A director at Vicinity Limited sold 625,000 shares at 2.290AUD and the significance rating of the trade was 78/100. 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 clearl...
VICINITY CENTRES (AU), a company active in the Real Estate Investment Trusts industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of t...
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 make no changes to our AUD 2.60 fair value estimate for Vicinity Centres following the transition to a new analyst. The majority of Vicinity's malls dominate their catchment areas. These regional and subregional malls adequately service demand, enjoying efficient scale characteristics, which underpin the firm's narrow economic moat. Our medium fair value uncertainty and standard stewardship rating also remain intact. At current prices, securities in Vicinity screen as fairly valued. We expec...
Vicinity Centres is Australia's second-largest retail REIT, diversified across all retail categories, but the majority of its capital is in larger shopping malls. Portfolio performance is expected to broadly track the overall retail sector, reflecting diversification across geographies and category. Many of the assets in the portfolio have gone through an extended period of underinvestment, some of which are not being considered for redevelopment to a higher and better use, which could include a...
We make no changes to our AUD 2.60 fair value estimate for Vicinity Centres following the transition to a new analyst. The majority of Vicinity's malls dominate their catchment areas. These regional and subregional malls adequately service demand, enjoying efficient scale characteristics, which underpin the firm's narrow economic moat. Our medium fair value uncertainty and standard stewardship rating also remain intact. At current prices, securities in Vicinity screen as fairly valued. We expect...
Vicinity Centres announced 2.0% growth in comparable tenant sales across its core retail assets for the year to March 2019. This metric looks respectable in the current weak retail environment, but we are cautious about the sustainability of these metrics as much of the uplift was attributable to 7.7% growth at the recently reinvigorated Chadstone shopping centre (20% of portfolio). There was significant variability in operating performance with the remaining malls faring worse than the iconic C...
Vicinity Centres announced 2.0% growth in comparable tenant sales across its core retail assets for the year to March 2019. This metric looks respectable in the current weak retail environment, but we are cautious about the sustainability of these metrics as much of the uplift was attributable to 7.7% growth at the recently reinvigorated Chadstone shopping centre (20% of portfolio). There was significant variability in operating performance with the remaining malls faring worse than the iconic C...
Vicinity Centres announced 2.0% growth in comparable tenant sales across its core retail assets for the year to March 2019. This metric looks respectable in the current weak retail environment, but we are cautious about the sustainability of these metrics as much of the uplift was attributable to 7.7% growth at the recently reinvigorated Chadstone shopping centre (20% of portfolio). There was significant variability in operating performance with the remaining malls faring worse than the iconic C...
Vicinity Centre’s first-half fiscal 2019 was worse than expected, with the majority of the malls across the portfolio reporting sluggish sales and rent performance. New management are trying to extract value, but it will be difficult as trading conditions are changing far faster than the three to five years it takes for a landlord to revise its in-mall offering. A case in point is the fanfare surrounding the opening of Victoria's Secret’s first full-line Australian store in Chadstone (Vicini...
Vicinity Centre’s first-half fiscal 2019 was worse than expected, with the majority of the malls across the portfolio reporting sluggish sales and rent performance. New management are trying to extract value, but it will be difficult as trading conditions are changing far faster than the three to five years it takes for a landlord to revise its in-mall offering. A case in point is the fanfare surrounding the opening of Victoria's Secret’s first full-line Australian store in Chadstone (Vicini...
Vicinity Centre’s first-half fiscal 2019 was worse than expected, with the majority of the malls across the portfolio reporting sluggish sales and rent performance. New management are trying to extract value, but it will be difficult as trading conditions are changing far faster than the three to five years it takes for a landlord to revise its in-mall offering. A case in point is the fanfare surrounding the opening of Victoria's Secret’s first full-line Australian store in Chadstone (Vicini...
Consistent with Vicinity’s strategy to divest AUD 1.0 billion of subregional and neighbourhood shopping centres, the firm has agreed to the sale of 11 malls for AUD 631 million. Transaction evidence implies the market yield for Vicinity’s shopping malls has weakened significantly as the 11 malls sold were executed at a 5.1% discount to the June 2018 book values, whereas the 24 malls Vicinity sold for AUD 1.9 billion over the previous three years were sold at a 2.1% premium to book value. The...
Vicinity Centres is Australia's second-largest retail REIT, diversified across all retail categories, but the majority of its capital is in larger shopping malls. Portfolio performance is expected to broadly track the overall retail sector, reflecting diversification across geographies and category. Many of the assets in the portfolio have gone through an extended period of underinvestment, some of which are not being considered for redevelopment to a higher and better use, which could include a...
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