Jefferies raises PT for Shopping Centres Australasia after strong results

Region Re

08/02/2022 21:05

** Jefferies raises PT on Shopping Centres Australasia
Property Group  SCP.AX  to A$3.26 from A$3.16
    ** SCP on Tuesday reported a more than fourfold jump in
half-year net profit after tax to A$432.4 mln ($308.56
mln) urn:newsml:reuters.com:*:nFWN2UI12A
    ** Brokerage says H1 results were ahead of its estimates and
consensus, underpinned by strong cash collections and improved
occupancy
    ** Adds that FY23 should benefit from supermarket inflation
as retailers account for 48% of rent, with 34% in turnover
    ** Raises 2022 net profit estimate by 4.5% to A$181.5 mln 
($129.52 mln)
    ** Four of 12 analysts rate the stock "buy" or higher, six
"hold" and two "sell" or lower; their median PT is A$3.04 –
Refinitiv data
    ** Stock has fallen 2.7% this year, as of last

($1 = 1.4013 Australian dollars)

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