Region Group

RGN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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A Solid Half Year for Shopping Centres Australasia, but Longer-Term Outlook Remains Tough

Johannes Faul

Feb 4, 2020

No-moat Shopping Centres Australasia’s half-year results were largely in line with our expectations, but the group has slightly increased full-year earnings guidance. In line with this, we are increasing our full-year expectations for funds from operations, to 16.9 cents per unit, from the 16.7 cents guidance provided in August 2019. However, we make no change to our fair value estimate of AUD 2.36 and continue to view the shares as modestly overvalued.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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