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Daiwa tweaks Yuexiu REIT (00405) to HK$5.66
Daiwa Research fine-tuned its target price for  Yuexiu REIT (00405) to HK$5.66 from
HK$5.58, and maintained its "outperform" rating.
  The research house believes Yuexiu REIT's new acquisition is yield-accretive, and would
provide support to its DPU growth from 2018 onward. On 14 November, Yuexiu REIT stated 
that it will acquire a 67% stake in Wuhan Yuexiu Fortune Centre, an office/commercial
property, from its parent Yuexiu Property (00123) for CNY2.28 billion.
  Daiwa said the average acquisition cost for this deal is CNY19,675/sqm, which is very
reasonable compared to recent transactions on office/retail projects. The research house 
raised its 2018-19 DPU forecasts by 5-6%.

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