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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21/06/2023 17:00

Dexus (DXS) $8.19

DXS +1.18%: Completed external revaluations on 175 of their 182 assets, comprising 32 office properties and 143 industrial properties with the draft results showing a decline of 6% for the 6 months to June 30, which is well short of the 30% fall implied by its current price-to-book discount. Office assets were cut 7.7% to around $11.5bn while Industrial assets saw a more tepid re-rate lower. Not great but a better result than many thought we suspect.

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15/05/2023 16:57

Dexus (DXS) $8.16

DXS +1.12%: One of our contrarian ‘income’ calls has been around property – and the deep value that’s on offer in a sector that is priced for some fairly dire outcomes, with Office front and centre.

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14/02/2023 16:52

Dexus (DXS) $8.50

DXS +2.41%: A beat and bump today for the much-maligned office REIT, with 1H23 Funds From Operations (FFO) of $389m above consensus of $367m while they increased FY23 distribution guidance to be at the top end of the previously flagged range of 51-51.5c.

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