Shopping Centres Australasia Property Group

( ASX:SCP ) - Real Estate


Shopping Centres Australasia Needs Dressing Up

Shopping Centres Australasia Property (SCP) has struggled to deliver since its inception late last year. Or rather, it has struggled to appear like it’s delivering. The portfolio of shopping centre assets from the spin-off of Woolworths’ ((WOW)) properties has definitely not set the world on fire. Nevertheless, if you take a rising broader equities market in the first half of the year the stock has outperformed and it is one of the better performing Australian real estate investment trusts (AREITs). Maybe grey is the new red.

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Analyst Views

SCP – Credit Suisse rates the stock as Underperform

Following the acquisition of a 4.9% stake in Charter Hall Retail ((CQR)). Credit Suisse has decided to investigate the potential merits of a full tie-up between the two entities. Bottom line: the combination between the two still looks expensive and CS finds there is "better value and thematic appeal" in Scentre Group ((SCG)), Westfield ((WFD)), Mirvac ((MGR)) and Goodman Group ((GMG)).

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