CNI –4.35%: Reported inline 1H25 results this morning and highlighted improving conditions across commercial and office real estate while reconfirming guidance. However, they also experienced a drop in assets under management (AUM) down 2.8% to $20.5bn.
- 1H25 Operating profit of $51.1 million, up +3.5% y/y
- Operating EPS $0.062 vs. $0.061 y/y
- Interim distribution of $0.052 vs. $0.05 last year.
They still see operating EPS $0.12 and another $0.052 dividend in the 2H, taking FY payout to $0.104
MM views CNI as a buy ~$1.65
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