Ann: TWD First Half FY24 unaudited profit up 280%, page-7

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WangChung

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20/01/24

12:38

Post #: 71976739
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Originally posted by spider5 ↑

That is absolutely correct @Tapdancer. the shares issued for the Astivita purchase increased the SOI by 23%+. They also issue small parcels of shares to their home buyers as well so the number of shares would have increased slightly more than 23% since 2023. My calculations would put FY div at about 24c based on that SOI. However the last dividend would not be a gauge of what to expect as TWD was paying out funds held back due to not paying a dividend in Mar 23. 10-12c would be my guess at this stage bearing in mind that they usually pay a slightly smaller dividend during the second half year. They have not said anything about margins deteriorating and this is probably due to their "Project Derisk" initiative when they increased margins earlier than other builders at the risk of losing volume. This strategy and the use of their Senterprysis software in controlling inventory has paid off handsomely. Excellent foresight from the board. The market does not seem to take notice of businesses which are as tightly controlled as TWD. Those investors who have stayed the distance with TWD will have gained excellent yield over the years and still the market tends to ignore the metrics.

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Thanks for doing the calcs. I was doing them in my head and came up with about 26c for the full year (with franking), so in the same ballpark as to what you’re thinking.

I’m thinking margins should be on the improve, if not so much this year then certainly next year (astivista internalised, IT upgrade, lessening of competition, labour shortages possibly easing, supply chain normalised)

Last edited by WangChung: 20/01/24

TWD Price at posting: $2.50 Sentiment: Buy Disclosure: Held
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