Aged-care stocks high

Peter Young.
Peter Young.
Stocks in three separate listed aged-care companies hit new highs yesterday on the New Zealand Stock Exchange.

Ryman Healthcare and Summerset Group both hit record highs of, respectively, $4.18 and $2 per share, while Metlifecare hit a four-year high of $2.95.

Forsyth Barr broker Peter Young said the three companies had attracted the attention of investors during the financial reporting season, with a mixture of attractive management, hitting targeted goals and overall growth prospects.

"Investors are liking the [Ryman] stock, management and the company," he said.

Summerset had delivered growth of more than 133% in underlying earnings and was well on track to meet its prospectus forecast, highlighting that its $40 million, 155 unit, Dunedin project had already sold the first 30 units, he said.

Metlifecare, saw unit resale numbers up more than 10%, new sales up more than 24% and occupancy rates rose from 91% to 93%.

 

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