Link REIT 0823

Re: Link REIT 0823

Postby winston » Fri Jun 10, 2011 2:53 pm

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DJ MARKET TALK: Link REIT Down 1.1%; But "A Safe Harbour" - DBS

1430 [Dow Jones] Link REIT (0823.HK) is down 1.1% at HK$26.90, as profit-taking sets in after the stock hit HK$27.55 in the morning session, one tick below its record high of HK$27.60 hit just Tuesday.

The stock resumes trade today after announcing it will buy the commercial area of Nan Fung Plaza from the unlisted Nan Fung Group for HK$1.17 billion, marking Link's first-ever acquisition.

DBS Vickers expects the new property should produce synergy with Link's existing portfolio; it tips this is a yield accretive acquisition but initial DPU accretion is limited.

The house tips Link "a safe harbour in the prevailing volatile market," given its encouraging growth prospects (led by rent reversion and asset enhancement initiatives) on the one hand and revenue resilience on the other.

DBS rates Link Buy with a target price of HK$29.60.

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Mon Jul 18, 2011 1:47 pm

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DJ MARKET TALK: Link REIT Offers Attractive, Low-Risk Return -Citi

1135 [Dow Jones] STOCK CALL: Citigroup keeps The Link REIT (0823.HK) at Buy with a HK$29.61 target after its HK/China property conference on July 14-15.

The house notes management's response to criticism of its Nan Fung Plaza acquisition in June is that the purchase is the first step on demonstrating its ability to manage both public and private shopping malls in Hong Kong, indicating it may seek more acquisitions.

The house also notes management indicates overall spot rent CAGR of 6.7% over the past three years, based on a standard three-year leasing contract; "we think such growth rate is satisfactory given Link's portfolio caters more to domestic, non-discretionary side of the retail market in Hong Kong.

We believe that this trade mix offers more stable rental income and cash flows during different economic cycles in Hong Kong," Citigroup says.

"Together with an approximate 4.5% dividend yield (our FY12E DPU at HK$1.23/unit), we believe Link offers unitholders an attractive return with a relatively low risk profile." The stock is +1.1% at HK$27.55.

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Thu Sep 22, 2011 1:50 pm

DJ MARKET TALK: Link REIT Provides Defensiveness With Growth -DB

1324 [Dow Jones] STOCK CALL: Deutsche Bank starts Link REIT (0823.HK) at Buy with a target price of HK$30.43, as the stock offers "defensiveness with decent growth prospects."

It says Link's current unit price implies a value of below HK$2,900 psf for the retail premises of Link REIT, which looks undemanding.

With the active property and capital management by the manager, via asset enhancements, tenant remix, cost reductions, and new acquisitions, "we see strong upside potential for Link REIT's rental revenue and capital values, despite a weak economic environment."

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Wed Nov 09, 2011 1:58 pm

DJ Link REIT 1st-Half Distributable Income 21% On Strong Rental Income

HONG KONG (Dow Jones)--Link Real Estate Investment Trust (0823.HK), the largest Hong Kong-listed property trust by market capitalization, said Wednesday its distributable income in the six months ended Sept. 30 rose 21.2% from a year earlier because of rising rental income.

Link REIT, whose portfolio comprises shopping malls and parking facilities, said its distributable income for the first half totaled HK$1.42 billion, up from HK$1.17 billion in the previous year.

Revenue rose 10.1% to HK$2.89 billion from HK$2.62 billion.

Link REIT declared a first-half distribution per unit of HK$0.6311, up from HK$0.5286.

Source: Dow Jones Newswires
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Re: Link REIT 0823

Postby winston » Thu Nov 10, 2011 6:04 am

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REIT moves spark surge in unit holders' income by Karen Ha

Thursday, November 10, 2011

The Link Real Estate Investment Trust (0823), involved in shopping malls and parking in public housing estates, had 21.2-percent growth in distributable income in the six months to September's end compared to the period last year.

