Link REIT 0823

Re: Link REIT 0823

Postby winston » Tue Oct 16, 2012 4:07 pm

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DJ MARKET TALK: UBS Ups Link REIT Target To HK$41.80, Still A Buy

1540 [Dow Jones] STOCK CALL: UBS raises Link REIT's (0823.HK) target price to HK$41.80 from HK$34.10, as it lifts its FY13/14/15 DPU estimates by 1.7%/4.4%/6.4% on higher retail rental assumptions. It keeps the stock at Buy.

The house assumes Link's retail spot rent, with the asset enhancement initiatives (AEI) benefits, will grow 10% on-year both in FY13 and FY14; "we think Link's earnings are the most resilient in the current volatile market, as staples spending are likely to remain stable."

In addition, mainland tourists shifting their shopping habits from luxury items to daily necessities could yield more support to community malls.

With an expected improvement of net property income margin of 1% per annum for the next three years, UBS expects Link to deliver a 10% FY12-15 CAGR in DPU.


Source: Dow Jones & Company, Inc.
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Re: Link REIT 0823

Postby winston » Thu Nov 08, 2012 7:38 am

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Link on high after bumper payout by Victor Cheung

Rents from Link REIT (0823) malls are expected to rise further, chief executive George Hongchoy Kwok- lung said, as the unit trust climbed to fresh highs on record payouts.

Interim distribution for the six months to September was 71.08 HK cents, up 13 percent from a year earlier, as distribution income grew 14 percent to HK$1.62 billion, the Link said.

Total revenue, derived mostly from rents at 180-odd public housing shopping centers, rose 10.7 percent to HK$3.2 billion.

Link units rose 2.2 percent to HK$39.60 yesterday after the results were revealed, and so far this year have climbed 38 percent.

Shop rentals rose 12.7 percent in the half-year period, eclipsing the 11.6 percent gain in retail sales. Hongchoy said imminent rent hikes will take into account the tenants ability to pay.

In addition to rental hikes, the Link will seek to increase revenue by improving trade and tenant mixes. It will also optimize the use of space, Hongchoy said.

The average rent at Link properties climbed to HK$37.20 per square foot per month as of September, up 8.7 percent from a year back.

The average rent is sharply higher than rents at certain private housing estate malls, such as those being operated by Fortune REIT (0778).

Average reversion, which represents the rental rate hike when a three-year contract is renewed, jumped to about 26 percent, compared with 21.7 percent in the first half of last year.

The Link has not bought any large properties after buying two private malls last year. Hongchoy said the REIT is continuously looking for potential acquisitions, but will "leave it to destiny" as to when the next deal will be clinched.

The Link has started renovating four shopping malls, in addition to the six already being built, Hongchoy said. Its total expenditure for the projects is HK$1.37 billion.

http://www.thestandard.com.hk/news_deta ... 21108&fc=7
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Re: Link REIT 0823

Postby winston » Thu Nov 08, 2012 12:59 pm

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LINK REIT (00823.HK) target lifted to $42.75 by UBS on upbeat interim results

LINK REIT (00823.HK)'s interim results were slightly better than estimates, mainly attributable to the low operating expenses and finance costs, UBS said in a report.

The Group won four more asset enhancement projects, adding to a total of ten projects in hand, which are expected to complete in 2014.

LINK REIT estimates that the ten projects will take about expenditure of $1.37 billion, with investment return target of 15%.

The Bank believes that the newly added four projects will contribute for the interim earnings growth. The target price is lifted from $41.8 to $42.75.

UBS added the management expects that the opening of the government's mall in Yau Tong will pose limited impact on LINK REIT, on the contrary, it will boost to the flow of people of the same district. The Bank maintained the Buy rating.


Source: AAStocks Financial News
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Re: Link REIT 0823

Postby winston » Fri Dec 14, 2012 6:54 am

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The Link REIT (823) manages 180 retail and car park facilities, with shops that mostly target the middle and working classes whose purchasing power has not been seriously affected in the past few years.

The Link owns retail properties comprising more than 11 million square feet. It has undertaken asset enhancement works to reposition the properties. It has also executed leasing strategies to enhance trade mix and improve the shopping environment.

Its share price fell from HK$43.10 to HK$40.05 offering a 3.2 percent dividend yield - a bargain.


