- Core Property expects FY25 earnings to be lower due to asset sales and lower occupancy levels. FY26 earnings expected to benefit from potential stability in the office market, a new lease with ResetData and lower interest costs.
- Market continues to factor in weakness for COF, and will look for signs of market stability and a potential turnaround.
- Attractive yield of 9.0% in FY25, COF is trading at 38% discount to NTA. Suggests current price has limited downside.
- We consider COF to be oversold over concerns for office markets and maintain a BUY recommendation.
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