High Tokyo office market rents and low vacancy rates are positive trends for Astro Japan Property Group and shares have gained 25 per cent in six months.
Shares in Astro Japan Property Group have soared in the past six months, but despite an increase of about 25 per cent analysts at Moelis are expecting more upside. The broker recently upgraded its 12-month price target from $4.83 to $4.91 and maintained a “buy" recommendation.
Moelis said property fundamentals in Japan are continuing to improve with Tokyo office market rents recording year-on-year growth of 2.2 per cent. Vacancy rates are now at their lowest level since April 2009 at 6.2 per cent.
