Link earnings
MyStockButler's October 2026 analysis: Link's next results are expected on November 12, 2026. Watch the distribution and Hong Kong lease renewals.
What has Link guided for the year?
Management’s response includes reshaping staff and general and administrative costs. It guided to annualised savings for FY2027 and said the programme remained on track in September, although electricity charges could absorb part of the gain. It is also relying on financing discipline, new revenue, non-core asset sales and improvements to its properties.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Annualised savings from rebasing staff and General and Administrative costs | Year to Mar 2027 | 200 | 2026-05-28 | |
| Reinvestment in core portfolio enhancements | 3–5 years from Sep 2026 | 1,000 | 1,000 | 2026-09-08 |
What this means. The 1,000 million Hong Kong dollars for core portfolio enhancements is meant to be spent over three to five years, not each year.
Has Link kept its past promises?
Management has acted on parts of its stated plan: after promising a return to core assets in January 2026, it sold Swing By @ Thomson Plaza and resumed buybacks by September. That shows execution, not yet better long-term returns. The standard for Link is whether the capital raised, properties sold and units repurchased leave each remaining unit better off.
What is Link's revenue and profit trend?
Link’s revenue grew over five years, but recent growth has come with falling rents in existing Hong Kong retail. Revenue was HK$13,938 million for the year to March 2026, down 2.0% from 2025. It was HK$11,602 million in 2022, so the longer record disguises a recent slowdown.
NPI was HK$10,230 million in 2026, down 3.7% from 2025. Because revenue fell less sharply, the NPI margin narrowed from roughly 74.7% to 73.4%. That tells us the pressure came from both weaker rents and higher operating costs.
| 6 months to Mar 2026 | 6 months to Sep 2025 | 6 months to Mar 2025 | 6 months to Sep 2024 | 6 months to Mar 2024 | 6 months to Sep 2023 | 6 months to Mar 2023 | 6 months to Sep 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,915 | 7,023 | 7,070 | 7,153 | 6,853 | 6,725 | 6,192 | 6,042 |
| Net property income | 5,052 | 5,178 | 5,260 | 5,359 | 5,007 | 5,063 | 4,611 | 4,587 |
| Distribution per unit | 1.27 | 1.27 | 1.37 | 1.35 | 1.33 | 1.30 | 1.19 | 1.56 |
What this means. The cash paid for each unit can change when the trust issues more units, so distribution per unit is not the same as the trust's total cash payout.
What should I watch in Link's next results?
On 12 November 2026, Link is scheduled to announce interim results for the six months ended 30 September. The first checks are the distribution and Hong Kong lease renewals: together, they will show whether cost savings and other income are cushioning lower renewal rents. The result covers only half the financial year, so it will not settle the full-year outcome by itself.