SYDNEY, June 26, 2026, 05:04 (AEST)
- Scentre ended the session at A$3.86, rising 0.26%. The ASX 200 fell 0.68%.
- Turnover came in at 26.55 million securities, running 76% higher than average.
- The 2026 payout target points to a 4.77% yield. At the FFO target, the stock trades at 16.3 times.
- If December asset values hold steady, the price credits only around 21% of Scentre’s management-platform value as stated.
Scentre Group (ASX:SCG) is set to start Friday at A$3.86, up 1 cent from the previous session. The S&P/ASX 200 closed lower at 8,748.7. Scentre traded 26.55 million shares, beating its usual 15.10 million average.
Scentre’s numbers show a clearer investor picture in its own valuation bridge. As of December 31, statutory net tangible assets came in at A$3.62 per security, while economic NTA landed at A$3.72. The company put another A$0.68 on its property-management platform, which lifted economic net asset value to A$4.40.
With year-end asset values held steady, Thursday’s price came in 14 cents over economic NTA. That gives the management platform a value of about 14 cents, or 21% of Scentre’s estimate. Shares traded 6.6% above statutory NTA and 12.3% under economic NAV.
Scentre (ASX:SCG) trades at A$3.86, which prices in a 2026 distribution target of 18.43 cents, giving a forward yield of 4.77%. FFO target is at least 23.73 cents. That puts the multiple at 16.3 times for the bottom of the range. Payout ratio sits close to 77.7%. Both targets were held in April.
Scentre Group (ASX:SCG) reported business-partner sales up 5.0% to A$7.0 billion for the March quarter. Specialty sales rose 5.3%. Occupancy is at 99.8%. Average specialty rents climbed 5.3%, with new specialty lease spreads at 3.3%. CEO Elliott Rusanow said foot traffic through April 19 reached 160 million, a 3.1% rise from last year.
Scentre’s debt setup trimmed the initial earnings blow from interest rate changes. The company said it had hedged all of its net interest-bearing liabilities as of December 31. After planned swap terminations, the hedge dropped to 99% in January. The annual report showed zero floating-rate exposure at the end of the year.
ASX dropped Thursday after jobs numbers beat forecasts and bets firmed that rates in Australia will stay higher. Banks, miners and energy shares all lost ground. Scentre didn’t move much up, but beat the broader index by around 0.9 percentage point.
Partial asset sales are giving investors a look at Scentre’s property values. Australian Retirement Trust paid A$864 million for 19.9% of Westfield Sydney, pricing the stake at the mall’s June 2025 book value. Scentre kept 80.1%—valued at A$3.5 billion—plus its management, leasing and development mandates. These deals can unlock capital, but Scentre stays in charge of the work.
Scentre Group’s Rusanow said in February that 2025 will be “our fifth consecutive year of earnings and distributions growth.” FFO was up 4.9% at A$1.188 billion. Distributions gained 3.4% to 17.72 cents per security. Scentre Group
Scentre Group’s next key event is the August half-year numbers. The market wants to see if tenant sales gains of 5% actually flow through to higher net operating income, and if management keeps the 18.43-cent distribution target. New third-party capital raised at book could also show more about any management-platform discount.
