Link REIT 0823

Re: Link REIT 0823

Postby winston » Fri Nov 13, 2009 8:03 am

Link up to shareholder benefits

The Link REIT (0823) is one stock I have always felt comfortable holding.

Now that London-based TCI is steadily shedding its stake from 18.47 percent to 9.89 percent, it's a good time to buy the stock.

( So why's TCI selling ? )

Commonwealth Bank of Australia has done just that and now holds 5.02 percent of the shopping- mall and car park operator.

The Link manages 180 retail and car park facilities. Total revenue for the year ended 31 March hit HK$4.5 billion, up 7 percent year on year. Income from retail facilities rose 8 percent to HK$3.26 billion.

The Link REIT has installed carpark automation systems, improved hygiene standards in the malls. and provided a greater range of choices to shoppers.

The firm has successfully maximized the value of its properties and the higher overall rental income will definitely benefit its unit holders.

Yesterday's protest by The Link's 3,000-odd tenants against rent hikes is unlikely to hurt the stock.

In fact, higher rents bode well for the firm, which I believe has to strike the right balance between serving the community and its shareholders.

I had recommended the stock when it hit HK$12.96 in December.

It is still not too late to accumulate at the current level of HK$17.50, in order to benefit from a 5 percent dividend yield that offers a steady capital gain.

http://www.thestandard.com.hk/news_deta ... 91113&fc=8
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Re: Link REIT 0823

Postby winston » Thu Nov 19, 2009 4:08 pm

Not vested.

DJ Link REIT 1st-Half Distributable Income Up 19% At HK$1.06B

HONG KONG (Dow Jones)--Link Real Estate Investment Trust (0823.HK), the largest Hong Kong-listed property trust by market capitalization, said Thursday its first-half distributable income rose 19% from a year earlier due to higher rental income.

Link REIT, whose portfolio consists of shopping malls and parking facilities, said its distributable income for the six months ended Sept. 30 was HK$1.06 billion, up from HK$884 million a year earlier.

Its first-half revenue rose 11% to HK$2.44 billion from HK$2.20 billion.

The property trust declared a first-half distribution per unit of HK$0.4835, up from HK$0.4086.

Source: Joyce Li, Dow Jones Newswires
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Re: Link REIT 0823

Postby winston » Fri Nov 20, 2009 8:04 am

Not vested.

The Link chalks up $1.06b by Derek Yiu, The Standard HK

The Link Real Estate Investment Trust (0823) recorded a 19.3 percent increase in first-half distributable income on strong asset enhancement project contributions and rental reversion.

Distributable income for the six months to September was HK$1.06 billion, up from HK$884 million a year ago, said the public estate retail and car park facility manager.

Distribution to unit-holders gained 18.3 percent to reach 48.35 HK cents.

The occupancy rate rose from 87.6 percent to 90.6 percent.

Average unit base rent per square foot rose 10.8 percent to HK$297 while portfolio average reversion rate was 22.0 percent.

Concerning medical and dental associations' complaints that rents have risen too much, executive director and chief executive Ian Robins said the Link recognizes the importance of medical services and has good communications with the professional bodies.

Robins said the Link is happy to provide longer-term leases for better services. It is also looking into the possibility of providing medical centers.

The Link intended to have better and more direct dialogue with the community, rather than through the media or politicians.

Asked whether the Link will cut rents next year, Robins said retailers are profitable overall.

The average sellable foot at the non- core retail outlets in Kowloon and New Territories was "way below market comparables." He did not believe there would be adjustments.

Robins refused to make any forecast of future distribution per unit or revenue.

The Link has nine asset enhancement projects under way amounting to HK$1.08 billion. Another HK$1.6 billion of projects are being planned.


http://www.thestandard.com.hk/news_deta ... 91120&fc=8
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Re: Link REIT 0823

Postby winston » Fri Nov 20, 2009 3:29 pm

DJ MARKET TALK: Nomura Raises Link REIT To Buy Vs Neutral

0958 [Dow Jones] STOCK CALL: Nomura upgrades Link REIT (0823.HK) to Buy from Neutral, lifts target price to HK$21.52 from HK$19.98. Says Link posts better-than-expected 1H results with distribution per unit up 18% on year, 12% ahead house's estimate on earlier-than-expected ramp-up in occupancy rate, good cost savings.

Ups FY10-FY12 DPU estimates by 6-9%. Considers Link one of most defensive stocks within HK property universe, rental properties mainly cater to daily necessities, relatively immune to economic downturns.

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Wed Jan 20, 2010 5:52 am

Not vested. From Dr. Check, The Standard HK:-

Shopping for profit

The Legislative Council debate on funding for the express rail link to Guangzhou reminded Dr Check of the time when The Link REIT (0823) tried to list. Then, too, people were divided.

But with the passing years investors would say The Link has been a success, with 180 retail and car park facilities under its management.

It has installed a car park automation system, improved hygiene standards in malls, and provided a better trade mix with more choices for shoppers.

