Kiwi Property Plays a Long Game in Redeveloping Assets. FVE Unchanged at NZD 1.40
Narrow-moat-rated Kiwi Property Group’s fiscal 2018 underlying earnings of NZD 7.76 cents per share, or cps, up 2.5% and in line with expectations. Our fair value estimate remains at NZD 1.40 after minor forecast revisions. At current levels, Kiwi screens as fairly valued, with the guided fiscal 2019 distribution of NZD 6.95 cents per security, or cps, implying a yield of 5% before imputation credits. Fiscal 2019 earnings will be impacted by the loss of rental income from the disposal of the Maj...Kiwi Property Group is engaged in investing in New Zealand real estate. The Trust's objectives are to maximize earnings and to provide long-term sustainable returns to investors through the strategic acquisition, intensive management and ongoing development of office, retail and industrial property assets. Co.'s business segments comprise retail (representing Co.'s investment in retail property), office (representing Co.'s investment in office property) and other (representing those items which are neither retail nor office). As of Mar 31 2010, Co. had total assets of NZ$1,984,822,000.
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