** Research broker Jefferies says expectations of further
state-based stimulus is poised to boost Australian property
firms
    ** In June, Australia had launched the HomeBuilder stimulus
package worth $470 mln to boost the construction sector, which
has been badly hit by the coronavirus  urn:newsml:reuters.com:*:nL4N2DH029
    ** Jefferies says due to likely stimulus from New South
Wales & Victoria in the form of grants and/or stamp duty
concessions, large-cap residential developers Stockland Corp Ltd
 SGP.AX  and Mirvac Group  MGR.AX  are set to outperform
    ** Also expects smaller pure-play developers Peet Ltd
 PPC.AX  and Cedar Wood Properties Ltd  CWP.AX  to be net
beneficiaries
    ** Upgrades MGR to 'buy' from 'hold'; says whilst SGP has
more leverage to residential volumes, MGR has a better balance
sheet which may allow it to capitalise on future opportunities
and ramp up its production to meet demand coming from increased
state-based stimulus and grants
    ** "We believe MGR's office and industrial portfolio remains
undervalued and see upside to both its NTA and passive income
which should grow at 3-5% over the next 3 years"- Jefferies    

 (Reporting by Shruti Sonal in Bengaluru; editing by Jonathan
Oatis)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))