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00778 FORTUNE REIT
RTNominal up3.800 +0.060 (+1.604%)
Research Report

29/07/2019 14:52

{I-bank focus}HSBC lifts Fortune REIT (00778) to HK$12.3

[ET Net News Agency, 29 July 2019] HSBC Global Research lifted slightly its target
price for Fortune REIT (00778) to HK$12.3 from HK$12.2 and maintained its "buy" rating.
The research house said Fortune REIT's 1H results showed a mild distribution per unit
(DPU) decline of 0.8%. But stripping out its asset disposal and the impact of Asset
Enhancement initiatives (AEI) on Fortune Kingswood in 1H 2018, its like-for-like NPI (Net
Property Income) growth would be 1.1%.
Looking ahead, HSBC expects its DPU growth to gain momentum and achieve 7.1% in 2H. It
will be driven by (1) improvement of occupancy rate by 4.3ppt h-o-h to 97.4% in 1H, (2) a
positive rental revision of 7.8%, and (3) completion of AEI at Fortune Kingswood at the
West Block in 4Q. (KL)

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