Kiwi Has More Work to Make its Smaller Malls More E-Commerce Resilient. FVE Unchanged at NZD 1.40
Our fair value estimate is unchanged at NZD 1.40 for narrow-moat-rated Kiwi Property Group. New Zealand economic conditions remain supportive of Kiwi Property's portfolio of retail shopping centres, the firm's largest asset class at 68% of total assets. New Zealand economic growth over the 12 months to June was solid at 2.8%, and median wages are up 2.9%. This should provide a small top-up to household budgets given these are both well ahead of consumer price growth of 1.5%. We see the New Zeala...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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