I'd very careful with any research issued by Macquarie as it relates to FKP. FKP and Macquarie are involved in a retirement JV funded by wholesale investors/isto's. The street talk is that MacBank and FKP aren't exactly getting on so well, AND, the JV is not generating sufficient cash to cover the JV parties fees - so the are issuing dilutive units to FKP and MacB in payment of fees. The whole reason its not generating cash is because MacB (in true MacBank style) vended assets which it held or identified into the fund at well over sustainable market values, so that the fees on establishment would be so much juicier for them. Now, it would surprise me if MacB are using the disruptive in-house broker opinion to create some advantage for itself.
DYOR
FKP Price at posting:
53.1¢ Sentiment: Hold Disclosure: Held
