DEXUS CONVENIENCE RETAIL REIT (DXC)
Share Price Analysis and Chart

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25/03/2026

3

Downgrade to Hold from Accumulate

$2.60

(08/07/2026)

-3.35%

Morgans observes A-REITs delivered largely in line with expectations in what was a "relatively benign" reporting season.

Yet, this is in contrast to the share price performance where the ASX200 A-REIT sector is down -19% over the past six months versus a relatively flat ASX200.

Higher interest rates provide a challenge to the sector over the short to medium term, although the broker believes the recent share price reactions are overdone and give investors a chance to buy into high-quality names that will be first to benefit once inflation expectations moderate.

Morgans downgrades Dexus Convenience Retail REIT to Hold from Accumulate and reduces its target to $2.50 from $2.90.

FORECAST
Morgans forecasts a full year FY27 dividend of 20.60 cents and EPS of 19.60 cents.

12/08/2026

1

Buy

$3.60

33.83%

Moelis maintains a Buy rating for Dexus Convenience Retail REIT with a $3.60 target price following the release of full-year financial results.

The trust reported FY26 funds from operations and distributions of 20.9c per unit, underpinned by 3.3% average rent growth and 3.0% like-for-like income growth.

The broker's estimates reflect a 3.4% decline for FY27 earnings per share driven by higher floating interest rate assumptions as the cost of debt continues rebasing toward market levels.

Net tangible assets increased 2% to $3.86 per unit during the second half alongside a 5 basis point tightening in the average capitalisation rate to 6.18%.

The analyst views the 7.5% implied yield as highly attractive, noting recent industry consolidation involving ENEOS Holdings and Ampol should translate into a stronger, better-capitalised tenant base across the portfolio.

FORECAST
Moelis forecasts a full year FY27 dividend of 20.90 cents and EPS of 20.20 cents.
Moelis forecasts a full year FY28 dividend of 20.90 cents and EPS of 20.30 cents.