Ingenia Communities Group (INA.AX): Pre-blackout meeting indicates Land lease holding up strong. Retain Buy

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Ingenia Communities Group (INA.AX): Pre-blackout meeting indicates Land lease holding up strong. Retain Buy

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23 Jun 2026 03:01:39 ET │ 16 pages

Ingenia Communities Group (INA.AX)

Pre-blackout meeting indicates Land lease holding up strong. Retain

Buy

CITI’S TAKE Buy

As highlighted in the recent update in early June, INA re-iterated strong Price (22 Jun 26 16:00) A$4.23

enquiry levels across its portfolio, with sales continuing to be strong in

Target price A$5.42↑ QLD, flattish in NSW and softer in VIC. Price growth is following similar

trajectory across states, with higher prices seen in QLD, and with ~50% from A$5.00

weighting to QLD in its development book, benefitting INA. Our discussion Expected share price return 28.1%

with INA and industry peers suggest limited construction cost increases, Expected dividend yield 2.3%

along with higher prices, and we now reflect this in our estimates, Expected total return 30.4%

resulting in 6%/4% increase in earnings in FY27/28E. Land acquisitions is Market Cap A$1,724M

the key near term focus for management with >3,400 sites acquired US$1,209M

recently and more to come. Holidays continues to perform well with 5-8%

YoY increase in forward bookings and acquisition of a holiday park in QLD

announced recently. We raise TP 8% to $5.42 on higher estimates and

retain Buy on INA. Australian Real estate

Suraj Nebhani, CFAAC

Sales growing steadily, with prices higher YoY — As highlighted in the recent update +61-2-8225-4829

in early June, INA re-iterated strong enquiry levels across its portfolio, with sales suraj.nebhani@citi.com

continuing to be strong in QLD, flattish in NSW and softer in VIC. Price growth is

following similar trajectory across states, with higher prices seen in QLD, and with Howard Penny