorReal Estate Investment Trusts
  • CountryHong Kong

Analysts

1 director sold

A director at Link Real Estate Investment Trust sold 500,000 shares at 85.658HKD and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

UOB
Shaun Tan

REITs & Landlords - Office & retail: Uncertainties may linger; downgrade to MARKET WEIGHT.

Office rents are due for an adjustment given a supply influx and softer GDP outlook. Key office landlords have more protection from early rental negotiation and MNCs’ lease renewals. If history is any indication of the future, a lengthy retail downcycle could ensue given a depreciating renminbi and weak tourist numbers. Downgrade the sector to MARKET WEIGHT. Our key BUYs - Fortune REIT and Link REIT - have >70% exposure to non-discretionary retail trade, which has remained stable despite the slump in overall retail trade.

UOB
Shaun Tan

REITs & Landlords: Office & retail: uncertainties may linger. Downgrade to Market Weight

Office rents are due for an adjustment given a supply influx and softer GDP outlook. Key office landlords have more protection from early rental negotiation and MNCs’ lease renewals. If history is any indication of the future, a lengthy retail downcycle could ensue given a depreciating renminbi and weak tourist numbers. Downgrade the sector to MARKET WEIGHT. Our key BUYs, Fortune REIT and Link REIT, have >70% exposure to non-discretionary retail trade, which has remained stable despite the slump in overall retail trade.

THE LINK RL.EST.INV.TST. sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of THE LINK RL.EST.INV.TST. (HK), active in the Real Estate Investment Trusts industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 6, 2019, the closing price was HKD 89.35 and its target price was estimated at HKD 82.46.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Link Real Estate Investment Trust: Update to credit analysis

Our credit view of Link Real Estate Investment Trust, reflecting the trust's business and financial profile following its fiscal 2019 results.

Moody's: Link REIT's FY2019 results support its A2 rating

Announcement: Moody's: Link REIT's FY2019 results support its A2 rating. Global Credit Research- 04 Jun 2019. Hong Kong, June 04, 2019-- Moody's Investors Service says that Link Real Estate Investment Trust's solid operating performance for the fiscal year ended 31 March 2019 was in line with Moody's expectations and continues to support the trust's A2 issuer rating and stable outlook.

Link Real Estate Investment Trust: Update to credit analysis

Our credit view of Link Real Estate Investment Trust, reflecting the trust's acquisitions in Shenzhen and Beijing year to date.

Link Real Estate Investment Trust: Proposed Shenzhen acquisition will not affect credit profile

Link REIT has a sufficient financial buffer to absorb the impact of these transactions.

Link Real Estate Investment Trust: Proposed Beijing acquisition has limited impact on credit profile

The trust's proposed acquisition of retail property in Beijing for RMB2.56 billion will have little impact on its credit profile.

UOB
Shaun Tan

Link REIT - FY19: Within expectations; pleasant surprise from new buyback quota.

Link REIT’s FY19 results were in line with expectations, with DPU growth of 8.6% yoy after including discretionary distribution of HK$0.0251/unit. Management announced a 60m-unit buyback quota, which could be completed in FY20. Link REIT’s Hong Kong and China portfolios maintained high rental reversions of >20%. Maintain HOLD with a higher target price of HK$93.70. Entry price: HK$89.00.

Phillip Zhong

Morningstar | Link REIT Full-Year Results a Slight Beat, DPU Growth Slowing

Link Real Estate Investment Trust reported fiscal 2019 results with total distributable amount of HKD 5.7 billion, up 5% year on year. Without the discretionary capital distribution, distributable income was slightly better than our estimate of HKD 5.5 billion. Full-year distribution per unit totaled HKD 2.7117, up 8.6% year on year as buybacks reduced units outstanding by 2%. To account for the slight outperformance as well as the ramp up of new assets in Hong Kong and China, we adjusted our earnings estimate for fiscal year 2020 and 2021. We increase our fair value estimate to HKD 76 from HK...

Phillip Zhong

Morningstar | Link REIT Full-Year Results a Slight Beat, DPU Growth Slowing. See Updated Analyst Note from 03 Jun 2019

Link Real Estate Investment Trust reported fiscal 2019 results with total distributable amount of HKD 5.7 billion, up 5% year on year. Without the discretionary capital distribution, distributable income was slightly better than our estimate of HKD 5.5 billion. Full-year distribution per unit totaled HKD 2.7117, up 8.6% year on year as buybacks reduced units outstanding by 2%. To account for the slight outperformance as well as the ramp up of new assets in Hong Kong and China, we adjusted our earnings estimate for fiscal year 2020 and 2021. We increase our fair value estimate to HKD 76 from HK...

Phillip Zhong

Link REIT Full-Year Results a Slight Beat, DPU Growth Slowing

Link Real Estate Investment Trust reported fiscal 2019 results with total distributable amount of HKD 5.7 billion, up 5% year on year. Without the discretionary capital distribution, distributable income was slightly better than our estimate of HKD 5.5 billion. Full-year distribution per unit totaled HKD 2.7117, up 8.6% year on year as buybacks reduced units outstanding by 2%. To account for the slight outperformance as well as the ramp up of new assets in Hong Kong and China, we adjusted our ea...