The Link has improved its shopping malls in terms of variety, quality and capacity. It has also maximized the value of its properties and increased overall rental income.

Total revenue for the half-year ended September 30 was HK$2.43 billion, up 10.6 percent.

Total distribution income jumped 19 percent to HK$1.05 billion and distribution per unit amounted to 48 HK cents, a rise of 18 percent.

All these reflect more effective management, lower costs and higher rental growth.

JPMorgan expects The Link to distribute HK$1 and HK$1.072 in each of the next two years and gives it a target price of HK$21.

It is still not too late to accumulate Link shares at around HK$19 to receive a 5 percent dividend yield with 10 percent potential capital gain.

http://www.thestandard.com.hk/news_deta ... 00120&fc=4
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Re: Link REIT 0823

Postby stilicon » Mon Jun 07, 2010 4:35 pm

The co. reported on 02/06/2010. Results were good. Following this, NOMURA issued a report dated 02/06/2010, increasing their TP to HK$21,96. They forecast a serious increase in the DPU : FY10 :0,97, then 1,06, then 1,14, then 1,25 HK$. That is a 8,4% av. yearly increase for the first 3 years. In the last three years, The Link REIT increased its gross div by av. 11,6%. So why not ? But can really those kind of yearly increases be maintained years after years ?

From a DDM point of view, you could rationalize the present price of HK$19,76 with a coming div (gross = net by me) of 0,97HKD, with a 8% required return, a yearly 5% increase over the 5 next years and then 0% LTgrowth.
If you put a 1% LTgrowth rate, you get about the NOMURA TP (21,93HKD). Not absurd.
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Re: Link REIT 0823

Postby stilicon » Tue Jun 22, 2010 2:21 pm

Citi initiates today The Link REIT at Buy, and set a HK$24.07 target.

They point out notably :
- Link’s very defensive retail and car park portfolio in public estates,
- a continuous asset enhancement program,
- a strong cost management effort,
- a capacity to generate double-digit growth in DPU to the investors.

"Target price HK$24.07 based on Dividend Discount Models (DDM) — Our DDMbased
target price assumes a cost of equity at 6.1%, which we derive using a
market risk premium of 6%, a risk free rate of 1.9% and an equity beta of 0.7. We
also assume a terminal growth rate of 1% p.a. which we believe reflects Link’s
longer-term inflation-adjusted rental growth potential."
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Re: Link REIT 0823

Postby winston » Wed Sep 22, 2010 12:32 pm

Not vested

DJ MARKET TALK: GS Ups Link REIT Target To HK$20.70 Vs HK$20.20

1029 [Dow Jones] STOCK CALL: Goldman Sachs raises Link REIT (0823.HK) target slightly to HK$20.70 from HK$20.20, after nudging up FY11-FY13 earnings forecasts by 0.2%-1.8% to reflect latest floor area of Link REIT's rental portfolio and financials based on FY10 annual report.

Keeps stock at Neutral. Cites stronger-than-expected occupancy as upside risk, downside risks include unexpected interest rate hike.

Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Wed Nov 10, 2010 3:25 pm

Not vested

DJ MARKET TALK: Link REIT +0.8% Post-1H; Yield Attractive-Tanrich

1506 [Dow Jones] Link REIT (0823.HK) +0.8% at HK$25.15, barely changed vs midday close of HK$25.00, as fiscal 1H (April-September) results released during lunch break roughly inline with expectation; 1H distributable income +11% on-year at HK$1.17 billion, marking 46% of FY10 forecast based on Thomson Reuters.

"The results are roughly inline, but I think the shares could gain some support with its higher distribution per unit," Jackson Wong at Tanrich says. DPU +9.3% at 52.86 HK cents.

Wong says this translates to about 4% yield, which looks attractive. Adds, Link REIT likely viewed as safer haven with potentially higher risks in residential property sector. Suggests reentry at HK$24.00.


Source: Dow Jones Newswire
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Re: Link REIT 0823

Postby winston » Thu Nov 11, 2010 12:54 pm

Yesterday, someone ask you to buy. Today, someone else ask you to sell ..

Not vested

DJ MARKET TALK: JPM Downgrades Link REIT To Neutral Vs Overweight

1146 [Dow Jones] STOCK CALL: JPMorgan downgrades Link REIT (0823.HK) to Neutral from Overweight as sees limited upside potential, despite solid set of FY11 interim results.

Says though investment property portfolio performance continued to show improvement after change in management team and positive rental reversion, revenue growth from completion of asset enhancement initiatives (AEIs) should continue to be major growth drivers for stock, notes as more leases are brought up to market rent levels, AEIs of major malls are completed, overall growth rate likely to trend down from high base.

House forecasts FY11 reversion rate at 22% for large malls, at 19% in FY12. Raises target price to HK$27.00 from HK$20.90 to reflect expectation of yield spread compression of Link REIT over 10-year HK Exchange Fund Notes. Stock last +0.2% at HK$25.30.


Source: Dow Jones Newswire
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