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Thoughts on GOZ

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    Thoughts on GOZ

    James, thanks for brilliant work, I have been a longtime subscriber to MM. On 20 July 2024 Chris had a question about GOZ when the price was about 227c after a 50% decline since early 2022. Since then it has rerated and now trades at 274c, must be close to one of the best REITs since then which is about 20% rerating. Any thoughts on why it is currently performing so well despite your views that earnings are actually falling? I know it is tightly held by South African parent Growthpoint Properties with a 65.5% stake. Kind regards Manie

    Answer

    Hi Manie,

    Growthpoint (GOZ) has rallied strongly since its August  FY24 result. This Australian REIT with a portfolio of office and industrial properties reported 23.9c eps, above the REIT’s upgraded guidance allowing the stock to deliver an impressive ~7% yield over the coming 12-months.

    However the “easy money” as rates are set to decline into 2025 may be behind GOZ and we’re inclined to wait and see around $2.70 although the dividend certainly rewards patient holders.

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    Growthpoint Properties Australia Ltd (GOZ)
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