HMC – Credit Suisse rates the stock as Neutral

First half results were in line with expectations, with completed developments the main driver of growth. Management has reiterated its ambition to grow funds under management to $5bn without needing additional equity.

Credit Suisse suspects the market’s reaction was not a reflection of disappointment with the result, rather it was swept up in a broader sell-off across fund manager A-REITs. Neutral maintained. Target is raised to $3.90 from $3.87.

Sector: Real Estate.

 

Target price is $3.90.Current Price is $3.73. Difference: $0.17 – (brackets indicate current price is over target). If HMC meets the Credit Suisse target it will return approximately 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).

 

 

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