2023 guidance is at the top end of the previous range, implying an in-line second half, as rising debt costs start to have an impact and will be a bigger headwind for earnings, the broker notes.
The office portfolio remains a challenge, with plenty of expiry in difficult leasing markets, and gearing is at the middle to end of the target range ahead of a likely devaluation cycle, suggesting asset sales are likely needed to fund developments.
Lighten retained, target rises to
Sector: Real Estate.
Target price is
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