Citi hikes PT on Abacus Property, sees near-term upside potential

Abacus

19/09/2022 01:01

** Citi raises price target on Australian real estate firm
Abacus Property Group  ABP.AX  to A$3.20 from A$3.10, maintains
"buy"
    ** Says ABP's scope for ongoing organic growth is above
other sector peers, even though the extremely strong growth in
FY22 is likely to be slow
    ** Brokerage forecasts a relatively strong rent growth of
4%-5%, driven by factors like potential for ongoing work from
home along with rising residential rents keeping demand strong,
among others
    ** Says there is potential for development growth for co
given low storage space penetration vs global economies, which
should help drive further development activity
    ** Five of eight analysts rate the stock "buy" or higher,
three "hold"; their median PT is A$3.20 – Refinitiv data
    ** Abacus stock down 30.3% this year, as of last close 

    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))