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00823 LINK REIT
RTNominal down30.300 -0.650 (-2.100%)
Research Report

02/06/2020 15:50

{I-bank focus}Morgan lowers Link REIT (00823) to HK$70

[ET Net News Agency, 2 June 2020] Morgan Stanley lowered its target price for Link REIT
(00823) to HK$70 from HK$73 and upgraded its rating to "overweight" from "underweight".
The research house revisited its concerns highlighted in its February downgrade report,
after the company's FY2020 results on 1 June. The company planned to buy back more than
the 8mn units carried over from its FY2020 program. It has not committed a buyback budget.
Historically, the company bought back units below BVPS (March 2020: HK$78).
Morgan now expects more investment opportunities for the company in China than overseas
in FY2021. This is because it has established a team on the ground to conduct due
diligence.
Morgan cut its FY2021 DPU estimate in view of weaker growth. (KL)

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