Macquarie sees Australia's Region Re to provide strong defence against slowing macro, upgrades

Region Re

06/03/2023 02:35

** Analysts at Macquarie upgrade Australia's Region Re
 RGN.AX  to "neutral" from "underperform" on the back of a
conservative top-line and more balanced risks exposure
    ** Brokerage remains cautious on earnings outlook for the
property developer as the macro-environment slows with softer
FY24 earnings as key risk
    ** Region in February swung to HY loss amid expectations of
earnings hit due to rising interest rates 
    ** Macquarie says the REIT's first-half update showed its
tenant base continue to perform well; sees co to provide strong
defence against slowing macro
    ** Four of 11 analysts rate the stock "buy" or higher, five
"hold" and two "sell"; their median PT is A$2.78 – Refinitiv
data
    ** Stock down 7.8% this year, as of last close 

    

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))