Morgan Stanley has released a research report indicating that LINK REIT has announced the sale of its stake in the Singaporean retail property Swing By@Thomson Plaza for S$250 million, a price exceeding its fair value. The firm believes this increases the likelihood of a share buyback by LINK REIT and anticipates further asset disposals in 2026. Morgan Stanley maintains a HK$37 target price and an "Equal-weight" rating on the stock. The report noted that despite robust retail sales in the first two months of this year, Morgan Stanley remains cautious about the mass retail segment due to pressures from accelerating e-commerce growth and increased penetration by Chinese online retailers. Consequently, even with improved tenant sales, the bank projects that the negative rental reversion rate will widen from the 7.5% recorded in the first nine months of the 2026 fiscal year to 8.5% for the full fiscal year. Distributions per unit for FY2026 are forecast to decline by approximately 8% to HK$2.52.