The Point for Australia/NZ

研报英文原文证据摘录

The Point for Australia/NZ

Point |

Thursday, 09 July 2026

Company | Industry | Global | Key Rating and Target Price Changes

Company

Stockland (SGP.AX) - More than just resi...valuing data center upside

Following our upgrade to residential developers 2 weeks ago, we have had a

number of queries around our preferred developer SGP, particularly around the

data center business upside. In this report, we value the upside on Stockland’s

data center business for the power approved 450MW projects and flag future

pipeline of projects that could add further upside, once approved and power is

secured. We also see upside in SGP’s >$10bn logistics development pipeline which

will be value accretive given >6% yield on costs, ahead of their cost of debt ~5.5%.

Reiterate Buy. We expect more information on the data center business over the

next 6-12 months to be priced into shares, which we believe present strong upside

potential given SGP is trading below NTA per security of $4.25.

Suraj Nebhani, CFA | Howard Penny | Akshit Batra

Industry

New Zealand Economics - RBNZ delivers a 25bp hike in July, but how much

more is possible?

The Reserve Bank of New Zealand delivered an expected 25bps hike to 2.5%. The

Monetary Policy Committee remains focused on elevated inflation and views the

current OCR as accommodative, despite a temporary growth hit. However, we

continue to see the neutral rate closer to a 2.5%-2.75% range and remain

concerned about the underlying strength of the economic recovery. We believe the

economy cannot handle significantly higher rates at current juncture. We therefore

forecast only one more 25bp hike in this cycle, bringing the terminal rate to 2.75%

in September.

Faraz Syed | Josh Williamson

Global