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00823 LINK REIT
RTNominal down33.650 -0.650 (-1.895%)
Research Report

20/12/2019 17:37

{I-bank focus}Link REIT plans to downsize HK portfolio - UBS

[ET Net News Agency, 20 December 2019] UBS Global Research said Link REIT's (00823)
first acquisition in Sydney to be value accretive, considering its overall portfolio NPI
(net property income) and a forward dividend yield of 3.69%/3.88%.
The research house believes the acquisitions will contribute 1.7%/1.0% additional net
property income/DPU to Link in FY2021. Meanwhile, the company also highlighted the
acquisitions will be fully funded by AUD borrowings and therefore currency risk should be
manageable.
During the conference call, management provided an update on their Vision 2025 growth
strategy. They are targeting to lower the HK portfolio exposure from the current level of
87.5% to 70%-75% by 2025.
The company is currently conducting in-depth acquisition studies on mass-mid market
retail and premium grade-A office in Australia, Singapore, Japan and the UK, mainly
attracted by their relative stability, market liquidity and favourable regulatory
environment.
UBS maintained its "neutral" call on Link REIT, with a target price of HK$91.8. (KL)

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