BUZZ-Handelsbanken sees upside from Swedish real estate shares underperformance

Reuters12-12

BUZZ-Handelsbanken sees upside from Swedish real estate shares underperformance

** Handelsbanken upgrades six Swedish real estate companies to "buy" from "hold" as it sees "plenty" of upside from the sector's share price underperformance

** It says the sector decline of 16% since October 2024 has been unwarranted and mostly affected by volatile US-rates

** "Lower rates [in Sweden], an improving macro economy and more jobs all fit late-cyclical real estate", it says

** It adds that residential property companies should offer an improved risk/reward ratio due to expected rent indexation in 2025 and 2026

** It lists Dios Catena Hufvudstaden, Platzer Atrium Ljungberg and Stendorren STEFb.ST as its preferred stocks

** High office vacancies in Stockholm bring uncertainty to Fabege Castellum Atrium Ljungberg ATRLJb.ST and Hufvudstaden HUFVa.ST

** It flags however that Hufvudstaden has shown relative operational strength

COMPANY	NEW RATING	OLD RATING	NEW TP	OLD TP
Atrium Ljungberg	BUY	HOLD	no change	SEK 319
Platzer	BUY	HOLD	no change	SEK 136
Sagax	BUY	HOLD	no change	SEK 355
NP3	BUY	HOLD	SEK 355	SEK 325
Heba	BUY	HOLD	SEK 47	SEK 46
John Mattson	BUY	HOLD	no change	SEK 86

(Reporting by Anna Chaberska)

((Anna.chaberska@thomsonreuters.com))

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