"Our targeted tenants are mainly supermarkets, restaurants, and retailers who sell necessities," said chief executive George Hongchoy Kwok-lung.

Distributable income was HK$1.42 billion, or 63.1 HK cents per unit. Revenue rose 10.1 percent to HK$2.89 billion.

Net property income grew 15.6 percent to HK$2.04 billion.

Overall occupancy reached 92.1 percent, with the rate for shops at 94.6 percent.

Seven of the trust's asset- improvement projects - costing about HK$753 million - will be completed in the next two years.

The trust, which holds HK$4 billion in cash, is now exploring opportunities for mergers and acquisitions.

"We are targeting some shopping malls with high appreciation potential," Hongchoy said, with Kowloon one of its areas of particular interest.

But Hongchoy refused to comment on reports that the REIT plans to acquire Laguna Plaza in Kwun Tong. There have been reports that the trust had been in talks with Hang Lung Properties (0101) on a possible deal.

In June, the REIT made its first acquisition, buying Nan Fung Plaza in Tseung Kwan O for HK$1.235 billion from Nan Fung Development. Since then, the trust says, its value has appreciated by about 4 percent.

The REIT's units rose 3.48 percent to HK$28.25 - a record high - yesterday.

http://www.thestandard.com.hk/news_deta ... 11110&fc=7
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Re: Link REIT 0823

Postby winston » Fri Apr 13, 2012 8:08 am

Link leaves bitter taste of nostalgia by Eddie Luk

A Link REIT push to highlight traditional restaurants and shops has backfired amid criticism that the mall operator's high rents have all but forced out such businesses.

The Real Estate Investment Trust launched its "Link the Tastes" program last month so traditional and renowned restaurants in its malls could showcase "hidden gems" of the unique local food culture and boost their business.

The dozens of restaurants participating include Shing Kee Noodles in Lek Yuen Estate, Sha Tin, and Kam Yin Restaurant in Kai Tin Estate, Lam Tin.

The Link also set up a Facebook account for the public to comment on food quality.

But hundreds of Facebook users descended on the page to strongly criticize the mall operator for forcing renowned and family-run small restaurants and shops to move out with its regular rent hikes.

"The Link REIT is shameless and disgraceful," wrote one blogger. "As it has kept increasing rents, numerous traditional and unique restaurants and shops have been forced to move out from its malls."

Others accused the Link of uprooting traditional culture by eliminating family- run restaurants and shops that competed with the chain outlets in its malls.

Li Kui-wai, City University associate professor of economics and finance, said: "Many `nostalgic' family-run restaurants and shops cannot afford the rents in the Link malls as they rarely make huge profits.

"It seems the operator prefers to rent premises to chain food stores to ensure its rental income remains stable."

Cheung Man-wai of concern group The Link Watch urged the mall operator to reduce rents and offer more rental concessions to allow small-scale restaurants and shops to run their businesses in its properties.

The Link has managed the largest SAR retail portfolio since the Housing Authority in 2005 privatized commercial spaces in public housing estates, including 180 shopping malls and car parks.

Then, as now, it was slammed for forcing out small shops by way of higher rents.

The Link said its Tastes publicity campaign aims to get more shoppers and tourists to its malls and enhance tenants' businesses.

The campaign is dedicated to enhancing the competitiveness of small businesses, it added, emphasizing it has not tried to delete online criticisms and respects free speech.


http://www.thestandard.com.hk/news_deta ... 20413&fc=8
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Re: Link REIT 0823

Postby winston » Tue May 22, 2012 8:58 am

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DJ MARKET TALK: Fund's Link Stake Cut Just Portfolio Tweak -Daiwa

0802 [Dow Jones] The identity of the institutional investor which offloaded 65 million Link REIT (0823.HK) shares last week finally came out; according to an exchange filing U.S. fund Capital Research cut its stake in Link to 5.57% from 8.44%, at HK$28.70 each.

