2312 GMT [Dow Jones]--Jefferies stays bullish about homebuilder Mirvac, despite the specter of another rise in interest rates. Most economists expect Australia's central bank will raise rates by an additional 25 basis points next month. Analyst Andrew Dodds expects this will weigh on sales and enquiry levels in the near term. It makes the timing of any recovery in residential property more uncertain. "Regardless, revised tax settings favor new product and a ramp-up of project launches over FY27 should help support sales velocity," Jefferies says. "At a 25% discount to net tangible assets and 13x price-to-earnings, we would argue residential market challenges are fairly priced." Mirvac is down 1.4% at A$1.795 early.
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