Update: Strong underlying progress
JRIC showed strong progress in H114, with portfolio growth of 34% and underlying profit growth of 36%, both in yen terms, as the proceeds of the October 2013 capital increase were quickly put to work, geared with additional low-cost borrowing. Despite a c 18% decline in the average value of the yen versus sterling, underlying sterling net profits were 15% higher and underlying sterling EPS was flat at 1.7p. As acquisitions contribute fully, on current exchange rates, we expect the forecast 3.6p full year dividend to be fully covered by underlying earnings. The development of the Japanese economy suggests that rental growth and continued valuation gains, not included in our forecasts, are a realistic prospect.
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