Australia's Lifestyle Communities FY forecast reflects small slip - UBS

Lifestyle Communities

30/05/2023 04:46

** Shares of Australia's Lifestyle Communities Ltd  LIC.AX 
fall as much as 6.3% to A$15.030, posting their biggest intraday
pct fall since Sept. 7, 2022 
    ** Property developer says co's underlying profit for full
year is expected to be in line with FY22  
    ** UBS says co's expected results is a result of slower
settlements due to residents taking longer to start selling
houses, not difficulty in achieving sales or any production 
delays
    ** Co's today's announcement is moderately negative and
reflects a small slip but not a large misstep- UBS 
    ** Brokerage adds focus will now be on operating performance
and delivery with a catch up required to reach FY24/25
expectations
    ** UBS keeps 12-month rating for co at "Neutral", maintains
price target at A$17.8
    ** Three of six analysts rate the stock "buy" or higher,
three "hold"; their median PT is A$18.23 – Refinitiv data
        ** Stock, however pared some losses and is currently
trading down 2.2%    
    ** LIC has fallen 15.9% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))