Morning Comment Sweden-07/06/2026

研报英文原文证据摘录

Morning Comment Sweden-07/06/2026

Morning Comment Sweden

6 JUL 2026

Today’s research focus

• ATRLJ.B - Atrium Ljungberg - Hold, TP SEK 32: Softer NOI margin

resulted in a slight NOI miss which, combined with higher-than-expected

interest costs, translated into an IFPM miss vs. cons and PAS. Net letting

was positive in Q2, suggesting a gradual improvement ahead. We remain

optimistic about the company's long-term potential but continue to see

limited near-term catalysts. LINK

• WIHL - Wihlborgs - Buy, TP SEK 102: Solid Q2 with rental income 2/3%

above cons/PASe. NOI was +2% vs. cons/PASe (+6% y/y) and net letting

came in positive at SEK 5m. IFPM was broadly in line with cons/PASe,

+6% y/y, offset by higher CA than expected. Economic occupancy rate

decreased q/q by 1pp to 89%, explained by project completions now

recognized in the investment portfolio. The average valuation yield

decreased by 10bps q/q to 5.4% and unrealized change in property value

amounted to SEK 10m. We expect minor positive estimate changes on

the back of the report, and shares slightly above the sector today. LINK

• CATE - Catena - Buy, TP SEK 560: Q2 slightly below our expectations

with rental income -3/-4% below cons/PASe and NOI miss of 2/3% vs.

cons/PAS estimates. IFPM came in 2/4% below cons/PAS, mainly

explained by softer NOI. The economic occupancy rate decreased slightly

by 50bps q/q to 94.6%, however mgmt. expect vacancies to decline going

forward. Property value change of SEK 540m attributable to the effect of

a deferred tax deduction upon acquisition, divestments exceeding

previous valuations and lower operating expenses going forward. We

expect limited negative changes to our estimates on the back of the

report. Expecting shares to trade slightly below the sector today. LINK