Link rebounded 1.6% to HK$29.25 Monday and is now above the placement price.

Daiwa believes this placement could be just a normal portfolio adjustment after Link REIT's strong share-price performance over the past 12 months; "we think the fact that some US$240 million worth of Link REITs units could be placed in one go last week (when stock market sentiment was poor) is evidence that there is solid demand for its units once their price adjusts."

The house keeps its Outperform rating and HK$35.13 target on Link.

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Thu Jun 07, 2012 5:59 am

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Link REIT posts 10.8pc revenue hike by Natallie Cai

The Link Real Estate Investment Trust (0823) saw annual revenue grow 10.8 percent to HK$5.93 billion for the year to March 31.
Total distribution income rose 18.9 percent over the previous fiscal year to reach HK$2.9 billion.

A final dividend of 66.41 HK cents per unit was declared.

Total annual dividend per unit reached 129.52 HK cents, up 17.3 percent from the last fiscal year and representing a distribution yield of 4.5 percent based on the closing market price of HK$28.90 on March 31.

The REIT, which owns 11 million square feet of retail property in the territory, saw net property income rise 14.8 percent to HK$4.2 billion.

"Rentals rose about 20 percent on [several] three-year leases, resulting in an annual 7 percent gain," chief executive George Hongchoy Kwok-lung said yesterday.

He said tenants have been able to absorb the rent hikes, as most enjoyed annual earnings growth of 10 to 12 percent.

Hongchoy declined to forecast the trend for local retail rents but said he remains confident about the future.

Overall occupancy at the REIT's properties rose slightly to 92.9 percent as at March 31. That compares with 92.2 percent as of last September 30.

Average monthly unit rent rose to HK$35.80 per square foot at March-end, compared to HK$32.80 psf 12 months ago. Hongchoy expects the retention rate for tenants to be maintained at 70-80 percent. The rate stayed at 79.2 percent last year.

The Link is revamping seven of its shopping malls, including the Sheung Tak Shopping Center in Tseung Kwan O and Leung King Plaza in Tuen Mun, at a cost of about HK$731 million.

The REIT last year acquired Nan Fung Plaza and Maritime Bay, both in Tseung Kwan O, and is looking for further acquisitions.

"But there is no immediate plan to buy assets in the mainland," Hongchoy said.

The Link's unit rose 4.2 percent to HK$30.85 yesterday.


http://www.thestandard.com.hk/news_deta ... 20607&fc=7
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Re: Link REIT 0823

Postby winston » Tue Jul 10, 2012 4:29 pm

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LINK REIT (00823) said to hike parking rental by over 10% in Apr

Sources said that in March, LINK REIT (00823) announced rental rise for about 70% of the car parks starting May, but it eventually came earlier in April, when the monthly rental was raised by as much as 10%.

Link's public relations spokesman said the press release in March said the monthly rental for its 125 housing estates will be raised by about 7.6% in average due to the cost of facilities improvement, the tariff rise by the two electricity companies, the minimum wages, etc. The rental rise for car parks will take place once a year, and there is no further adjustment at this stage.

Link has a total of 80,000 parking spaces, and the monthly users contribute 74.2% of the total income. The income from the rental rose 11.8% to $1.169 billion last year, accounting for 20% of the total income of Link.


Source: AAStocks Financial News
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Re: Link REIT 0823

Postby winston » Thu Jul 26, 2012 11:28 am

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LINK REIT (00823) plans to redevelop industrial buildings into shopping malls

LINK REIT (00823) mulls expanding the scope of acquisition targets including industrial buildings and redeveloping shopping malls, but detailed address and date of completion have not been confirmed yet.

Poon Kai Tik, head of corporate communications at LINK REIT, said the group is in talks on a number of takeovers, including the plan to redevelop industrial buildings into shopping centers.

LINK REIT is prohibited to buy sites on the terms of property trust fund, and property acquisition is the only way to expand its business to non-government properties.

Source: AAStocks Financial News
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