Stockland（SGP.AX）：从总体规划到兆瓦...业绩电话会议深入洞察

研报英文原文证据摘录

Flash |

19 Aug 2026 00:36:37 ET │ 14 pages

Stockland (SGP.AX)

From Master Plans to Megawatts... Deeper insights from the results call

CITI'S TAKE

Stockland’s (SGP) FY26 results demonstrate robust operational

execution, highlighted by FFO of 36.9c at the top end of guidance and

gearing reduction to 22.7%. The key highlight is the strong FY27 FFOps

guidance of 38–39c, which is well ahead of consensus and supported by

the initial earnings contribution from data center site transfers. While

residential (MPC) margins face near-term headwinds from project mix

shifts and Victorian rebates, a solid pre-sales backlog of over 3,800

contracts provides strong volume visibility. SGP's strategic pivot toward

data centers via the Edgeconnex JV and active capital recycling (targeting

a reduction in office exposure) positions the group for sustainable, multisector growth. Despite the strong rally today, the stock trades only at a 4%

premium to NTA, meaning further upside likely on data center pricing. We

are Buy rated.

Buy

Price (18 Aug 26 16:00)

A$4.05

Target price

A$5.10

Expected share price return

25.9%

Expected dividend yield

6.5%

Expected total return

32.4%

Market Cap

A$9,848M

US$6,979M

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Suraj Nebhani, CFAAC

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