BUZZ-Morningstar initiates coverage on Australia's Region Group; finds modest undervaluation

Reuters07-22
BUZZ-Morningstar initiates coverage on Australia's Region Group; finds modest undervaluation

** Morningstar initiates coverage on Region Group RGN.AX, Australia's largest convenience retail REIT

** Investment research firm assigns a fair value estimate of A$2.50 per security with a "no-moat" rating

** Finds securities modestly undervalued at current prices; says Region actively curates its property portfolio via capital recycling

** Morningstar notes that its fair value estimate is broadly in line with its net tangible assets backing of A$2.42 per security as of the end of December 2024

** Three analysts rate security "buy" or higher while five rate "hold", one analyst rates "sell"; with a median price target at A$2.38, according to data compiled by LSEG

** YTD, shares up 9.2%

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))

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