UBS reviews development submissions for the Willoughby and Harbourside projects to better understand the pre-sales potential of new Sydney apartments.
This results in a de-risked and elevated earnings profile out to FY26. Willoughby’s end value has risen 29% on the back of local market strength while the broker has questions regarding Harbourside around funding and retail options.
UBS retains a Buy rating and raises the target to $3.15 from $2.84.
Sector: Real Estate.
Target price is $3.15.Current Price is $2.92. Difference: $0.23 – (brackets indicate current price is over target). If MGR meets the UBS target it will return approximately 7% (excluding dividends, fees and charges – negative figures indicate an expected loss).