Morningstar upgrades Stockland Corp's rating as retail assets recover

Stockland

22/09/2022 24:39

** Morningstar improves Australian real estate firm
Stockland Corp Ltd  SGP.AX  stock's uncertainty rating to
"medium" from "high"
    ** Says impact of COVID-19 lockdowns is largely in the past
for co's retail assets, which are recovering 
    ** Brokerage says industrial rental growth is strong and
office leasing conditions are near the lows as supply additions
look set to moderate 
    ** Says absence of lockdowns should also help employers to
make long-term office commitments
    ** Brokerage expects group's residential development
business to face headwinds from rising interest rates
    ** Further says limited housing supply in Australia and
return of migration-driven population growth lessens the risk of
a material downside scenario for SGP
    ** Seven of 13 analysts rate the stock "buy" or higher, four
"hold" and two "sell" or lower; their median PT is A$4.11 –
Refinitiv data
    ** Stock down 21.2% this year, as of last close 

    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))