reports
Precinct Properties NZ Ltd & Precinct Properties Investments Ltd: 1 di...
A director at Precinct Properties NZ Ltd & Precinct Properties Investments Ltd maiden bought 50,000 shares at 1.135NZD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by al...
PRECINCT PROPERTIES sees a downgrade to Slightly Negative on account o...
The independent financial analyst theScreener just lowered the general evaluation of PRECINCT PROPERTIES (NZ), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date August 10, 2021, the clos...
- Adam Fleck
Morningstar | Ceasing Coverage of Precinct Properties
We intend to cease coverage on narrow-moat Precinct Properties in July 2019. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Precinct is the largest owner of prime central business district, or CBD, commercial offices in New Zealand's major cities of Auckland and Wellington. Key attractions are the longer lease terms, annual escalations, high government tenancy, and constraints on adding new supply in Wellington. Moreover, Precinct ...
- Adam Fleck
Morningstar | Ceasing Coverage of Precinct Properties. See Updated Ana...
We intend to cease coverage on narrow-moat Precinct Properties in July 2019. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Precinct is the largest owner of prime central business district, or CBD, commercial offices in New Zealand's major cities of Auckland and Wellington. Key attractions are the longer lease terms, annual escalations, high government tenancy, and constraints on adding new supply in Wellington. Moreover, Precinct ...
- Adam Fleck
Ceasing Coverage of Precinct Properties
We intend to cease coverage on narrow-moat Precinct Properties in July 2019. We periodically adjust our coverage as necessary based on stock outlook, client demand, and investor interest. Precinct is the largest owner of prime central business district, or CBD, commercial offices in New Zealand's major cities of Auckland and Wellington. Key attractions are the longer lease terms, annual escalations, high government tenancy, and constraints on adding new supply in Wellington. Moreover, Precinct i...
- Tony Sherlock
Morningstar | Corporate Action: Recommend Participate in Precinct’s ...
We recommend security holders in narrow-moat-rated Precinct Properties participate in the share purchase plan, or SPP, with the offer price of NZD 1.48 screening as attractive relative to our fair value estimate of NZD 1.55 per security and the current Precinct share price of NZD 1.49. As part of Precinct Properties’ fully underwritten NZD 150 million equity raise, the firm is offering eligible shareholders the opportunity to participate in a NZD 20 million SPP. While Precinct aims to raise N...
- Tony Sherlock
Corporate Action: Recommend Participate in Precinct’s Share Purchase...
We recommend security holders in narrow-moat-rated Precinct Properties participate in the share purchase plan, or SPP, with the offer price of NZD 1.48 screening as attractive relative to our fair value estimate of NZD 1.55 per security and the current Precinct share price of NZD 1.49. As part of Precinct Properties’ fully underwritten NZD 150 million equity raise, the firm is offering eligible shareholders the opportunity to participate in a NZD 20 million SPP. While Precinct aims to raise NZ...
- Tony Sherlock
Morningstar | Precinct Pushes Harder into Development. FVE Raised to N...
Precinct Properties’ reported first-half fiscal 2019 operating earnings before performance fees of NZD 39.8 million or NZD 3.29 cents per security, or cps, increased slightly on NZD 38.2 million, or NZD 3.15 cps in the previous corresponding period, or pcp. The small increase is due to organic rental growth being offset by income loss on asset sales and rental downtime at assets undergoing redevelopment works. Fiscal 2019 pretax guidance was retained at "around NZD 6.6 cps" before performance ...
- Tony Sherlock
Precinct Pushes Harder into Development. FVE Raised to NZD 1.55
Precinct Properties’ reported first-half fiscal 2019 operating earnings before performance fees of NZD 39.8 million or NZD 3.29 cents per security, or cps, increased slightly on NZD 38.2 million, or NZD 3.15 cps in the previous corresponding period, or pcp. The small increase is due to organic rental growth being offset by income loss on asset sales and rental downtime at assets undergoing redevelopment works. Fiscal 2019 pretax guidance was retained at "around NZD 6.6 cps" before performance ...
- Tony Sherlock
Precinct Pushes Harder into Development
Our fair value estimate for narrow moat rated Precinct Properties is unchanged at NZD 1.45 with the stock screening as fairly valued at current levels. Our fiscal 2019 forecasts remain aligned with reiterated guidance for earnings before performance fees of NZD 6.6 cents per security and dividends of NZD 6.0 cents per security. Precinct’s forward earnings multiple is one of the highest of the Australian and New Zealand firms under coverage at 21.7 times forecast fiscal 2019 earnings. We view ...
- Tony Sherlock
Morningstar | Precinct’s Focus on Quality Justifies Valuation Premiu...
Our fair value estimate for narrow moat rated Precinct Properties is unchanged at NZD 1.45 with the stock screening as fairly valued at current levels. Our fiscal 2019 forecasts remain aligned with reiterated guidance for earnings before performance fees of NZD 6.6 cents per security and dividends of NZD 6.0 cents per security. Precinct’s forward earnings multiple is one of the highest of the Australian and New Zealand firms under coverage at 21.7 times forecast fiscal 2019 earnings. We view ...
