Dolmen City REIT - Yield with Conviction!
- Amidst ongoing political and economic uncertainty, DCR stands out on the back of captive demand, high dividend yield, relative protection against unforeseen slowdown in economy and ability to pass on inflationary pressures.
- The stock offers FY18F/FY19F Dividend Yields of 11/12%, which are not only amongst the highest in the listed space of Pakistan, but also stand out from other high yielding stocks due to the recurring nature and higher conviction.
- The last closing price reflects a discount of 38% from our estimated Sep-17 NAV of PKR17.9/unit, compared to average discount of 25% prevalent in other Closed End Schemes.
Dolmen City REIT is a Pakistan-based company, which is a perpetual, closed-end, shariah compliant, rental real estate investment trust (REIT). The Company offers investors to become unit holders of two component of the Dolmen City project, Dolmen Mall Clifton and The Harbor Front. Its Dolmen Mall Clifton is a shopping mall in Pakistan. Dolmen Mall Clifton has approximately 130 retail outlets, a multi-level department store, and a food court. Dolmen Mall Clifton has local and international brands including Mango, Next, Nike, Nine West, Timberland and Charles & Keith. Dolmen Mall Clifton has a total built-up area of approximately one million square feet spread over three levels. The Harbor Front is an office complex home to local and multinational corporations of the country. The complex offers office space across approximately 17 floors spread over 270,000 square feet. The Company is the subsidiary of International Complex Projects Limited (ICPL).
Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.
Elixir Securities Pakistan is the proud recipient of many awards & recognitions including AsiaMoney’s Brokers Poll 2017, FinanceAsia’s Pakistan Best Investment Bank and Best Broker 2017, The Asset’s Best Brokerage House in Pakistan 2016, Asiamoney’s “Best Domestic Equity House 2015 in Pakistan”, The Asset Triple A Country Awards 2015 - Pakistan “Deal of the Year” and “Deal of the Year-Highly Commended”, CFA Society of Pakistan Awards for Year 2015 “Best Research Analyst (1st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1st Rank)”, “Best Trader” 2nd Runner-up (3rd Rank), The Asset Triple A Country Awards 2014’s “Best Deal in Pakistan” and Capital Finance International’s nomination for “Best Equity Research in Pakistan 2010”.
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