巴克莱银行日本房地产业

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Japan Real Estate房地产业

研究机构：巴克莱银行 分析师： Takash ... 撰写日期：2010年10月25日

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    We review the attitudes of European investors toward the real estate, housing, and REIT sectors following our one-week visit tomeet with UK-based investors in mid-October. We primarily met with global fund managers covering financial and real estatesectors and Japanese equity specialists. These investors exhibited s strong interest in Japan coming in the wake of the BoJ’sannouncement of plans to establish a fund to purchase ETF and REIT products.
    We also had a number of inquiries about the REIT sector and explained that investors have the potential to buy REITs currentlytrading at discounts to NAV, particularly in light of the bottoming out of office market conditions and improved real estatefundamentals. We base our target prices on NAV and DCF estimates. Five REITs from our coverage trade at considerablediscounts to NAV right now – Nippon Building Fund (1-OW), Nomura Office (2-EW), Frontier REIT (1-OW), Japan Retail Fund(3-UW), and Advanced Residence (1-OW). The three REITs with 1-OW ratings offer substantial upside, in our view. We will alsobe closely monitoring Nomura Office because we think it could eliminate the NAV discount if signs emerge that fundamentalsare improving.

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