GMG -3.06%: The integrated industrial property group gave a 1Q trading update this morning reconfirming prior guidance as is customary so early on in the year for EPS growth of 11% and a distribution per security of 30c. They did highlight the challenging environment which is likely why the stock was down, although bond yields also ticked higher today which hit the property sector more broadly. Key comments made in today’s update were…
- Customer demand for space continues to be supported by structural drivers such as e-commerce, productivity improvement through supply chain optimisation and investment in automation and technology
- Ongoing growth in data storage requirements globally
- Sees work in progress (WIP) to remain strong in FY23
- Actively considering strategic opportunities around the world that are aligned with its strategy, while remaining patient and cautious, looking to only implement opportunities that provide deep value
MM is bullish & long GMG in our Flagship Growth Portfolio
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