Citi downgrades Australia's Mirvac Group on lower earnings view

Mirvac

30/04/2023 22:58

** Analysts at Citi downgrade Mirvac Group  MGR.AX  to
'neutral' from 'buy' after 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
    ** Citi notes that the real estate investment firm's lower
forecast was driven by lower residential settlements and delayed
recognition of industrial development profits 
    ** Brokerage says on the positive side, MGR has made good
progress on capital partnering and asset sales 
    ** Citi adds that lower earning base puts MGR in a better
position to grow earnings in FY24 
    ** However, Citi notes that MGR has a large office portfolio
and sees potential for negative office newsflow in the near term
    ** Four of 12 analysts rate MGR 'buy' or higher, six 'hold'
and two rate it 'sell' or lower; their median PT is A$2.38 -
Refinitiv data
    ** As of last close, stock up 13.2% this year

 (Reporting by Himanshi Akhand in Bengaluru; Editing by Richard
Chang)
 ((Himanshi.Akhand@thomsonreuters.com;))