Ceasing Coverage of Kiwi Property
We intend to cease coverage on Kiwi Property Group in July 2019. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest.We ascribe a narrow moat to the firm, reflecting the efficient scale of its retail assets, the barriers for new entrants, and the network effect of larger retail assets. In its fiscal 2019 results, rental growth across Kiwi’s portfolio was ahead of expectations, which led to an increase in fair value to NZD 1.40 from NZD 1...
Kiwi Property Group is engaged in investing in New Zealand real estate. The Trust's objectives are to maximize earnings and to provide long-term sustainable returns to investors through the strategic acquisition, intensive management and ongoing development of office, retail and industrial property assets. Co.'s business segments comprise retail (representing Co.'s investment in retail property), office (representing Co.'s investment in office property) and other (representing those items which are neither retail nor office). As of Mar 31 2010, Co. had total assets of NZ$1,984,822,000.
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