JPMorgan has released a research report following LINK REIT's announcement of its operational data for the first nine months of the 2026 fiscal year. The financial institution maintains a "Neutral" rating on the real estate fund but indicated potential for a more positive outlook should certain conditions be met. These conditions include a substantial improvement in tenant sales and lease renewal rates—a process that may require time due to increasing competition from cross-border e-commerce platforms—and the implementation of value-accretive capital recycling initiatives, such as share buybacks.

While sales from tenants at the company's Hong Kong shopping malls showed a slight improvement, the performance remains weaker compared to the broader Hong Kong retail sector. Specifically, sales were estimated to decline by 0.4% year-over-year in the third quarter of fiscal 2026, following a 3.4% drop in the second quarter. Meanwhile, the rate of decline in renewal rents widened to 7.5%, which aligns with prior expectations of a high-single-digit decrease. Although management noted some improvement in year-to-date tenant sales, renewal rents are anticipated to remain at similar levels.