The property manager released 1H results today and the stock is trading around par. They announced AUM at $10.2b, a 16% increase over the half on the back of a couple of acquisitions through the half – Augusta and VISY’s Auckland facility as well as a number completed by their listed funds COF & CIP. The numbers were nothing to write home about though, with EPS at 6.2cps for the half tracking in line with reiterated guidance at 11.5-12.5cps for the full year. They did upgrade distribution guidance to 10cps, paying 4.5cps for the first half. The market is largely there already, if not a little higher than the upgraded numbers. It puts it on a 4% yield, partially franked.
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Performance update for March, stocks that drove returns & our current positioning
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Tuesday 23rd April – ASX200 +26pts, Northern Star (NST), Chrysos (C79), Brambles (BXB)
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Market Matters Research Lead Shawn Hickman with David Koch
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Tuesday 23rd April – DOW up +253pts, SPI up +19pts
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