Stride Property Group (SPG) AI Stock Analysis

Stride Property Group

(NZX:SPG)

Select Model

Rating:64Neutral

Price Target:NZD 1.00▼(-8.26% Downside)

Action:initiatedcoverage

Date:10/05/26

The score is driven primarily by improving profitability and a manageable balance sheet, tempered by recent weaker free-cash-flow conversion and some top-line softness. Technicals are currently weak with the price below key moving averages and negative MACD, while valuation is supported by a very high dividend yield alongside a moderate P/E.

Positive Factors

Profitability recoveryThe return to positive earnings and strong operating margins indicates a meaningful recovery from the 2023–2024 loss-making period. If maintained, this profitability should support recurring distributions, internal reinvestment, and stronger resilience across the next several quarters.

Negative Factors

Revenue softnessRecent top-line contraction indicates that SPG is not currently expanding revenue consistently, which can constrain operating leverage and reduce the resources available for investment. Continued softness would make it harder for improved margins and fee initiatives to translate into durable earnings growth.

Stride Property Group (SPG) vs. SPDR S&P 500 ETF (SPY)

Market Cap: NZD 610.86M
Dividend Yield: 8.11%
Average Volume (3M): 345.89K
Price to Earnings (P/E): 19.5
Beta (1Y): 0.85
Revenue Growth: -5.72%
EPS Growth: 44.44%
Country: NZ
Employees: 108
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Stride Property Group Business Overview & Revenue Model

Company Description

Stride Property Group, also known as Stride Stapled Group, is an Auckland, New Zealand-based real estate investment firm. It focuses on both direct and co-investments in New Zealand's commercial, retail, and industrial property sectors. The company's...

How the Company Makes Money

SPG makes money primarily through (1) rental and lease income earned from tenants in its commercial property portfolio, which typically includes base rent and may also include recoveries for certain operating costs where leases allow; and (2) fees fo...

Stride Property Group Financial Statement Overview

Summary

Financials show a clear recovery to solid profitability with healthy margins and manageable leverage. However, revenue has been modestly declining in the most recent years, earnings have been volatile (large losses in 2023–2024), and 2026 cash conversion weakened as free cash flow declined and covered only a little over half of net income.

Income Statement

67Positive

Balance Sheet

72Positive

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	111.38M	111.38M	118.13M	121.07M	118.00M	113.30M
Gross Profit	82.20M	81.95M	89.47M	94.28M	94.39M	90.11M
EBITDA	32.19M	58.61M	50.70M	-32.65M	-93.19M	157.93M
Net Income	31.27M	31.27M	21.65M	-56.12M	-116.75M	112.29M
Balance Sheet
Total Assets	1.29B	1.29B	1.40B	1.46B	1.59B	1.64B
Cash, Cash Equivalents and Short-Term Investments	15.28M	15.28M	15.57M	14.76M	16.83M	20.62M
Total Debt	321.45M	321.45M	417.74M	442.51M	458.08M	360.17M
Total Liabilities	344.50M	344.50M	437.99M	466.11M	514.73M	411.23M
Stockholders Equity	945.68M	945.68M	959.67M	992.43M	1.08B	1.23B
Cash Flow
Free Cash Flow	26.55M	26.55M	39.24M	46.19M	55.69M	45.58M
Operating Cash Flow	44.73M	44.73M	39.33M	47.26M	55.76M	45.77M
Investing Cash Flow	95.65M	95.65M	-9.19M	1.60M	-97.79M	-165.99M
Financing Cash Flow	-140.67M	-140.67M	-29.33M	-50.93M	54.14M	127.26M

Stride Property Group Technical Analysis

Technical Analysis SentimentPositive

Last Price1.09

Price Trends

50DMA1.07Positive

100DMA1.10Negative

200DMA1.12Negative

Market Momentum

MACD-0.00Negative

RSI56.91Neutral

STOCH40.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NZ:SPG, the sentiment is Positive. The current price of 1.09 is above the 20-day moving average (MA) of 1.06, above the 50-day MA of 1.07, and below the 200-day MA of 1.12, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 56.91 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NZ:SPG.

Stride Property Group Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

NZ:SPG against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NZ:NPH	68Neutral	NZD 736.52M	26.36	―	4.22%	―	―
NZ:SUM	66Neutral	NZD 1.61B	5.21	8.89%	2.61%	14.09%	-18.30%
NZ:SPG	64Neutral	NZD 610.86M	19.50	―	8.11%	-5.72%	44.44%
NZ:PFI	62Neutral	NZD 1.13B	14.54	―	4.64%	13.17%	-26.72%
NZ:IPL	59Neutral	NZD 373.85M	11.79	―	6.37%	6.42%	-17.97%
NZ:KPG	57Neutral	NZD 1.50B	29.74	2.74%	6.82%	2.85%	-13.56%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

NZ:SPG and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
NZ:SPG	Stride Property Group	1.09	-0.27	-19.91%
NZ:KPG	Kiwi Property Group	0.91	-0.10	-10.34%
NZ:SUM	Summerset Group Holdings Limited	6.56	-5.08	-43.66%
NZ:IPL	Investore Property Ltd.	0.99	-0.20	-16.60%
NZ:PFI	Property For Industry Limited	2.25	-0.15	-6.37%
NZ:NPH	Napier Port Holdings Ltd	3.69	0.41	12.40%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 05, 2026

Stride Property Group AI Stock Analysis