AXYS - Grit Real Estate Inc Grp (DEL) GRIT ACCUMULATE Rating Introduced

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AXYS

Bhavik Desai

GRIT "ACCUMULATE" Rating Introduced

Our consensus valuation is computed to be $1.54 which represents an 6.0% upside on today’s closing price and therefore introduce an ACCUMULATE rating

GRIT invests in yielding properties deemed to be ‘safe’ on the basis of its core tenants and jurisdiction across all of Africa except South Africa

In H1-FY18, Adj. PAT jumped 5x to $11.4M reflecting portfolio growth. Going forward, we expect income and profits to grow through additional purchases in-line with a target to achieve a portfolio size of $1bn within 2Yrs

26/03/2018 13 EN

Underlying

Grit Real Estate Inc Grp

Grit Real Estate Income Group Limited, formerly Mara Delta Property Holdings Limited, is a Mauritius-based income fund focusing on African real estate assets. The Company's segments include Morocco, Mozambique, Zambia, Kenya and Mauritius. The Company has investments in retail, office, light industrial and corporate accommodation sectors. The Company's property portfolio includes Anadarko Building, which is located in Mozambique's capital of Maputo; Anfa Place Shopping Centre, which is located in Casblanca, Morocco; Hollard Building, which is located in Maputo; Vodacom Building, which is located in Maputo's Biaxa business node; Zimpeto Square, which is located approximately 13 kilometers north of central Maputo; Barclays House, which is located in Cybercity, Ebene, Mauritius, and Bollore Warehouse, which is located in Pemba Mozambique.

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MU0473N00036 Stock Exchange of Mauritius Guernsey

Provider

AXYS

AXYS Stockbroking Ltd (ASL) is one of the most active stockbroking firms on the Stock Exchange of Mauritius (SEM). With over 20 years' experience as registered brokerage house, ASL's team of qualified investment dealers and research analysts will help you make informed decisions for your investments on the SEM.

ASL's full range of services covers trade execution, intermediary settlement on behalf of the CDS, intermediary custodian services through the CDS, lead brokerage services for an IPO, additional listing or takeovers. In addition to our share trading related services, we also cover in-depth market analysis with the help of our leading Mauritian Equity research team who regularly produces an economic perspective on key market sectors and company valuations.

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Analysts

Bhavik Desai

Other Reports on these Companies

QuotedData Retail

Africa, substantially de-risked

Grit Real Estate Income Group (Grit) is flying the flag for African real estate investment. The significant growth potential of the continent’s emerging economies has always come with some degree of risk attached to it. However, Grit’s investment strategy enables it to retain exposure to that growth potential, while substantially de-risking it by leasing property to blue-chip multinational corporations, including government embassies, on US dollar and euro denominated leases.

July 15, 2020 July 15, 2020 1 EN

proactiveinvestors

Grit Real Estate Income Group: Big yields, blue-chip asset base

Grit Real Estate Income Group (LON:GR1T) is a multi-listed (LSE, JSE, SEM) property company with a focus on selected African countries with a combination of economic growth, investment friendly policies and political stability. Rental income is underpinned by a blue-chip multinational tenant base, hard currency leases, and high occupancy rates. Grit has a strong management team, with more than 59 years’ African experience cumulatively. The portfolio has grown to US$642mln from US$210ln in 2015, and the company achieved its LSE main board listing in July 2018.

October 3, 2018 October 3, 2018 17 EN

Recommendation: IBL's Offer for LUX:

We recommend that you decline IBL’s offer for LUX shares While IBL’s offer represents a fair exit opportunity, our recommendation stems from reasons we discuss in our document We Fair Value LUX at Rs72.25 representing a 2% upside and therefore downgrade its rating to “HOLD”

May 16, 2018 May 16, 2018 25 EN

Alexis Corson ... (+2)

Alexis Corson
Bhavik Desai

Recommendation: IBL's Offer for BLFE

We recommend that you decline IBL’s offer for BLFE shares While IBL’s offer represents an exit opportunity, our recommendation stems from reasons we discuss in our document and also because the market at Rs2.40 offers a higher exit point We Fair Value BLFE at Rs2.56 representing a 6.5% upside and therefore introduce an “ACCUMULATE” rating on the stock

May 16, 2018 May 16, 2018 32 EN

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GRIT "ACCUMULATE" Rating Introduced

Africa, substantially de-risked

Grit Real Estate Income Group: Big yields, blue-chip asset base

Recommendation: IBL's Offer for LUX:

Recommendation: IBL's Offer for BLFE

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