Sunland Group

Sunland recently joined the chorus of residential property developers announcing falling profits. Home prices fell 4.8% nationally in 2011, and 6.7% in Queensland where Sunland has 65% of its developments (by completion value). The company’s interim net profit is expected to be a meagre $1m when it’s announced on 22 February, and $14m-$15m for the full year, down around 30% from $21m in 2011. It’s not all bad news, though. Sunland currently trades at a 56% discount to net tangible assets (NTA) per share of $1.55 (as at 30 June 2011). That provides protection against a housing downturn, and means...

Sunland recently joined the chorus of residential property developers announcing falling profits. Home prices fell 4.8% nationally in 2011, and 6.7% in Queensland where Sunland has 65% of its developments (by completion value). The company’s interim net profit is expected to be a meagre $1m when it’s announced on 22 February, and $14m-$15m for the full year, down around 30% from $21m in 2011.

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