Company Update � Amcrop Properties (HOLD, downgrade)

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Company Update � Amcrop Properties (HOLD, downgrade) - Delays and uncertainty Amprop will suffer a completion delay for a major London project leading us to cut its FY17E earnings by 28%. Although this event is merely a timing issue, Brexit on the other hand poses a real demand risk ahead, in our view. We downgrade AmProp to a HOLD after imputing in a larger discount to RNAV for the property segment.

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