2025-05-22-Jefferies-Shaftesbury_Capital（SHC）_首次观点年度股东大会前的交易更新-新租金比ERV高出8_7页_105kb

UK REITs: Shaftesbury Capital (SHC LN) - Equity Research Summary

• Company Overview: Shaftesbury Capital focuses on premium retail, leisure, office, and residential assets in London's West End, including Covent Garden, with a REIT structure offering tax-free income.
• Current Rating & Price:
  • Rating: BUY (total return potential ≥15%).
  • Current Price: 143.80p.
  • Price Target: 155.00p (8% upside).
• Key Business Highlights:
  • Strong leasing activity: 128 transactions, £11.3m in new rent (8% ahead of Dec 2024 ERV).
  • High occupancy rates (98.9% of ERV), with only 1.7% vacant compared to 2.6% in Dec 2024.
  • Occupancy rises due to acquisitions and new tenancies, including brands like Nespresso and Dolce & Gabbana.
  • £34m acquired; £570m (approx.) cash inflow from long-term partnerships.
• Significant Event: £2.7bn long-term deal with NBIM for Covent Garden, enhancing financial flexibility.
• Management Perspective: CEO Ian Hawksworth highlights strong demand and positive footfall trends, with performances exceeding pre-pandemic forecasts.
• Projection & Analytical Elements:
  • Target prices driven by DCF, valuation considers market cap, occupancy, and sector risks (e.g., rising residential values might impact yields).

Action Needed: Monitor for FTSE declarations regarding recommendations and market impacts.