Australia's Ingenia Communities' strategy enables double-digit EPS growth, Citi Says

Ingenia Communities

20/08/2024 22:17

** Citi analysts hold "buy" rating for Australia's Ingenia
Communities Group  INA.AX , saying company's new strategy
enables double-digit EPS growth in the medium term 
    ** Brokerage raises PT on stock to A$6.15 from A$5.30
    ** The property developer's new strategy includes focusing
on developing pipeline quicker, cost efficiencies and
establishing strong returns on non-land lease development
    ** INA can see about 8% to 12% EPS growth consistently over
the next three to five years, if all strategic targets are met -
Citi 
    ** Brokerage sees this growth outlook as "particularly
attractive", compared to broader Australian REIT peer-set
    ** INA's FY25 EPS forecast was broadly in-line with
consensus estimates, but Citi sees it as conservative 
    ** As of last close, stock up 20.7% YTD

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))