The company delivered first-half results that were ahead of expectations, largely because of a positive skew in trading profits.
Office operating metrics on the other hand disappointed UBS, although this should correct in the second half.
In the short term, the focus is on how the company chooses to fund the acquisition of MLC should it exercise its pre-emptive option.
Neutral rating maintained and the target is raised to $11.45 from $11.17.
Sector: Real Estate.
Target price is $11.45.Current Price is $11.85. Difference:
($0.40) – (brackets indicate current price is over target). If DXS meets the UBS target it will return approximately -3% (excluding dividends, fees and charges – negative figures indicate an expected loss).