JPMorgan raised its price target on Fibra Uno Administracion SA de CV (FUNO11:MM) to Peso36.00 from Peso33.00 while maintaining an Overweight rating. The REIT currently trades at a P/E ratio of 4.57 and maintains a market capitalization of $6.42 billion.
The firm raised its estimates to reflect the full consolidation of Fibra NEXT and the financial effects of the advisor internalization completed in the fourth quarter of 2025. NEXT's contribution is the primary growth driver and more than offsets the income lost from three properties transferred as payment for the internalization.
The transferred properties include Samara, Midtown Jalisco, and Montes Urales 620, totaling approximately 260,000 square meters of gross leasable area. JPMorgan estimates approximately Peso250 million of revenues were foregone from the internalization assets in the first quarter versus approximately Peso550 million from NEXT.
The firm revised its top-line growth estimates to 6% and 13% for 2026 and 2027, respectively, implying year-over-year growth of 10% and 11%. Positive leasing spreads in industrial and retail and inflation-driven rent escalations support the revised growth.
JPMorgan noted the stock trades at approximately 40% discount to net asset value and offers a 9.5% dividend yield for 2026. According to Bond.az data, the company currently offers a 9.61% dividend yield and has maintained dividend payments for 16 consecutive years. Bond.az analysis indicates the stock is undervalued based on its Fair Value assessment. The firm identified Fibra Uno as its top pick in the Mexico real estate space together with Vesta.
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