Mirvac Group released its September quarter update. Rent collections/ residential sales showed positive momentum but office developments were muted. The group sold circa 400/month, a slight decline from the circa 500 sales reported in June. 

Morgan Stanley notes the group has $921m worth of contracts on hand, the weakest since 2012 but reflective of Mirvac Group's shift to land lots rather than apartments.

No guidance was provided for FY21.

Morgan Stanley maintains its Equal Weight rating with a target of $2.30. Industry view is In-Line.

Sector: Real Estate.

Target price is $2.30.Current Price is $2.23. Difference: $0.07 - (brackets indicate current price is over target). If MGR meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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