HMC continues to focus on asset recycling following the announcement that it will dispose of a portfolio of 7 LFR assets to HDN (subject to 16 June vote). HMC has also flagged it will acquire A$133.2m of medical and childcare related assets to seed HealthCo which is on track to be established in 1HFY22. A further cA$300m in assets are under due diligence. FY21 guidance is unchanged with FFO to be no less than A$35m/12.9c and DPS guidance of 12c. HMC is advancing on its strategy to transition to a capital light fund manager. Current AUM stands at approximately A$2bn with a pathway to +A$5bn. We retain an Add rating with a target price of A$5.01.
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