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00778 FORTUNE REIT
RTNominal up3.800 +0.060 (+1.604%)
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01/08/2017 13:53

[I-bank focus]Goldman lowers Fortune REIT (00778) to HK$9.25

[ET Net News Agency, 1 August 2017] Goldman Sachs lowered its target price for Fortune
REIT (00778) to HK$9.25 from HK$9.3, and maintained its "neutral" rating.
The research house said Fortune REIT's 1H revenue of HK$1,003mn was in line with
Goldman's forecasts.
Key takeaways from analyst briefing include that management continues to look for M&A
opportunities amid HK$11.5bn debt headroom (most recent acquisition: HK$2bn Laguna Plaza
at 4.6% rental yield from a third party in 2015).
That said, they may also consider opportunistically monetizing assets (17 assets in
total) while they are not in active selling mode, if the pricing is right.
Unless there is an opportunity for asset recycling, Goldman see smuted near-term DPU
growth. It fine-tuned its 2017-19 EPS by -2%. (KL)

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