Aussie Detached Housing Performs To Expectations in 1Q 2019; Brickworks Shares Remain Expensive
We retain our full-year fiscal 2019 estimates for no-moat Brickworks, with Australian detached housing starts largely tracking our expectations in the first quarter of calendar year 2019. Detached housing starts for the first three months of 2019 were released in early July and came in at 28,485 starts on a seasonally adjusted basis. Therefore, our forecast for 110,000 detached starts in fiscal 2019 remains on track as do our fiscal 2019 estimates for Brickworks.We continue to expect Brickworks...
Brickworks manufactures a range of building products throughout Australia, engages in development and investment activities, and participates in investments as an equity holder. Co. has business three segments: building products, which manufactures vitrified clay, concrete and timber products used in the building industry with product lines that include bricks, blocks, pavers, roof tiles, floor tiles, and timber products used in the building industry; property, which considers further opportunities to better utilize land owned by Co.; and investment, which holds investments in the Australian share market, and includes investment in Washington H. Soul Pattinson and Co. Ltd.
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