GDF – Morgans rates the stock as Downgrade to Hold from Add

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First half results were in line and distribution guidance is reiterated at $0.09 per security. Morgans notes some good leasing activity during the half.

The company offers exposure to east coast office/industrial property with weighted average rent reviews around 3.3% per annum. Morgans updates forecasts to account for new industrial developments and does not assume any divestments.

The broker moves to FY21 as a base year for capturing the income from developments. Given the strong appreciation in the security the broker downgrades to Hold from Add. Target is raised to $1.35 from $1.29.

Sector: Real Estate.

Target price is $1.35.Current Price is $1.38. Difference: ($0.03) – (brackets indicate current price is over target). If GDF meets the Morgans target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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