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....
Dividends almost fully covered by FFO, increase payout. The recent acquisition of the Lycee Jean Mermoz hiked our 2018-21e rental income estimates by c9%. However, this increase was offset by the recent sukuk issuance, resulting in a potential jump in interest payments (+24% y-o-y in 2018e). Accordingly, our 2018-21e FFO estimates only increased by c4%, implying payout coverage of c95%in 2018e (59% in 2017). We increased the payout ratio to 95% from 90% starting 2019e, raising our 2019-21e DPS e...
1H17 FFO growth likely heralds DPS hike. We increase our 2019-20e DPS estimates by 5% following the acquisition of the European Business Centre (EBC, 4% of GAV), after a 6% hike to our 2017-20e FFO estimates. The acquisition, as well as 1H17 FFO growth (+67% y-o-y, +28% vs. previous forecast), improve visibility on payout coverage (c80% in 17e vs. 64% previously) with potential for full dividend coverage by 2018/19e without debt financing. Our 17e DPS implies an attractive yield of 8.5% after th...
17e P/FFO at 21.2x at 14% premium to global peers, justifying a steeper discount to NAV. We initiate coverage on Emirates REIT, the first Shariacompliant, diversified and externally managed UAE-based REIT, with a DDMderived TP of USD1.14/share, warranting a Neutral rating and implying a c33% discount to its 17e NAV estimate. While the stock offers a superior 17e div. yield of 7.4% (c2pp premium to peers and market), its 16a FFO covers only 47% of the 16e payout. The yield would be fully sustaina...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
The ramp up in Index Tower office occupancy is moving slowly, but new growth elements are being added through acquisitionsThe ramp-up in Index asset occupancy remains slow (24% in Q3 vs. 20% in H1), and this will impede the REIT’s ability to grow dividends in 2016The business is however diversifying away from commercial exposure (which has become crowded in DIFC) into the education sector, which is more secular in nature Revenues in Q3 were up 18% y/y and 7% q/q, but cash profit remained flat ...
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