Australia's Ingenia gains after Morningstar raises fair value estimate

Ingenia Communities

10/07/2024 05:30

** Shares of Australia's Ingenia Communities Group  INA.AX 
rise as much as 2.5% to A$4.86
    ** Stock posts biggest intraday pct rise since early June
    ** Analysts at Morningstar raise fair value estimate on the
REIT by 5% to A$4.60
    ** Brokerage forecasts increased contributions from
Ingenia's 50% joint venture with U.S. land-lease co Sun
Communities
    ** Ingenia has less development risk than many REIT peers,
with land lease often easier and less costly to build than
alternatives - Morningstar
    ** Brokerage expects balance sheet to improve from less
capital-intensive expenditure on land acquisition, and increased
earnings from property sales
    ** Stock had risen 6.5% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))