Link dividend
MyStockButler's October 2026 analysis: Link paid HK$2.54 per unit in the year to March 2026, down from HK$2.72 in 2025. Operating activities generated HK$8.5 billion in 2026 against HK$6.2 billion of distributions, but investment-property additions were HK$1.9 billion.
How much does Link pay per unit?
Link paid out all of its defined distributable amount for 2026. Its annual distribution was HK$2.54 per unit in the year to March 2026, down from HK$2.72 in 2025. It was HK$3.06 in 2022.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Distribution per unit | 2.54 | 2.72 | 2.63 | 2.74 | 3.06 |
| Payout ratio | 100.0% | 100.0% | 100.0% | 100.0% | 102.0% |
| Net asset value per unit | 57.75 | 63.30 | 70.02 | 73.98 | 77.10 |
| Unit count, change over the year | 0.7% | 0.3% | 14.2% | 2.3% | 3.1% |
What this means. The 102 percent payout ratio in March 2022 means the trust paid all ordinary income plus an extra capital return, not that it earned more than it paid.
Is Link’s distribution covered by its cash?
Operating activities generated HK$8.5 billion in 2026, while interest and distributions used HK$1.8 billion and HK$6.2 billion. Investment-property additions were HK$1.9 billion. This is a useful pressure test, not a forecast, because investment spending and distribution timing vary.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Cash from operations | 8,461 | 9,013 | 8,481 | 7,641 | 6,698 |
| − Distributions paid | 6,220 | 5,348 | 5,401 | 5,050 | 4,405 |
| = Operating cash after distributions | 2,241 | 3,665 | 3,080 | 2,591 | 2,293 |
| − Acquisitions | 0 | 284 | 2,667 | 17,371 | 9,010 |
| − Development and capital spending | 1,895 | 1,133 | 977 | 758 | 858 |
What this means. The 2026 acquisitions row says zero even though the trust bought Sydney logistics properties, because that purchase is included in development and capital spending instead.
What could change Link’s distribution?
Management targets at least HK$200 million of annualised FY2027 savings by rebasing staff and general and administrative costs. It plans HK$1 billion of core-portfolio enhancements over three to five years from September 2026, and aims to protect FY2027 DPU through savings, asset sales and buybacks that offset negative lease reversions.
Base DPU is HK$2.48 in 2027 and HK$2.50 in 2028. It reaches HK$2.55 in 2029. The starting value sits within the analyst range of HK$2.4394–HK$2.5168. The bear gives HK$2.30 first and HK$2.10 next, then HK$1.95 as reversions and refinancing costs compound. The bull gives HK$2.56, HK$2.68 and HK$2.82 as savings, projects and buybacks lift per-unit cash.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Total distributable amount | 6,449 (6,190 / 6,708) | 6,501 (5,905 / 6,993) | 6,605 (5,594 / 7,356) |
| Shares (millions) | 2,580 (2,610 / 2,558) | 2,551 (2,612 / 2,507) | 2,522 (2,614 / 2,457) |
| Dividends per share | 2.48 (2.30 / 2.56) | 2.50 (2.10 / 2.68) | 2.55 (1.95 / 2.82) |
| Price to Total distributable amount | 15.00 (12.00 / 17.00) | 15.00 (10.00 / 19.00) | 16.00 (8.00 / 21.00) |
What is Link’s dividend yield today?
NAV is the estimated value left after liabilities. Link reported NAV of HK$57.75 per unit in March 2026, so the current price is 32.5% below it, or about 0.68 times NAV. The last full-year distribution of HK$2.5361 per unit produces a 6.5% trailing yield.