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Australia's Mirvac drops to 2-week low on weaker residential performance

By Reuters News

** Shares of Mirvac MGR.AX fall as much as 3.4% to A$1.758, their lowest level since October 6

** Stock marks its biggest intraday pct drop since October 1

** The Australian real estate firm flags a challenging residential operating environment in FY27, citing the impact of interest rate rises and tax changes

** Logs a 17% fall in first-quarter net residential deposits and logs exchanged, compared with prior quarter

** Still, company reaffirmed FY27 outlook of operating earnings of between 13.2 Australian cents and 13.4 cents per stapled security

** Slowdown in residential activity was better than feared, analysts at Jefferies say

** Jefferies also noted default rates increased from 0.3% to 1.1% in the first quarter

** Mirvac shares down over 12%, YTD

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