DXS - Macquarie rates the stock as Outperform
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Earnings growth is being adversely affected by dilutive asset sales and a reduced trading profit contribution, Macquarie observes.
Yet there are options with a relatively under-geared balance sheet and a healthcare real estate mandate that could be aggressively pursued.
Accordingly, the broker envisages upside risks to earnings estimates and, after attending a property tour in Sydney, finds the fundamentals of both the Sydney and office markets remains sound.
Outperform retained. Target is $10.21.
Sector: Real Estate.
Target price is $10.21.Current Price is $9.36. Difference: $0.86 - (brackets indicate current price is over target). If DXS meets the Macquarie target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss)
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