Company research
Payce Consolidated Limited (Payce) is an Australian Stock Exchange listed property development group. The company’s core business has been the development of Sydney medium density apartments
Company updates
PAYCE Consolidated Limited (PAYCE) reported a strong set of results for FY15 last week
Week in review
The RBA keeps rates on hold, Greece defers IMF payments, the yield curve continues to steepen, Adani Abbott Point goes retail, McPherson’s cuts its profit forecast and PAYCE exits a joint venture and sells development rights
Week in review
US Federal Reserve minutes, S&P comments on Australia’s AAA rating, an agreement is reached to extend Greece’s loan arrangements and we provide a wrap up of the results season. Companies covered include: Dampier Bunbury Natural Gas Pipeline, IAG, PAYCE, QBE, Silver Chef, Swiss Re and Virgin Airways
Company updates
PAYCE reported NPAT of $121m for 1H15 following the sale of the Hurstville, East Village and Platinum properties/projects in the half year which is in line with expectations set out in our last update on 20 January
Company updates
An update on the East Village shopping and commercial centre, including observations from a recent site visit. We also discuss the developments with PAYCE’s proposed share buy-back and possible implications
At FIIG
FIIG has originated 12 high yield corporate bonds since September 2012
Company updates
PAYCE released a further update on the East Village project to the ASX on 29 October 2014 which confirmed the retail and commercial portion of East Village was opened on 22 October 2014 and that refinance has been completed
Company factsheets
Payce Consolidated Limited (Payce) is a Sydney focused medium density apartment and mixed use (retail / commercial) development and investment group. Payce focuses on mid-range affordable apartments with the average sale price for a two bedroom apartment in Sydney around $600,000
Company updates
The East Village residential apartments are now expected to be completed and settled by the end of September 2014, only one month later than initially planned. It is 100% pre-sold and given the current strength of the Sydney apartment market all units are expected to settle. FY14 NPAT of $1.6m was in line with expectations ( $19.0m in FY13)