0.47%dbs Real Estate fund is now falling to maintain buying

The Leading Property fund (00823-HK) is now down 0.47%, at HK $17.08, for a transaction of HK $6.6881 million, which is now winning the big city, with the index falling 1.46% DBS only to maintain the stock's buying rating,　　The target price based on the dividend discount model is HK $20.88, which is expected to be 5.2% for fiscal year 2010 and 2011 for fiscal year to 5.6%. The bank noted that sales of supermarket goods increased steadily by 6.6% in May over a year earlier, in contrast to the overall decline in sales in Hong Kong (Hong Kong's sales fell 6.2%). This reinforces the bank's upbeat view of the real estate fund, which has more than 80% of its basic rent per month from supermarkets and other tenants who sell consumer goods to nearby residents, plus incentives for asset appreciation, which should provide a strong backstop for rental income growth.