CWP - Cedar Woods Properties

WHOOPS

assumed it had gone ex-div. ( my bad )

will have a think overnight , it MIGHT replace one of the orders i have in the market ( for different stocks )

cheers and thanks

( i hold CWP , but willing to add a few at a good price )

Cedar Woods Properties Limited (ASX: CWP) (‘Cedar Woods’ or the ‘Company’) is pleased to advise it has been granted a “first mover advantage” by the WA State Government as part of the progression of its Market-led Proposal (MLP) for the land surrounding the Swanbourne train station.

In 2021, Cedar Woods identified an opportunity to develop government owned land around the Swanbourne train station and submitted a bid under the State MLP process for the development of the land. Today, the WA State Government has announced the next phase of the Swanbourne MLP process which seeks expressions of interest (EOI) from the market for development of the land.
As part of that process, Cedar Woods has been granted a “first mover advantage”, which has been documented in an agreement between the Company and the State.
The State’s MLP policy provides an innovative opportunity for the private sector to identify opportunities for development of underutilised, state-owned land and in a manner that can serve policy objectives around housing supply, urban planning and job creation.
Cedar Woods Managing Director, Nathan Blackburne, said subject to reviewing the EOI due diligence information the Swanbourne development fits well with the Company’s mandate to build a national portfolio of quality projects and specifically, well located or transit-oriented developments.
“After considerable investigation and planning, Cedar Woods has conceived a vision for a mixed-use development on this surplus land that will seek to deliver much needed and diverse new housing supply, especially in the Western Suburbs, that can leverage the revamped infrastructure” he said. “We are excited to participate in this next phase and if successful, deliver an outstanding development for Perth”. A key component of Cedar Woods’ concept is to integrate a mixed-use project with the adjacent Swanbourne train station and local infrastructure.
Cedar Woods currently has 35 major developments underway across Australia.
The Company has extensive credentials in delivering transit-oriented developments that leverage state infrastructure, including Eglinton Village WA, Williams Landing VIC, Jackson Green VIC, Banbury Village VIC and Greville QLD.

( i hold CWP , but willing to add a few at a good price )

CWP @ 4.35
Value for money increasing but the chart uptrend support is well broken along with a lower low.

Held

WEEKLY

missed my top-up target here , maybe i was too greedy , or maybe not patient enough

Suspect its got further to fall.

finicky said:

Suspect its got further to fall.

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so do i but do i buy some soon ( raising my target ) , do i wait , or move on for a different target ??

i plan to wait for the target and be ready in case there is another opportunity even lower

the big question will be can CWP ( and many of it's peers ) survive another 10 years ?? ( take-overs , credit squeezes plenty could go wrong )

I'm also thinking of adding but waiting for a chart signal, which by its nature means buying above the low.

divs4ever said:

.. the question will be can CWP ( and many of it's peers ) survive another 10 years ??

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Well it has migration policy and a housing shortage going for it but I have wondered if CWP is sensing a housing bust ahead - where consumers shy away from more debt or lending gets more restrictive or confidence in the economy slumps. This stock has really plunged in bad times. But there are always reasons to doubt when looking at buying a depressed stock. However FBU has been going well lately - a similar business. Maybe REITs are a better bet.

Held

finicky said:

I'm also thinking of adding but waiting for a chart signal, which by its nature means buying above the low.

Well it has migration policy and a housing shortage going for it but I have wondered if CWP is sensing a housing bust ahead - where consumers shy away from more debt or lending gets more restrictive or confidence in the economy slumps. This stock has really plunged in bad times. But there are always reasons to doubt when looking at buying a depressed stock. However FBU has been going well lately - a similar business. Maybe REITs are a better bet.

