Opportunity? Four FIIs with good fundamentals trading below fair value

Real estate funds accumulate, on an average, four consecutive months of gains and selectivity becomes increasingly necessary to choose good FIIs. Even despite the greater difficulties in finding opportunities, experts point out that the market still offers the possibility of good deals.

The topic is presented in this week’s issue League of FIIsthe program it produces InfoMoney and which has a presentation by Maria Fernanda Violatti, analyst at XP, Thiago Otuki, economist at Clube FII, and Wellington Carvalho, reporter at InfoMoney. In this edition, experts have selected four FIIs with good fundamentals and which – despite the upward market trend – continue to trade close to fair value.

In addition to dividend returns (dividend yield), analyzed the portfolio of funds, risk and P/VPA (price to book value) of the portfolio. The closer the indicator is to 1, the closer the stock is to its fair value. OP/VPA above 1 indicates that the security is trading at a premium, and below that level at a discount.


Among the four portfolios mentioned in League of FIIs, XP Crédito Imobiliário (XPCI11) appears to be trading at 0.93% of book value. Capitânia Securities (CPTS11) has the largest dividend yield: 14% in the last 12 months. Check the details of other funds.

ticker Background Dividend yield – 12 months (%) P/VPA
(CPTS11) Leading securities 14 0.98
(XPCI11) XP real estate loan 11.7 0.93
(XPLG11) XP log 8.2 0.95
(HGBS11) Buying hedges in Brazil 7.8 0.95

Source: Economatica – 01.11.2022

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XP credit for real estate (XPCI11)

The selection of four FIIs with good fundamentals and trading below book value starts with XP Crédito Imobiliário, a “paper” type fund that invests in fixed income securities linked to inflation indices and the CDI (interbank certificates of deposit) rate.

According to the latest management report, 91.8% of the fund’s capital is invested in CRI, 6.6% in shares of other FIIs, and the rest is allocated in cash.


Within the CRIs portfolio, 70.1% of the securities are indexed to the broad index of consumer prices (IPCA), and 29.9% to the CDI rate, an indicator that follows the change in the basic interest rate, Selic – currently 13.75% per annum. .

“We are negotiating with the fund for 0.93% of the book value, which means a 7% discount,” Maria Fernanda calculated. The portfolio also includes securities whose borrowers have a good credit profile,” the analyst points out.

On the 16th, XP Crédito Imobiliário will pay R$0.67 per share, an amount equivalent to a monthly return with dividends of 0.74%.

Capitânia Securities (CPTS11)

With an equity capital of almost R$ 3 billion, the current portfolio of Capitânia Securities is divided into two products: 70% of resources are allocated to CRIs and 30% to stocks of other FIIs.

Maria Fernanda explains that investing in real estate funds helps CPTS11 realize capital gains from the sale of valued shares and, consequently, strengthen the income of FIIs.

On the other hand, the CRI portfolio is all indexed according to the IPCA, which guarantees greater security at the time when inflation measured by the index is expected to return – after three months of deflation.

“The fact that the fund has this portfolio of CRIs that are all linked to the IPCA provides protection against rising prices, giving the portfolio a more defensive profile,” explains Maria Fernanda.

Last month, Capitânia Securities deposited BRL 1.05 per share, representing a monthly dividend yield of 1.13%. The fund was also on the list of most recommended in October.

Purchase in Brazil (HGBS11)

FII Hedge Brasil Shopping has a stake in 17 shopping centers in 12 cities in five countries. The premises have a total gross leasable area (GLA) of 180,000 square meters.


According to the latest management report, the portfolio ended last semester with an unemployment rate of 6.4%.

“Although FIIs in the segment have grown well in recent months, expectations for the sector are still very positive,” says Otuki. “Among the options that have good fundamentals and are still trading close to book value is HGBS11),” he confirms.

According to data from the Brazilian Association of Shopping Centers (Abrasca), in August the Brazilian shopping center market grew by 7.1% in revenue compared to the same month in 2019 – the period before the Covid-19 pandemic.

In November, Hedge Brasil Shopping will deposit R$1.35 per share, representing a monthly dividend yield of 0.64%.

Otuki also has a positive outlook for the logistics segment, which has benefited from the expansion of e-commerce during the pandemic and should continue to grow in the coming years with the consolidation of e-commerce in the country.

Given this scenario, XP Log emerges as an opportunity for those looking to invest in the sector. The fund’s portfolio includes 17 logistics condominiums and a GLA of 954,000 square meters, according to the latest report of the fund’s management.

Properties are located in Rio Grande do Sul, Santa Catarina, São Paulo, Rio de Janeiro and Minas Gerais. Among the tenants are names like Via, Syslog SP, Leroy Merlin, GPA, Mobly, Renner and B2W.

Last month, FII XP Log announced to the market the lease of 3 thousand square meters of shed G-04 of the logistics condominium Cone Plug & Play 2, located in Cabo de Santo Agostinho, in the state of Pernambuco.


With the new lease, the vacancy rate in XP Log’s portfolio goes from 7.8% to 7.5%, as indicated by the material fact released by the portfolio.

In November, the portfolio will pay BRL 0.74 per share, which equates to a monthly dividend yield of 0.68%.

See more tips and analysis from Maria Fernanda Violatti and Thiago Otuki in this week’s issue League of FIIs. products InfoMoneythe program is broadcast every Tuesday at 19:00 on InfoMoney on Youtube. You can also review all past edits.

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