25-Mar-09 BA-Merrill Lynch The company will sell 5 assets for $92.6m, reflecting an initial yield of 7.7%. All good, says the broker, who notes the sale gives MCW enough liquidity to fund its $450m CMBS debt maturing in December. However, the broker is still concerned with elevated gearing of nearly 70% and its capital strength analysis still shows a $487.5m capital shortfall. This sees the Underperform maintained, but target rises to 15c (from 8c).
MCW Price at posting:
24.0¢ Sentiment: None Disclosure: Not Held
