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Link REIT:FY16results preview and key focuses

来源:麦格理证券 2016-06-07 00:00:00
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Composite reversions and retail sales growth. To recap, 1H16 compositereversion rate in 1H16 was +23.6% which exceeded our expectation of~+15%. Tenant sales growth for Food & Beverage, Supermarket & Foodstuffand overall were +10.8%, +1.0% and +6.0%, respectively, in 1H16, and weestimate the full-year figure to be slightly lower. Update on April 2016 tenantsales performance would potentially signal a market stabilization.

Asset disposal strategy. Senior management recently noted that the companywould postpone asset disposal plans to review the current tender procedure,and will consider the buyers’ track record and operating strategies in evaluatingtheir suitability in the future. While this would delay value unlocking in the nearterm, we view this positive to Link REIT over the medium horizon as it may faceless resistance from the public on future disposals with the refined process andshould be able to gradually quicken the disposal pace.

Update on Mongkok project. After Link REIT’s earlier acquisition of the Tradeand Industry Department Tower at Mongkok at HK$5,910m, or HK$20,749psf,investors should look for an update on this revitalization project as this shoppingmall plus vertical retail project would be Link REIT’s second-largest Hong Kongproperty after Lok Fu Plaza in terms of GFA. Updates on pre-leasing status andindicative rents would give better return visibility.

Ngau Tau Kok office project. This JV project with Nan Fung will offer over800k sf of office space by mid-2019. One key feature of this building is therare large floor plates, and should draw interest from MNCs or even financialinstitutions. Signing of anchor tenants would significantly lower the executionrisk, and management’s sharing on the latest status would be insightful.





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