[ET Net News Agency, 10 January 2020] J.P. Morgan raised its target price for Fortune
REIT (00778) to HK$10.4 from HK$9.7 and upgraded its rating to "overweight" from
"neutral".
The research house expects non-discretionary retail malls to show defensiveness amid the
retail slump. The completion of Kingswood AEI is expected to boost DPU growth for 2H 2019
and next year, and the normalized base of comparison (disposal of Provident Square in 1H
2018) is also a catalyst.
JPM thinks that an estimated 6% yield with low single-digit growth in DPU make the stock
look attractive in the current environment. (KL)