For the first month of the year, in the category of real estate funds, banks and brokerages recommend securities funds, warehouses, malls, corporate slabs and funds of funds.
Analysts highlight investors’ apprehension about the new government’s economic agenda and the lack of definitions about the budget for the coming years as factors for the market’s caution.
December’s most indicated asset, KNCR11 lost position to the HGCR11 , which tops the January list with five nominations. However, Kinea Rendimentos Imobiliários follows behind with four recommendations, in addition to having the preference of three brokers in terms of weight for portfolio composition.
For the composition, indications of some of the main banks and investment brokers in Brazil were listed. They are: Inter, XP, BTG Pactual, Banco do Brasil, Rico, Órama, Warren, Terra and Ativa.
See the complete list below:
Highlights
CSHG Real Estate Receivables
Action : HGCR11
Comment : Bank of Brazil
HGCR11 presented, in November, a total result of around R$ 18.4 million (R$ 1.20/share), and at the end of the month it held around R$ 8 million (R$ 0.52/share) accumulated and not yet distributed results. In addition to the result accumulated in previous semesters, the fund also holds an approximate volume of R$ 9 million (R$ 0.58/share) in inflation accrued in the CRIs indexed to the IPCA, mainly, which have not yet turned into cash results, which should happen gradually over the coming months.
In view of the result for the month, and based on the projection of results for the semester, the fund has been maintaining the distribution level at around R$ 1.20/share. Even if there is a drop in inflation over the next few months, the concentration of the portfolio in securities pegged to the CDI, as well as the fund’s cash reserve, should sustain a distribution level very close to the current one, which is very interesting if we take into account account the low risk of the fund’s portfolio of CRIs.
Kinea Real Estate Income
Action: KNCR11
Comment : Rich
The portfolio indexed to the CDI has an average yield of 2.52%, with an average term of 5.9 years, while the small part of the portfolio indexed to the IPCA has an average yield of 4% and an average term of 9.3 years. The fund is, therefore, mostly allocated in post-fixed bonds, and tends to benefit from the current moment of interest rates at the end of the high cycle and inflation on a downward trend.
The fund also informs that it currently has 7.4% of its PL in reverse repo operations backed by the CRIs in its portfolio, used to bring flexibility to the fund for new allocations.
We believe the fund is positioned with a portfolio that should bring it favorable levels of yields during the current period of high interest rates,
with a relatively lower level of credit risk and market risk when compared to its peers.
Source: CNN Brasil
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