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Investing.com - JPMorgan has initiated coverage on GemLife Communities Group (ASX:GLF) with an Overweight rating and a price target of AUD5.30.
The investment bank views GLF as a "pure-play builder, developer, owner and operator of high-end land lease communities (LLC) for residents aged 50 years and over," noting the sector benefits from strong growth and structural tailwinds.
JPMorgan highlighted that the company is founder-led, with CEO Adrian Puljich bringing two decades of industry experience from a family background in land lease development.
GLF’s current portfolio includes 32 communities and projects with 1,923 occupied homes and a development pipeline of 7,990 future homes, which JPMorgan believes provides "an ample runway for growth."
The firm expects GLF to achieve mid-to-high teens compound annual growth rate in earnings through FY30, driven by increased development projects and settlement volumes, with the development segment currently contributing 91% of the group’s FY24 earnings.
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