GMG –1.61%: Provided a trading update today, reaffirming its FY27 operating EPS growth forecast of 9%, supported by a growing data centre pipeline, although power constraints and community opposition remain key challenges.
Key details:
- FY27 operating EPS growth forecast of 9%; distribution target unchanged at 30¢ per security.
- Work in progress held at $19.7bn, with data centres accounting for 79%.
- Global power bank increased to 6.6GW, including 3.6GW of secured power.
- Data centre projects remain on track for staged delivery between 2027 and 2030.
MM’s view: Goodman continues to benefit from structural demand for data centres, but execution is becoming more complex as power availability, planning constraints and community opposition increase. We like their more measured approach in this area vs peers.
MM remains long & bullish GMG
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