Australia's Brickworks set for worst day in 9 months on lower HY profit

Brickworks

24/03/2023 03:48

** Shares of Brickworks Ltd  BKW.AX  fall as much as 4.7% to
A$22.65; on track for worst day since June 14, if losses hold
    ** Brick manufacturer reported HY net profit attributable of
A$354.4 mln ($236.28 mln) vs A$575.5 mln a earlier year
    ** Brokerage Ord Minnett expects BKW's underlying property
earnings to continue to grow, supported by rental growth and a
strong development pipeline 
    ** Brokerage adds property earnings growth, however, is
likely to be offset somewhat by slowing housing activity in
Australia, particularly in FY24/FY25 
    ** Longer-term, Brickworks' property operations remain a key
area of upside for the business - Ord Minnett
    ** Brokerage retains "buy" rating, cuts PT to A$28.00 from
A$32.00 
    ** 180,493 shares change hands, compared with the 30-day
average volume of 138,912 shares  
    ** Four of eight analysts rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is A$26.75 –
Refinitiv data
    ** Stock up 7.2% this year, as of last close


($1 = 1.4999 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))