[ET Net News Agency, 3 August 2017] Macquarie Research tweaked its target price for Hui
Xian REIT (87001) to RMB2.65 from RMB2.7, and maintained its "neutral" rating.
The research house said Beijing Oriental Plaza mall is facing ongoing challenges. It
recorded its first yoy decline in passing rent in 1H, down 7.6% yoy (-3% excluding VAT
impact), since was company listed in 2011.
Macquarie expects revenue will continue to drop by 5% yoy in 2H and 8% yoy in 2018. Even
though retail sales show positive growth, the research house estimated negative rental
reversions will be -6% in 2017 and -10% in 2018, given high expiry rent in the next two
years and competition from the new opening of WF Central nearby in late 2017.
Macquarie said that BOP mall accounts for 37% of revenue, 42% of EBIT and 48% of its NAV
forecast. (KL)
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87001 HUI XIAN REIT
Nominal 
0.650 +0.010 (+1.563%) Others
03/08/2017 16:37
[I-bank focus]MacQ tweaks Hui Xian REIT (87001) to RMB2.65
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