Source: Dr Check, The Standard HK
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Re: Link REIT 0823

Postby winston » Wed Nov 27, 2013 6:30 am

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If we have two more years of low US interest rates, then we should retain The Link REIT (0823), which pays a good dividend yield and may see its price rise.

It operates car parks and is now thinking of investing in mainland malls. The unit price has gradually risen from HK$19 in 2010 to a record high of HK$46.4 in mid-2013.

It now trades at the HK$38 level or four times historical earnings with a 3.8 percent dividend yield. JPMorgan has the most bullish coverage with a HK$44.8 target on the issue.

Source: Dr Check, The Standard HK
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Re: Link REIT 0823

Postby winston » Thu Jun 05, 2014 9:28 am

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LINK REIT (00823.HK) seeks opportunities in Tier-1 cities in China

LINK REIT (00823.HK) CEO George Hongchoy stated the group has regular meetings with representatives of Vanke, and both parties are now reviewing various development proposals.

He stressed the group has not set an investment budget for projects in China, yet the company will make thorough considerations before making any investment.

Nicholas Sallnow-Smith added the group intends to seek opportunities in Tier-1 cities, but it is not interested in core business districts, due to over market supply in those regions.


Source: AAStocks Financial News
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Re: Link REIT 0823

Postby winston » Thu Jun 05, 2014 9:29 am

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LINK REIT (00823.HK): Whole retail sector to suffer for tightened IVS

LINK REIT (00823.HK) Chief Executive Officer George Hongchoy said if the number of visitors through Individual Visit Scheme (IVS) are to be reduced, the luxury consumption sector will be firstly impacted before the whole retail sector suffers six to nine months afterwards.

Link Reit's malls will also be impacted, but they do not put too much focus on IVS tourists or luxury products, the harm will be less severe when compared to other landlords.

Source: AAStocks Financial News
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Re: Link REIT 0823

Postby winston » Thu Jun 05, 2014 9:31 am

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<Research Report>BofAML: LINK REIT (00823.HK) full-year results in line with estimate, rated Neutral

BofA Merrill Lynch noted in its research report that LINK REIT (00823.HK) annual DPU rose 13% yearly, in line with expectation.

The net profit is 2% better than estimates due to upbeat revenue and good cost control.

The solid rental reversion and AEI projects' contribution contributed the dividend growth.

The growth of renewed rental reached 25.7%, better than 24.6% in the previous fiscal year.

The Neutral rating is maintained, with target $41.


Source: AAStocks Financial News
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Re: Link REIT 0823

Postby winston » Thu Jun 11, 2015 5:12 am

Link REIT payout climbs 10pc by Ling Wang

Annual distributable income of the Link Real Estate Investment Trust (0823) jumped 9.45 percent to HK$4.19 billion as management said its shopping malls were not much exposed to luxury brands affected by a cut in the number of mainland visitors.

Asia's largest REIT saw revenue for the year ended March 31 climb 7.9 percent to HK$7.72 billion from the previous fiscal year. Full-year distribution hit 182.84 HK cents per unit, up 10.3 percent from a year back.

An increased distribution each year is promised, said chairman Nicholas Sallnow-Smith. But there won't be any special arrangements for the 10th anniversary this year.

Retail rentals, accounting for more than 70 percent of revenue, rose 7.2 percent to HK$5.71 billion.

The occupancy rate for the group's portfolio as at March 31 reached 94.8 percent. For the properties it owns, average monthly rent per leased internal floor area was up 6.82 percent.

Car-park rentals also surged 10.8 percent to HK$1.66 billion.

Chief executive George Hongchoy Kwok-lung said The Link was not affected by the decline in arrivals from the mainland as its malls sold mostly ordinary brands and daily necessities.

Hongchoy has not received any requests from tenants asking for lower rents. He expects rentals to have a good rise this year. A third of the group's tenants will have rental reviews this year.

Hongchoy said the group will continue to look for acquisition opportunities, especially high-end retail projects in tier 1 cities in the mainland. They will also watch for Grade A office commercial complexes.

There could be a need to raise funds in future, but there were no plans to sell assets, Hongchoy said.

He added that a decision has not yet been reached on the name for its China business. The current name has been registered in China so Link REIT would need a new name to enter the market.

Source: The Standard HK
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Re: Link REIT 0823

Postby behappyalways » Thu Jul 23, 2015 4:01 pm

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