Highlights

  • Cromwell Property is an internally managed real estate investment trust and a property fund manager
  • During FY23, the company progressed multiple initiatives like prudent capital management and business simplification
  • ARA Real Estate Investors XXL Pte. Ltd. has the maximum stake in the firm with a shareholding of 23.57%

Cromwell Property Group (ASX: CMW) is an ASX-listed real estate investor and fund manager. The company offers its services to an international investor base. The company has operations across Europe, New Zealand and Australia.

The 1.09-billionmarket-cap firm recorded a drop of 33.61% YoY in its total revenue and other income to AUD 377.5 million in the financial year 2023 (FY23). During the reported period, the company registered an operating profit of AUD 158.6 million, down by 21.09% YoY, and recorded a statutory loss because of unrealized fair value adjustments to investment properties.

The reported period was challenging for the firm, however, it advanced numerous initiatives such as prudent capital management and business simplification.

Top 10 shareholders of CMW

The top 10 shareholders of CMW have around 56.25% shareholding in the company. ARA Real Estate Investors XXL Pte. Ltd. has the maximum stake in the firm with a shareholding of 23.57%.

Recent business update

Through an ASX-update dated 21 December 2021, the company highlighted a distribution of AUD 0.0075 for the quarter ended 31 December 2023. The payment date for the above dividend is 16 February 2024.

On 12 December 2023, CMW shared that its fund manager and executive team member, Michelle Dance, was promoted to chief financial officer (CFO), effective from 1 January 2024. Ms dance carries over 30 years of corporate experience and has worked with some of the largest real estate and financial institutions of Australia.

Outlook 

The company is focused on ongoing growth and diversification of its funds management platform. The key focus areas are strategic deployment of capital for growth initiatives, prudent capital management and business simplification via the disposal of non-core businesses and assets. 

Share performance of CMW

CMW shares closed 1.19% lower at AUD 0.415 apiece on 2 January 2024. Including this, CMW’s share price has decreased by 38.06% in the past one year and has recorded a fall of 25.89% in the last six months.

52-week high of the stock is AUD 0.76, recorded on 6 February 2023 and the 52-week low is AUD 0.31, recorded on 31 October 2023.

CMW Daily Technical Chart, Source: REFINITIV

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 02 January 2024. The reference data in this report has been partly sourced from REFINITIV.