Dexus Merger a Potential Fly in the Ares Ointment for AMP
Dexus yesterday finally revealed a proposal that could see AMP forced to alter or even abandon plans to sell a stake in AMP Capital to US investment group Ares.
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Dexus
We own, manage and create high quality workplaces across the office, industrial, retail and healthcare sectors. Our spaces are located where our customers need to be, covering the central business districts of Sydney, Melbourne, Brisbane and Perth.
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News
Dexus Still Flailing in the Face of Property Weakness
Continued weakness in property values thanks to the pandemic have seen Dexus' earnings more than halve in the half year to December.
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Upbeat Dexus Promises Distribution, Defies Bearish Outlook
Dexus, has seemingly shrugged off the impact of the pandemic with a series of new leases and a further push into funds management (which is aimed at offsetting over time the concentration on CBD office buildings) by selling off unwanted existing assets.
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“Limited Valuation Support”: Analysts Downgrade Dexus
Dexus Property Group share price fell yesterday as investors bailed out in the wake of analysts at Morgan Stanley downgrading the securities to an underweight rating from overweight.
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Dexus Hangs On To Distribution Despite Downgrade
In contrast to the gloomy news from Vicinity, the shopping mall operator, CBD owner, and manager, Dexus says it has a clear picture about the year to June and can provide guidance on its distribution for the year to June.
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Analyst Views
DXS – Citi rates the stock as Neutral
FY20 results were below Citi's estimates. The FY20 distribution was revised up to 50.3c to be in line with free cash flow.
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DXS – Citi rates the stock as Downgrade to Neutral from Buy
Falling market rents have caused Citi to lower office income forecasts. While Sydney and Melbourne entered the pandemic restrictions in a strong position, with rents near historical highs and vacancies at their lows, economic conditions have deteriorated.
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DXS – Morgan Stanley rates the stock as Upgrade to Overweight from Equal-weight
Morgan Stanley believes Dexus is "ideal" for taking shelter its market volatility. The leases are underpinned by fixed 3.5-4%/year increases, while a tight Sydney office market should cushion the impact of uncertainties.
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DXS – UBS rates the stock as Buy
The company has marginally upgraded guidance at the first half result, which was broadly in line with expectations.
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DXS – Deutsche Bank rates the stock as Hold
Dexus management announced it has externally revalued 109 of its 114 assets, resulting in an estimated $250m valuation uplift, or a 1.6% increase to its December 2018 book value.
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