Daiwa Research lowered its target price for Fortune REIT (00778) to HK$9.82 from HK$11.5 and maintained its "outperform" rating.
The research house said Fortune REIT's +WOO in Kingswood in Tin Shui Wai has just completed the AEI (asset enhancement initiative) for its phase one. The AEI has further secured its position and will potentially attract some new customers, which previously preferred to shop in other districts or urban areas.
Daiwa also believes that many malls under Fortune REIT are leading malls in their
neighbourhoods. It expects the rental relief that Fortune REIT is providing to its tenants to be amortised over the length of the leases. Overall, Daiwa lowered its 2020-21 EPS forecasts by 11-13% to take into account the challenges facing the HK retail sector in the coming months.
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