Sunland Group Limited (SDG)

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General Information

Company Name:	Sunland Group Limited
Stock Code:	SDG
Website:	www.sunlandgroup.com.au
Market Cap ($M):	195
Equiv. Shares (M):	290

Current Price Data⁺

Current Price	Open	High	Low	Last Close	Volume	Price Movement
$ 0.680	$ 0.690	$ 0.695	$ 0.680	$ 0.690	270,875	$ -0.010 -1.449 %

Current Broker Consensus Recommendation

Recommendation :	Hold
Recommendation Date :	26th Aug 2010
12 Month Target Price (average) :	$0.74
Brokers Surveyed :	1

Market Statistics

% of Market:	0.0100
% of Sector:	n/a
Sector:	Financials
Industry Group:	Real Estate
Industry:	Real Estate Management & Development

Company Overview

Company Overview

SDG is a property development and management company operating in urban development, residential housing, multi-storey development and hotel management. The company currently has operations in the Gold Coast, northern NSW, Victoria, Brisbane, Sydney and Dubai.

Company History

The company was co-founded in 1983 by Foad Fathi and Soheil Abedian initially, focusing on building homes in select suburbs on Queensland's Gold Coast. In the early 1990s, SDG expanded into land subdivision and high-rise developments. The company was incorporated as a public company in 1994 and listed on the ASX in 1995. As of December 2008, the company had approximately 3,123 units (unsold and contracted) in its Australian construction pipeline.

Differentiating Factor

SDG has four divisions: high-rise residential development and construction; residential housing development and construction; land subdivision; and tourism, as owners and operators. It developed the world's largest residential tower on the Gold Coast and owns and manages the Versace Hotel on the Gold Coast. The group specialises in developing premium quality residential and hotel properties targeted at high-end customers. Many of its developments feature unique architectural designs.

Major Customers & Competitors

Major competitors include other diversified property groups that focus on capital growth in commercial, industrial and retail sectors, from Lend Lease, Australand and FKP to a large number of private property developers. SDG's customer base ranges from owner-occupiers to residential property investors.

Financial Summary

Year to n/a	NPAT Rep $M	NPAT¹ Adj $M	EPS c	EPS chg %	PER x	PER rel All Ords x	PER rel Sector x	DPS c	Yield %	Franking %	ROE %
2007				-26.0	3.1	0.2	0.2		19.9
2008				37.4	2.2	0.2	0.3		20.6
2009				-46.2	4.1	0.2	2.7		4.4

¹NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.

Peer Comparison

				P/E (x)		EPS Change (%)		Dividend Yield (%)
Company	Code	Last Price	Mkt Cap	07A	08F	07A	08F	07A	08F
Westfield Group	WDC	$12.84	$29,632M	14.5000	14.5000	9.1000	0.0000	5.0000	5.0000
Charter Hall Office	CQO	$2.60	$12,826M	10.1215	104.0000	n/a	-89.9000	7.4000	0.7000
Stockland	SGP	$4.15	$9,814M	18.6935	13.6000	-45.4500	53.3000	5.8600	5.5000
GPT Group	GPT	$3.16	$5,863M	15.0000	14.0000	-14.2000	6.6000	5.0000	5.3000
Sunland Group	SDG	$0.67	$195M	13.2241	7.1735	-69.2122	84.3462	1.4925	6.7164

Share Price Returns

	3 Months (%)	6 Months (%)	12 Months (%)
SDG	-4.2857	-12.9870	-12.9870
Sector	n/a	n/a	n/a
Market	3.2040	-3.3034	3.8945

Ratio Comparison

	Year	SDG	Sector	Market
P/E (x)	FY07	3.1	12.6	15.4
	FY08	2.2	6.8	10.1
Yield (%)	FY07	19.9	10.4	5.2
	FY08	20.6	12.9	5.2
EV/EBIT (x)	FY07	1.2	11.3	10.5
	FY08	1.3	13.4	14.0
EV/EBITDA (x)	FY07	1.2	10.9	12.5
	FY08	1.3	13.0	12.0

Directors

Name	Position
S Abedian	Managing Director
S Abedian	Director
J S Leaver	Director
T Jackman	Chairman
R Eames	Non-Executive Director
Mr G Wein	Director

Management

Name	Position
S Abedian	Managing Director

Substantial Shareholders

Name	% Holding
Pacific Development Corp.	21.7600
Havannah	13.7600
J D Packer	13.0000
CVC	9.5700
Orbis Investment Management	5.9600
CVC Communications	5.1500
Paradice Investment Management Pty Ltd	5.1340
FMR Corp. and Fidelity Investments	5.0200

Calendar of Events

Date	Event
27-Nov-2009	AGM Date for Final Year Result
26-Aug-2009	Reporting Date for Final Year Result
27-Mar-2009	Dividend Date Payable for Half Yearly Result (3c 100% franked)
13-Mar-2009	Dividend Record Date for Half Yearly Result (3c 100% franked)
06-Mar-2009	Dividend Ex-Dividend Date for Half Yearly Result (3c 100% franked)

Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).

IMPORTANT : This information has been prepared without taking into account your objectives, financial situation or needs and you should consider if the information is appropriate for you before making an investment decision. Neither InvestSMART Financial Services Pty Ltd nor any of its Related Companies make any recommendations as to the merits of any investment opportunity referred to in its emails or its related websites. Product disclosure statements for financial products offered through InvestSMART can be downloaded from www.investsmart.com.au or obtained by contacting 1300 880 160. You should consider the product disclosure statement before making a decision about the product. All indications of performance returns are historical and can not be relied upon as an indicator for future performance.