Scentre Bull Sees Limited Impact from David Jones's Administration
Dow Jones11:57
0357 GMT - Scentre's bull at Morgan Stanley thinks rent guarantees should limit any near-term impact on the mall operator from David Jones's move to enter bankruptcy protection. Analyst Simon Chan is concerned that the department-store operator hasn't paid rent since September, but tells clients in a note that it has guarantees covering eight months' rent. He thinks this should limit any near-term financial impact, while the prospect to re-let space from any stores shuttered by administrators represents potential longer-term upside. MS has a last-published overweight rating on the stock and a target price of 4.44 Australian dollars. Shares are down 0.3% at A$3.60.
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