Singapore Stock Market News
Hongkong Land Holdings Limited - Office portfolio improvement in 3Q confirms our positive view on the office market
StockFanatic
Publish date: Fri, 06 Nov 2015, 12:28 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
● Hongkong Land issued its Interim Management Statement for 3Q15. Vacancy of the Central office portfolio further improved to 3.7% in September 2015 from 4.2% in June 2015.
● Rental reversion at Central office was marginally positive while that of the retail portfolio was positive. We believe management is rather conservative. Various newspapers have reported decent rental reversions in various leases in Exchange Square. We also expect the retail portfolio to remain relatively resilient, given the prime location of HKLand's malls.
● JLL data showed that office demand from mainland companies remained intact in 3Q15. Net absorption was over 300,000 sq ft for the second consecutive quarter which drove down vacancy to 1.2%, the lowest since 2007 and pushed up the spot rent by 3.5% QoQ/11.1% YoY.
● Further improvement in the Central office portfolio, asset injection of redevelopment of the Excelsior Hotel and the inclusion into MSCI DM Index should be the catalysts. Maintain OUTPERFORM.
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