Australian (ASX) Stock Market Forum

FRI - Finbar Group

Jump to new
robusta said:
This will have something to do with it.

http://www.watoday.com.au/wa-news/property-market-hits-16year-low-20110204-1agpn.html

Unit prices down 5.6% for the year.

The bottom line is property prices stabilise or increase and FRI should do OK. If the floor drops out from the WA property market FRI will battle for a few years.
Click to expand...

WA real estate has been suffering for maybe 2 and a half years now...so perhaps the worst is almost over for WA. :dunno: bottom not far away? perhaps WA will be the first to recover as it was the first state to decline and stagnate.
 
As a holder allways nice to see directors buying on market:

John Chan 280,000 in the last 3 days

Darren Pateman 5049 yesterday
 
Sold FRI in March for a small loss @ $1.06, starting to get interested again, would be even more interested at ~ $0.70 / share.

Here is a pretty presentation with lots of pictures.

http://www.asx.com.au/asxpdf/20111123/pdf/422qm9lflfy99k.pdf

I do like the fact that they are retaining ownership of commercial property (the own MND head office) but they have a hell of a lot of units to sell into a volatile property market.
 
robusta said:
Sold FRI in March for a small loss @ $1.06, starting to get interested again, would be even more interested at ~ $0.70 / share.
Click to expand...

I doubt it would get that low, but also its not bad considering even neglecting capital growth. The dividend yield is better than what a bank can offer.
Who knows if they can sustain that yield though through the recent slump.
 
lot of units goes for 1/2 mil a pop or more
sound pretty expensive in this market and the unit they sold is just contract to buy

they wont settle till they complete and a lot of thing can happen between now and 1-2 year away, people can just walk and lose the deposit and they have a lot of stock..

Don't know how much truth in this but interesting read
http://www.theaustralian.com.au/bus...pe-creditor-mobs/story-e6frgah6-1226203357668
 
Very quiet on this thread.
Initially, I came across this stock by way of a yield analysis.
The long-term history also suggest a zone of support at current trading levels.

FRI w 01-10-15.gif

I am buying for a lt hold/ yield. Must stay above $1.
 
Has Finbar finally bottomed out? For a Cup&Handle pattern, the period seems a bit short, but if 80c turns out to be holding support, the upcoming dividend (4cFF next Thursday) should still make it a viable proposition. Recent news has also made good reading.

FRI n 04-08-16.png

I gave up waiting for the gap to close and bought some just above it. Depending on today's progress, I may accumulate some more.
 
Hi guys, thinking of establishing a position in this stock as they have completed apartments in Perth which should be snapped up quick now that property and business is booming in Perth. Whats with the sell down today?
 
FRI back to 2019 levels, been a consistent dividend payer over the years, there are worse stocks for sure, $1 would seem somewhat likely.
~
FRI5.JPG
 
Finbar half year profit up 138% per cent to $9.6 million
HIGHLIGHTS
• Half year net profit $9.6 million
• Karratha investment asset value increased $4.96 million after tax to $62.2 m
• Interim dividend of $0.02 declared
• $642 million in end value apartments currently under construction
• Strong sales performance to start second half Perth 23 February 2022: Western Australia’s leading apartment development company Finbar Group Limited (ASX:FRI) (Finbar or the Company) is pleased to report a net profit after tax of $9.6 million for the first half of the 2022 financial year, an increase from $4.023 million in the previous corresponding period.
The 2022 result was boosted by an increase in value of Finbar’s Pelago investment asset in Karratha which was completed by the Company in 2012.
The value of its Pelago investment increased by $4.96 million after tax compared with the previous corresponding period and the $62.2 million asset remains fully leased with rental rates also increasing 9 per cent since the previous corresponding period. Finbar’s operating net profit was $4.6 million for the six months, with contributions from the sell down of the remaining completed stock at Sabina in Applecross, and Riverena in Rivervale, supplemented by the completion and the settlement of 66 units in the 128 unit Dianella Apartments development during the reporting period.
Construction at two major projects, AT238 in the Perth CBD and Civic Heart in South Perth, continues to progress with AT238 expected to be completed in the first half of FY23 and Civic Heart in FY24. Construction at Aurora commenced recently with earthworks currently underway and practical completion also estimated to occur in FY24. Finbar launched The Point, an apartment project in Rivervale, during the first half of the 2022 financial year and has reported pre-sales of 87 apartments, valued at $48.4 million in the $99 million project.
With AT238 expected to reach completion in September this year, the transfer of construction resources will move to The Point where earthworks are scheduled to commence in March.
Construction at the landmark Civic Heart project in South Perth has reached level 1 of the above ground podium with work continuing on the four-level podium before commencement of both residential tower cores.
Finbar Managing Director Darren Pateman said the result was pleasing considering the challenging trading conditions with the greatest challenge being supply chain disruptions to the building industry, including constraints in building contractor labour brought about by almost 700 days of WA’s strict COVID border policies. “I do however see this improving after 3 March as the State moves to relax these policies,” Mr Pateman added. Finbar is benefiting from being in position to develop product and deliver it into the market at a time when some competitors are struggling to commence projects with constraints on supplies and a reduced pool of viable construction contractors. “The mere fact that we can commence construction on projects with fewer pre-sales than our competitors means that we also have stock that can be progressively repriced during construction, which helps insulate our margins in an inflationary market for both the value of apartments and building costs,” Mr Pateman said. “It is a major competitive advantage for us in the current market, being well funded and able to launch and commence projects with our cashflows and with the support of our longstanding joint venture investment partners and bankers.” Sales in the first two months of 2022 had been strong, with 57 sales worth $33.5 million being achieved across all projects, Mr Pateman said. “The Housing Industry of Australia estimates more than 10,000 apartments, that have either been proposed or approved, have been deferred indefinitely in WA, and Finbar has been able to continue to deliver quality apartments into this increasingly constrained market and one where population growth is expected to increase from 20,000 to 30,000 per annum over the next year after borders re-open.”

