Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at ALE Property Group sold 111,797 shares at 4.769AUD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
We maintain no-moat ALE Property Group’s fair value estimate at AUD 4.60 per unit following its announced AUD 10.45 cents per unit distribution for the second half of fiscal 2019. This results in a fiscal 2019 distribution of AUD 20.90 cents per unit, moderately lower than our forecast of AUD 22.10 cents. The difference is due to timing on when unitholders capture the benefit of expected rent uplifts from the ongoing 2018 market rent reviews. We continue to estimate the rent reviews will resul...
An extensive portfolio of freehold pub properties diversified throughout Australia’s major capital cities and metro areas, predominantly in the eastern states on long-term leases to Australia’s major pub operator, ALH Group, makes ALE Property Group a relatively defensive investment. There are no major lease renewals until 2028. While we expect most properties are underrented, there is the potential for an increase in rents from the ongoing 2018 market rent reviews, which are subject to a ca...
We maintain no-moat ALE Property Group’s fair value estimate at AUD 4.60 per unit following its announced AUD 10.45 cents per unit distribution for the second half of fiscal 2019. This results in a fiscal 2019 distribution of AUD 20.90 cents per unit, moderately lower than our forecast of AUD 22.10 cents. The difference is due to timing on when unitholders capture the benefit of expected rent uplifts from the ongoing 2018 market rent reviews. We continue to estimate the rent reviews will resul...
Our fair value estimate of no-moat ALE Property Group is unchanged at AUD 4.60 per security following in line first-half fiscal 2019 results. Unfortunately, the earnings update did not provide any meaningful guidance on potential changes in market rents on the 45 properties that remain subject to the ongoing 2018 market rent reviews. The 34 properties that have already had their rents increased by 10% as part of the market rent reviews led to overall passing rents increasing by 4.26% from June 3...
Our fair value estimate of no-moat ALE Property Group is unchanged at AUD 4.60 per security following in line first-half fiscal 2019 results. Unfortunately, the earnings update did not provide any meaningful guidance on potential changes in market rents on the 45 properties that remain subject to the ongoing 2018 market rent reviews. The 34 properties that have already had their rents increased by 10% as part of the market rent reviews led to overall passing rents increasing by 4.26% from June 3...
An extensive portfolio of freehold pub properties diversified throughout Australia’s major capital cities and metro areas, predominantly in the eastern states on long-term leases to Australia’s major pub operator, ALH Group, makes ALE Property Group a relatively defensive investment. There are no major lease renewals until 2028. While we expect most properties are underrented, there is the potential for an increase in rents from the ongoing 2018 market rent reviews, which are subject to a ca...
Our fair value estimate of no-moat ALE Property Group is unchanged at AUD 4.60 per security following in line first-half fiscal 2019 results. Unfortunately, the earnings update did not provide any meaningful guidance on potential changes in market rents on the 45 properties that remain subject to the ongoing 2018 market rent reviews. The 34 properties that have already had their rents increased by 10% as part of the market rent reviews led to overall passing rents increasing by 4.26% from June 3...
A change in analyst prompts a reduction in the fair value estimate for ALE Property Group to AUD 4.60 per security from AUD 5.10 and moat rating to none from narrow. Our fair value estimate cut stems from moderately lower expected rent increases from the 2018 rent reviews and a more cautious view on the 2028 rent reviews. However, we maintain our overall positive view on the defensive characteristics of the real estate investment trust. At our new fair value estimate, ALE has a fiscal 2019 divid...
A change in analyst prompts a reduction in the fair value estimate for ALE Property Group to AUD 4.60 per security from AUD 5.10 and moat rating to none from narrow. Our fair value estimate cut stems from moderately lower expected rent increases from the 2018 rent reviews and a more cautious view on the 2028 rent reviews. However, we maintain our overall positive view on the defensive characteristics of the real estate investment trust. At our new fair value estimate, ALE has a fiscal 2019 divid...
A change in analyst prompts a reduction in the fair value estimate for ALE Property Group to AUD 4.60 per security from AUD 5.10 and moat rating to none from narrow. Our fair value estimate cut stems from moderately lower expected rent increases from the 2018 rent reviews and a more cautious view on the 2028 rent reviews. However, we maintain our overall positive view on the defensive characteristics of the real estate investment trust. At our new fair value estimate, ALE has a fiscal 2019 divid...
An extensive portfolio of freehold pub properties diversified throughout Australia’s major capital cities and metro areas, predominantly in the eastern states on long-term leases to Australia’s major pub operator, ALH Group, makes ALE Property Group a relatively defensive investment. There are no major lease renewals until 2028. While we expect most properties are underrented, there is the potential for an increase in rents from the ongoing 2018 market rent reviews, which are subject to a ca...
Rents at the majority of narrow-moat-rated ALE Property’s pubs--80 out of 86--are in the process of being adjusted, effective November 2018. The landlord is in ongoing discussions with its sole tenant, ALH Group, regarding the rent review at about half of the 80 pubs. We understand a 10% increase in rent has been agreed upon at the other half. At the outstanding properties, ALH Group is seeking a rent reduction of 10%, the maximum allowed at the current market review. However, we continue to f...
Rents at the majority of narrow-moat-rated ALE Property’s pubs--80 out of 86--are in the process of being adjusted, effective November 2018. The landlord is in ongoing discussions with its sole tenant, ALH Group, regarding the rent review at about half of the 80 pubs. We understand a 10% increase in rent has been agreed upon at the other half. At the outstanding properties, ALH Group is seeking a rent reduction of 10%, the maximum allowed at the current market review. However, we continue to f...
ALE Property Group owns a portfolio of freehold pub properties across Australia, spun out of Fosters in 2003. All properties are leased to Australian Leisure and Hospitality Group, a Woolworths subsidiary. ALH owns the pub businesses and pays rent under long-term inflation-linked leases that require it to cover most property-related costs. Long-term upside should come from a full market review in fiscal 2029. Guidance is for distributions to grow with the consumer price index, from AUD 0.21 per ...
Narrow-moat-rated ALE Property Group reported property rental income of AUD 58.1 million in fiscal 2018, up 1.9%, in line with inflation, and in line with our estimate. However, distributable income of AUD 29.0 million was 1% below our AUD 29.4 million estimate, and down on the AUD 29.1 million generated in fiscal 2017 with higher costs outweighing the increase in rental income. The cause is management expenses relating to one-off rent review negotiations, which we estimate at around AUD 0.4 mil...
Narrow-moat-rated ALE Property Group reported property rental income of AUD 58.1 million in fiscal 2018, up 1.9%, in line with inflation, and in line with our estimate. However, distributable income of AUD 29.0 million was 1% below our AUD 29.4 million estimate, and down on the AUD 29.1 million generated in fiscal 2017 with higher costs outweighing the increase in rental income. The cause is management expenses relating to one-off rent review negotiations, which we estimate at around AUD 0.4 mil...
ALE Property Group owns a portfolio of freehold pub properties across Australia, spun out of Fosters in 2003. All properties are leased to Australian Leisure and Hospitality Group, a Woolworths subsidiary. ALH owns the pub businesses and pays rent under long-term inflation-linked leases that require it to cover most property-related costs. Long-term upside should come from a market rent review in fiscal 2019, subject to a 10% cap, and a full market review in fiscal 2029. Guidance is for distribu...
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