IGG Sept 26th | Lyon's report states that the Fed's 50 basis point rate cut marks the beginning of a new round of easing policy, preparing REITs in advance. The rate cut is expected to lower financing costs and increase trading volume, thus driving the growth of REIT business and consequently boosting the per unit distributable income of the entire industry. Considering the uncertainties in the retail and office markets, the bank recommends that Hong Kong Real Estate Investment Trusts maintain a cautious stance. Lyon points out that despite the challenging operating environment in Hong Kong, link real estate investment trust's investment portfolio in other markets has good growth prospects due to strong macroeconomics or structural upgrades. To account for the outflow of consumption from Hong Kong, the bank has adjusted the profit forecast for 2025-2027 by 1.4%, 2.3%, and 5.7% respectively, and reduced the target price from 45.7 Hong Kong dollars to 45 Hong Kong dollars, maintaining an "Outperform" rating.