21/03/2024 09:35

Centuria Capital Group (CNI) $1.80

We have discussed CNI a number of times over the last year as the position weighed on portfolio performance. Fortunately, we held our nerve, but prudent portfolio management precluded us from increasing our positions. However, we will review our position if/when we see another ~10% on the upside, although its yield is particularly attractive for our Income Portfolio.

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28/02/2024 09:41

Centuria Capital (CNI) $1.52

The property fund manager reported last week with results that were ‘as expected’ in terms of financial metrics, which we covered here; however, the stock has pulled back sharply after the update. Why? It’s always easier to explain why something happened after the fact, hindsight trading at its best, something many of our competitors are very good at in their hypothetical portfolios!

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20/02/2024 16:45

Centuria Capital (CNI) $1.74

CNI +0.29%: All as expected for the property fund manager today with operating earnings per security in 1H24 of 6.1cps, inline with expectations coming from revenue of $149.6m, down 6% YoY + an interim dividend of 5cps, as we expected. FY24 guidance was maintained which is for Operating EPS of 11.5-12cps and another 5cps of dividends, putting it on a current yield of 5.7%.

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16/02/2024 09:02

Centuria Capital (CNI) $1.79

CNI advanced +4.4% yesterday, testing its 1-year high in the process as investors position themselves for lower rates through 2024/5 – Centuria opts to leave interest rate exposure unhedged, seeing the full benefit from any fall in bond yield, hence we like the exposure given our view on rates over the next 12 months.

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01/02/2024 09:59

Centuria Capital (CNI) $1.73

CNI has rallied strongly since the 3Q of 2023 as investors moved ahead of the central banks with some rate cuts now built into the share price, but we see at least another 15% upside moving into 2024. CNI announced a $71m industrial acquisition for the Last Mile Logistics Partnership (LMLP) under Starwood Capital's $500m mandate, bringing LMLP assets under management (AUM) to $147m.

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08/12/2023 09:19

Centuria Capital Group (CNI) $1.65

CNI is still down 9% year-to-date but has bounced a remarkable 45% from November's low, illustrating how explosive moves can become during the festive season. With bond yields reversing lower and credit markets focusing on rate cuts by the Fed through 2024, the Real Estate Sector has flourished over recent weeks, and we believe that can continue into next year in line with our dovish outlook towards bond yields.

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09/11/2023 09:09

Centuria Capital Group (CNI) $1.24

CNI is the classic high-leverage, high risk play on interest rates, it clearly suffered as they’ve risen over the last 2-years!

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03/11/2023 09:16

Centuria Capital Group (CNI) $1.24

Property Fund Manager CNI has struggled in line with the underperforming sector since 2021, but it added to losses in August after it provided soft guidance and higher interest costs when it reported. CNI are one of the most leveraged ‘plays’ on interest rates given they have less interest rate hedging in place, a double edged sword that has clearly worked against them.

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22/08/2023 09:49

Emerging Companies Portfolio – Amendments

We are reducing BAP & AD8, selling CAJ, buying SFR & CAT and adding to CNI in the Emerging Companies Portfolio.

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18/08/2023 16:41

Centuria Capital (CNI) $1.43

CNI -5.92%: the property fund manager released FY23 results today which were largely in line with expectations, however shares slumped on soft guidance. Operating profit of $115.6m and Operating EPS of 14.5c were preannounced, so no surprises there.

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