Australia's Stockland 'in right direction' with Q3 residential sales - MS

Stockland

27/04/2023 06:16

** Morgan Stanley says residential sales of real estate
rental firm Stockland Corporation Ltd  SGP.AX  in the third
quarter is "moving in the right direction," but settlements
remain a key risk 
    ** Co said across its commercial property portfolio, 98%
rent collection for third quarter and high occupancy levels were
maintained
    ** Morgan Stanley views residential sales as encouraging,
with resilient results also seen for non-residential sectors 
    ** Brokerage views SGP has sufficient buffer but recognises
it is the company's largest-ever quarterly settlement task
    ** MS gives A$4.30 price target to stock, below its current
price of A$4.385  
    ** Seven of twelve analysts rate the stock "buy" or higher,
two "hold" and three "sell"; their median PT is A$4.30 –
Refinitiv data
    ** SGP down as much as 2.1% and on track for worst day in 2
weeks 
    ** Stock up 20.7% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))