0015 GMT - Forsyth Barr stays at neutral on Stride Property following its 1H result, despite a positive view of the company's transition to a capital-light asset manager over time. Analyst Rohan Koreman-Smit points out that the near-term outlook for fee growth remains modest. "There are signs that demand for exposure to direct property assets is increasing as interest rates come down," Forsyth Barr says. "But international interest in New Zealand remains low, and Stride's current vehicles have limited balance sheet capacity." Tenant demand is soft, making it hard to lease vacant space. Also, Stride's low-cost debt hedging will roll off in FY 2026, Forsyth Barr adds. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 27, 2024 19:15 ET (00:15 GMT)
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