MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

MNI: PBOC Net Injects CNY111.4 Bln via OMO Friday

CHINA PBOC CONDUCTS CNY141.5 BLN VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.0925 Fri; +2.94% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.0925 FRI VS 7.0989

MNI: EUROZONE Q2 GDP +0.2% Q/Q, +0.6% Y/Y

MNI: FRANCE JUL INDUSTRIAL PRODUCTION -0.5% M/M, -2.2% Y/Y

MNI: GERMANY JUL EXPORTS +1.7% M/M; IMPORTS +5.4% M/M

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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Stockland Trust (SGPAU: A3/A-): FY24 Results

REAL ESTATE
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Neutral. A difficult year but equity market likes last quarter’s momentum

  • Post tax FFO $786m down -7.2% yoy but ahead of expectations by +11%
  • Adj FFO $659m down -10.1% yoy was in-line with analysts
  • Gearing increased to 24.1% (vs 21.9% FY23) but well inside 50% covenant
  • Weighted Average Cost of Debt 5.3% (vs 4.3% FY23)
  • ICR 4.3x well exceeded 2.1x covenant

Interest costs weighed on the business last year. Bright spots were Logistics +20.8% and Community Rental Income +17.1%. The residential landscape is mixed with Victoria problematic.

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Neutral. A difficult year but equity market likes last quarter’s momentum

  • Post tax FFO $786m down -7.2% yoy but ahead of expectations by +11%
  • Adj FFO $659m down -10.1% yoy was in-line with analysts
  • Gearing increased to 24.1% (vs 21.9% FY23) but well inside 50% covenant
  • Weighted Average Cost of Debt 5.3% (vs 4.3% FY23)
  • ICR 4.3x well exceeded 2.1x covenant

Interest costs weighed on the business last year. Bright spots were Logistics +20.8% and Community Rental Income +17.1%. The residential landscape is mixed with Victoria problematic.