UOB
Johnny Yum Chung Man ...
  • Ken Lee
  • Kong Ho Meng
  • Malaysia Research Team
  • Napat Vorajanyavong
  • Nick Liu Sunliang
  • Shaun Tan
  • Singapore Research Team
  • Vincent Khoo Boo Aik

Regional Morning Notes - Tuesday, June 4, 2019

CHINA Sector Automobile: Guangzhou and Shenzhen increase new car plate quotas by 50-60%. Property: Weekly: Sales of leading developers continue to increase. HONG KONG Results Link REIT (823 HK/HOLD/HK$95.85/Target: HK$93.70): FY19: Within expectations; pleasant surprise from new buyback quota. MALAYSIA Strategy 1Q19 Results Wrap-up: The reporting season was “predictably” disappointing. We trim our year-end FBMKLCI target to 1,725, but expect a follow-through from last week’s impressive market rebound. Update Uzma (UZMA MK/SELL/RM0.71/Target: RM0.63): New plans to actively bid for large-scal...

1 director sold

A director at Link Real Estate Investment Trust sold 500,000 shares at 85.658HKD and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

UOB
Johnny Yum Chung Man ...
  • Joyce Chan Pui Lai
  • Ken Lee
  • Nick Liu Sunliang
  • Shaun Tan

Greater China Daily: Tuesday, June, 4, 2019

KEY HIGHLIGHTS CHINA Sector Automobile Guangzhou and Shenzhen increase new car plate quotas by 50-60%. Property Weekly: Sales of leading developers continue to increase. HONG KONG Results Link REIT (823 HK/HOLD/HK$95.85/Target: HK$93.70) FY19: Within expectations; pleasant surprise from new buyback quota. TRADERS’ CORNER Link REIT (823 HK): Trading Buy Range CGN Power (1816 HK): Trading Buy Range

UOB
Joyce Chan Pui Lai ...
  • Julia Pan Mengyao
  • Katrina Chen Chucan
  • Neo Chen Wentao
  • Robin Yuen
  • Sandra Huang Jieqiong
  • Shaun Tan

Greater China Daily: Thursday, May, 23, 2019

KEY HIGHLIGHTS CHINA Sector Cement Decent 2Q19 in sight. Initiate Coverage Tongcheng-Elong (780 HK/BUY/HK$15.08/Target: HK$20.00) One-stop super OTA app. Update Tiangong International (826 HK/NOT RATED/HK$2.35) Site visit takeaway. Small/Mid Cap Highlights Zall Smart (2098 HK/NOT RATED/HK$2.69) Transforming into an industrial internet trading operator. HONG KONG Update Ausnutria Dairy (1717 HK/BUY/HK$14.32/Target: HK$17.00) Key takeaways from Changsha plant visit. Link REIT (823 HK/HOLD/HK$96.90/Target: HK$93.60) FY19 results preview; downgrade to HOLD. TRADERS’ CORNER Pro...

UOB
Carol Dou Xiao Qin ...
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Katrina Chen Chucan
  • Michael Cheung Ho Bun
  • Shaun Tan

Greater China Daily: Tuesday, May, 14, 2019

KEY HIGHLIGHTS CHINA Results JD.com (JD US/HOLD/US$28.17/Target: US$27.00) 1Q19: Bottom Line beats expectations on margin improvement; in-line 2Q19 guidance. HONG KONG Sector Property Weekly wrap-up: Home buyers not rattled by escalating trade war. Update Jacobson Pharma (2633 HK/BUY/HK$1.55/Target: HK$2.08) 2019 earnings to grow faster than expected; steady expansion to continue. TRADERS’ CORNER Link REIT (823 HK): Trading Buy Range Power Assets (6 HK): Trading Buy Range

UOB
Joyce Chan Pui Lai ...
  • Nick Liu Sunliang
  • Shaun Tan

Greater China Daily: Wednesday, February, 20, 2019

KEY HIGHLIGHTS CHINA Sector Property Re-initiate coverage: Supportive policies to drive valuation recovery. TRADERS’ CORNER SD Gold (1787 HK): Trading Buy Range Link REIT (823 HK): Trading Buy Range

THE LINK RL.EST.INV.TST. sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of THE LINK RL.EST.INV.TST. (HK), active in the Real Estate Investment Trusts industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date September 6, 2019, the closing price was HKD 89.35 and its target price was estimated at HKD 82.46.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

UOB
Shaun Tan

REITs & Landlords - Office & retail: Uncertainties may linger; downgrade to MARKET WEIGHT.

Office rents are due for an adjustment given a supply influx and softer GDP outlook. Key office landlords have more protection from early rental negotiation and MNCs’ lease renewals. If history is any indication of the future, a lengthy retail downcycle could ensue given a depreciating renminbi and weak tourist numbers. Downgrade the sector to MARKET WEIGHT. Our key BUYs - Fortune REIT and Link REIT - have >70% exposure to non-discretionary retail trade, which has remained stable despite the slump in overall retail trade.

UOB
Shaun Tan

REITs & Landlords: Office & retail: uncertainties may linger. Downgrade to Market Weight

Office rents are due for an adjustment given a supply influx and softer GDP outlook. Key office landlords have more protection from early rental negotiation and MNCs’ lease renewals. If history is any indication of the future, a lengthy retail downcycle could ensue given a depreciating renminbi and weak tourist numbers. Downgrade the sector to MARKET WEIGHT. Our key BUYs, Fortune REIT and Link REIT, have >70% exposure to non-discretionary retail trade, which has remained stable despite the slump in overall retail trade.

UOB
Shaun Tan

Hong Kong Property - Prefer Fortune REIT and Link REIT amid uncertainty in Hong Kong; developers trading near trough valuations.

Share prices of property stocks have fallen 14.1% as the political situation in Hong Kong remains unresolved. A sharp decline in tourist arrivals also led to softer retail sales data in Jun 19. The non-discretionary retail segment will be resilient and we prefer Fortune REIT and Link REIT after a pull-back in prices. For developers, investors could look to bottom fish on further dips in prices as developers’ valuations approach the 2018 trough levels. We like SHKP for its strong locked-in sales. Maintain MARKET WEIGHT.

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

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