Still No Sign of Kick in Consumer Spending in the Scentre; FVE Unchanged at AUD 3.85
Scentre Group reported first-half fiscal 2018 funds from operations, or FFO, of AUD 12.38 cents per security, up 3% on the prior corresponding period. Distribution growth was lower at 2% to AUD 11.08 cents per security for the half as Scentre retains more cash to help fund developments. Our fair value estimate is unchanged at AUD 3.85. At current levels Scentre screens as fairly valued, with the guided 2018 distribution of AUD 22.16 cents per security representing a yield of 5.3%. Forecast revis...Scentre Group is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its Australian and New Zealand portfolio of retail properties. Co.'s operational segment comprises the property investments and property and project management segments. The property investments segment includes existing shopping centers and completed developments. The property and project management segment includes property management and development. As of Dec 31 2015, Co. had a portfolio of 34 centers in Australia and six centers in New Zealand.
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