Fortune REIT 0778

Re: Fortune REIT 0778

Postby winston » Fri Jan 25, 2013 9:23 am

20% rental hike expected for FORTUNE REIT (00778.HK)'s properties this yr - Justin Chu

FORTUNE REIT (00778.HK) Chairman Justin Chiu said in the results briefing that 40% of the rental area will be expired in lease this year.

The rental hike is estimated at about 20%.

Source: AAStocks Financial News
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Re: Fortune REIT 0778

Postby winston » Mon Jul 15, 2013 5:47 am

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Fortune REIT (0778) has 16 malls and 1,989 parking slots.

First-quarter rental renewal income rose 19.5 percent at an average HK$32.9 per square foot.

Some 57 percent of rental revenue is from shops selling necessities, and dividend yield is on 5 percent.

It looks solid after a correction of near 20 percent.

Source: Dr Check, The Standard HK
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Re: Fortune REIT 0778

Postby winston » Tue Jul 16, 2013 5:40 am

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Fortune smiles on REIT operator
Tuesday, July 16, 2013

Fortune Real Estate Investment Trust (0778) saw a 14 percent rise in distribution per unit during the first half as it raised mall rents and renovated several properties.

The trust under Cheung Kong Holdings (0001) said distribution for the six months to June 30 hit HK$307 million or 18 HK cents per unit, compared with HK$268 million or 15.82 HK cents per unit a year earlier. Revenue rose 13 percent to a record high of HK$609 million.

The average rent increased 7 percent to HK$33.1 percent per square foot, helping rental reversion to rise 18 percent.

Fortune's portfolio enjoyed an occupancy rate of 97.8 percent, up 1.3 percentage point.

The company said the completed renovation at Fortune City One and Jubilee Square, both in Sha Tin, delivered over 25 percent return on investment.

Meanwhile, work at Ma On Shan Plaza, which involves the reconfiguration of a 59,000 sq ft space from anchor tenants, is expected to be completed by the end of this year.

Fortune rose 0.6 percent to HK$7.14 yesterday before the results were released.

Source: The Standard HK
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Re: Fortune REIT 0778

Postby winston » Sat Nov 09, 2013 6:48 pm

Valuation

To factor in the effects of the acquisition of Kingswood Ginza property, we raised FY14 net property income and DPU estimates by 25% to HKD1,168 mn and 5% to HKD0.399 respectively.

We roll over our DDM based target price to FY2014E, which is HKD6.64, 1% higher than previous estimate.

We have already applied a conservative discount rate assumption of 8.3% to reflect the concern of interest rate hike and cap rate compression.

The target price represents FY14 dividend yield of 6.0% (vs. historical average of 5.72%). The long-term dividend yield spread over 10-year HK ETN is 4.01%.

Given this spread, in case HK 10-year ETN yield returned to 2-2.5% by the end of FY14, the reasonable dividend yield of Fortune REIT will be 6.01-6.51%.

Hence, the major downside potential will come from the faster-than-expected yield surging. Our target price provides upside potential of 6.2%. We give an “Accumulate” ratings.

Source: Phillips
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Re: Fortune REIT 0778

Postby winston » Fri Jul 24, 2015 6:40 am

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Fortune REIT (0778) offers a 5 percent dividend yield. Its shopping malls do not include high-end retail shops.

As of the end of the year, its occupancy rate remained at a healthy 97.3 percent and its portfolio's rents rose 8.7 percent year on year and climbed to a historical high of HK$36.4 per square foot.


Source: Dr Check, The Standard
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Re: Fortune REIT 0778

Postby winston » Tue Jul 28, 2015 7:47 am

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Fortune with REIT

Fortune REIT (0778), a local real estate investment trust, saw distributable income in the first half rise 12.8 percent to HK$440.3 million from a year ago.

Distribution per unit reached 23.38 HK cents, up 12 percent and representing a 6 percent annualized yield.

The surge was mainly due to rental growth and new contributions from Kwun Tong's Laguna Plaza, acquired in January.

Revenue rose 13.4 percent to HK$922.6 million while net property income jumped 12.6 percent to HK$654.4 million.

Net asset value per unit hit HK$12.49, while basic earnings per unit was 80.8 HK cents.

Fortune REIT owns 17 private estate shopping malls that cover around 3.18 million square feet of retail space and more than 2,700 car parking slots, worth more than HK$35.2 billion.

Despite a slowdown in the local retail rector, the occupancy rate at its properties stood at 97.3 percent as of June 30.

The average rent rose 9.5 percent to HK$38.40 per sq ft.

Chief executive Justina Chiu Yu said the changing pattern of tourist spending and other external economic developments created uncertainties for the local retail market.

But the REIT's portfolio put in a more resilient performance, she said.

Source: The Stamdard HK
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Re: Fortune REIT 0778

Postby winston » Wed Jun 12, 2019 7:49 pm

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FORTUNE REIT(778)

Analysis:

Fortune REIT is the first cross-border real estate investment trust in Asia and the first real estate investment trust holding Hong Kong property assets.

Fortune REIT holds a portfolio of 16 retail properties in Hong Kong, comprising approximately 3.0 million square feet of retail space and 2,713 car parking lots.

In 2018, the company delivers satisfactory results, realized revenue of HKD1,940.1mn, YoY +0.2%; net property income reached a record of HKD1,471.8mn which grows by 1% YoY;

The high records of revenue and NPI demonstrate healthy organic growth; income available for distribution for FY2018 was HKD986.2mn, increasing by 1.6% YoY; rental reversion on renewals of the company remained healthy at 12.7%.

In addition, the HKD150mn AEIs at the West Block of Fortune Kingswood is underway smoothly. Meanwhile, revitalization engineering for East Block is currently under planning and expected to start in 2020.

CK Asset (1113.HK) plans to reconstruct Harbor Plaza Hotel for residential, Fortune Kingswood will be benefitted from the resulting increase in local passenger flow and revenue growth.

At the end of 2018, the gearing ratio of the company has declined, the financial situation becomes more stable. We are optimistic about the future of the company.

Strategy:
Buy-in Price: $10.50, Target Price: $11.16, Cut Loss Price: $10.00

Source: Phillips
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