ABP – Credit Suisse rates the stock as Neutral
The broker maintains its Neutral rating and $3.51 target price.
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Abacus Property Group
Abacus Property Group (ASX:ABP), is a diversified Australian REIT with an investment portfolio concentrated in the Office and Self Storage sectors. We invest capital in real estate opportunities to deliver superior long term returns and maximise securityholder value.
Abacus’ key focus is to be a strong asset backed, annuity style business model where capital is directed towards assets that provide potential for enhanced income growth and ultimately create value. Our people, market insight and repositioning capability together with strategic partnering are the key enablers of our strategy.
Abacus was established in 1996 and listed on the ASX in 2002. As at 30 June 2019, it is included in the S&P/ASX 200 index and has a market capitalisation of $2.4 billion, with a single corporate office in Sydney, Australia.
Abacus is comprised of Abacus Group Holdings Limited (the nominated parent entity), Abacus Group Projects Limited and Abacus Storage Operations Limited, Abacus Trust, Abacus Income Trust and Abacus Storage Property Trust. The shares and units in these entities are stapled together and trade as one security in ABP.
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News
ABP – Credit Suisse rates the stock as Neutral
Neutral retained, target rises to $3.51 from $3.48.
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ABP – Credit Suisse rates the stock as Neutral
Neutral rating is retained and the target is raised to $3.36 from $3.21.
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ABP – Credit Suisse rates the stock as Downgrade to Neutral
The broker downgrades to Neutral from Outperform, noting uncertainty exists over how quickly capital is redeployed. Target is raised to $3.21 from $3.04.
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ABP – Credit Suisse rates the stock as Outperform
Abacus Property Group's first half did not come as a surprise given the company had provided guidance. Credit Suisse's Outperform rating maintained. Target falls to $3.04 from $3.09.
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ABP – Credit Suisse rates the stock as Neutral
The acquisition of Australian Unity Office Fund ((AOF)) will not proceed. This follows a vote by AOF unit holders. Both Abacus Property and Charter Hall ((CHC)) had indicated no further offer would be made if the scheme was not approved.
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ABP – Credit Suisse rates the stock as Outperform
Abacus Property and Charter Hall ((CHC)) have acquired a 19.9% strategic interest in Australian Unity Office Fund ((AOF)) for $95.6m, equivalent to $2.95 per unit. Australian Unity Office has since released a notice to ASX stating it has received an unsolicited takeover proposal.
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ABP – Credit Suisse rates the stock as Initiation of coverage with Outperform
The broker initiates coverage of Abacus Property with an Outperform rating, believing the investment fundamentals are becoming more attractive as the business transitions away from being a real estate trader towards acquiring assets offering recurring revenues, specifically self-storage, which the broker sees as continuing to grow strongly.
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Abacus Property To Hand Out Increased Distribution In The New Year
Property Investment business, Abacus Property Group (ABP) said on Tuesday its shareholders can expect an 8% increase in the annual distribution in the new year.
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