Goodman Group (GMG) -3.96%: we covered this morning, however a few points to add post call and negative market reaction. The market has sold it off on occupancy and China softness, despite a headline beat driven by development (including data centres) and net interest income.
1H26 Highlights
- Operating profit: $1.20bn (-1.5% y/y) – consensus $1.13bn.
- Occupancy: 95.5% (down 60bps) – this was an issue
- Operating EPS: $0.585 (vs $0.638 y/y)
- FY guidance: operating EPS +9% maintained; distribution A$0.30 maintained
Fundamentals are intact, but just some slight softness in occupancy has spooked the market.
MM remains long & bullish GMG ~$30
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