Broker snap: More to come at Land Securities

18th May 2011 12:40

Peel Hunt says that Land Securities' full-year figures were significantly better and expects more to come, saying that there appears to be little "drag factors" in the results.The property giant reported that adjusted net asset value (NAV) per share as up dramatically in the second half (+12.1%) to 826p, after a 6.7% increase in the first six months of the year."There has been a catch up in London Shops (+14.3%), Retail Warehouses (+10.9%) and Shopping Centres (+7%) all of which have significantly beaten the respective IPD [Investment Property Databank] indices," Peel Hunt said."[Land Securities has the] Best niche exposures amongst leaders - thus our core recommendation (London 61%, retail parks 12.3%). There appears to be little 'drag' factors in the results with all major categories of property showing material gains in H2 [second half]."A 'buy' is retained, while the target price is increased from 781p to 790p.---BC