Morgans initiates coverage of Australia's GPT, sees earnings upside from pivot to fund manager
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Morgans initiates coverage of Australia's GPT Group at A$6.20 per share, highlighting its strategy to shift towards a funds management platform, potentially increasing AUM from A$37 billion to over A$85 billion. This transition could drive earnings growth of 5-7% annually. The valuation is supported by stabilizing interest rates and supply constraints, with expected EBIT of A$91m in CY25F. Domestic interest rate outlook poses a price risk, and partial divestments may affect asset quality. The stock is up 1.2%, with YTD gains of 27.9%.
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