The Company declared an interim dividend of $0.02 per share, unchanged from the first half of FY2021.

DYOR

i hold FRI ( currently down 43% ) ( bought in July 2013 )

another patience tester

i probably would have 'averaged down 'on this , but i still see a property bubble that needs to pop
 
divs4ever said:
Finbar half year profit up 138% per cent to $9.6 million
HIGHLIGHTS
• Half year net profit $9.6 million
• Karratha investment asset value increased $4.96 million after tax to $62.2 m
• Interim dividend of $0.02 declared
• $642 million in end value apartments currently under construction
• Strong sales performance to start second half Perth 23 February 2022: Western Australia’s leading apartment development company Finbar Group Limited (ASX:FRI) (Finbar or the Company) is pleased to report a net profit after tax of $9.6 million for the first half of the 2022 financial year, an increase from $4.023 million in the previous corresponding period.
The 2022 result was boosted by an increase in value of Finbar’s Pelago investment asset in Karratha which was completed by the Company in 2012.
The value of its Pelago investment increased by $4.96 million after tax compared with the previous corresponding period and the $62.2 million asset remains fully leased with rental rates also increasing 9 per cent since the previous corresponding period. Finbar’s operating net profit was $4.6 million for the six months, with contributions from the sell down of the remaining completed stock at Sabina in Applecross, and Riverena in Rivervale, supplemented by the completion and the settlement of 66 units in the 128 unit Dianella Apartments development during the reporting period.
Construction at two major projects, AT238 in the Perth CBD and Civic Heart in South Perth, continues to progress with AT238 expected to be completed in the first half of FY23 and Civic Heart in FY24. Construction at Aurora commenced recently with earthworks currently underway and practical completion also estimated to occur in FY24. Finbar launched The Point, an apartment project in Rivervale, during the first half of the 2022 financial year and has reported pre-sales of 87 apartments, valued at $48.4 million in the $99 million project.
With AT238 expected to reach completion in September this year, the transfer of construction resources will move to The Point where earthworks are scheduled to commence in March.
Construction at the landmark Civic Heart project in South Perth has reached level 1 of the above ground podium with work continuing on the four-level podium before commencement of both residential tower cores.
Finbar Managing Director Darren Pateman said the result was pleasing considering the challenging trading conditions with the greatest challenge being supply chain disruptions to the building industry, including constraints in building contractor labour brought about by almost 700 days of WA’s strict COVID border policies. “I do however see this improving after 3 March as the State moves to relax these policies,” Mr Pateman added. Finbar is benefiting from being in position to develop product and deliver it into the market at a time when some competitors are struggling to commence projects with constraints on supplies and a reduced pool of viable construction contractors. “The mere fact that we can commence construction on projects with fewer pre-sales than our competitors means that we also have stock that can be progressively repriced during construction, which helps insulate our margins in an inflationary market for both the value of apartments and building costs,” Mr Pateman said. “It is a major competitive advantage for us in the current market, being well funded and able to launch and commence projects with our cashflows and with the support of our longstanding joint venture investment partners and bankers.” Sales in the first two months of 2022 had been strong, with 57 sales worth $33.5 million being achieved across all projects, Mr Pateman said. “The Housing Industry of Australia estimates more than 10,000 apartments, that have either been proposed or approved, have been deferred indefinitely in WA, and Finbar has been able to continue to deliver quality apartments into this increasingly constrained market and one where population growth is expected to increase from 20,000 to 30,000 per annum over the next year after borders re-open.”

