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02778 CHAMPION REIT
RTNominal down1.730 -0.010 (-0.575%)
Research Report

15/08/2019 17:06

{I-bank focus}Citi cuts Champion REIT (02778) to HK$6.13

[ET Net News Agency, 15 August 2019] Citi Research cut its target price for Champion
REIT (02778) to HK$6.13 from HK$6.76 and maintained its "buy" rating.
The research house said, on the 1H analysts meeting, management is confident of solid
office rental growth, given expected strong reversions on noticeable leases due for
renewal, despite early signs of stagnation in spot rent
Management's view on Langham office is constructive given tenant mix optimization, with
spot rent at HK$50+psf (estimated 10-15% reversion versus passing HK$44.7) and 6.2%/26%
leases expiring in 2H 2019/2020.
Citi thinks recent share-price correction has over-sold on market concern for central
office demand under the situation of escalating trade war and local social unrest. (KL)

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