MGR +5.7%: Mirvac delivered a solid 1H result and reaffirmed full-year operating earnings and distribution guidance, with the update underpinned by strong residential momentum and improving margins. The group continues to execute well on capital partnering initiatives while maintaining a strong balance sheet and development pipeline.
- Operating profit $248mn, +5.1% YoY
- Operating EPS 6.3c (vs 6.0c YoY)
- Interim distribution 4.7cps (vs 4.5c YoY)
- FY operating EPS guidance unchanged 12.8–13.0c
- FY distribution guidance maintained 9.5cps
- Residential lots exchanged 1,304, +38% YoY
Management highlighted improving sales momentum, recovery in gross margins, and strong liquidity (~$1.1bn), supporting future earnings visibility into FY28 and beyond. A steady result with residential strength doing the heavy lifting, and Mirvac remains one of the higher-quality property names with resilient cash-flow assets and a deep development pipeline. We like MGR here.
MM is bullish MGR ~$2.00
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