Hyprop Investments: Track record and range of assets offer hope
Hyprop’s above-market dividend growth performance was supported by strong growth in its portfolio of six shopping centres in Southeast Europe
It’s not clear what has been behind the recent sell-off of Hyprop Investments.The share price touched a two-and-a-half year low of R95 this month despite fairly solid results. Hyprop is one of only a handful of SA-focused property stocks that managed to achieve inflation-beating distribution growth this year.It declared an 8.8% increase in dividend payouts for the 12 months to June, well ahead of the 4%-6% achieved by most other SA-focused property stocks in the year to date.Hyprop’s SA portfolio of R29bn includes nine upmarket shopping centres including Canal Walk in Cape Town, Rosebank Mall and Hyde Park Corner in Johannesburg, and Clearwater Mall on the West Rand. Its above-market dividend growth performance was supported by strong growth in its portfolio of six shopping centres in Southeast Europe.It seems investors have been spooked by management’s cautious performance outlook for the year to June 2019. Though Hyprop’s SA mall portfolio is regarded as highly defensive, as they ...
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