Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALPHA REAL TRUST LTD. We currently have 7 research reports from 2 professional analysts.
|27Feb17 14:14||RNS||Admission to Trading|
|24Feb17 07:00||RNS||Form 8.3 - Industrial Multi Property Trust PLC|
|20Feb17 07:00||RNS||Offer for Industrial Multi Property Trust|
|13Feb17 07:00||RNS||Logix Challenge to Arbitration Award Dismissed|
|02Feb17 09:51||RNS||IMPT EGM Announcement|
|25Jan17 11:51||RNS||Admission to Trading|
|23Jan17 08:00||RNS||Results of IMPT EGM|
Frequency of research reports
Research reports on
ALPHA REAL TRUST LTD
ALPHA REAL TRUST LTD
Panmure Morning Note 12-02-16
12 Feb 16
The group's announcement of acquiring a development site for a biomass plant represents a new departure for the group but upholds the strategy of investing in high yielding long term income streams. The investment is supported by the Renewable Heat Incentive and the renewable Obligation. The timing is yet to be confirmed but the investment will not be accretive to earnings in the short term. We retain our BUY and 99p target price.
Panmure Morning Note 09-12-15
09 Dec 15
This £3.75m acquisition of a site in Monk Bridge, Leeds which has planning for 269 apartments, gives greater scale to the group's private rented sector (PRS) development pipeline. Leeds is a vibrant university city which is expected to see robust appreciation in house prices and rental values over the coming years. The consideration will be satisfied with internal cash resources. We retain our BUY recommendation and 99p target price.
Panmure Morning Note 20-11-15
20 Nov 15
The interim results demonstrate the continued progress the group is making on realising robust returns from its mix of property and financial instrument investments. The repayment of the Europip mezzanine debt is enabling the group to evolve the portfolio into a good balance of high yielding assets and those which offer good development potential. 94% of the assets now generate income. The NAV/s progression of 9.1% over the first half underlines the potential in the investments. We are raising our target price to 99p and retain our Buy recommendation
Panmure Morning Note 18-08-15
18 Aug 15
The group has produced a solid start to FY16 with a 14% increase in dividend to 0.6p underlining management confidence. The asset quality, which is high yielding, is improving and so we believe that the shares will continue to rally toward the NAV/s of 113p. We are raising our target price to 90p (from 79p), or a 20% discount to the Net Asset Value, and retain our Buy recommendation.
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Lloyds, Best Of The Banks
23 Feb 17
Lloyds Banking Group PLC (LLOY) reported a strong result for FY-16, which has allowed it to pay a special dividend, plus has encouraged the UK government to reduce its stake in the bank to below 5%. Lloyds’ acquisition of the MBNA credit card business is proceeding on track, with all key M&A metrics being well satisfied. The outlook for Lloyds’ capital base, its profitability and thus the dividend prospects have all improved. This encourages us to ascribe a Buy rating to the stock, with a target price of 80p per share, derived from a prospective Price / Book value of 1.3x and a P/E ratio of 13x which we think are justifiable ratios.
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.
Accelerated non-core assets rundown
23 Feb 17
The quarterly results were depressed by some one-offs or seasonal charges and by the costs associated with the accelerated run-down of non-core assets. The underlying profitability remained remarkably stable at a decent 11% ROTE. The regulatory capital position enjoyed a strong boost from non-organic items.
We maintain our ADD recommendation on an OK UK
23 Feb 17
We have updated our model after Hammerson’s FY16 results. As a reminder, the group published positive numbers with NRI standing at £346.5m and gaining 2.2% lfl. This stood marginally ahead of our expectations. EPS stood at 29.2p, gaining 8.6% and the dividend was announced at 24p. The group’s NAV at 739p was up 4.1%, standing at a substantial premium to the current stock price, and the company’s GAV at £9.97bn gained 19.1% yoy on acquisitions. Leasing activity reached 142,000sqm, major acquisitions include Grand Central in the UK (£350m) which was acquired in H1 and the Dundrum Town Centre in Dublin. Disposals stood at £365m for eight properties in all regions. So far leasing activity has remained positive, although the group has noticed a deceleration compared to FY15, with £24.9m let vs £27.9m in 2015, thus a decrease in occupancy rate from 97.7% in FY15 to 97.5%. Average cost of debt has been reduced further to 3.1% by the recent debt issues of over £1.2bn, and the LTV now stands at 41% (or 36% under the new methodology) compared with 38% yoy. Management maintains confidence for FY17 with guidance of EPS growth between 6% and 8%.
Licenced to Grow
27 Feb 17
PCFG is embarking on an exciting journey as a bank which we believe is transformational, providing the group access to a wider part of the asset finance market, entry to which is currently restricted due to its higher cost of funding. We forecast an acceleration of growth higher up the credit spectrum which constitutes c80% of the broker business which PCFG cannot currently access. We estimate that PCFG may look to raise c£10m of equity this year to operate as a bank and fund growth which we have factored into our forecasts. We maintain our TP of 38p, implying a 2017E P/B of 2.1 which we think is fair for a bank in its infancy and in the medium term targeting RoE of 17.5% and loan growth of 35% CAGR.