02/04/2025 09:48

Dexus (DXS) $7.22

There is a growing consensus that the office market has turned. In the past 6 months, we’ve checked in with key industry players, Dexus, Charter Hall, Mirvac, JLL, Cushman & Wakefield and others, and there is a belief the Australian office market demonstrated real signs of recovery throughout 2024 and that 2025 will see ongoing improvement in both leasing volumes and capital markets activity. Dexus stated in their February results, “Markets move in cycles, and we are now reaching a turning point for real asset markets.

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20/08/2024 17:51

Dexus Property Group (DXS) $6.83

DXS -8.93%: An inline result for FY24 from Australia’s largest office landlord despite an eye watering headline loss of $1.58bn due to property revaluations, with lowered guidance for FY25 the catalyst for today’s slide;

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16/05/2024 09:52

Active Income Portfolio – Amendments

We believe National Storage (NSR) now looks relatively more attractive than Dexus (DXS) as a consequence of recent relative performance.

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21/03/2024 09:34

Dexus Group (DXS) $7.66

Dexus is Australia’s largest office landlord, and while there is significant conjecture around the future of office, we believe this uncertainty is more than captured in the price. They delivered a solid, ‘less bad’ than expected,  result in February, although the stock hasn’t yet embraced the numbers. Guidance for the full year was unchanged despite the stronger 1H, with a flagged FY24 dividend of 48 cps, which puts DXS on a yield of ~6.2%.

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14/02/2024 17:03

Dexus (DXS) $7.81

DXS -1.64%: A better-than-expected result from Australia’s largest office landlord this morning with 1H24 adjusted funds from operations (AFFO’s) of 33.9cps around 5% ahead of consensus expectations while the dividend of 26.7cps was solid.

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09/11/2023 09:07

Dexus Group (DXS) $6.92

DXS is offering deep value as it arguably occupies the most unloved seat in the sector, its strong bounce over the last fortnight illustrates what it's capable of if we see some love return to the sector.

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03/11/2023 09:17

Dexus Group (DXS) $6.72

DXS has struggled over recent years, although its large dividends have helped cushion the decline – it is forecast to yield ~8% over the next 12-months. There remains plenty of work to do at DXS as it continues the AMP integration while grappling with mixed demand for office, but a turn in the property market can only help the process.

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27/10/2023 09:05

Dexus Group (DXS) $6.52

It’s not hard to comprehend the weakness in DXS, commercial property is a relatively illiquid asset class, making marked-to-market valuations estimates at best, with current private sector transactions suggesting some companies are being optimistic around their valuations, which throws into question Dexus' and its peers NTA, in real terms.

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16/08/2023 16:49

Dexus (DXS) $7.76

DXS -3.12%: Shares fell today as they reported FY23 results, and offered guidance for the year ahead. The key to any result is around determining what is known information versus what is new information.

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10/08/2023 09:12

Dexus Group (DXS) $8.00

Australia’s largest office landlord Dexus (DXS) trades at a large discount to the value of its underlying assets. Many are clearly questioning whether or not the stock is cheap enough considering the uncertainties that lie ahead for the office market. We believe the answer is yes, and we are holders of the stock in our Active Income Portfolio, having purchased around $8 ahead of the last distribution. The stocks currently trading on an attractive Price/Book Valuation of 0.67x (most recent quarter) – Dexus (DXS) Financials on MM site.

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