Precinct, 'front runner' for downtown carpark, cops downgrade

In the running for carpark development. (Image: Auckland Council CCMP – for illustrative purposes only)

Tue, 02 Aug 2022

Investment house Jarden has re-rated its 12-month target price for Precinct Properties to $1.33 a share, down from $1.47, citing declining office demand across its CBD-based portfolio.Analysts Arie Dekker and Vishal Bhula are forecasting net profit after tax to be at $151 million for the 2022 financial year, down from $188m for the prior year. Net property income, meanwhile, is expected to come in at $129m, largely unchanged on the $127.7m for the 2021 year.While the analysts expect a muted outcome on the valuation front, with capitalisati...

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