Fibra Macquarie's Real Estate Trust Stock Certificates (CBFI) could achieve a 20% yield on the Mexican Stock Exchange (BMV) in 2023, Barclays strategists estimated, after setting a target price of 39 pesos per share.

Each CBFI of the real estate investment trust in the industrial and commercial sector is traded at 31 pesos on the BMV and has accumulated a return of around 7%.

Consult here: How are the new constructions that are demanded in the industrial market of Monterrey?

The British bank's strategists stated that they updated their estimates for the performance of Fibra Macquarie certificates, after the results of the fourth quarter of 2022 in which the issuer presented a conservative growth guide for 2023 and due to the strong dynamics of the market for industrial real estate.

His positive view on the real estate trust's fundamentals has not changed despite the company posting a softer quarter relative to its projections.

In the fourth quarter of the year, Fibra Macquarie's Net Operating Income (ION) grew by 3.2%, to 947.1 million pesos (mdp) compared to the same period in 2021. Funds from Operations (FFO) increased by 3.2% , to 631.6 million in the same period.

"We welcome the expansion plans and believe that market dynamics should bode well for the company to take an even more aggressive approach to growth," the Barclays report read.

Of interest: Construction continues in El Bajío with the start of 30,000 square meters in January 2023

They added that one of Fibra Macquarie's advantages is its direct exposure to key manufacturing markets in northeastern Mexico, and they believe the industrial real estate environment should continue to surprise.

Regarding the performance of their CFBIs on the Stock Market, they emphasize that the real estate trust is trading at a discount of 29% measured on the net asset value (NAV), providing an opportunity for value investors. In other words, the company's portfolio is being valued at a significant discount to its peers.

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