The Company declared an interim dividend of $0.02 per share, unchanged from the first half of FY2021.

DYOR

i hold FRI ( currently down 43% ) ( bought in July 2013 )

another patience tester

i probably would have 'averaged down 'on this , but i still see a property bubble that needs to pop
Click to expand...
Sorry to hear you probably bought in at the highs. Also shows how important a 10% stop loss type strategy could be useful when buying into a company near its peaks

Hmm my mistake thinking it would go up soon, If you look at Perth, commodities were booming in late 2011 into early 2012 before commodities and the property prices there corrected. Finbar still went up in 2013 and further peaked in 2014 (i guess a 1 to 2 year delay in pricing in the boom time projects started and presold in 2011/2012?)

i guess we will have to wait till 2023 and 2024 to see the spike in profits as the major projects get completed? Following this logic It would seem earnings should peak in 2024, followed by bumper bonus dividends, which would be a good time to sell and book in profits. That means now could still be a good time to accumulate.
 
wasn't the best time to buy , for sure , but was holding back until the property ( finance ) scene became clearer

these property prices are going to have to rationalize eventually

i haven't given up on the idea of adding more but am tempted to see if McGowan fails to be re-elected first

besides i have done OK elsewhere in REITs ( MGR , BWP and SCP come straight to mind but there are some other solid ones for me , like SGP )
 
FY24 Profit Guidance

Highlights
• Finbar anticipates reporting a net profit of approximately $16 million for the 12 months to30 June 2024.
• Dividend to be determined at time of audited results announcement on 21 August 2024.
• Aurora and The Point to be the next project completions with revenues expected in the first half of FY25.

Perth, 24 July 2024: Western Australia’s leading apartment development company,Finbar Group Limited (ASX: FRI), is pleased to confirm it expects to report a net profit after tax of approximately $16 million for the financial year ended 30 June 2024.

The improved profit was predominantly built on the completion of Civic Heart with the settlement of 195 lots to the value of $212.4 million in the $446.2 million project, during the final days of the FY24 financial year.

Additional Civic Heart settlements have continued into the FY25 financial year and the company is anticipating the completion of both Aurora in Applecross and The Point in Rivervale in the first half of the FY25 financial year.

Finbar’s audited results and company update are expected to be announced on 21 August 2024 and a dividend will be determined at this time.

Ends

i hold FRI ( currently down 40% for me )

i have resisted averaging down here as i feel the property ( and construction ) sector has more challenges to come
 
A developer not going broke!?

Finbar Group Limited (ASX:FRI), a leading property developer in Western Australia, has posted a strong performance for FY24, with a comprehensive income increase of $13.6 million, bringing total earnings to $16.4 million. The year was marked by the successful completion of the Civic Heart project in South Perth, which had a significant impact on the company’s bottom line.

The group’s financial position remains robust, with a cash balance of $220.1 million at the close of FY24. However, $173.5 million of this was allocated to repay the Civic Heart construction facility, leaving Finbar with $46.6 million. The company also reported a healthy pipeline of pre-sales worth $381 million across its ongoing projects, including Aurora and The Point.

CEO Darren Pateman highlighted the significance of these achievements, stating, “The completion of Civic Heart is a key milestone for Finbar, showcasing our commitment to delivering quality developments. We remain focused on driving further growth through our project pipeline.”
 

Similar threads

grubalo
Help for (Humble) New traders: Best stocks to invest $1000
2
Replies
23
Views
1K
divs4ever
divs4ever
BossMan.
Japan Exposure
2 3
Replies
52
Views
5K
eskys
E
T
ICT Network Groups
Replies
0
Views
785
TRH
T
R
Can trading platforms change the value of candles that have already closed?
Replies
8
Views
769
peter2
peter2
ducati916
September 2024 DDD
2 3 4
Replies
66
Views
9K
qldfrog
qldfrog
Top