[ET Net News Agency, 30 July 2019] HSBC Global Research lowered its target price for
Hui Xian REIT (87001) to RMB3.6 from RMB3.8 and maintained its "buy" rating on an
attractive FY2019 dividend yield of 7.4%.
The research house said Hui Xian REIT reported a mixed set of 1H results, showing
seemingly stable performance from its core assets but distribution per unit (DPU) was down
12% due to "one-offs".
While the decline in DPU is a disappointment, HSBC said the operational performance of
its flagship retail asset, the mall at Beijing Oriental Plaza (BOP), has stabilised with
revenue up 1.4% in 1H.
HSBC lowered its DPU estimates by 6.2% and 6.5% to RMB0.253 and RMB0.262 in FY2019 and
FY2020, respectively, mainly reflecting higher net finance cost and lower rental revenue
estimates (mainly for hotels). (KL)
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87001 HUI XIAN REIT
Nominal 
0.630 0.000 (0.000%) Research Report
30/07/2019 15:22
{I-bank focus}HSBC cuts Hui Xian REIT (87001) to RMB3.6
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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