CLSA has issued a research report stating that LINK REIT (00823) delivered weaker-than-expected results for the first half of fiscal year 2026. The company has implemented countermeasures, and the bank believes incremental negative impacts will gradually fade starting from fiscal year 2027. Due to underperformance in Hong Kong and mainland shopping malls, CLSA has lowered its earnings forecasts for LINK REIT by 4.5%, 1.6%, and 0.3% for fiscal years 2026, 2027, and 2028, respectively. However, citing lower U.S. Treasury yields, the bank raised its target price from HK$50.5 to HK$51, maintaining an "Outperform" rating. CLSA noted that LINK REIT offers the highest yield among its covered Hong Kong property stocks, with negative factors largely priced in. The current portfolio is attractive, featuring defensive high yields and potential inclusion in the Stock Connect program.