Shopping Centres’ result slightly beat the broker and FY20 guidance was in lone with expectation. An upgrade to funds from operations expectations is a positive, the broker notes, along with improvement in sales growth.
But leasing conditions remain difficult, ultimately impacting on dividends. Neutral retained, target falls to $2.84 from $2.91.
Sector: Real Estate.
Target price is $2.84.Current Price is $2.97. Difference: ($0.13) – (brackets indicate current price is over target). If SCP meets the Macquarie target it will return approximately -5% (excluding dividends, fees and charges – negative figures indicate an expected loss).
