Stock Name: ARA
Company Name: ARA ASSET MANAGEMENT LIMITED
Research House: CIMB
CIMB in an April 12 research report says: "ARA announced this morning that Hui Xian REIT, the first Rmb-denominated REIT to be listed in Hong Kong, will be managed by its 30%-owned associated company, Hui Xian Asset Management Limited.
"While direct earnings impact through management fees is limited at 3% of FY2011 income, we see greater significance the involvement has in opening doors for ARA for potential RMB REIT offerings in Hong Kong, or even in China, if a REIT structure can be formalised.
"We raise our FY2011-2013 EPS estimates by 3-5%, factoring in recurring management fees from the REIT. This lifts our sum-of-the-part target price to $2.08 from $1.98 previously. We expect catalysts from the closing of ADF II and possible bonus shares. MAINTAIN OUTPERFORM."
Company Name: ARA ASSET MANAGEMENT LIMITED
Research House: CIMB
CIMB in an April 12 research report says: "ARA announced this morning that Hui Xian REIT, the first Rmb-denominated REIT to be listed in Hong Kong, will be managed by its 30%-owned associated company, Hui Xian Asset Management Limited.
"While direct earnings impact through management fees is limited at 3% of FY2011 income, we see greater significance the involvement has in opening doors for ARA for potential RMB REIT offerings in Hong Kong, or even in China, if a REIT structure can be formalised.
"We raise our FY2011-2013 EPS estimates by 3-5%, factoring in recurring management fees from the REIT. This lifts our sum-of-the-part target price to $2.08 from $1.98 previously. We expect catalysts from the closing of ADF II and possible bonus shares. MAINTAIN OUTPERFORM."
No comments:
Post a Comment