Mirvac Shakes Off Property Slowdown With Solid Result
Mirvac’s securities enjoyed a very good day out yesterday in the wake of the property and retailing groups solid 2018-19 result.
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News
Mirvac Completes $750m Cap Raising
Not a bad outcome for Mirvac - on a day when the wider market sold off, its shares only lost just over 2% in value after the property group closed its $750 million capital raising.
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Mirvac Group Taps Instos With $750m Placement
Mirvac is raising $750 million through an institutional issue placement at $2.97 a share. The company will offer shareholders the right to take up a total of $75 million in new securities in addition to the larger raising.
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Office Remains The Key Pick In A-REITs
The outlook for the A-REIT sector is relatively benign, as brokers note portfolio fundamentals are healthy and gearing is generally low.
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Revaluations Underpin Mirvac Profit
A subdued reception from the market to yesterday’s 2017-18 annual results from property group Mirvac which revealed its third billion dollar result in as many years – thanks to some nice revaluations.
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Analyst Views
MGR – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Credit Suisse reiterates a positive view on the quality of the company's office portfolio, expecting that operating income growth will be healthy and derived from rent reviews and the rolling out/completion of the commercial development pipeline.
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MGR – UBS rates the stock as Sell
FY19 results were in line with UBS expectations. FY20 guidance has been updated to reflect the Tuckerbox transaction not proceeding. Distribution growth guidance is maintained at 5%.
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MGR – Macquarie rates the stock as Outperform
The investor briefing highlighted the company's office portfolio, with leasing conditions remaining solid.
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MGR – UBS rates the stock as Buy
Guidance remains intact in the wake of September quarter retail sales. UBS remains wary of extrapolating too much with the company’s concentrated portfolio.
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MGR – Deutsche Bank rates the stock as Hold
The update on the residential business, which represents 29% of FY17 forecast operating profit, underscored for Deutsche Bank the quality and location of developments, which set the company apart.
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