Scotiabank analyst Himanshu Gupta remained overweight in industrial REITs after an industry conference,
“We are keeping an overweight position on Industrial REITs based on a combination of lower AFFO multiples and higher AFFO-per-unit growth ; we expect Seniors Housing to show the highest earnings growth among all asset classes in 2024; . However, we expect Industrial to show the highest growth in 2025 as interest expense becomes less of a headwind and SP NOI growth is likely to accelerate; No valuation premium for Industrial REITs.
“The Q2/24 Canadian Small Cap Conviction List has seen a total return of -2.0% QTD, with the non-resource portion -3.1% QTD and the resource portion flat QTD. This compares to the S&P TSX Small Cap Index total return of +2.8% QTD and the S&P TSX Composite Index total return of +0.8% QTD. This report features a comment from each contributing analyst on potential share price catalysts ahead … Non-Resource: Ag Growth International ; Cargojet Inc.
“There’s precious little left on the inflation front to argue against the Bank of Canada cutting rates. Over the latest three months, each of the four key core inflation metrics has sunk below 2%. Over the latest 6- and 12-month period, these measures are all below the 3% mark. While there are some pockets of stickiness still out there , this is about as all-clear a signal as one could have hoped for heading into the summer.
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