Jefferies says GPT Group's FY21 result was below expectation; cuts PT

GPT

14/02/2022 23:32

** Jefferies cuts price target on Australia's GPT Group
 GPT.AX  to A$5.25 from A$5.27; keeps "hold" rating
    ** The property trust rose over 2.4% on Monday after posting
FY21 net profit after tax of A$1.42 bln ($1.01 bln) compared
with a loss of A$213.2 mln a year earlier  urn:newsml:reuters.com:*:nL4N2UP02W
    ** Brokerage says FY21 result was below expectations due to
COVID-19 retail issues, higher overheads, partially offset by
net acquisitions, lower costs and tax
    ** Says GPT FY22 DPS guidance of 31.70-32.40 Au cents is
3.8% below Jefferies' estimate
    ** Adds that GPT had a strong year of industrial
acquisitions and developments, however, Melbourne Central
remains a drag in FY22 
    ** Five of 13 analysts rate the stock "buy" or higher, six
"hold" and two "sell" or lower; their median PT is A$5.40 –
Refinitiv data
    ** As of last close, stock had fallen 6.6% this year 


($1 = 1.4033 Australian dollars)

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