Kiwi Property’s Solid Retail Sales Faces Medium-Term Pressures. FVE Increases to NZD 1.40
We have retained our NZD 1.35 fair value estimate for narrow-moat Kiwi Property Group, with the firm screening as slightly overvalued currently trading around NZD 1.48. The firm will rule off on its fiscal 2019 accounts this week and we expect no major surprises when Kiwi releases its results on May 20. Kiwi doesn’t provide earnings guidance but has guided for fiscal 2019 distributions of NZD 6.95 cents per share, or cps, up slightly on the prior year’s NZD 6.85 cps.Our key focus for the upcomi...
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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