Held

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well since it develops the properties first ( and then may keep some of the project ) it has a lot of moving parts , which means plenty to frighten the nervous

i hold FBU as well .. about time , i also hold FRI which i should probably re-crunch the numbers ( but the WA members here give a disappointing outlook for their home state )

but in the current climate would you really load up on bonds and have no chance of a capital gain ( if bought at par/face value )

true some of this sector will fail , but will the winners cover the losses on the way

divs4ever said:

well since it develops the properties first ( and then may keep some of the project ) it has a lot of moving parts , which means plenty to frighten the nervous

i hold FBU as well .. about time , i also hold FRI which i should probably re-crunch the numbers ( but the WA members here give a disappointing outlook for their home state )

but in the current climate would you really load up on bonds and have no chance of a capital gain ( if bought at par/face value )

true some of this sector will fail , but will the winners cover the losses on the way

Click to expand...

Just for curiosity saw the charts of three CWP, FBM and FIN

CWP raised to buy by Bell Potter fwiw - according to market matters. Price target 5.30

i hold CWP , KGN and NIC

H1 report for Cedar Woods barely moved the dial.
Deservedly so I guess as NPAT H1 was only $2.6m

Much stronger H2 expected with a good start of $16.8m after tax mostly expected to settle this H2 from sale of Williams Landing shopping centre in Victoria. Announced this yesterday, maybe to buffer a negative reaction to today's weak HI announcement?

FY24 Full Year NPAT tipped to be $37m mid range which would be higher than FY23 and equal to FY22
ROE therefore I expect to be about 7-8% on a current NTA of $5.20. Price closed today @ $4.80, slightly up, low volume.
Interest rates and builder capacity mentioned as having affecting buyer confidence. This is improving.

Bit of a nothing stock in my experience, as I suspect my small capital loss over more than a decade has eaten up the benefit of my cumulative dividends.

Held

So far so good I guess. Unexciting. Share price chart not trending.
Guidance of NPAT FY24 $36m - $39m, cf last year was $32m. Means est P/E = 10.6 at lower end of NPAT range. Should pay an ok franked dividend (~5%?)
In comments they say,
"Demand for housing continues to be supported by population growth, strong economic conditions in most states, low vacancies in rental markets and significant housing supply shortages. "With interest rates believed to be near the peak"
Some would disagree with their interest rate outlook, including a few here and also Greg Canavan. Cedar Woods seems to have been insulated from the the spate of builders going broke (so far)

Held and Holding

Cedar Woods Properties Limited (ASX: CWP) (‘Cedar Woods’ or the Company) is pleased to advise that it has accepted an unconditional contract from Fabcot Pty Ltd to sell 2ha of shopping centre land for $13m (excl. GST). Cedar Woods paid $49.5m for the 86ha land holding in Eglinton in November 2021, for the development of a masterplanned community inclusive of residential neighbourhoods, a primary school, commercial hub and open space.

The sale results, after attributable development costs, in a realisation of significant value uplift for this portion of the site and enhances overall project return, with a significant up-front return of capital.
The Company retains a significant 1,200 lot pipeline of residential lots at Eglinton Village which for the past six months has been the Company’s top performing project nationally (out of 35 projects) with strong, sustained sales rates and average lot prices that have increased 25% in recent months.

The shopping centre site is expected to be anchored by a Woolworths supermarket with supporting specialty stores.

Fabcot has extensive experience in owning, developing, and managing shopping centres, which Cedar Woods considered would benefit the Eglinton Village community.

Cedar Woods Managing Director, Nathan Blackburne said “Having obtained approvals permitting the development of a neighbourhood centre at Eglinton Village, the sale of this land is consistent with our strategy of adding value to our developments and then recycling capital back into the business for new opportunities”.

About Cedar Woods Cedar Woods is a national property company established in 1987 and listed on the ASX in 1994. It has 35 projects across Australia and a pipeline of more than 9,000 lots.

Our products include residential lots, apartments, townhouses and commercial.

i hold CWP ( and WOW 'free-carried' )

not really that close to my target price

but maybe a small nibble ?

