In today’s briefing:
- Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
- Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE
Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
- Pasona (2168 JP)will pay out 10-20% of the extraordinary gain from the Benefit One (2412 JP) sale. It will take its sweet time doing so. For no apparent reason.
- Hang Lung Properties (101 HK)‘s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities.
- Hollysys Automation Technologies (HOLI US) accountant resignation announcement is a nothing burger. An update on PRC regulatory approvals would be welcome about now though.
Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE
- USDJPY is breaking 154, almost 20-year high. In general, weaker Yen is positive for investment in real estate as properties look cheaper from a foreign investor perspective
- Yen weakness is also positive to tourism in Japan, as weak currency will drive tourist arrival and boost tourism
- We like Japan Hotel REIT on the back of attractive valuation and weaker Yen. We also like other Japan RE names like 8801 and 8802
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