Q1 2017 In Line, Although Falling Approvals Point to Negative Growth in 2H17; Maintain AUD 2.20 FVE
GWA announced at its annual general meeting that sales were up 2% in first-quarter 2017 relative to the previous 12 months, which is in line with our estimates. Sales for the bathrooms and kitchens division (90% of earnings) were up 3%, while door and access systems fell 1%; the key thematic was that strong sales on the East Coast were partially offset by weak growth in Western Australia. While GWA is currently enjoying a cyclical peak in housing conditions, recent housing approvals data (down 4...GWA Group is engaged in the research, design, manufacture, import and marketing of building fixtures and fittings to residential and commercial premises and the distribution of these various products through a range of distribution channels in Australia, New Zealand and selected international markets. Co.'s business segments are: Bathrooms and Kitchens, which includes vitreous china toilet suites, basins, plastic cisterns, tapware, baths, kitchen sinks, laundry tubs, and bathroom accessories; and Door and Access Systems, which includes door locks and levers and supply and maintenance of commercial door systems.
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