Investors Shun Cromwell’s Proposed Singapore Fund; FVE Unchanged at AUD 0.91
No-moat Cromwell’s efforts to expand its property empire to Asia have soured, with the firm cancelling the proposed Singapore listing of the Cromwell European REIT, or CEREIT, which comprised a portfolio of European assets. Given that the IPO was still in the early stages, we’d not factored potential earnings in our Cromwell earnings outlook, so we make no changes to our forecasts and retain our AUD 0.91 fair value estimate. We consider the stock slightly overvalued, with shares currently tradin...Cromwell Property Group has five operating segments: property investment, which owns investment properties located throughout Australia; property/internal funds management, which includes property and facility management, leasing and project management for the trust and all of Co.'s managed investment schemes; external funds management - retail, which at June 30 2016, included nine Co.-managed external retail funds with combined assets under management of A$1.70 billion; external funds management - wholesale, which had combined assets under management of A$5.60 billion as at June 30 2016; and property development.
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