ABACUS STORAGE KING (ASK)
Share Price Analysis and Chart

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19/05/2026

3

Neutral

$1.60

16.36%

Citi's Self-Storage Website Tracker continued to show strong enquiry growth in April, with Abacus Storage King recording year-on-year growth of 62.1%, ahead of the peer average of 50.7%.

The REIT also maintained solid operating momentum, the broker observes, with revenue per available square metre (RevPAM) growth of 1.5% and stable occupancy levels.

Unchanged $1.60 target and Neutral rating.

FORECAST
Citi forecasts a full year FY26 EPS of 6.80 cents.
Citi forecasts a full year FY27 EPS of 7.10 cents.

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28/05/2026

1

Buy

$1.60

16.36%

Shaw and Partners maintains a Buy rating for Abacus Storage King with its target price decreased to $1.60 from $1.65 following a corporate restructuring update.

The real estate investment trust will internalise management and operate independently from Abacus Storage Group ((ABG)), rebranding as Storage King Group from the end of June.

The transaction is expected to deliver cost savings equivalent to 6% accretion to funds from operations on a pro-forma FY26 basis.

Despite the strategic efficiencies, underlying earnings forecasts are downgraded by up to -4.5% to reflect highly competitive trading conditions and a weakened New Zealand economic environment.

The revised valuation incorporates these near-term margin pressures alongside softer capitalisation rates stemming from elevated interest rates, the broker notes.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 6.20 cents and EPS of 6.20 cents.
Shaw and Partners forecasts a full year FY27 dividend of 6.40 cents and EPS of 6.40 cents.

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