Goodman Property Trust: 瑞银快照 - 2025财年业绩

Investment Rating - The report assigns a 12-month rating of "Buy" for Goodman Property Trust (GMT) with a price target of NZ $2.35, indicating a potential upside from the current price of NZ$ 1.92 [9][28]. Core Insights - Goodman Property Trust reported FY25 cash earnings of NZ $116 million, reflecting a 15% year-over-year increase and exceeding UBS estimates by NZ$ 1 million. This growth was driven by higher net rental income and reduced operating expenses following management internalization [7][3]. - The company experienced like-for-like rental growth of 7.3%, an increase from 6.5% in FY24, and maintained a high occupancy rate of 99.0% despite a slight decline from 99.5% in FY24 [4][7]. - A new capital partnership was announced, involving a NZ $2.1 billion investment in Highbrook Business Park, with GMT holding a 72% stake, which is seen as a positive development for future growth [7]. Financial Performance - Key financial metrics for FY25 include: - Net rental income of NZ$ 231 million, up 14% compared to the previous corresponding period (pcp) [3]. - Net operating expenses decreased to NZ $11 million, down 48% from the pcp [3]. - Net interest expense increased to NZ$ 64 million, up 37% from the pcp [3]. - Cash earnings of NZ $116 million, up 15% from the pcp [3]. - Distribution per unit (DPU) of 6.5 cents, a 5% increase from the pcp [3]. Guidance - For FY26, the expected cash earnings per unit (EPU) is projected at 8.00 cents, slightly above UBS estimates of 7.95 cents, while the DPU is expected to be 6.80 cents, compared to UBS estimates of 6.75 cents [6]. Valuation - The valuation of Goodman Property Trust is based on a Dividend Discount Model (DDM) and Net Asset Value (NAV), supporting the price target of NZ$ 2.35 [5]. Market Context - The market capitalization of Goodman Property Trust is NZ $2.95 billion (approximately US$ 1.76 billion), with a free float of 68% and an average daily trading volume of 1.166 million shares [9]. - The forecast stock return is estimated at 25.9%, combining a price appreciation of 22.4% and a dividend yield of 3.5% [12].