Providing Certainty In Uncertain Times
The Omicron wave has receded. Demand for groceries remains stable while foot traffic
for restaurants and gyms have picked up. UHU has entered into an agreement for the
sale of Elizabeth and Perth Amboy Self-storage properties for US$49m, which is 10.4%
above the appraised valuation. Management plans to reinvest the proceeds to higher
yielding grocery & necessity properties. UHU provides enticing distribution yield of
10.6% and trades at P/NAV of 0.83x. Maintain BUY. Target price: US$0.97.