Arena REIT Remains Undervalued as Interim Result Meets Expectations
Arena REIT's first-half result was in line with our expectations and we maintain our fair value estimate at AUD 2.50 per security. The key takeaway from the result was that the child care centre market remains in a state of oversupply and management believes this is causing downward pressure on child care centre occupancy rates and fee growth in addition to increasing child care centre operators' focus on costs. These comments echo those made by Folkestone Education Trust and Think Childcare las...
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