Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<ul>
<li>The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food &amp; beverage, restaurants, etc</li>
<li>Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&amp;A. </li>
<li>REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. </li>
</ul>


The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food &amp; beverage, restaurants, etc
Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&amp;A. 
REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. 


Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Link REIT, as the largest REIT in Asia, owns a well diversified portfolio which provides visibility and certainty to its future growth</li>
<li>Given the stable fundamentals in Hong Kong, we think the REIT is over-penalized by the market, which presents an attractive entry point</li>
<li>Valuation is not demanding, we think it is a good opportunity for long-term investor</li>
</ul>


Link REIT, as the largest REIT in Asia, owns a well diversified portfolio which provides visibility and certainty to its future growth
Given the stable fundamentals in Hong Kong, we think the REIT is over-penalized by the market, which presents an attractive entry point
Valuation is not demanding, we think it is a good opportunity for long-term investor


Seeking Stability and Certainty in a World of Chaos: Link REIT

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Link REIT's HK manager is starting a private funds venture in the market, showcasing a new area of investment and growth potential.</li><li>Yanlord is looking to sell a half-stake in an Anson Road project for $240M, indicating a strategic move in their property portfolio.</li><li>Weave Living is expanding its presence in Singapore with 2 new locations, adding a total of 330 units to their portfolio.</li></ul>

Link REIT's HK manager is starting a private funds venture in the market, showcasing a new area of investment and growth potential.Yanlord is looking to sell a half-stake in an Anson Road project for $240M, indicating a strategic move in their property portfolio.Weave Living is expanding its presence in Singapore with 2 new locations, adding a total of 330 units to their portfolio.

Asia Real Estate Tracker (13-Feb-2025): HK's Link REIT Manager Now Offers Private Funds.

<ul>
<li>Under a rate cut cycle, REITs historically outperform as risk free rates going down and share price would go up to maintain the same interest rate spread</li>
<li>Besides, the rate cut cycle would provide ample room for Link REIT to carry out more M&amp;As and expand its portfolio, to drive earnings and DPU growth</li>
<li>Link REIT currently offers 6.6% yield, and we think there is at least 15-20% upside from current valuation</li>
</ul>


Under a rate cut cycle, REITs historically outperform as risk free rates going down and share price would go up to maintain the same interest rate spread
Besides, the rate cut cycle would provide ample room for Link REIT to carry out more M&amp;As and expand its portfolio, to drive earnings and DPU growth
Link REIT currently offers 6.6% yield, and we think there is at least 15-20% upside from current valuation


Link REIT: Building a Diversified Asia Pac Portfolio and a Solid REIT Play in the Rate Cut Cycle

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/link-reit" target="_blank" data-smartkarma-citation="entities:872:1" rel="noopener">Link REIT (823 HK)</a> rights offering caused some upset amongst investors. They got dilution where they did not need it, and de-leveraging from a REIT wanting to invest.</li>
<li>The units fell in price, then fell some more. Then the rights started trading.</li>
<li>Last week in <a href="https://www.smartkarma.com/insights/link-reit-823-nil-paid-rights-start-trading-tomorrow-the-trades" target="_blank" data-smartkarma-citation="insights:97326" rel="noopener">Link REIT (823) - Nil Paid Rights Start Trading Tomorrow - The Trades</a> I said strategy was to be long by Tuesday or Wednesday. It's Wednesday.</li>
</ul>


The Link REIT (823 HK) rights offering caused some upset amongst investors. They got dilution where they did not need it, and de-leveraging from a REIT wanting to invest.
The units fell in price, then fell some more. Then the rights started trading.
Last week in Link REIT (823) - Nil Paid Rights Start Trading Tomorrow - The Trades I said strategy was to be long by Tuesday or Wednesday. It's Wednesday.


Link REIT (823) - Anchors Aweigh! Fair Weather Sailing Ahead

Hong Kong

Link REIT is a real estate investment trust in Hong Kong. The Trust owns and operates shopping centers, parking space facilities and real estate retail space.

Price Gauge
52-week Range	0.00 - 0.00
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Link REIT (823 HK)

Link REIT (823 HK)

Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...

Asian Century Stocks

Seeking Stability and Certainty in a World of Chaos: Link REIT

To seek stability in today's uncertain world, we think Link REIT provides good stability and visibility to future growth. The fundamental is...

Jacob Cheng

Asia Real Estate Tracker (13-Feb-2025): HK's Link REIT Manager Now Offers Private Funds.

Link REIT's HK manager ventures into private funds, Yanlord sells half-stake in Anson Road for $240M, while Weave Living expands with 2 new...

Asia Real Estate Tracker

Link REIT: Building a Diversified Asia Pac Portfolio and a Solid REIT Play in the Rate Cut Cycle

Under a rate cut cycle, REITs would outperform as risk free goes down and price has to adjust to maintain the same spread. Link REIT, the Asia's...

Jacob Cheng

Link REIT (823) - Anchors Aweigh! Fair Weather Sailing Ahead

LINK REIT Rights trading ends soon. That's an end to obvious overhang. There may be a bit more when units are delivered in a few weeks. In the...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Link REIT (823 HK)

​Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...

Asian Century Stocks

Seeking Stability and Certainty in a World of Chaos: Link REIT

To seek stability in today's uncertain world, we think Link REIT provides good stability and visibility to future growth. The fundamental is...

Jacob Cheng

Asia Real Estate Tracker (13-Feb-2025): HK's Link REIT Manager Now Offers Private Funds.

Link REIT's HK manager ventures into private funds, Yanlord sells half-stake in Anson Road for $240M, while Weave Living expands with 2 new...

Asia Real Estate Tracker

Link REIT: Building a Diversified Asia Pac Portfolio and a Solid REIT Play in the Rate Cut Cycle

Under a rate cut cycle, REITs would outperform as risk free goes down and price has to adjust to maintain the same spread. Link REIT, the Asia's...

Jacob Cheng

Link REIT (823) - Anchors Aweigh! Fair Weather Sailing Ahead

LINK REIT Rights trading ends soon. That's an end to obvious overhang. There may be a bit more when units are delivered in a few weeks. In the...

Travis Lundy

Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...