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Mid-Cap

Fall in DUET Group and Investa Office Fund

June 29, 2016 | Team Kalkine
Fall in DUET Group and Investa Office Fund

DUET Group


DUE Details
  • EDL’s acquisition of Cullerin Range wind farm: DUET Group (ASX: DUE) stock has fallen 2.8% on June 29, 2016 even though there was no specific update from the company. The easing fears over Brexit has been dragging the utilities stocks, consequently impacting the group. On the other hand, DUE announced that Energy Developments Pty Ltd (EDL) has acquired the 30MW Cullerin Range wind farm for $72m (excluding transaction costs). The stock has a very high dividend yield and generated over 7.2% in the last four weeks alone (as of June 28, 2016).
  • Recommendation: We believe that the stock has the capability to generate further returns in the coming months and, accordingly we give a “Hold” on the stock at the current price of $2.44
 
Investa Office Fund


IOF Details
  • Increasing occupancy by signing leases: Investa Office Fund (ASX: IOF) stock has fallen over 2.5% on June 29, 2016 even though there was no specific announcement from the company. IOF declared a dividend of total amount AUD 0.098 and completed the leasing of an additional 7,377sqm in Brisbane. Moreover, significant leases have been signed by the group at 295 Ann Street and 140 Creek Street, which would increase the occupancy to 95% as compared to 80%. IOF has signed a 10-year deal across 2,423sqm at 295 Ann Street and the Australian Institute of Management agreed a 5-year lease over 800sqm. The group has confirmed a 7-year, 900sqm deal with Turner Townsend at 140 Creek Street, building on the momentum from the 8,800sqm lease extension to the Queensland State Government. Accordingly, the stock already generated over 10% returns during this year to date (as of June 28, 2016). On the other hand, the Cromwell Property Group got a 9.8% stake in Investa Office Fund, raising doubts among investors over the potential $2.5 billion takeover of the group from Dexus Property Group. Moreover, the ongoing turmoil in the markets is posing challenges.
  • Recommendation: We give an “Expensive” recommendation on the stock at the current price of $4.28


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The information given by Kalkine Pty Ltd ABN34 154 808 312 (Australian Financial Services License Number 425376) on this website is general information or advice only.

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