New Zealand's Argosy Property hits 2-wk low; CS downgrades

Argosy Property

24/05/2019 04:14

** Shares of Argosy Property Ltd  ARG.NZ  fall as much as
1.9% to NZ$1.325, their lowest since May 10 
    ** Credit Suisse downgrades the stock to "underperform" from
"neutral"; raises price target to NZ$1.20 from NZ$1.11
    ** Co's FY19 net property income of NZ$102.5 mln ($66.8
mln), line with FY18 figures, but rent revenues delivered an
average annualised rate of 2.8% in FY19, lower than 3% year
earlier
    ** CS analysts, however, say Argosy continues to execute
well on the repositioning of its portfolio, with development
activity and the recycling of non-core assets delivering
investors a higher quality asset base over time
    ** Stock posts biggest intraday percentage fall since May 3
    ** More than 740,000 shares change hands, compared with the
30-day average volume of about 631,000
    ** One out of 6 analysts rate the stock "buy", 3 "hold" and
3 "sell" or lower; median PT NZ$12.50 – Refinitiv data
    ** As of last close, stock has risen 12.5% this year

 ($1 = 1.5352 New Zealand dollars)

 ((Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))