Link REIT (0823.HK) Buy FY25 results inline - Signs of tenant sales improvement. Guide mild negative rental reversion. Potential M&A upside not priced in 0823.HK 12m Price Target: HK$48.00 Price: HK$40.90 Upside: 17.4% Link REIT reported its FY25 results at noon on May 27th, with headline net loss of -HK$8.9bn including -HK$15.8bn markdown in rental properties. Excluding these, its underlying profit grew +13% yoy to HK$7bn, inline with our expectation and Bloomberg consensus, bolstered by (1) +16% yoy highe ...