中信リオンは、Link REIT（00923）の将来の有機的成長が低い一桁数を維持して、債券に似た安定的な配当を行うと予想しています。
Zhixin Lyon has released a research report stating that it has maintained a 'outperform the market' rating for Link REIT (00923) and lowered its target stock price from HKD 50.6 to HKD 42, down 17%.
The bank pointed out that the company's mid-term performance as of the end of September 2023 was in line with expectations, but due to the dilution after the rights issue, the distribution per unit decreased by 16.4% year-on-year. Due to the slowdown in the Mainland and Hong Kong economies, the bank predicts that Link REIT's organic growth in the next few years will remain in the low single digits, with stable dividends similar to bonds.
According to the report, although the management of Link REIT has mentioned that the resumption of repurchase may improve market sentiment in the short term, the bank believes that its unit price will be more closely related to the yield of US government bonds.