Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM team, Much appreciated your regular and clear advice. I am wondering if you have any thoughts on Finbar (FRI) which is the largest apartment developer in Perth. It seems to be a solid company that has good results although the price has dropped due to no dividend this half. Regards, David
Hi David,
We are not overly close to this $200mn WA property developer but can see its endured a tough few months, tumbling ~25% from its September high. This weeks result didn’t go down well with the stock slipping ~6% but this was just compounding recent weakness. On the dividend front we can see they paid a 8c dividend last September, but there was no such payout after the previous three reports.
We felt their report read well with the developer of medium to high-density residential apartments and commercial properties announcing a net profit of $9.4 million, supported by successful stock sales expected to generate $120 million in cash flow. FRI continues to advance its development projects, recently receiving approval for a $100 million apartment building in Perth.
The share price has been under pressure with some major shareholders exiting the register which is never good but if Perth real estate can improve from here FRI should do okay.
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