by Sean Culverwell | Nov 7, 2022 | Property
Key message: Attacq’s FY22 financial performance was significantly ahead of guidance and expectations. While its near-term dividend yield (8.5% forward) does not screen attractively relative to peers and may limit its re-rating potential in the near-term, we think...
by Sean Culverwell | Oct 27, 2022 | Property
Key message: 1H FY23 performance met expectations and guidance. We are encouraged by Spear’s capital recycling and inorganic growth initiatives, which lift the quality and growth prospects of the portfolio. Solid 1H FY23 performance: DEPS was ZAR41.3c (+6.1% y/y),...
by Sean Culverwell | Oct 13, 2022 | Property
Key message: despite facing an extremely challenging macro backdrop, we think Sirius is holding up in respectable shape operationally. Even under more conservative valuation assumptions and earnings growth forecasts, we think there is clear value in the counter at the...
by Sean Culverwell | Oct 3, 2022 | Property
Key message: there were few surprises in Growthpoint’s FY22 results as most parts of its portfolio are showing stability, recovery and positive momentum, except for Globalworth and SA office investments which continue to lag. Current share price (down -22% YTD) and...
by Sean Culverwell | Sep 14, 2022 | Property
Key message: Spear’s Western Cape focus presents a positive picture all around as the portfolio continues to deliver relatively stable and defensive performance. FY23 performance in line with guidance so far: overall reversions have averaged -3.5% for the period...
by Sean Culverwell | Sep 7, 2022 | Property
Key message: NEPI Rockcastle displayed a sharp recovery in 1H FY22 and the upward revision to earnings guidance is encouraging. Weakened by a challenging macro picture, we think the current share price materially undervalues the portfolio and its prospects on a...
