Friday, August 16, 2013
Fortune REIT
Fortune REIT: Stanchart view its recently acquired mall Kingswood Ginza, in Tin Shui Wai, has room for improvement in terms of trade mix, shopper-friendliness, and theme and positioning.
In addition to being a community mall, Stanchart think Fortune should consider rebranding Kingswood Ginza into (1) a regional shopping centre, (2) a mid-end mall featuring outlets, or 3) a mall targeting mainland Chinese tourists.
Stanchart conservatively estimate a modest impact on 2013E DPU, and mid-single digit yield accretion on DPU in 2014. House like Fortune’s moves aimed at enhancing future growth prospects.
Trading at a 5.5% dividend yield, Fortune remains its top pick in the HK REIT space. Stanchart reiterate OUTPERFORM rating with TP HKD8.20.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment