Citi sets 'buy' rating on Growthpoint Properties Australia
** Citi sets "buy" rating on Growthpoint Properties Australia GOZ.AX, sets PT at A$2.70
** GOZ shares ended 0.4% higher on Thursday
** Brokerage says share price discount to net tangible assets of 40% and FY24E dividend yield of 8.5% creates a value underpin, while gearing remains higher than peers at 38.5%
** Company's FY24 distribution guidance at 19.3 cps in line with Citi and VA consensus expectations
** However, investors remain sceptical of office fundamentals globally differentiating investments on quality and location, which may result in higher discounts to NTA for exposed shares until sentiment shifts more positively - Citi
** Three of five analysts rate the stock "buy" or higher, two "hold"; their median PT is A$2.70 – LSEG data
** Stock down ~2% YTD
Reporting by Neha Soni in Bengaluru
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