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00778 FORTUNE REIT
RTNominal up3.800 +0.060 (+1.604%)
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11/06/2019 14:00

[I-bank focus]HSBC starts Fortune REIT (00778) at HK$12.2

[ET Net News Agency, 11 June 2019] HSBC Global Research initiated coverage on Fortune
REIT (00778) with a "buy" rating and a target price of HK$12.2.
It said Fortune REIT is one of the major REITs in Hong Kong, with a strong focus on the
non-discretionary retail segment. As at end-December 2018, it held a portfolio of 16
private housing estate shopping malls and over 2,700 car parking spaces.
HSBC likes Fortune REIT due to (1) its high FY2019 dividend yield of 5%, (2) the
defensive nature of its business, and (3) expected improvements in the retail market in
2H.
In addition, HSBC expects the US 10-year yield to fall to 2.1% in both 2019 and 2020,
which bodes well for interest rate sensitive REITs. (KL)

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