Analyst Research Report Snapshot

Title:

JAPAN RESIDENTIAL INVESTMENT COMPANY - STEADY UNDERLYING PROGRESS

Price:

$10.00

Provider:

Edison Investment Research

Date:

20 Mar 2014

Pages:

8

Type:

AcrobatPDF

Companies referenced:

JRIC.L

Available for Immediate Download
Summary:

In yen, JRIC’s end 2013 NAV per share rose 7% on end 2012 and 2013 statutory profits were up from ¥1.8bn to ¥2.3bn (underlying profits ¥0.9bn both years). Statutory profits included a ¥0.3bn gain on the disposal of four properties sold at an average 24.5% premium to appraised value. This solid underlying performance was masked by adverse exchange rate movements (sterling NAV down 16% and adjusted profits down 19%). Recent acquisitions, lower-cost funding and a more positive residential market outlook bode well for 2014 and 2015.

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