Vicinity Centres can withstand a potential retail slowdown, says Morningstar

Vicinity Centres

09/07/2024 03:11

** Shares of Australia's Vicinity Centres  VCX.AX  rise as
much as 2.1% to A$1.94
    ** Shares hit highest since June 7
    ** Analysts at Morningstar say the real estate investment
trust is "in good shape" to deal with a probable slowdown in
retail spending 
    ** Brokerage says co's centers remain affordable and thereby
rents can be maintained
    ** REIT trades on a yield of 6% based on our estimated FY24
distribution, which looks attractive relative to 10-year bond
yield of 4.4% - Morningstar
    ** Shares set for best intraday jump since June 5, if gains
hold
    ** Stock has fallen 7.1% this year, as of last close 

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