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<Research>Citi Lifts FORTUNE REIT's TP to HKD6, Positive on Tenant Sales Outside Supermarkets
Recommend 6 Positive 12 Negative 9 |
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Citi expressed a positive outlook on FORTUNE REIT (00778.HK) recording YoY improvements in tenant sales and foot traffic in most industries outside supermarkets, driven by portfolio updates, a YoY growth of 26% in last year's experiential businesses, and marketing efforts. The pressure on rental adjustment rates primarily came from supermarkets (estimated to nosedive by 20-30%, with two others expected to renegotiate rents this year) and real estate agents (YoY decline narrowing). It is expected to stabilize from next year as rents normalize, with sectors like dining and lifestyle showing eight cases of rental increases upon renewal. Based on a 6.4% yield and likely bottoming-out trend, Citi has kept a Buy rating on FORTUNE REIT and lifted its target price from HKD5.56 to HKD6. AAStocks Financial News |
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