0851 GMT - Link REIT's China retail portfolio is expected to deliver sales growth in 2024, UOB Kay Hian analysts Liu Jieqi and Damon Shen say in a note. Sales growth is likely to be supported by premium locations, a strong tenant mix and the completion of asset-enhancement initiatives, which may then spur increases in rental rates, they say. The trust has strengthened its mix of food-and-beverage tenants and pivoted to more leisure and entertainment tenants, which the analysts think will drive more resilient foot traffic and sales. UOB KH maintains a buy rating on the REIT with a HK$50.70 target, noting that its valuation already reflects the negative impact the pandemic had on the China retail portfolio. Link REIT last closed at HK$38.90. (hoishan.chan@wsj.com)
(END) Dow Jones Newswires
November 29, 2023 03:51 ET (08:51 GMT)
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