Analyst Research Report Snapshot

Title:

JAPAN RESIDENTIAL INVESTMENT COMPANY - READY TO LEVERAGE CYCLICAL SECTOR RECOVERY

Price:

$10.00

Provider:

Edison Investment Research

Date:

06 Nov 2013

Pages:

12

Type:

AcrobatPDF

Companies referenced:

JRIC.L

Available for Immediate Download
Summary:

The continuation vote in July renewed Japan Residential Investment Company’s (JRIC’s) mandate to work its portfolio for capital and income growth, and it has been active in the period since. Strategies include asset acquisitions and disposals, and debt refinance to improve underlying cash flow and EPS. The portfolio has performed steadily over the last few years, measured by average occupancy and rental income. Underlying yen EPS includes one-off profit from asset sales this year, but should benefit more sustainably from recent debt refinance at lower rates and acquisitions. Sterling EPS – principally an issue for dividend growth – has been offset by ¥/£ weakness, which remains a risk, but we forecast sufficient earnings, including profit from asset sales to cover a held dividend this year and next. However, FY14 EPS hinges on how quickly JRIC invests the £15.4m (gross) raised in the placing at 63p/share in late October.

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