Kepler ups Kojamo as market is starting to look better

Lumo Kodit Oyj

28/05/2025 09:24

** Kepler Cheuvreux upgrades Finnish residential real estate group Kojamo KOJAMO.HE to "buy" from "hold" citing better-than-expected Q1 underlying profit, decreasing vacancies as the market is starting to look better

** "We are particularly impressed by the sharp reduction in the vacancy level", the brokerage says, with vacancies coming down to 6.5% at end-March from 8.5% in Q4

** It expects the positive trend to have continued in April and May

** Kepler says the above has a positive effect on net operating income (NOI) margin, boosting revenue as well

** The brokerage also sees higher financial income and lower financial costs

** Kepler expects strong earnings growth in the coming years helped by even lower vacancies, lower financing costs, and rent uplifts

** It raises PT by 13% to 11.3 euros

** Out of ten analysts that cover the Kojamo stock, four rate it "strong buy" or "buy", three rate it "hold", and three rate "sell"

 (Reporting by Marta Frąckowiak)

 ((marta.frackowiak@thomsonreuters.com))