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Highlights

  • Centuria Capital is an ASX-listed specialist investment manager
  • In 1HFY24, the company witnessed 23.54% YoY increase in net cash from operating activities to AUD 55.58 million
  • With a shareholding of 9.44%, Vanguard Investments Australia is the biggest shareholder in the company

Headquartered in New South Wales, Centuria Capital Group (ASX: CNI) is a specialist investment manager which reported assets under management (AUM) of AUD 21.1 billion as of 31 December 2023. The company offers several investment opportunities such as unlisted and listed real estate funds and tax-effective investment bonds.

In the first half of financial year 2024 (1HFY24), operational revenue reached AUD 149.6 million, which reflects lower performance fees, decreased activity levels and less profit from development. The period saw a 15.56% YoY fall in operating NPAT to AUD 49.40 million and 23.54% YoY surge in net cash from operating activities to AUD 55.58 million.

In 1HFY24, net asset value increased to AUD 1.78 per security because of investment gains.

Top 10 shareholders of CIN

The top 10 shareholders of CIN have nearly 35.97% shareholding in the company, while the top four shareholders have around 22.04% stake. The highest stake in CIN is held by Vanguard Investments Australia Ltd. with a shareholding of around 9.44%.

Recent business update

Through an ASX update dated 20 February 2024, the company shared that it has set new sustainability goals which intends to eliminate emissions from electricity use by moving towards 100% renewable energy by 2035. Also, the company aims reducing usage of gas and diesel wherever possible by 2035. The company highlighted that it has installed 589kW of solar power capacity and targets to add 1.2MW more in the upcoming fiscal year.

Through another ASX update, the company shared that as of 31 December 2023, it had managed around 417 properties with 2,450 tenants. On 31 December 2023, the company’s occupancy rate was 96.2%, average capitalization rate was 6,03% and weighted average lease expiry stood at 5.7 years.

Outlook

In FY24, the company expects to report earnings per share in the range of 11.5 to 12 cents per security. The company assumes that property growth rates would be negligible and in FY25, it would be 3.5%.

The company informed that it practices prudent capital management, unspent debt and holding large cash reserves to fund expansion of its company.

Share performance of CNI

CNI shares closed 1.94% lower at AUD 1.52 apiece on 27 February 2024. With this, in the past 12 months, CNI’s share price has declined by around 10.59% and in the past three months, it has increased by 8.19%.

The 52-week high of CNI is AUD 1.853, recorded on 16 February 2024, and the 52-week low is AUD 1.13, recorded on 30 October 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 27 February 2024. The reference data in this report has been partly sourced from REFINITIV.