MGR -1.69%: delivered a steady 3Q update today, with management reaffirming FY26 operating EPS guidance of 12.8c to 13.0c and maintaining its distribution outlook at 9.5c per share.
They said sales conditions have remained resilient across key markets including middle-ring New South Wales, Queensland and Western Australia. While management did acknowledge some moderation in sales across selected projects in recent weeks, the broader message was far from alarming, with underlying market fundamentals still described as solid and enquiry levels remaining strong.
Retail was also steady, with total moving annual turnover of $2.91bn and specialty sales of $939m, pointing to a business that continues to benefit from high-quality assets and solid tenant demand.
The stock has been weak as interest rates have risen, and the market is currently pricing more rate hikes to come, but think MGR remains a buy at current levels.
MM remains long and bullish MGR
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