里昂指，雖然香港的經營環境充滿挑戰，領展在其他市場的投資組合卻因宏觀經濟強勁或結構性升級而擁有良好的增長前景。為反映香港消費外流，該行將2025至2027年盈利預測分別下調1.4%、2.3%及5.7%。目標價由45.7元下調至45元。維持「跑贏大市」評級。Lyon's report states that the Federal Reserve of the USA has reduced interest rates by 50 basis points, marking the beginning of a new round of loose policy to prepare for real estate trusts. Lowering interest rates can reduce financing costs and increase trading volume, thereby driving the growth of real estate trust businesses, and consequently increasing the distributable income per unit for the entire industry.
In terms of the distribution of real estate trusts, the bank has a 'shareholding' proportion for Australia, Singapore, and India; a 'neutral' proportion for Malaysia, Japan, and the Philippines; and a 'shareholding' proportion for Hong Kong. Considering the uncertainty in the retail and office markets, the bank advises caution for Hong Kong real estate investment trust funds.
In the real estate trust market, bullish on CapitaLand Integrated Commercial Embassy Reit (CICT.SP), Goodman (GMG.AU), IGB Reit (IGBREIT.MK), Link REIT (00823.HK), RL Commercial Reit (RCR.PM).
Lyon pointed out that despite the challenging business environment in Hong Kong, Link REIT has good growth prospects in other markets due to strong macroeconomic conditions or structural upgrades. Reflecting the outflow of consumption from Hong Kong, the bank has lowered profit forecasts for 2025 to 2027 by 1.4%, 2.3%, and 5.7% respectively. The target price has been lowered from 45.7 yuan to 45 yuan. Maintaining an 'outperform the market' rating.
