Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Target Healthcare REIT PLC / Equity Bottom-Up

Target Healthcare Reit PLC operates as a real estate investment trust. The Company focuses on acquisition, development, and investments in healthcare properties. Target Healthcare Reit serves customers in the United Kingdom.

Target Healthcare REIT’s Q125 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability remains strong, reflected in high levels of rent cover and rent collection. The rate of quarterly dividends has increased 3% from the start of FY25 and is well covered by adjusted earnings.

Target Healthcare REIT’s Q125 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability remains strong, reflected in high levels of rent cover and rent collection. The rate of quarterly dividends has increased 3% from the start of FY25 and is well covered by adjusted earnings.

Target Healthcare REIT - Rental income continuing to drive returns

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Embassy Office Parks REIT / Equity Bottom-Up

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

<ul><li>The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.</li><li>The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.</li><li>Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Embassy Office Parks REIT - Well-Aligned with the Guidance

Triple Point Social Housing REIT / Equity Bottom-Up

Triple Point Social Housing REIT plc operates as a real estate investment trust. The Company provides closed-ended investment services. Triple Point Social Housing REIT invests in property, technology, renewable energy, asset finance in leasing, lending, and other related sectors. Triple Point Social Housing REIT serves customers worldwide.

Triple Point Social Housing REIT (SOHO LN)

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental growth and improving rent collection. Property valuations and NAV per share were lower, but progress with the two problem tenants and falling interest rates suggest this could reverse. Meanwhile, the shares yield more than 8% with the board targeting asset sales and share repurchases to address the discount to NAV.

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental growth and improving rent collection. Property valuations and NAV per share were lower, but progress with the two problem tenants and falling interest rates suggest this could reverse. Meanwhile, the shares yield more than 8% with the board targeting asset sales and share repurchases to address the discount to NAV.

Triple Point Social Housing REIT - Improving rent collection and fully covered DPS

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/vaneck-vectors-australian-property-etf" target="_blank" data-smartkarma-citation="entities:30998:1" rel="noopener">Vaneck Vectors Australian Property ETF (MVA AU)</a> in September. There are float changes and capping changes too.</li>
<li>Estimated one-way turnover is 2.9% and will result in a one-way trade of A$19m.</li>
<li>After declining over the last year, shorts have started to tick higher in <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>. </li>
</ul>



Ingenia Communities (INA AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) in September. There are float changes and capping changes too.
Estimated one-way turnover is 2.9% and will result in a one-way trade of A$19m.
After declining over the last year, shorts have started to tick higher in Ingenia Communities (INA AU). 


MV Australia A-REITs Index Rebalance: Ingenia Communities Deleted

Home Consortium provides real estate services. The Company offers leasing and development of properties. Home Consortium serves customers in Australia.

<ul>
<li>The review period for the September rebalance ends on 30 August. We do not see any constituent changes for the index but there will be capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/home-consortium-ltd" target="_blank" data-smartkarma-citation="entities:29082:1" rel="noopener">Home Consortium Ltd (HMC AU)</a> is just outside inclusion zone at the moment and outperformance over the rest of the week could result in inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/home-consortium-ltd" target="_blank" data-smartkarma-citation="entities:29082:1" rel="noopener">Home Consortium Ltd (HMC AU)</a>'s inclusion and capping changes will result in a one-way turnover of 5% and in a round-trip trade of A$62m. </li>
</ul>


The review period for the September rebalance ends on 30 August. We do not see any constituent changes for the index but there will be capping changes.

Home Consortium Ltd (HMC AU) is just outside inclusion zone at the moment and outperformance over the rest of the week could result in inclusion.

Home Consortium Ltd (HMC AU)'s inclusion and capping changes will result in a one-way turnover of 5% and in a round-trip trade of A$62m. 


MV Australia A-REITs Index Rebalance Preview: One Close Add & Capping Changes

Insights on Real Estate Investment Trusts

REITs
Insights on Real Estate Investment Trusts

Target Healthcare REIT - Rental income continuing to drive returns

Target Healthcare REIT’s Q125 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability remains...

Edison Investment Research

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

MV Australia A-REITs Index Rebalance: Ingenia Communities Deleted

Ingenia Communities will be deleted from the index at the close on 20 Sep. Estimated one-way turnover is 2.9% and will result in a one-way trade of...

Brian Freitas

MV Australia A-REITs Index Rebalance Preview: One Close Add & Capping Changes

No constituent changes expected for now. HMC is a very close add and needs to outperform over the next 3 trading days to make it into the index....

Brian Freitas

Target Healthcare REIT - Rental income continuing to drive returns

Target Healthcare REIT’s Q125 update shows indexed rent reviews driving increased earnings and property values. Tenant profitability remains...

Edison Investment Research

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

Triple Point Social Housing REIT - Improving rent collection and fully covered DPS

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly...

Edison Investment Research

MV Australia A-REITs Index Rebalance: Ingenia Communities Deleted

Ingenia Communities will be deleted from the index at the close on 20 Sep. Estimated one-way turnover is 2.9% and will result in a one-way trade of...

Brian Freitas

MV Australia A-REITs Index Rebalance Preview: One Close Add & Capping Changes

No constituent changes expected for now. HMC is a very close add and needs to outperform over the next 3 trading days to make it into the index....

Brian Freitas