LatAm REITs "Resilient stocks just waiting the right catalyst" Costa

研报英文原文证据摘录

LatAm REITs "Resilient stocks just waiting the right catalyst" Costa

des at ~6.5% 2027E FFO yield versus ~6.0% for its main

peer. We do not view this discount as justified, considering i) Vesta’s historical

trading pattern at a 5-10% premium, ii) its stronger growth outlook, and iii) its

developer profile, which entails higher risk but also supports superior yield on cost.

Fibra Prologis: The potential growth ahead seems already priced in

Following the Terrafina acquisition and continued property acquisitions from its

sponsor, Fibra Prologis (with potential for ~16msf of growth over the next 3-4 years),

we see limited room to question the company’s growth outlook. In our view, Fibra

Prologis holds a high quality asset portfolio, well located and primarily exposed to

the central region, which is less susceptible to external uncertainties given its

exposure to domestic logistics demand. However, with the stock trading at a 2027

FFO yield of ~6.0%, we believe that much of this quality and future growth is already

priced in by the market, especially considering the company’s guidance for the year,

which shows our estimates above the top end of the FFOPS range, ultimately

limiting the potential upside for the stock.

Funo: Post the Spin-off and internalization, time to harvest the fruits

Nearly two years after the initial proposals for management internalization and the

IPO of Funo's industrial portfolio (Fibra Next), we believe the stock could undergo a

re-rating, driven by i) a clear improvement in governance, while the market

appears to underestimate the upside in cost efficiency following the recently

completed internalization process. We estimate an EBITDA margin expansion of

~300bps, reflecting advisor fee savings, partially offset by higher administrative