City Dev: CS issues a note previewing the results on 29th Feb, maintains Outperform with TP$12.33. House expects 4Q11 net profit of $150m with FY11 net profit at $773m above street’s $700m. Estimated home sales of 500 in 4Q bringing FY11 sales to 1800 units worth $1.7b. Recent Bartley Residences sales are good, selling 170 units at $1.3k/sf
M&C operating results announced on 22 Feb were broadly in line with estimates.
House expects a final div of 8c (15% payout) and cites undemanding valuations at 24% disc to RNAV with potential risks of further property measures.
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