Mirvac sees best day in over 1-1/2 years on earnings, outlook

Mirvac

11/08/2022 03:54

** Shares of Mirvac Group  MGR.AX  gain as much as 5.5% to
A$2.205, set for their best day since November 2020, if gains
hold 
    ** MGR declares total annual distribution of 10.2 Australian
cents/security, targets distribution of at least 10.5 Australian
CPSS in FY23  urn:newsml:reuters.com:*:nASX8qwPbK
    ** Posts profit attributable of A$906 million ($640.00
million), up 1%; total revenue and other income of A$2,842
million, up 19%
    ** MGR further targets FY23 operating earnings of at least
15 Australian CPSS
    ** Stock hits highest level since June 6 
    ** Citi says while FY23 guidance seems softer compared to
consensus, the guidance is conservative given the higher debt
cost and lower residential lot volume assumptions; maintains
"buy" and A$2.50 as PT
    ** Seven of 12 analysts rate the stock "buy" or higher,
three "hold" and two "sell"; their median PT is A$2.40 –
Refinitiv data
    ** Stock has fallen 28.2% this year, as of last close

($1 = 1.4156 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))