Resilient REIT: Tentatively resilient, for now
The embattled mall owner, whose share price took a 60% pounding last year, is starting to reappear on investor radars
While the market awaits the conclusion of the Financial Sector Conduct Authority’s (FSCA) prolonged probe into allegations of share price manipulation and insider-related trading against Resilient Reit and its associate companies, it appears that investor sentiment is on the mend. The stock rallied about 6% last week following the release of its interim results. This week the share price touched R64.50, which brings Resilient’s share price recovery close to 14% year to date. While the stock is still nowhere near its early 2018 highs of about R150 — and is highly unlikely to get back to those levels any time soon — analysts say increased appetite for Resilient shares has been driven by encouraging results, including a solid performance of the company’s underlying property portfolio. Resilient’s retail portfolio has recorded 4.7% comparable sales growth for the six months to December, comfortably ahead of the 1.4% recorded for SA shopping centres as a whole in the fourth quarter (MSCI...
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