SCP – Credit Suisse rates the stock as Neutral

The company has acquired Marketown, Newcastle, for $150.5m on an initial passing yield of 5.6%. The centre has an east wing anchored by Woolworths ((wow)) and a west wing anchored by Coles ((COL)).

Credit Suisse estimates gearing is now around 33% and from now on any material acquisitions could require additional equity.

The broker revises FY22 and FY23 estimates up to reflect the Marketown and Raymond Terrace acquisitions. Neutral maintained. Target rises to $2.54 from $2.50.

Sector: Real Estate.


Target price is $2.54.Current Price is $2.59. Difference: ($0.05) – (brackets indicate current price is over target). If SCP meets the Credit Suisse target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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