Exemplar (EXP) is a real estate investment trust (REIT) specializing in developing rural shopping centers through its relationship with McCormick Property Development. It listed on the JSE on 12th June 2018. The company owns 26 shopping malls in rural and urban areas close to concentrations of the population, such as Alexandra township and at the Chris Hani Crossing. It has a gross lettable area (GLA) of 382,322 square meters. Its total assets are worth just over R5bn, and it has a further R10bn worth of properties in development. The CEO is James McCormick, who has been involved in developing property for 35 years in South Africa.
In our view, this is an exciting property company with a niche approach that is potentially highly profitable in South Africa. The company's tenants are mainly involved in essential services and so have not been greatly impacted by COVID-19. On 15th July 2021, the company said of the unrest and looting, "...five retail assets in which the company has either a total or partial shareholding, have been affected and subsequently, are closed for the time being."
In its results for the year to 29th February 2024, the company reported income up 16.4% and headline earnings per share (HEPS) down 19.8%. The only problem from a private investor's point of view is that the share is very thinly traded, which makes it unworkable as an investment despite its strong potential and niche focus.
In our view, this is an exciting property company with a niche approach that is potentially highly profitable in South Africa. The company's tenants are mainly involved in essential services and so have not been greatly impacted by COVID-19. On 15th July 2021, the company said of the unrest and looting, "...five retail assets in which the company has either a total or partial shareholding, have been affected and subsequently, are closed for the time being."
In its results for the year to 29th February 2024, the company reported income up 16.4% and headline earnings per share (HEPS) down 19.8%. The only problem from a private investor's point of view is that the share is very thinly traded, which makes it unworkable as an investment despite its strong potential and niche focus.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.