( reaching for my calculator )

Sale sounds good, they've added value to that patch of ground and as they say, can recycle the capital. Have been looking at CWP recently myself for a possible small add. Must have another squizz at its chart.

Held

Cedar Woods to embark on third project with partner Tokyo Gas

10 JULY 2024

Cedar Woods Properties Limited (ASX: CWP) (“Cedar Woods” or the “Company”) is pleased to advise that it has entered an agreement with Tokyo Gas Real Estate Australia Pty Ltd (“TGREA”) to partner the development of the recently acquired Perth landholding at Upham Street, Subiaco.

TGREA purchased 49% of the development with Cedar Woods appointed to manage and sell the project.In May 2024, Cedar Woods announced that it had purchased a 9,784 sqm site in the inner-city suburb of Subiacoon which it plans to develop over 200 apartments across three buildings.

The site is directly adjacent to the Company’s successful Incontro Subiaco project, at which 41 townhouses have been completed and an apartment project is expected to be launched soon.

In 2023 Cedar Woods announced that it had made a strategic shift to some future projects being undertaken in joint venture arrangements.
Shortly thereafter the Company announced two relationships, one with QIC and the second with TGREA.

The initiative seeks to scale up the business in a capital efficient manner, amplify return metrics, deliver sustainability outcomes, leverage the existing skills base, further diversify the project portfolio,access larger scale sites and generate fee income for recurring earnings.

As one of their growth strategies, TGREA has announced recently it will be active in property developments globally, primarily in Australia, with the investment of approximately A$600 million (60 billion yen) by 2030 and with a focus on developments that can also deliver sustainability outcomes.

The Subiaco deal will be the third that Cedar Woods is undertaking with TGREA and it is the intention of the parties to create a relationship of scale across the country with joint investments and in developments that can generate strong shareholder returns through sustainable property development.

Cedar Woods has previously announced the following partnered projects:
- Robina, Queensland with QIC (in planning approvals phase)
- Banksia Apartments, Adelaide with TGREA (construction soon to complete)
- Bloom 1 Apartments, Adelaide with TGREA (construction completing in FY25)

Managing Director, Nathan Blackburne said the latest agreement with TGREA was another step in the execution of the new partnering strategy and that he was looking forward to announcing further deals over FY25.
“Apartments are in very short supply across the country, but particularly so in Perth, where few new projects have been delivered in recent years.
The new project is timely, and with the support of TGREA, we look forward to crafting a quality apartment project that provides much needed new housing for Perth”.

About Cedar Woods

Cedar Woods is an award-winning, national developer of residential communities and commercial properties with a portfolio diversified by geography, price point and product type.
Since 1987, we have proudly been recognised for creating thriving communities for our customers and delivering long-term value for our shareholders.
With 35 projects across Western Australia, Victoria, Queensland and South Australia and a pipeline of 9700 lots, CedarWoods is positioned well to deliver vibrant communities for many years to come.

Authorised by: Nathan Blackburne, Managing Director

ENDS

i hold CWP

CWP price responding to a pretty good FY24 report. Dividend up too. Bit of consolation for a disappointing Imdex (IMD) FY24 result.

Held

Good straight talking break down and outlook from Nathan Blackburne. He sounds likeable.
Plenty of work ahead for CWP and he thinks laggard Victoria will self correct with plenty of demand, including immigration, to overcome affordability and buyer reluctance. Also more red tape in socialist Victoria.

He is tipping NPAT growth of 10% for FY25 and the business to be in a growing sector beyond that.

Held
Will buy more if there is a pullback.

Let me know if these Ausbiz clips aren't coming through from a Samsung browser share.


DAILY

Cedar Woods' (CWP) been hitting 12 months highs.

DAILY

have plundered the kitty today , already

so no point me wishing it was hitting 12 month lows ( so i can add more , today )

oh well , a paper gain .. now all i need is someone who will listen to the bragging