Nesi Chetty from Momentum chose Nepi Rockcastle as his stock pick of the day. Chetty said the European property developer is a retail play on central and eastern Europe as 95% of the company is geared towards retail. “Their fundamentals are very different to that of Romania, Bulgaria and Poland where unemployment is below 5% or 6%. The retail growth is growing and they can get returns or dividend yields of 9% or 10% in euros. Since their last reported set of results, they have managed to grow their distributions at around 12%, which they should be able to sustain at a 10% level.”
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