Company Name: STAMFORD LAND CORPORATION LTD
| Research House: DMG | Price Call: BUY | Target Price: 0.73 |
DMG & Partners Research lowered its target price on luxury hotel operator Stamford Land Corp to $0.73 from $0.78 but maintained its buy rating.
Stamford shares were flat at $0.555 and have remained steady so far this year.
The broker cut its earnings estimate for Stamford’s 2012 fiscal year by 24% due to slower residential sales as the remaining units in the firm’s Sydney project are larger units priced at around A$10 million ($12.5 million) each.
But it said Stamford’s hotels had seen better occupancies and rates on the back of a buoyant Australian economy and stronger demand from the domestic corporate segment.
DMG said the lapse of a memorandum of understanding for the sale-and-leaseback of Stamford’s three hotels in Melbourne, Sydney and Adelaide was a near-term setback to the company’s efforts to unlock value from its hotel assets.
No comments:
Post a Comment