Office Assets Put Dexus In The Box Seat
Strong cash flow, positive leasing spreads and lower debt costs are delivering superior returns for Dexus Property, which is currently enjoying a robust outlook for office and industrial assets.
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News
Is Dexus A Buying Opportunity?
Real Estate Investment Trusts (REITs) have performed well during 2019. With some looking quite expensive here, Dexus (ASX:DXS) is a stock which not only looks to be reasonable value here, but has a trading profile that indicates further upside.
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News Shorts: Bega, MinRes, Dexus
Bega Cheese was "dressed" to win yesterday, a burst of enthusiasm for Mineral Resources ran out of puff, while Securities in Dexus went into a trading halt on reports it was looking to raise around $1 billion.
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Analyst Views
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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DXS – Macquarie rates the stock as Neutral
Dexus and DWPF have exercised their rights to acquire the remainder of MLC tower, taking ownership to 50% each.
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