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<Research>Citi Keeps Neutral on LINK REIT; HK Retail Renewal Rents Drop Deeper in 9MFY26
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According to the 9MFY26 operational data released by LINK REIT (00823.HK), the company faced ongoing challenges in terms of its Hong Kong retail portfolio, Citi's research report said.

Specifically, LINK REIT's adjusted decline expanded to -7.5% for 9MFY26, implying a -9.7% adjustment decline in 3Q25. In addition, Hong Kong tenant sales decreased by 1.5% YoY, while Mainland China's retail sector continued to face pressure, though both the adjustment decline and tenant sales in Mainland China achieved positive growth.

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Citi has kept a Neutral rating on LINK REIT, with a target price of HKD36.8.

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