No big surprises in CTI’s FY24 results after it recently provided PBT guidance. However, we have lifted forecasts on less conservative margins and after adding the medium-term earnings impact from the development of the last stage at Hazelmere. Not in our numbers is the opportunity to leverage a strong balance sheet that is underpinned by a large property portfolio. BUY maintained on an upgraded valuation of $2.75 (prior $2.55).
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