Elite Commercial REIT's 2024 Dividend Yield of 11.6% Looks Attractive -- Market Talk

Dow Jones02-20

0632 GMT - Elite Commercial REIT's 2024 dividend yield of 11.6%, based on the unit's current price, looks attractive, CGS-CIMB analysts say in a research report; they maintain the REIT's add rating. The REIT also highlighted its strategy to re-let, reposition or recycle its remaining four vacant assets, the analysts note. The initiatives should allow the REIT to lower holding costs of the vacated properties or trim debt to reduce gearing and strengthen its balance sheet in near term, the analysts add. However, the brokerage cuts its 2024-2025 distribution-per-unit estimates for the REIT by 22.7%-24.2% to reflect factors including expansion in the units' base, and lowers the target price to GBP0.38 from GBP0.49. Units were recently at GBP0.26.(ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 20, 2024 01:32 ET (06:32 GMT)

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