Credit Suisse was impressed with the FY22 result given the challenging market conditions. Free funds from operations per security were down -10.3% and broadly in line with expectations.
The immediate concerns surround assets in Victoria with the company indicating the current lockdown will result in more waivers and deferrals.
Still, the broker expects the share price will hold up well given the large exposure to non-discretionary retail tenants. Neutral retained. Target is raised to $2.31 from $2.21.
Sector: Real Estate.
Target price is $2.31.Current Price is $2.29. Difference: $0.02 – (brackets indicate current price is over target). If SCP meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
