Link REIT's Interim Results Slight Beat, but Shares Overvalued With Slowing DPU Growth, Rising Rates
Link REIT reported interim fiscal 2019 results with a distribution per unit of HKD 1.3062, up 7.5% year on year. This amounts to 52% of our full-year estimate, slightly better than expected. Distributable income was HKD 2.76 billion, up 6% year on year, slightly ahead of our full-year estimate of HKD 5.24 billion. The small outperformance was due to marginally higher revenue growth across portfolios in Hong Kong and China as well as lower selling, general, and administrative expenses year to dat...Link Real Estate Investment Trust is a collective investment scheme constituted as a unit trust that invests primarily in retail and carpark operations.
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