Broker tips lower payout for Westfield
WESTFIELD, the world's biggest shopping centre landlord, has been hit with an earnings downgrade and predictions of a potential cut in annual dividends next year by broking analysts at Deutsche Bank.
WESTFIELD, the world's biggest shopping centre landlord, has been hit with an earnings downgrade and predictions of a potential cut in annual dividends next year by broking analysts at Deutsche Bank.Given the weakening retail climate and fears that the key British market will be in a deep recession for at least the next four quarters, Deutsche has dropped Westfield from a "buy" recommendation to a "hold".Westfield has a balance date of December 31 and has said it expects a steady dividend of 106.5 cents per security for this year.Deutsche said it had cut its 2009 earnings forecast by 5 per cent and dividend forecast to 100 CPS. Next year might also coincide with a reduction in payout ratio to 80 per cent of operating earnings.
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