Aussie property developer Scentre Group rises on upbeat FY outlook

Scentre

22/02/2023 02:53

** Shares of Australia's Scentre Group  SCG.AX  rise as much
as 2.9% to A$2.97, set to gain most since Dec 21
    ** The property developer posts over 66% jump in full year
profit after tax along with an almost 8% increase in revenue
    ** Co expects 2023 funds from operations (FFO) to be in
range of 20.75 AU cents per security to 21.25 AU cents; adds,
distribution for 2023 expected to be at least 16.50 AU cents per
security
    ** Analysts at Jefferies say that they expect the company to
hit the top end of FFO guidance in 2023 despite higher debt
costs; adds, FY23 guidance appears 'conservative'
    ** Brokerage UBS says the results were a slight miss but
FY23 guidance above its estimates and market consensus
    ** 2H Net Property Income appears relatively clean with no
COVID impacts - UBS
    ** Stock has risen 0.4% this year, as of last close 
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))