Australia's Mirvac Group slips most in nearly 6 weeks on forecast cut

Mirvac

28/04/2023 02:00

** Shares of real estate investment firm Mirvac Group
 MGR.AX  fall as much as 2.6% to A$2.27, their worst intraday
pct loss since March 20
    ** Co cuts FY23 EPS outlook to at least 14.7 Australian
cents per stapled security (cpss) from prior view of at least
15.5 cpss
    ** UBS says investors likely to take some comfort from a
relatively moderate revision to forecast 
    ** FOrecast cut as sustained adverse weather conditions
impacted delays in completion of residential projects
    ** Adds FY23 residential settlements now expected to be
around 2,200 lots vs prior view of more than 2,500
    ** UBS says MGR should be well-positioned to release
apartments product into a supply constrained market in FY24 and
onwards
    ** MGR up 9.4% this year, as of last close, vs a 3.6%
increase in the ASX 200 benchmark index  .AXJO 

    

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))