Macquarie cautious on Australia's CSR on thinning building activity in FY24, FY25

CSR

28/06/2023 24:58

BENGALURU, June 28 (Reuters) -    ** Macquarie sees a
thinning pipeline and remains cautious on detached building
activity in FY24 and FY25 for Australia-based building products
manufacturer CSR Ltd  CSR.AX ; maintains "Underperform" rating
and PT of A$4.50  
    ** Brokerage says three-month average new house sales are
still down about 64% and 47% on pcp in New South Wales and
Victoria  
    ** Adds that it does not think immigration will aid sales
activity in the near term given net overseas migration consists
largely of students
    ** Macquarie currently stays about 7% below Visible Alpha
consensus for EBIT in FY24 and about 16% below for FY25
    ** Three of 12 analysts rate the stock "buy" or higher, six
"hold" and three "sell" or lower; their median PT is A$5.48 –
Refinitiv data
    ** Stock has risen 8.7% this year 

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))