- Tony Sherlock
Morningstar | Precinct’s Focus on Quality Justifies Valuation Premiu...
Our fair value estimate for narrow moat rated Precinct Properties is unchanged at NZD 1.45 with the stock screening as fairly valued at current levels. Our fiscal 2019 forecasts remain aligned with reiterated guidance for earnings before performance fees of NZD 6.6 cents per security and dividends of NZD 6.0 cents per security. Precinct’s forward earnings multiple is one of the highest of the Australian and New Zealand firms under coverage at 21.7 times forecast fiscal 2019 earnings. We view ...
- Tony Sherlock
Precinct’s Focus on Quality Justifies Valuation Premium; FVE Unchang...
Our fair value estimate for narrow moat rated Precinct Properties is unchanged at NZD 1.45 with the stock screening as fairly valued at current levels. Our fiscal 2019 forecasts remain aligned with reiterated guidance for earnings before performance fees of NZD 6.6 cents per security and dividends of NZD 6.0 cents per security. Precinct’s forward earnings multiple is one of the highest of the Australian and New Zealand firms under coverage at 21.7 times forecast fiscal 2019 earnings. We view ...
- Tony Sherlock
Precinct’s Focus on Quality Justifies Valuation Premium
Narrow-moat-rated Precinct Properties reported fiscal 2018 earnings of NZD 6.32 cents per security, or cps, up 2.4% on the previous corresponding period and in line with guidance. The key office markets where Precinct operates, Wellington and Auckland, are both benefiting from very favourable tailwinds. Collectively prevailing rents for Precinct's assets in both cities are now below market rates. The Wellington market has seen a high rate of withdrawals of 100,000 square metres, mostly in relati...
- Tony Sherlock
Morningstar | Precinct's Hotel Generates Greater Leverage of Waterfron...
Narrow-moat-rated Precinct Properties reported fiscal 2018 earnings of NZD 6.32 cents per security, or cps, up 2.4% on the previous corresponding period and in line with guidance. The key office markets where Precinct operates, Wellington and Auckland, are both benefiting from very favourable tailwinds. Collectively prevailing rents for Precinct's assets in both cities are now below market rates. The Wellington market has seen a high rate of withdrawals of 100,000 square metres, mostly in relat...
- Tony Sherlock
Morningstar | Precinct's Hotel Generates Greater Leverage of Waterfron...
Narrow-moat-rated Precinct Properties reported fiscal 2018 earnings of NZD 6.32 cents per security, or cps, up 2.4% on the previous corresponding period and in line with guidance. The key office markets where Precinct operates, Wellington and Auckland, are both benefiting from very favourable tailwinds. Collectively prevailing rents for Precinct's assets in both cities are now below market rates. The Wellington market has seen a high rate of withdrawals of 100,000 square metres, mostly in relat...
- Tony Sherlock
Precinct's Hotel Generates Greater Leverage of Waterfront Assets. FVE ...
Narrow-moat-rated Precinct Properties reported fiscal 2018 earnings of NZD 6.32 cents per security, or cps, up 2.4% on the previous corresponding period and in line with guidance. The key office markets where Precinct operates, Wellington and Auckland, are both benefiting from very favourable tailwinds. Collectively prevailing rents for Precinct's assets in both cities are now below market rates. The Wellington market has seen a high rate of withdrawals of 100,000 square metres, mostly in relati...
- Tony Sherlock
We Raise Precinct's FVE to NZD 1.37 on Falling Vacancy Rates and Risin...
We've revised our forecasts to account for Precinct Properties' recent agreement to sell 50% of the ANZ Centre for NZD 181 million which is a 12% premium to the last valuation in June 2017. Office vacancy rates continue to fall in Auckland. Prime-grade CBD office vacancy rate is 4.3% and trending down, leaving few options for tenants and putting upwards pressure on rents in the near term. We've slightly increased rental growth expectations on upcoming lease renewals and our fair value estimate i...
- Tony Sherlock
Market Forces Remain the Support for Precinct.
Narrow moat-rated Precinct Properties remains on sound footing, with every building fully occupied and public and private sector spending expected to support further growth in Auckland market rents over the coming two to three years. Our fair value estimate remains at NZD 1.33, with Precinct trading in line with fair value. Precinct’s major project--the Commercial Bay mixed-use development--is progressing well, with commitments already locked in for 46% of the retail space, which opens in two ...
- Tony Sherlock
Auckland Supply Barriers Play into Precinct’s Favour. FVE Increased ...
Narrow moat-rated Precinct Properties reported fiscal 2017 earnings of NZD 6.17 cents per security, or cps, which was marginally below guidance due to the loss of rental income in Wellington following building damage caused by the 2016 Kaikoura earthquake. We foresee the Deloitte House building being completely demolished, which could result in a loss of up to NZD 3.3 cps. Our fair value estimate increases to NZD 1.33 from NZD 1.30 on raised rental growth expectations for the Auckland assets. At...
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