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Australand Property Group (ALZ)

Australand Property Group (ALZ)

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General Information
Company Name: Australand Property Group
Stock Code: ALZ
Website: www.australand.com.au
Market Cap ($M): 1,471
Equiv. Shares (M): 2,884
 Research Report Available

Report price : $16.50 (inc. GST)
Research by : Aegis Equities Research

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Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.510 $ 0.515 $ 0.520 $ 0.505 $ 0.510 5,831,595 0%

Current Broker Consensus Recommendation more
Recommendation : Buy
Recommendation Date : 10th Mar 2010
12 Month Target Price (average) : $0.575
Brokers Surveyed : 5

Market Statistics
% of Market: 0.0500
% of Sector: 0.2719
Sector: Financials
Industry Group: Real Estate
Industry: Real Estate Management & Development

Company Overview
Company Overview
Australand is currently one of Australia's leading diversified property developers. The company also started a property funds management business, setting up two wholesale listed property trusts. The recent adoption of a stapled security structure and the gradual addition of property investment income are expected to create a vertically integrated property company with less volatile earnings.
Company History
Australand emerged from the former Hooker Corporation that collapsed in the property crash of the late 1980s. The company was listed in 1997 with Singapore-based DBS Land (now CapitaLand) as the controlling shareholder. In 1999, Walker Corporation was acquired, extending the group's activities into the commercial, industrial and apartment markets. The Australand Property Group was formed in 2003 with the stapling of Australand Property Trust (APT) units to ALZ shares.
Differentiating Factor
Australand is one of Australia's leading residential property groups with operations centred in Sydney, Melbourne, south east Queensland and Perth over a number of different sectors. Compared to other developers, access to capital is expected to improve following the move to a stapled security structure and move into property funds management.
Major Customers & Competitors
ALZ targets the first-, second- and third-home buyer market segments as well as the commercial property market. Pre-committed project works are carried out for tenants, owner-occupants and investors. ALZ competes closely with a number of the larger diversified property development companies operating in Australia, including Mirvac Group and Stockland Trust Group, as well as other LPTs for the limited supply of investment-grade property assets and tenants.

Financial Summary
Year to Dec
 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
%
2007A 269.2 163.1 14.5 8.3 3.5 0.2 0.2 16.9 33.1 33 12.4
2008A 40.2 174.8 14.3 -1.9 3.6 0.2 0.3 11.0 21.6 29 13.0
2009A (298.2) 120.2 5.4 -62.0 9.4 0.5 0.6 5.0 9.8 0 8.6
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 $12.07 $28,386M 14.2597 13.3373 -15.0792 6.9162 7.7879 5.2610
Stockland SGP $4.07 $9,961M 11.2318 14.5789 -16.5046 -22.9586 8.1179 5.3317
GPT Group GPT $0.58 $5,520M 11.9772 16.7761 -67.4012 -28.6069 9.7391 5.2174
CFS Retail Property Trust CFX $1.89 $4,821M 16.9076 15.7469 -3.5367 7.3712 6.6313 6.6313
Australand Property ALZ $0.51 $1,471M 9.4148 10.6945 -62.0048 -11.9670 9.8039 8.2353

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
ALZ 2.0000 -5.5556 161.5385
Sector n/a n/a n/a
Market 3.8361 5.0801 50.9735

Ratio Comparison
Year ALZ Sector Market
P/E (x) FY07 3.5 16.4 19.5
FY08 3.6 12.9 18.9
Yield (%) FY07 33.1 29.9 4.9
FY08 21.6 19.8 5.0
EV/EBIT (x) FY07 8.9 7.5 10.5
FY08 8.0 7.0 9.6
EV/EBITDA (x) FY07 8.8 7.4 8.9
FY08 7.9 6.9 8.0

Directors
Name Position
J G Service Deputy Chairman
L C Chee Chairman
I Hutchinson Director
P Isherwood Independent Non Executive Director
O Lim Director
S E Newton Director
E C HONG non-executive director

Management
Name Position
B Johnston Managing Director/CEO
T O'Rourke CFO
B Booker Company Secretary

Substantial Shareholders
Name % Holding
Temasek Holdings 59.2700
Capitaland Limited 59.2700
Goodman Holdings 6.5100

Calendar of Events
Date Event
08-Feb-2010 Dividend Date Payable for Final Year Result (2c % franked)
03-Feb-2010 Reporting Date for Final Year Result
31-Dec-2009 Dividend Record Date for Final Year Result (2c % franked)
23-Dec-2009 Dividend Ex-Dividend Date for Final Year Result (2c % franked)
04-Aug-2009 Dividend Date Payable for Half Yearly Result (3c 0% franked)


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