Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We remain underweight interest rate sensitive stocks. The rise in global yields has been driven by Fed policy alone, and this looks set to continue for the remainder of this year. However, there are uncertainties about the outlook for 2019. We explore several scenarios to map out potential paths for US 10-year yields. Bond yields could consolidate in the near-term. We think 10-year yields are close to their peak for now and could fall over the next few months against a broader backdrop su...
Narrow moat-rated Westfield Corporation is proposing to merge with Unibail-Rodamco, with a shareholder vote on a series of interrelated proposals scheduled for May 24, 2018. Consideration comprises 0.01844 Unibail securities plus USD 2.67 cash for each Westfield security, which amounted to USD 7.55 (or AUD 10.01) when the proposal was announced on Dec. 12, 2017. However, the subsequent decline in the price of Unibail scrip and currency movements has reduced the consideration to USD 7.06 (or AUD ...
We expect Unibail-Rodamco’s takeover offer for Westfield Corporation to be approved as proposed and as such have recalibrated Westfield's fair value estimate to AUD 9.15 from AUD 10 to account for the variability in the constituent components of the cash and scrip consideration. The main factor in the lower consideration has been the 9% decline in the Unibail scrip over the past month from EUR 224.1 as at Dec. 11, 2017 to EUR 204.2 as at Jan. 15, 2018, which incorporating currency movements ...
We expect Unibail-Rodamco’s takeover offer for Westfield Corporation to be approved as proposed and as such have recalibrated Westfield's fair value estimate to AUD 9.15 from AUD 10 to account for the variability in the constituent components of the cash and scrip consideration. The main factor in the lower consideration has been the 9% decline in the Unibail scrip over the past month, which incorporating currency movements detracts AUD 66 cents from the original offer. The strengthening in th...
FINANCIAL INSTITUTIONS CREDIT OPINION 22 December 2017 Update RATINGS Westfield Corporation Domicile United States Long Term Rating A3 , Possible Upgrade Type LT Issuer Rating - Dom Curr Outlook Rating(s) Under Review Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Analyst Conta
Rating Action: Moody's places Westfield Corporation's A3 ratings on review for upgrade. Global Credit Research- 13 Dec 2017. New York, December 13, 2017-- Moody's Investors Service has placed Westfield Corporation's A3 issuer rating on review for upgrade following the announcement that the global mall landlord will likely be acquired by A2 rated Unibail-Rodamco SE, Europe's largest real estate company.
Unibail-Rodamco’s offer to acquire Westfield Corporation for AUD 10.01 per share looks like a good outcome for investors, with the offer price representing an 18% premium to the last close and a 15% premium to our previous fair value estimate of AUD 8.70. Westfield shares dropped and stayed below AUD 10 since early September 2016 and have traded as low as AUD 7.30, then staged a recovery over the past month on the back of a series of takeover proposals in the sector. The transaction has the su...
Specialty sales across narrow moat-rated Westfield Corporation’s portfolio keep us on high alert, with the top assets Westfield denotes as flagship--83% of assets--up a respectable 3.2% for the year to September, but with nil growth for the "regional"malls. We’ve already got fairly low rental expectations for the regional malls, but we assume occupancy will be maintained around the current 91% for the longer term. However, if occupancy rates were to decrease as more tenants fall victim to th...
Westfield Corporation reported first-half 2017 funds from operations of USD 16.5 cents per security, and reiterated guidance for full year FFO of USD 33.8-34.0 cents per security, with a stronger second half expected due to the commencement of developments. We have reduced our rental growth assumptions and occupancy outlook for the firm’s regional assets (17% of total), which results in a 2% reduction in our fair value estimate to AUD 8.70 from AUD 8.90. With narrow-moat-rated Westfield tradin...
Tectonic shifts are occurring in the retail sector, and the most impactful will likely remain digital retailers systematically taking sales from brick-and-mortar retailers. Recent innovations by digital retailers plus ongoing high sales growth rates is why we now believe retail landlords and their base rents will suffer more than our prior estimates. Households in developed countries are rapidly changing their retail spending patterns, with the astronomical growth in free delivery, particularly ...
Westfield’s portfolio of premium shopping centres is aligned to the affluent demographic, but recent trading performance indicates its tenants aren’t immune from global retail malaise. The annual specialty sales growth rate has been systemically slowing over the past two years to 2.1% at March 2017. There are some green shoots in parts of the U.S. economy, which could boost tenant sales, but this needs to be contrasted with the inexorable rise in the percentage of sales occurring through dig...
FINANCIAL INSTITUTIONS CREDIT OPINION 20 April 2017 Update RATINGS Westfield Corporation Domicile United States Long Term Rating A3 Type LT Issuer Rating - Dom Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Analyst Contacts Ranjini Venkatesan 212-553-3828
A director at Westfield Corp bought 25,000 shares at 8.720AUD and the significance rating of the trade was 55/100. 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 all the company's directors over the last two years cle...
Westfield Corporation’s 2016 funds from operations, or FFO, of USD 33.7 cents per security, cps, were exactly as guided. The firm continues to actively progress its rotation towards shopping centres that dominate local trade areas, with the weighting to its so-called "flagship assets," increasing from 80.4% to 82.4% over the course of 2016. The completion of major development projects should see this rising to 90% in late 2020. Delivery on this strategy to reweight towards higher-quality asset...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
The progression of Britain’s exit from the EU has precipitated a significant sell-off in the British pound against all major currencies. We don’t see a compelling catalyst for a recovery in the British pound and so opt to rebase our earnings forecasts and Westfield’s valuation to the prevailing currency cross rate. An Australian dollar currently buys British pound 0.6235, which represents a fall in the pound of 18.5% since the Brexit vote on 23 June. This is a decline of 10.1% since 30 Jun...
Westfield Corporation’s third-quarter 2017 trading update made for dour reading due to deteriorating sales performance. Specialty sales are slowing and at an accelerating rate, with flagship 12-month specialty sales up 3.3% to September from 8.2% a year prior. Regionals were similarly impacted, with 12-month specialty sales declining 0.9% as compared with 4.6% growth in the prior year. Despite the softer outlook, our forecasts and AUD 10.10 fair value estimate are both unchanged, with narrow m...
The progression of Britain’s exit from the EU has precipitated a significant sell-off in the British pound against all major currencies. We don’t see a compelling catalyst for a recovery in the British pound and so opt to rebase our earnings forecasts and Westfield’s valuation to the prevailing currency cross rate. An Australian dollar currently buys British pound 0.6235, which represents a fall in the pound of 18.5% since the Brexit vote on 23 June. This is a decline of 10.1% since 30 Jun...
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