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Research Report
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輝立証券
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The Link Real Estate Investment Trust (823.HK) Promising Hong Kong REITs Leader
Wednesday, March 12, 2008 
5296
5296
The Link Real Estate Investment Trust(823)
| Recommendation | Hold |
| Price on Recommendation Date | $19.300 |
| Target Price | $19.880 |
Weekly Special - 601689 Tuopu Group
Summary
The Link Real Estate Investment Trust (“Link REITs” or “Company”) is the first Hong Kong-listed real estate investment trust, mainly engaged in investment properties on retails and car parking facilities. Link REITs currently owns 180 property portfolios which are distributed in different districts in Hong Kong, and among those, there are 149 integrated retail and car parking facilities, 2 separate retail facilities and 29 independent car-parking facilities. At the end of September 2007, Link REIT property portfolios include retail property with 1. 015 million s.q.m. internal floor area and about 80,000 parking spaces.
2008 interim report shows, Link PEITs property portfolio income and net property income respectively are HK$ 2.056 billion and HK$ 1.243 billion, increased by 5.11% and 6.79% comparing with that of the same period in 2007. Hong Kong property rent increase since 2007 and assets upgrade scheme have a positive impact on the fundamental for Link REITs, and meanwhile influenced performance for the share price. Since September 2007, Link REITs share price have rose more than 20%, while in the same period, Hong Kong HSI fell 3%.Since January 2008, volume of Link REITs has evidently be amplified, with share price around 30-day average line, and in a favorable momentum. We are optimistic on the market performance of Link REITs in 2008, and give
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