Bank reporting, Telstra, News Corp, Mirvac
Fund Manager Chris Pedersen discusses bank reporting, Telstra, News Corp and Mirvac Group.
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Mirvac is a leading, diversified Australian property group, with an integrated development and asset management capability. We have 45 years of experience in the property industry and an unmatched reputation for delivering superior products and services across our businesses.
Principally located in Australia’s four key cities of Sydney, Melbourne, Brisbane and Perth, Mirvac owns and manages assets across the office, retail and industrial sectors, with over $18 billion of assets currently under management. Our development activities allow us to create and deliver innovative and high-quality commercial assets and residential projects for our customers, while driving long-term value for our securityholders.
Our integrated approach gives us a competitive advantage in the creation of quality assets across the entire lifecycle of a project; from planning through to design, construction and development, leasing, property management and long-term ownership.
Recognising the contribution we make to Australia’s major cities, our purpose, Reimagine Urban Life, inspires us to question how and why we do things. With a strong focus on our customers, we’re asked to think about how we can redefine the landscape and create more sustainable, connected and vibrant urban environments, leaving a lasting legacy for generations to come.
Fund Manager Chris Pedersen discusses bank reporting, Telstra, News Corp and Mirvac Group.
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Will Mirvac (ASX:MGR) be a bellwether for the property sector for the current financial year with its warning of lower earnings for 2024-25?
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Property and retailing group Mirvac (ASX:MGR) has recorded statutory losses totaling $366 million for the 18 months ending December 31, with an additional $201 million loss for the six months leading up to that date. The company experienced a significant downturn, transitioning from a $215 million profit in December 2022 to a loss of $201 million in December 2023.
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The year 2023-24 is turning out to be quite challenging for property developer and investor Mirvac, as the company faced a loss for the period ending on June 30.
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Mirvac ran out of puff in the December half, as rising rates, falling property prices and a weakening in the value of some of its property holdings combined to send earnings lower.
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Glad tidings from another wobbly ASX trading session Tuesday with Viva Leisure continuing its strong turnaround, while Mirvac announced some changes in its boardroom.
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Portfolio Manager David Grace provides a closer look at some of the companies recently added to the AFIC portfolio along with additions made to existing holdings.
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Securities in property manager and investment group Mirvac jumped nearly 4% on Thursday after it revealed a better-than-expected net result of $906m for the year to June 30.
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The pandemic and lockdowns continue to buffet companies such as Downer, EDI, CIMIC and Mirvac, as their December half or full year reports showed on Thursday.
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The analyst sees enough upside to retain the Outperform rating. The target price increases to $3.13 from $3.06.
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Rising global property valuations helped the annual results of majors Goodman Group and Mirvac in the year to June 30, although the news helped neither's share price on Thursday.
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