CA Immo 4Q 19 - Results broadly in line with expectations, information about Covid-19
CA Immo delivered strong operating results and large revaluation gains, which on balance lead to a significant increase in pre-tax (EUR 292 mn, RCBe 291 mn) and net earnings (EUR 215 mn vs. RCBe EUR 227 mn). The results were driven by property-revaluations of EUR 269 mn in 4Q which was previously indicated by the company and hence is no longer a surprise. Rental income of EUR 54 mn in 4Q was slightly below RCBe and consensus of EUR 57.5 mn and EUR 59 mn respectively. Cash earnings (FFO I) also came broadly in line with our expectations at EUR 31.9 mn vs. RCBe of EUR 33.3 mn. The EPRA NAV increase of almost 9% qoq to EUR 38.4 mn is mainly driven by the revaluation gains and came in line with our estimate of EUR 38.0 mn.CA Immobilien Anlagenis a real estate investment company. Co. invests in commercial real estate, comprising hotel, residential, office, industrial, storage space, and logistics. Co. is also active in project development business. Co.'s activities are focused in Austria, Germany and Eastern Europe. Co. has 263 subsidiaries (including 24 joint ventures) in the following countries: Germany, Austria, Hungary, Luxembourg, Bulgaria, Netherlands, Slovakia, Cyprus, Russia, Czech Republic, Poland, Croatia, Ukraine, Romania and Serbia. Co., through its subsidiaries, is engaged in creation of entire urban districts, acquisition of real estate, project development, as well as property renovation.
PT Bank Central Asia is a financial institution based in Indonesia. Co. offers individual and business products and services. Co.'s individual products and services consist of savings accounts, electronic banking, credit cards, consumer credit products, bancassurance, investment products, remittance, collection and safe deposit facilities. Co.'s business products and services consist of savings accounts, BCA Trade, working capital loans, investment loans and bank guarantees for and small and medium-sized enterprises, as well as for corporate customers. In addition, Co. provides export import facilities such as letters of credit, negotiation, discounting and documentary collections.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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