Sunshine real estate interest rate is still attractive

Last week, China and the United States continued to pose a goodwill gesture for trade negotiations and began to “have a plan to squander

China removed some US goods from the list of tariff goods. US President Trump also responded by postponing a $250 billion tariff on Chinese goods. On October 1st, it was extended to October 15th. China also began to ask for price of American agricultural products. It has the opportunity to resume buying. It is hoped that the United States can also relax Huawei.

Trump said that he is considering a medium-term trade agreement with China. The high-level representatives of the two sides will meet next week to prepare for the October meeting. The US stock market index will move to a new high next night. The mainland stock market is doing well, but the North Watershed Last Thursday and Friday, the mainland stock market closed on Friday Mid-Autumn Festival holiday, Hong Kong stocks continued to close the position under low turnover, the Hang Seng Index rose 661 points last week, closing 27,352 points, very close to 250 antenna 27,374 points.

Fitch sang last week, and China’s economic growth is expected to fall to 6.1% this year and further to 5.7% next year. The US economy grew by 2.3% and 1.7% respectively this year and next, but it did not hinder the rebound of Sino-US Hong Kong stocks.

The top of the market is more than twenty-eight, and it is safer to buy dividend-paying stocks

Sunshine Real Estate Fund (435) announced that as of the end of June this year, the annual distribution of income was 467 million yuan, up 3.73% year-on-year; the end of each fund unit was distributed 14.1 sen, together with the interim distribution of 27.3 sen, the distribution ratio was 96.4%, the previous year The same period was 96.7%.

During the period, the net income of the property was 683 million yuan, up by 5.6% year-on-year. The net asset value per unit of the fund is 9.68 yuan, up 7.2% year-on-year. The Group’s outlook for the retail industry in Hong Kong is obviously unclear. Apart from the serious impact of social disputes, the impact of online shopping and the increase in the supply of new retail space does not rule out the occurrence of lower renewal rent growth, or even negative growth in certain industries. The situation of long air lease period.

Low downside risk of office property portfolio

Sunshine Real Estate Fund expects that the non-core will support the demand for Grade A office space in the commercial district where the Sunshine Real Estate Fund is located. Therefore, the Manager believes that the downside risk of the office property portfolio is relatively low.

Dahe said that the distributable income in FY 2019 increased by 3.7% year-on-year to approximately RMB 450 million, which is in line with the bank’s expectations and confirmed that its investment portfolio will continue to upgrade, indicating that the distributable income will maintain growth in the next few years. Sunshine Real Estate Fund’s distributable income from 2020 to 2021 will be reduced by 4.7 to 5.9% to reflect the recent retail weakness and uncertainties in Hong Kong; however, although the company cannot avoid short-term market challenges, its portfolio has been steadily upgraded to strengthen its long-term Natural growth prospects. The bank upgraded the Sunshine Real Estate Fund from “Outperform” to “Buy” and maintained its target price of 6.65 yuan.

The net asset value per unit of the fund was HK$9.68 and the gearing ratio improved to 21.0%. Income distribution: office buildings accounted for 47%; zero-based properties accounted for 53%.

Looking ahead to the past year, Hong Kong’s office and retail leasing activities have so far not shown signs of a significant slowdown, thanks to the local economic environment. The interest rate is 4.88%, which is still attractive.

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