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02778 CHAMPION REIT
RTNominal up4.990 +0.020 (+0.402%)
Others

05/09/2019 15:58

{I-bank focus}UBS slashes Champion REIT (02778) to HK$4.8

[ET Net News Agency, 5 September 2019] UBS Global Research lowered its target price for
Champion REIT (02778) to HK$4.8 from HK$8 and downgraded its rating to "sell" from "buy"
due to concerns about its rising vacancy rate in its key asset, Three Garden Road.
According to Champion, the leases of about 4.5%/21.6% of the area will expire in 2H
2019/2020, which the research house believes may be hard to fill amid the current macro
and political uncertainties.
Coupled with a deteriorating retail sales outlook for the Langham Place Shopping Mall in
H219/2020, UBS cut its 2019-21 distribution per unit (DPU) forecasts by 6-18% and expects
Champion's total rental income/DPU to increase at CAGRs of only 2%/1% in 2018-21. (KL)

Remark: Real time quote last updated: 06/12/2019 17:59
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