MLT: Citi in a European non-deal roadshow highlighted that MLT prefers natural hedging, with local ccy loans set up to offset ccy fluctuations. Added that MLT has also hedged exposure to HKD, JPY, RM, and KRW, resulting in 89% of its distributable income being hedged for FY11. Highlights only 1 of 15 properties in Japan was damaged in the earthquake and co has guided for $3m in repairs, compared to $9m prev. Rental reversions were also up 5.0% as opposed to 2.0%...
Moving forward, coy intends to adopt an acquisition strat, divesting lower yield assets to fund acq of properties with higher returns. They also state that asset enhancement initiatives are on the cards for certain properties...
Stock currently trades at 1.07X P/B and 7.1% FY11E yield. Analysts largely have Buy on stock with TP$0.95-$1.05. Citi has Buy with TP$1.00
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