30/05/2023 09:21

Stockland (SGP) $4.41

Stockland operates in the commercial, residential, and retirement living property segments. SGP's Q3 update showed a continuation of steady residential improvement from a 1H23 low, with net sales of +9% from the previous quarter.

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08/02/2023 09:43

Active Income Portfolio – Amendment

We are selling our 4% holding in Stockland (SGP) to increase cash ahead of reporting. 

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08/02/2023 09:19

Stockland (SGP) $4.00

Stockland has been an underwhelming position in the Income Portfolio since it was acquired in April last year, and while it has enjoyed a strong recovery in the past 6 months, hindsight tells us our entry-level was too high, and 10 months later we’re back into a slight ~3% profit overall.

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19/08/2022 16:58

Stockland (SGP) $3.73

SGP -2.10%: FY22 was a better year for Stockland with Funds From Operations (FFO) coming in at $851m, up 8% y/y and above the estimate of $837.5m.  That dropped down to FFO per security of $0.357 vs. consensus of $0.33 while the final distribution was solid at $0.146. FY23 guidance was above consensus, but they then went on to say that July...

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29/06/2022 09:26

Active Income Portfolio

The portfolio added +3.58%% for the week while cash remains at ~1%. APA Group (APA) +13.17% was strong, a move like that for a regulated utility is big, particularly when markets were rallying, normally APA enjoys a safe-haven bid, while Stockland (SGP) +11.95% & Service Stream (SSM) +9.09% were also performers. Metcash (MTS) reported FY22 results during the week and added 6.63% although...

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08/06/2022 09:24

Active Income Portfolio

The portfolio was down -1.48% for the week with cash at 1%.  Woodside (WDS) rallied however it’s only a small position in the portfolio as a bi-product of our BHP position which also gained. Magellan (MFG) was the weakest link down -16.33% following a FUM update while Stockland (SGP) -6.25% also fell. Real-Estate stocks have been in the naughty corner on the expectation of rate rises, our interpretation that a lot of pain...

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18/05/2022 09:34

Active Income Portfolio

The portfolio added  +0.32% for the week while cash remains at ~2%. Commonwealth Bank (CBA) was a strong performer adding +3.36% as they highlighted their leadership in digital banking with a bunch of innovative developments (CBA is so far ahead of the others on this), while APA (Group (APA) +3.25% & Stockland (SGP) +1.56% were also strong. Magellan (MFG) fell -8.25% to be the biggest drag.

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21/04/2022 17:21

Stockland (SGP) $4.20

SGP +2.44%: Released a Q3 trading update this morning with operations inline with expectations and they reconfirmed full-year guidance for both funds from operations (FFO) of 35.1-35.6c  and distribution per share (DPS) of 75-85% of FFO.  If we price SGP on a cap rate of 5.5% and a P/E multiple of 11.5x, it should be worth ~$5.10.

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20/04/2022 09:28

Active Income Portfolio

The portfolio added +0.48% for the week while cash sits at 3%.  AGL Energy (AGL) continues to perform adding a further +4.64% supported by Metcash (MTS) which added +3.03%. The biggest drag was Bank of QLD (BOQ) down -5.92% while G8 Education (GEM) fell by -1.84%. We made a number of changes to the portfolio during the week taking profits on National Storage REIT (NSR)

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13/04/2022 11:22

Active Income Portfolio – Amendments

We are making some changes to the income portfolio today, switching from NSR into SGP, XARO into OZBD and topping up on TLS

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