Morningstar lifts outlook on Australia's Stockland; stock gains

Stockland

12/11/2024 02:34

** Real estate developer Stockland  SGP.AX  rises 0.8% to
A$5.19
    ** Morningstar positive about approval secured for co's
property deal with peer LendLease  LLC.AX 
    ** Expects SGP's FY25 rev from operations at A$33.4 cents
per share, 3% higher than previously estimated
    ** Says Stockland’s residential business well-placed for the
next few years, given its scale, an undersupply of housing and
strong population growth in Australia
    ** Adds co's logistics and retail sectors continue to
benefit from strong tenant demand, low vacancy rates and
positive rental uplifts
    ** LLC currently down 0.5%
    ** SGP has risen 15.7% so far this year, as of last close;
LLC down ~10% in the same period, as of last close

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