Australand Holdings

At Australand’s recent annual meeting the property developer and owner reiterated that it expects the distribution to be held flat at 21.5 cents in 2012. With the security prices of property groups buoyed by the recent cut in the official interest rate to 3.75%, Australand’s yield has fallen to 7.8%. That’s enough to keep the company in our model portfolios, but we’d reassess if the security price increased 10-15%. The residential property development division has produced unsatisfactory returns on capital since the GFC; something lower interest rates won’t fix. The industry has too many players, and the onerous cost...

At Australand’s recent annual meeting the property developer and owner reiterated that it expects the distribution to be held flat at 21.5 cents in 2012. With the security prices of property groups buoyed by the recent cut in the official interest rate to 3.75%, Australand’s yield has fallen to 7.8%. That’s enough to keep the company in our model portfolios, but we’d reassess if the security price increased 10-15%.

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