Link Real Estate Investment Trust

00823: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Link REIT Earnings: Pressure on Rental Income and Asset Valuation Remains; Units Undervalued

Xavier Lee , Kathy Chan

May 28, 2025

No-moat Link REIT's fiscal 2025 (ended March) results were broadly in line with our expectations. However, distribution per unit, or DPU, of HKD 2.72 slightly exceeded our forecast, driven by lower taxes following a one-off tax clarification in mainland China. Our forecasts are largely unchanged and we maintain our fair value estimate of HKD 45 per unit. The units are undervalued, reflecting a 9% discount to our valuation. Our fiscal 2026 DPU forecast of HKD 2.64 implies an attractive yield of 6.5%.

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Link Real Estate Investment Trust

Link REIT Earnings: Pressure on Rental Income and Asset Valuation Remains; Units Undervalued

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