Vonovia leads DAX after results, pulls up property firms

LEG Immobilien SE

30/04/2024 09:40

(Updates share move and peer readacross; adds Vonovia guidance)
    ** Vonovia  VNAn.DE  jumps 5.6%, leading the DAX  .GDAXI 
and lifting peers, after the company's Q1 results, commentary
    ** Vonovia raising FY organic rental growth guidance to ~4%
pleased the market by indicating rent hikes should start to beat
inflation, says John Vuong of Van Lanschot Kempen
    ** J.P. Morgan says Tuesday's update is "encouraging",
pointing to progress on disposals
    ** Baader analysts expect Vonovia to deliver on its disposal
program during the year, easing "still elevated debt KPIs"  
    ** Vuong says 3 billion euros property sales target for FY
indicates there are signs of life in the German property sector
    ** This, he adds, is helping remove balance sheet
uncertainty in peers TAG Immobilien  TEGG.DE , LEG Immobilien
 LEGn.DE  and Aroundtown  AT1.DE 
    ** TAG Immobilien is up 5.2% as of 09.12 GMT and top of the
MDAX, followed by LEG Immobilien up 3.4% and Aroundtown up 2%

 (Reporting by Louis van Boxel-Woolf and Paolo Laudani)
 ((Paolo.Laudani@thomsonreuters.com))