[ET Net News Agency, 5 March 2021] Daiwa Research lifted its target price for Yuexiu
REIT (00405) to HK$4.3 from HK$4 and reiterated its "outperform" rating.
The research house noted that Four Seasons Hotel and Ascott witnessed a solid recovery
in 2H 2020, with revenue rising by 157% and 12%, respectively, versus 1H. Yuexiu REIT
anticipates a better operating performance in 2021. Management expects improved rental
performance at these properties and improvement in occupancy at Wuhan Yuexiu Fortune
Centre this year.
Daiwa said Yuexiu REIT's overall financing cost at end-2020 was 3.01%, well below 4.20%
as at end-2019, due to a lower HIBOR. Although it lowered its 2021-22 DPU by 3-5% on
lower-than-expected DPU for 2020, Daiwa sees an improvement in its 2021 operating
performance, backed by a recovery in hotel operations, improved occupancy at GZIFC
offices, higher unit rents for expiring leases, and further finance cost savings. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00405 YUEXIU REIT
Nominal 
0.810 -0.010 (-1.220%) Others
05/03/2021 10:12
{I-bank focus}Daiwa lifts Yuexiu REIT (00405) to HK$4.3
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