Morgan Stanley Forecasts 7.3% Decline in LINK REIT's FY2026 Distribution Per Unit, Maintains HK$37 Price Target

Stock News

Feb 06

Morgan Stanley has issued a research report reiterating its "Equal-weight" rating on LINK REIT (00823) with a target price of HK$37. The real estate investment trust is expected to announce its financial results for fiscal year 2026, ending March 2025, in May. Despite improvements in Hong Kong's retail sales, the firm anticipates a 7.3% year-on-year decrease in distribution per unit for FY2026, attributed to declining rental income. This compares to a market expectation of a 9.3% reduction. The forecast implies a 9.9% decline in distribution per unit for the second half of FY2026. The report indicates that the negative trend in renewal rents is likely to persist into the first half of fiscal year 2027 due to lagging effects and a slower-than-expected recovery in mass-market retail. Furthermore, growth in online sales and increasing e-commerce penetration in China are potential headwinds for LINK REIT's retail property portfolio.

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The real estate investment trust is expected to announce its financial results for fiscal year 2026, ending March 2025, in May. Despite improvements in Hong Kong's retail sales, the firm anticipates a 7.3% year-on-year decrease in distribution per unit for FY2026, attributed to declining rental income. This compares to a market expectation of a 9.3% reduction. The forecast implies a 9.9% decline in distribution per unit for the second half of FY2026. The report indicates that the negative trend in renewal rents is likely to persist into the first half of fiscal year 2027 due to lagging effects and a slower-than-expected recovery in mass-market retail. Furthermore, growth in online sales and increasing e-commerce penetration in China are potential headwinds for LINK REIT's retail property portfolio.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Forecasts 7.3% Decline in LINK REIT's FY2026 Distribution Per Unit, Maintains HK$37 Price Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Forecasts 7.3% Decline in LINK REIT's FY2026 Distribution Per Unit, Maintains HK$37 Price Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-02-06 14:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Morgan Stanley has issued a research report reiterating its \"Equal-weight\" rating on LINK REIT (00823) with a target price of HK$37. 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Furthermore, growth in online sales and increasing e-commerce penetration in China are potential headwinds for LINK REIT's retail property portfolio.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1521","symbol_name":"挪威政府全球养老基金持仓","start_time":0,"source_url":"","article_id":"1189534690","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1189534690","pubTimestamp":1770359811,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley has issued a research report reiterating its \"Equal-weight\" rating on LINK REIT (00823) with a target price of HK$37. 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