Sunland Group

Sunland’s share price has increased 4% since announcing a profit downgrade, discussed on 16 Feb 12 (Speculative Buy – $0.69). With revenue falling 25% to $79m, the property developer barely broke even in the six months to 31 December 2011, reporting a net profit of $0.2m, down from $8m in the same period last year. Earnings per share also fell to practically nothing, from 3.2 cents; don't expect dividends anytime soon. Sunland’s share buyback, however, is adding value. Net tangible assets (NTA) per share increased 13% to $1.69. Table 1: Sunland first half results Half-year to 31 December 2011 2010...

Sunland’s share price has increased 4% since announcing a profit downgrade, discussed on 16 Feb 12 (Speculative Buy – $0.69). With revenue falling 25% to $79m, the property developer barely broke even in the six months to 31 December 2011, reporting a net profit of $0.2m, down from $8m in the same period last year. Earnings per share also fell to practically nothing, from 3.2 cents; don't expect dividends anytime soon. Sunland’s share buyback, however, is adding value. Net tangible assets (NTA) per share increased 13% to $1.69.

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