Residential for rent developer and manager Watkin Jones traded strongly in H1 but faces inevitable disruption on its student housing and build-to-rent developments, according to last week’s pre-close update. However, we believe its established defensive qualities are demonstrated by its net cash position, forward sold position and ‘capital-light’ model. Although it has withdrawn guidance, we believe it is strongly placed to return to growth when the virus abates and could exploit widespread land opportunities.