Jefferies says Vicinity's HY results ahead of expectations, raises PT

Vicinity Centres

16/02/2022 23:53

** Jefferies raises price target on Australia's Vicinity
Centres  VCX.AX  to A$1.90 from A$1.70 
    ** The mall operator gained over 10% on Wednesday after
posting HY net profit from ordinary activities after tax
attributable of A$650.2 mln ($468.40 mln), versus A$394.1 mln
loss a year earlier  urn:newsml:reuters.com:*:nL4N2UR0W7
    ** Brokerage says HY results beat was driven by strong rent
collection and increase management fees, among other things 
    ** Adds that FY22 outlook was well ahead of expectations
with COVID-19 impact reducing in 2H22
    ** Raises 2022 net profit estimate by 12.1% to A$560.4 mln
    ** Three of 12 analysts rate the stock "buy" or higher,
seven "hold" and two "sell" or lower; their median PT is A$1.85
– Refinitiv data
    ** Stock up 10.4% this year, as of last close

 ($1 = 1.3881 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))