Office Lifts GPT Profit Higher
Property investor and manager, GPT Group has lifted its forecast returns a touch for the 2019 financial year (ending December 31) after reporting a solid set of results for the year to last December.
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News
Upbeat GPT Upgrades Outlook
GPT Group has delivered a net profit after tax of $752.3 million, an increase of 28.3%.
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Battle for Control of GPT Metro Office Fund
It has quickly become one of the financial ‘soap operas’ of 2016 – the battle for control of GPT Metro Office Fund between Centuria Metropolitan REIT and Growthpoint Properties Australia.
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GPT Expects Lift In Earnings
Units in GPT edged higher yesterday in the general market sell-off after the property trust released an encouraging full year earnings update.
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GPT Sells Mall, Now For Some More Rebalancing
Will GPT now turn its attention to making a firm, higher offer for the investment, commercial and industrial property assets of Singapore-controlled Australand after selling its half share in the Erina Fair shopping mall on the NSW central Coast for $397 million?
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Analyst Views
GPT – UBS rates the stock as Neutral
First-half results were below UBS estimates, with the variance related to development profits and retail income. Guidance for 2019 is unchanged.
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GPT – Macquarie rates the stock as Neutral
2018 guidance has been reaffirmed for growth in FFO of 3%. Macquarie had expected an upgrade to 2018 earnings growth estimates because the sale of Wollongong Central was not proceeding. However, this was not the case.
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GPT – UBS rates the stock as Neutral
The new CEO has made leadership changes and outlined a new business structure. This will result in three business units: retail, office & logistics and fund management.
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GPT – Macquarie rates the stock as Outperform
GPT has redeemed its exchangeable securities issued to GIC and has funded the cost through a $325m raising and $50m SPP. Given the securities paid a coupon of 10%, the raising is earnings accretive, the broker notes. The group now has a strong balance sheet and will likely be an M&A player.
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GPT – Macquarie rates the stock as Outperform
Macquarie has completed a review of GPT and believes the stock offers double digit shareholder returns on the back of its forecasts. Should growth in FY15 be guided at around 6% the broker expects this will be a positive catalyst for the share price.
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