by Sean Culverwell | Sep 6, 2022 | Property
Key message: although FY22 results were stronger than we had expected, we think that Emira generally faces constrained growth conditions, particularly in its office portfolio. Current valuation is undemanding, but there are better prospects for re-rating amongst...
by Sean Culverwell | Sep 6, 2022 | Property
Key message: strong core performance from Resilient’s SA retail portfolio underpins its investment case and appealing earnings growth outlook, but this is fully reflected in the share price and its premium valuation relative to peers. 1H FY22 results were ahead of...
by Sean Culverwell | Aug 15, 2022 | Property
Key message: despite a recovery in footfall and turnover in its retail portfolio, L2D’s relatively soft financial performance continues to disappoint. We fail to see any meaningful catalyst that could lead to the share re-rating. 1H FY22 results in line: DPS was...
by Sean Culverwell | Jun 30, 2022 | Property
FY22 results and valuation update Key message: Sirius remains in excellent operational shape and its FY22 results were ahead of our expectations. Now down ~40% from its Jan-22 highs and trading in line with NAV, we think it is oversold at current...
by Sean Culverwell | Jun 14, 2022 | Property
FY22 results and valuation update Key message: a good recovery in FY22 was driven by improved leasing and operating conditions in the SA portfolio and highly favourable tailwinds in the PEL platform. Relatively strong share price performance over the last twelve...
by Sean Culverwell | Jun 7, 2022 | Property
FY22 results and valuation update Key message: an impressive set of results and solid guidance provides continued justification for Spear’s Western Cape-focused investment case. The LTV reduction roadmap has been achieved and the focus will soon return to finding...
