Palace Capital has released a trading update anticipating adjusted PBT to be “slightly below expectations” for FY19 leading us to rebase our earnings by 7%-12% for FY19-21E. We draw positives from the maintained dividend (19p, 6.3% yield) demonstrating the company’s confidence in delivering total returns from the valueaccretion potential arising within its strong development pipeline. With a stable balance sheet (33% LTV) and strong fundamentals underpinning the regional pro ....