S$0.625-STLD.SI
Stamford Residences & Reynell Terrace will, according to the just released annual report, be completed by August this year, ie during Stamford Land’s Q2 ending Sept ’11.
With only 9 of the 122 tower units not sold, and likely strong demand for the 5 Reynell Terrace units and 5 commercial units when marketing begins on completion (and selling prices for the terrace units starting from A$4 mln a unit), we expect earnings for the quarter to be substantially boosted for Stamford Land to declare an interim dividend. (Note what’s not yet sold are estimated to be valued at A$70 mln vs A$162.6 mln for the 113 tower units sold.)
Stamford Land will release results for the quarter sometime in November. And it has been Stamford Land’s practice to declare dividend once a year, with one exception: half year ended Sept ’08 when it paid 1.5 cents special bringing the total for that fiscal year to 4 cents.)
For ye Mar ’11, 3 cents have been declared (2 normal and 1 special), and the stock will trade ex-dividend from Aug 2nd.
The annual report also disclosed a bit more information on the redevelopment of Stamford Grand North Ryde, 20 minutes drive from Sydney CBD and close proximity from Macquarie Centre, Macquarie University and Macquarie University hospital : a total of 626 residential units on a site spread over 22,400 sq meters.
We maintain BUY.
No comments:
Post a Comment