Citigroup Upgrades <b>Fortune REIT</b> Price Target to HK$6.05, Maintains Buy Rating

Deep News08-06 13:20

Fortune REIT (SEHK: 00778) has received an updated analysis from Citigroup, which highlights a positive performance in the first half of the year.

Citigroup notes that the trust's revenue declined by only 0.9% half-on-half, while the leasing outlook is gradually improving. The rent reversion rate has narrowed to a mid-single-digit level of approximately 5%. Tenant sales across most sectors have shown modest year-on-year growth, with the overall occupancy rate rising by 1.4 percentage points to 96.4% and a tenant retention rate of 83%.

The brokerage firm expects rents to stabilize starting in 2027, maintaining a Buy rating on Fortune REIT and slightly raising the target price from HK$6.00 to HK$6.05.

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