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00823 LINK REIT
RTNominal up32.950 +1.300 (+4.107%)
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16/01/2018 15:56

[I-bank focus]Morgan lifts Link REIT (00823) to HK$72

[ET Net News Agency, 16 January 2018] Morgan Stanley lifted its target price for Link
REIT (00823) by 6% to HK$72, and downgraded its rating from "overweight" to
"equal-weight".
The research house said Link REIT is a proxy for the Hong Kong mass retail segment in
decentralized areas, and it believes Link can generate sustainable dividend CAGR of 8%
during FY2018-20.
Morgan noted Link's proven record of enhancing asset value and DPU growth, and potential
share buybacks using disposal proceeds. Its 12-month forward DPU yield is 4.1%, slightly
narrower than the long-term average since 2007. Potential asset disposals and strong
rental reversion should support further yield compression. (KL)

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