First-half results were below UBS estimates, with the variance related to development profits and retail income. Guidance for 2019 is unchanged.
The broker believes GPT is well-placed to deliver solid ongoing growth, noting it is trading on a 4.4% distribution yield with growth of 4.3%.
Neutral rating maintained. Target is reduced to $6.25 from $6.32.
Sector: Real Estate.
Target price is $6.25.Current Price is $6.25. Difference: $0.00 – (brackets indicate current price is over target). If GPT meets the UBS target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).
