TWD 1.22% $2.48 tamawood limited

Business model

  1. 4,011 Posts.
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    Hi,

    I am quite interested to understand how Dixon Homes is different from their competitors.

    Main elements I have been able to find so far :
    - they have no display homes,
    - their staff costs seem much lower than their competitors.
    According to the figures I could find, they have been stable at around 7 % of revenues for a long time*, while the industry has much a much higher ratio (around 16 % for the last figures I could find, for the period 2014-2019).
    - very low level of advertising (between 0.4 % and 0.5 % for the last 2 years).

    Also interesting to compare with Simonds Group in FY 23 :
    - Tamawood had a higher gross margin : 17.5 % vs 16.5 % for Simonds (in FY 22 : 20.1 % vs 19.7 %),
    - but the main difference is regarding the cost structure :
    . staff costs /revenue : 8.9 % for Tamawood vs 11.3 % for Simonds,
    . advertising / sales : 0.4 % for Tamawood vs 2.9 % for Simonds (what is classified as "marketing and selling expenses" for Simonds).

    Please do not hesitate to correct and/or add on the above.

    Thanks.

    * some increase for this ratio in FY 22 and FY 23 to 8.5 % - 9 %, but came back to 7.4 % during Q1 24.
 
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