Citi upbeat on growth outlook for Australia's Ingenia Communities

Ingenia Communities

14/01/2025 20:57

** Analysts at Citi continue to prefer Ingenia Communities
 INA.AX  as "a land lease play with attractive growth outlook"
    ** The Australian real estate property developer upgraded
its FY25 forecast on Tuesday; now targeting EBIT of A$162 to
A$165 mln ($100.25 to $102.10 mln), up from A$148 to A$155 mln
previously
    ** Citi sees strong profits for the company resulting from
its increased settlements from joint ventures
    ** Brokerage reiterates "buy" rating, with stock PT of
A$6.15
    ** Brokerage sees better cost savings enabled through
business streamlining and improving execution capabilities in
land lease development flowing to improved EBIT guidance
mentioned by company for FY25
    ** INA's stock up 13.5% YTD, as of last close

($1 = 1.6160 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))