On June 7th, Guolian Intelligence reported that, according to a report released by Zhongjin, Link REIT’s FY 2024 revenue and net property income are expected to increase by 11% and 9.5% year-on-year to HKD 13.58 billion and HKD 10.07 billion, respectively, meeting market expectations. The report indicates that although the sales growth of the company's Hong Kong retailers is higher than the market trend in FY 2024, as Hong Kong people travel more to mainland China for consumption, the sales growth rate has slowed down in the second half of the fiscal year. Looking ahead, the bank believe that supermarket formats and other business types that are more affected by the mainland may face a longer-term challenge, and suggests paying attention to the impact of changes in consumption trends on performance. Considering the weak performance of Hong Kong retail properties, the bank lowered its forecast for Link REIT's dividend per share for FY 2025 by 4% to HKD 2.57 and introduced a forecast of HKD 2.57 for FY 2026. The bank maintains its 'outperform' rating but lowers the target price by 15% to HKD 40, primarily reflecting adjustments to profit forecasts and a more cautious assessment of long-term profit determinations.