Australia's Scentre Group outlook disappointing but conservative - Jefferies

Scentre

23/02/2022 23:28

** Jefferies calls property firm Scentre Group's  SCG.AX 
FY22 forecast disappointing, maintains "hold" rating
    ** SCG on Wednesday reported higher FY21 funds from
operations (FFO) and said it expects to pay a dividend of at
least 15 Australia cents this year, both below Jefferies'
estimates  urn:newsml:reuters.com:*:nAZN026WKI
    ** But brokerage says operationally the result was strong
and sees forecast as conservative, allowing for retained
earnings for COVID-19 uncertainty, strategic growth, and to
maintain credit rating
    ** Nudges PT up to A$3.23 from A$3.16
    ** 5 of 12 brokerages rate the stock "buy" or higher, 4
"hold" and 3 "sell" or lower; median PT is A$3.23
    ** Up to Wednesday's close, stock down 4.4% this year

 (Reporting by Shashwat Awasthi)
 ((Shashwat.Awasthi@tr.com
mailto:Shashwat.Awasthi@thomsonreuters.com))