2025-06-05-Jefferies-工作空间（WKP）_初步观点_由于大量空置_2025财年每股资产净值下降3_至774便士_7页_101kb

UK REITs Equity Research Summary: Workspace

According to the Jefferies Equity Research report dated June 5, 2025, Workspace, a UK REIT focused on providing flexible accommodation for SMEs in Central London, has a net asset value (NAV) decline of 3% to 774p due to disposals and large-scale customer vacancies, which also affected Lfl (linked let) rent rolls by -0.8%. The rental income decreased by -3.2% (equivalent to £4.1m), while average rents increased moderately by +4.8% to £48 per square foot. The company's portfolio valuation experienced a -1.6% drop, with 60% rated A/B, and has achieved strong operational results through 1,266 lettings and £46.4m in rental value. The current rating is "BUY" with a price target of 575p, reflecting a potential upside from the current price of 405.50p. Dividends yield 28.4p per share, and CEO Lawrence Hutchings emphasizes capital recycling into high-potential assets. Key risks include slower-than-expected rent growth, as highlighted in the DCF valuation. Analyst certifications confirm independence, but disclosures note potential conflicts of interest and market activities by Jefferies.

This summary captures the core analysis from the report, focusing on financial performance, ratings, and future outlook, without exceeding 1000 words.