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EQUITES PROP FUND LTDEQUITES PROP FUND LTDEQUITES PROP FUND LTD

EQUITES PROP FUND LTD

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EQU trade ideas

Our opinion on the current state of EQUITES(EQU)Equites (EQU) is the only real estate investment trust (REIT) on the JSE that specialises in industrial logistics and distribution properties in South Africa and the UK. It has approximately R12 billion worth of assets in South Africa and R7.4 billion worth in the UK. Its most recent acquisition, a 100,000 square meter logistics property in Germiston, was expensive but comes with an A-grade tenant, Simba, and a good yield, making the property highly profitable in the future. The property was bought from Investec Asset Management for R462 million. Of all property REITs, those that include logistics properties like warehousing are the most sought-after due to the steady increase in online shopping by consumers. CEO Andrea Taverna-Turisan says, "...a wall of cash is leaving retail property and going to logistics." Equites has achieved a return of just under 25% per annum since its listing. In its results for the six months to 31st August 2024, the company reported revenue up 62% and headline earnings per share (HEPS) up 17.7%. The company's net asset value (NAV) fell 2.4% to 1632c per share. The company said, "The Group continued with its disposal programme, completing the disposal of a further R0.6 billion of assets in 1H25. This, combined with a successful dividend reinvestment programme in May 2024, has funded R0.9 billion of development expenditure, whilst maintaining a stable LTV ratio of 41.0%." Since June 2023, the share has been rising steadily in a volatile upward trend. We believe that Equites represents good value at the current price, despite having a relatively high LTV. We regard this as one of the better property shares available on the JSE.
JSE:EQU
by PDSnetSA
$JSEEQU - Equities Prop Fund: Tracking A Leading DiagonalSee link below for initial coverage. The bounce from 1036 looks to be unfolding as a leading diagonal, characterized by the overlapping waves. Leading diagonals are common after strong sell-offs and the market has bottomed. I will be looking at wave 5 to terminate at the same price level or above wave 3 to complete wave (1) and then monitor the pullback for wave (2) which must terminate above 1036 to validate the bullish outlook.
JSE:EQULong
by Loyiso_BlaqueSoros_Mpeta
Our opinion on the current state of EQUEquites (EQU) is the only real estate investment trust (REIT) on the JSE which specialises in industrial logistics and distribution properties in South Africa and the UK. It has about R12bn worth of assets in South Africa and R7,4bn worth in the UK. Its most recent acquisition of a 100 000 square meter logistics property in Germiston was expensive, but it has an A-grade tenant in the form of Simba and a good yield which will make the property highly profitable in years to come. The property was bought from Investec Asset Management for R462m. Of all property REITs, those which include logistics properties like warehousing are the most sought-after because of the steady increase in online shopping by consumers. CEO, Andrea Taverna-Turisan says "...a wall of cash is leaving retail property and going to logistics". Equites has achieved a return of just under 25% per annum since it listed. In its results for the six months to 31st August 2023 the company reported gross property revenue up 8,8% and headline earnings per share (HEPS) down 64%. The company's loan-to-value (LTV) was 42,3%, but reduced to 38,1% after post-period transactions. The company said, "Operationally, both the SA and UK property portfolios are performing in line with expectations. This is driven by strong like-for-like net property income growth, record-low vacancy rates, and an uptick in property valuations". Technically, Equites saw its share price move sideways for two years before falling in response to COVID-19. Since June 2023 the share has been rising steadily in a new upward trend. We believe that Equites represents good value at the current price. We regard this as one of the better property shares available on the JSE.
JSE:EQU
by PDSnetSA
Our opinion on the current state of EQUEquites (EQU) is the only real estate investment trust (REIT) on the JSE which specialises in industrial logistics and distribution properties in South Africa and the UK. It has about R12bn worth of assets in South Africa and R7,4bn worth in the UK. Its most recent acquisition of a 100 000 square meter logistics property in Germiston was expensive, but it has an A-grade tenant in the form of Simba and a good yield which will make the property highly profitable in years to come. The property was bought from Investec Asset Management for R462m. Of all property REITs, those which include logistics properties like warehousing are the most sought-after because of the steady increase in online shopping by consumers. CEO, Andrea Taverna-Turisan says "...a wall of cash is leaving retail property and going to logistics". Equites has achieved a return of just under 25% per annum since it listed. In its results for the year to 28th February 2023 the company reported dividends per share (DPS) up 4,1% and a loan-to-value (LTV) of 39,7%. The company's net asset value (NAV) decreased by 10,5% to 1665c per share. Headline earnings per share (HEPS) increased by 20,8%. The company said, "Due to a sharp increase in interest rates during the second half of the year, the UK logistics property market experienced cap rate expansion, with prime logistics yields shifting outwards by 175bp from 3.25% to 5.00%". In a trading statement for the six months to 31st August 2023 the company estimated that the interim dividend would be 19,9% lower than in the previous period due to "...the exclusion of income from cross-currency interest rate swaps from distributable earnings and the higher interest rate environment". Technically, Equites saw its share price move sideways for two years before falling in response to COVID-19. Since March 2020 the share rose steadily until the beginning of 2022 but has since been declining. We believe that Equites represents good value at the current price. We regard this as one of the better property shares available on the JSE.
JSE:EQU
by PDSnetSA