Australian REITs: Reporting Season Preview - Shifting to a value focus

研报英文原文证据摘录

Australian REITs: Reporting Season Preview - Shifting to a value focus

J P M O R G A N Asia Pacific Equity Research

26 July 2026

Australian REITs

Reporting Season Preview - Shifting to a value focus

In conjunction with our individual REIT stock previews (on ASX 100 REITs), this Australia

note provides our June-26 REIT reporting season preview. Overall, we have rolled

forward Price Targets to June 2027, with some earnings tweaks and four

recommendation changes. Overall REIT performance has been weak vs the market Richard Jones, CFA AC

(down 5.2% ytd vs ASX 200 +2.4%) and quite varied between the stocks (VCX (61-3) 9633-4038

richard.b.jones@jpmorgan.com

+6% to SGP -25%). This has created quite a degree of variance in our Price Targets.

Adam West

As always, the macro outlook will impact REIT pricing and we retain our view that (61-2) 9003-8010

the RBA is on hold in 2026 and that its next move will be cuts, although not likely adam.west@jpmorgan.com

until late 2027 and will be dependent on data. REIT results are well guided so we Connor Eldridge

aren’t anticipating major earnings surprises, of more interest will be the outlook (61-2) 9003-6415

statements and FY27 guidance. Underlying real estate metrics are broadly healthy: connor.eldridge@jpmorgan.com

retail is at or near peak performance, industrial is more normalised, office is stable J.P. Morgan Securities Australia Limited

and residential appears to be slowing but medium-term fundamentals remain

supportive. New supply across all asset classes is below trend and being deferred,

Links to our Large Cap previews below:

with high construction costs a key impediment to supply. Our preferred large-cap

REITs are GMG, SGP, MGR (upgraded) and DXS. We now have more of a value