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Property Stocks Down Under 23 February 2022: Vicinity Centres (ASX:VCX)
Vicinity Centres: Is now the time to be in the Vicinity?
Today we look at Vicinity Centres (ASX: VCX). This company is one of the largest shopping centre owners on the ASX. It has over 60 shopping centres under management, consisting of ~7,100 individual retailers. COVID-19 forced the shutters down on non-essential retail and sent Vicinity swinging from a $346.1m profit in FY19 to a $1.8bn loss. Although essential retailers in suburban malls mitigated the damage, its CBD assets were hit by people working from home and the elimination of tourism through border closures.
But with the worst of the pandemic behind us, there is a fresh sense of optimism about the company as evidenced by its half yearly results and its subsequent share price spike. We have been bearish on Vicinity in previous editions, but with the worst of the pandemic seemingly in the rear-view mirror, we are changing our tune on the company.
Click here to read the previous edition of Emerging Stocks Down Under published 15 February 2022.