GemLife Communities Group (GLF.AX): Key takeaways from pre-blackout meeting. Raise earnings and TP, retain Buy

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GemLife Communities Group (GLF.AX): Key takeaways from pre-blackout meeting. Raise earnings and TP, retain Buy

Viewpoint |

21 Jun 2026 15:00:17 ET │ 15 pages

GemLife Communities Group

(GLF.AX)

Key takeaways from pre-blackout meeting. Raise earnings and TP,

retain Buy

CITI'S TAKE Buy

Short-Term View: UpsideWe hosted GLF for a pre-blackout meeting. Overall, we walked away

positive on solid demand and limited construction cost increases (detailed Price (19 Jun 26 16:00) A$4.75

notes inside). We therefore raise our FY27/FY28 EPS by 6%/3% respectively, Target price A$5.50↑

and raise TP ~5% to $5.50. GLF is our preferred land lease exposure.

from A$5.25

Demand continues to be strong — At our pre-blackout meeting, GLF highlighted Expected share price return 15.8%

strong enquiry levels over the last 3 months of >2,000 homes per month (versus Expected dividend yield 0.4%

annual settlement guidance of 420), which has been driven by continued strong Expected total return 16.2%sales in QLD and launch of new community in VIC (New Gisborne). They are seeing

nascent signs of recovery in VIC market, with a bit more differentiation among the Market Cap A$1,806M

various regions US$1,287M

Limited cost of construction increases — GLF highlighted ~$10,000 per lot cost

increase which equates to 1.25% (based on FY25 settlement price of $833,00). GLF

continues to be reasonable with suppliers, while also pushing back on >1/2 the

Price Performancerequest for cost increases.

(RIC: GLF.AX, BB: GLF AU)

Vertical land lease — GLF is planning to launch vertical (3 storey, apartment style)

land lease in the Gold Coast in August 2026. While costs to deliver are double the

freestanding land lease, GLF has flagged similar (~50%) margins with double pricing