DXS +6.81%: posted a strong 1H update, maintaining its full-year distribution outlook , a reassuring outcome after a period of weaker share price performance. The standout was the launch of a new on-market buyback, signalling more proactive capital management and providing share price support around these levels.
- Revenue of $348.5mn -17% y/y
- Funds From Operations $253.3mn, +0.6% YoY
- FY26 distribution per security guidance maintained at 37.0cps
- Buyback announced: up to 10% of securities over the next year
Dexus’ portfolio remains firmly skewed toward premium office assets — around 75% of its exposure is in Sydney, while its Melbourne holdings are entirely located in the CBD core. That quality is reflected in occupancy of roughly 85% across the two key markets.
Guidance remains intact, income remains stable, and the buyback adds a supportive layer for the stock as the property sector grinds through a higher-rate environment.
MM sees decent value in DXS below $7
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