CDL Investments New Zealand

No numerical guidance or forward work disclosures were provided, and the company gives no full-year target. Seasonality context works against the reader here: in FY22, HY1 delivered 70.9% of full-year revenue and 73.4% of NPAT, so a weaker first half does not mechanically imply a stronger second half. Using that historical shape, the implied 2H22 was only ~$19.5m of revenue and ~$8.3m of NPAT. Applied to HY23, even a seasonally typical second half would leave FY23 well below FY22. The release supports the view that the cycle is weighing on volumes; it does not support a specific recovery timetable.

• No current-period dividend figure is provided in the release excerpt; the FY22 anchor references a 3.5 cents fully-imputed dividend, but HY23 quantum is not visible here.
• No prior-period segment split, so the mix shift within residential land development versus investment property cannot be quantified.
• No forward work, contracted sales backlog, or settlement pipeline disclosure to calibrate 2H23.
• No NTA per share, gross borrowings, or net debt figures, limiting leverage and valuation ratios.
• Why did receivables days spike so sharply against falling sales — a timing effect at period-end or a change in settlement behaviour?

This briefing cannot assess CDI's land bank carrying values, section-pricing trajectory, or the likelihood and timing of any second-half sales recovery.