External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We remain positive on DGH heading into FY25, based on: A steep trading discount of 46% to its NTA/sh of $1.64.</li><li>Upcoming development catalysts expected in 1H for its Penrith and Wacol properties.</li><li>A healthy balance sheet to fund development projects and minimise the impact of debt in the current interest rate environment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We remain positive on DGH heading into FY25, based on: A steep trading discount of 46% to its NTA/sh of $1.64.Upcoming development catalysts expected in 1H for its Penrith and Wacol properties.A healthy balance sheet to fund development projects and minimise the impact of debt in the current interest rate environment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Desane Group Holdings Ltd (DGH) - Steep Trading Discount with Development Ahead

<ul><li>DGH reported a solid 1H24 result, generating operating EBIT of $0.2m before a $3.4m valuation uplift on its Penrith development site which resulted in a statutory NPAT of $2.2m.</li><li>NTA/sh increased to $1.64, equating to a current trading discount of 43% based DGH’s last price of 94c.</li><li>We believe there is value in the stock, emphasised by its steep trading discount as well as:  A pipeline of development projects on the balance sheet, several of which are likely to commence in FY25.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DGH reported a solid 1H24 result, generating operating EBIT of $0.2m before a $3.4m valuation uplift on its Penrith development site which resulted in a statutory NPAT of $2.2m.NTA/sh increased to $1.64, equating to a current trading discount of 43% based DGH’s last price of 94c.We believe there is value in the stock, emphasised by its steep trading discount as well as:  A pipeline of development projects on the balance sheet, several of which are likely to commence in FY25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape

<ul><li>Net debt of $0.3m at 30 June, with $82m in property assets and development inventory;</li><li>A largely unencumbered project pipeline that should create development activity for the next five years;</li><li>An experienced management team that has demonstrated sensible protection of shareholder capital in recent years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Net debt of $0.3m at 30 June, with $82m in property assets and development inventory;A largely unencumbered project pipeline that should create development activity for the next five years;An experienced management team that has demonstrated sensible protection of shareholder capital in recent years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Desane Group Holdings Ltd (DGH) - Initiation – Coming Out of Development Hibernation

Australia

Mustera Property Group Limited provides a property development platform to invest and develop residential, commercial, industrial, hospitality and mixed-use projects. Mustera Property Group operates across Australia for different investment types, capital structures and asset classes.

Axiom Properties Limited is a property investment and development company focusing primarily on developing vacant residential land for resale.

Sunland Group Limited is a property development and construction company.  The Company's development sites includes residential housing, apartments and hotels. The Company is also involved in hotel investments and operations.

Hudson Investment Group Limited is involved in property management, investment and development in Australia and New Zealand.  The Company also mines and processes industrial minerals such as attapulgite.

AVJennings Limited operates in the land development and housing sectors. The Company constructs residential houses in Australia along with residential land development. AVJennings serves customers in Australia.

Eureka Group Holdings Ltd. is a real estate development and management company. The Company currently manages Australian property funds, comprising real estate investment funds and real estate development funds.

Finbar Group Limited is a property investment and development company. The Company develops apartments, town houses, residential, and specialized commercial buildings. Finbar Group serves customers in Australia.

Cedar Woods Properties Limited is a real estate development company for residential housing as well as industrial and commercial projects in Australia.

Servcorp Limited provides contracted serviced offices and virtual office services to clients throughout Australia, New Zealand, Asia and Europe. Serviced offices provide services ranging from secretarial services to office facilities management while virtual office services allow clients to work from anywhere with the same facilities and infrastructure.

Peet Limited operates as a real estate owner and developer. The Company develops, constructs, and manages residential and commercial properties, as well as provides land syndication and funds management services. Peet serves customers in Australia.

Qingdao Holdings International Ltd, through its subsidiaries, sells and leases properties. The Company also provides SMS (Short Message Services) services and trades communication products.

Housing Development & Infrastructure Limited is real estate development company. The Company's services include residential, commercial, and retail real estate development.

Housing Development & Infrastructure (HDIL IN)

Global Oriental Berhad is an investment holding company whose core competency is in the property development industry. The Company's township developments comprise of mixed residential and commercial properties and are mainly located in Klang Valley and Penang.

EARLY AGE CO., Ltd. operates real estate business.  The Company leases and maintains residential buildings in Tokyo and Chiba area.

PT Bakrieland Development Tbk is a property developer which has business units in city property, landed residential, hotel & resort, and property related infrastructure. The Company develops superblocks and residential projects.

Pasdec Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, develops and manages properties, including resorts and condominium, trades building materials, and manufactures bricks. Pasdec also has operation in quarrying and cement manufacturing.

Area Quest Inc. provides property management services on behalf of property owners.  The Company also attracts and negotiates with new tenants for the owners.  Area Quest also provides a total business solution, such as marketing activities and leasing contract by coordinating business outsourced mainly by tenant companies.

PT Pikko Land Development Tbk develops and invests in properties. The Company also operates in the construction, management, rental, and renovation of buildings, shopping malls, industrial complexes, apartments, residential, sport and recreation areas, roads, and bridges.

China Sandi Holdings Limited engages in holding of properties for investment and rental purpose and property development.

Y. T. Realty Group Limited, through its subsidiaries, develops, trades, and invests in properties.  The Company also provides vehicle finance services and invests in securities.

Desane Group Holdings Limited invests in, develops and resells real estate property throughout Australia.  The Company is also active in property reinforcement and construction financing and other related building services.

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Desane Group Holdings (DGH AU)

Desane Group Holdings Ltd (DGH) - Steep Trading Discount with Development Ahead

Combined with an experienced management team, we believe DGH provides attractive exposure to industrial property development at its current valuation.

Taylor Collison

Desane Group Holdings Ltd (DGH) - Development Pipeline Beginning to Take Shape

DGH reported a solid 1H24 result, generating operating EBIT of $0.2m before a $3.4m valuation uplift on its Penrith development site which resulted...

Taylor Collison

Desane Group Holdings Ltd (DGH) - Initiation – Coming Out of Development Hibernation

Net debt of $0.3m at 30 June, with $82m in property assets and development inventory; A largely unencumbered project pipeline that should create...

Taylor Collison

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