Headwinds in the price
- Near-term headwinds in the China office market may put pressure on earnings
- US interest rate roadmap, progress on onshore debt replacement and gearing trends would be key factors to watch
- Cutting FY23-24F DPU by 10-15% to reflect lower portfolio occupancy and rental assumptions
- Headwinds likely priced in with the stock trading at c.9.4% FY24F distribution yield; maintain BUY with a lower HK$1.43 TP