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Australand Property Group (ALZ) |
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| Company Name: |
Australand Property Group |
| Stock Code: |
ALZ |
| Website: |
www.australand.com.au |
| Market Cap ($M): |
1,534 |
| Equiv. Shares (M): |
577 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
|
$ 2.660 |
$ 2.650 |
$ 2.680 |
$ 2.630 |
$ 2.660
|
1,192,907 |
0%
|
|
| Recommendation : |
Buy
|
| Recommendation Date : |
28th Jul 2010 |
| 12 Month Target Price (average) : |
$2.92 |
| Brokers Surveyed : |
7 |
|
| % of Market: |
0.1206 |
| % of Sector: |
1.2465 |
| Sector: |
Financials |
| Industry Group: |
Real Estate |
| Industry: |
Real Estate Management & Development |
|
|
|
|
|
| Company Overview |
| Australand Property Group (ALZ) is a stapled security comprising a unit in three trusts and a share in the management company. ALZ owns, develops, and manages industrial, residential and investment property. The Singapore based property group, CapitaLand Ltd, owns approximately 59% of the issued capital. |
| 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. |
|
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 |
0.27 |
0.19 |
65.2 |
2.0 |
4.1 |
n/a |
n/a |
63.0 |
23.7 |
n/a |
10.3 |
| 2008A |
0.04 |
0.20 |
60.3 |
-7.5 |
4.4 |
n/a |
n/a |
50.5 |
19.0 |
n/a |
9.5 |
| 2009A |
(0.30) |
0.14 |
27.1 |
-55.1 |
9.8 |
0.9 |
1.7 |
25.0 |
9.4 |
n/a |
6.1 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| Westfield Group |
WDC |
$12.21 |
$28,178M |
15.4149 |
13.8000 |
-19.4400 |
9.1000 |
7.5000 |
5.2000 |
| Stockland |
SGP |
$3.79 |
$8,962M |
8.7993 |
13.1000 |
-16.1800 |
-20.5000 |
10.5900 |
5.7000 |
| GPT Group |
GPT |
$2.86 |
$5,307M |
12.3218 |
16.0000 |
-69.2800 |
-27.2000 |
7.4400 |
5.6000 |
| CFS Retail Property Trust |
CFX |
$1.88 |
$4,720M |
13.6364 |
15.0000 |
24.2300 |
3.3000 |
7.5800 |
6.6000 |
| Australand Property |
ALZ |
$2.66 |
$1,534M |
9.5018 |
14.8000 |
-55.0900 |
-33.6000 |
9.7100 |
7.7000 |
|
| ALZ |
-4.2800 |
20.3100 |
21.1600 |
| Sector |
n/a |
n/a |
n/a |
| Market |
-6.7540 |
-1.9465 |
7.4232 |
|
| P/E (x) |
FY07 |
4.1 |
n/a |
n/a |
|
FY08 |
4.4 |
n/a |
n/a |
| Yield (%) |
FY07 |
23.7 |
n/a |
n/a |
|
FY08 |
19.0 |
n/a |
n/a |
| EV/EBIT (x) |
FY07 |
0.0 |
n/a |
n/a |
|
FY08 |
0.0 |
n/a |
n/a |
| EV/EBITDA (x) |
FY07 |
0.0 |
n/a |
n/a |
|
FY08 |
0.0 |
n/a |
n/a |
|
| 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 |
|
| B Johnston |
Managing Director/CEO |
| T O'Rourke |
CFO |
| B Booker |
Company Secretary |
|
| 05-Aug-2010 |
Dividend Date Payable for Half Yearly Result
(10c 0% franked)
|
| 27-Jul-2010 |
Reporting Date for Half Yearly Result |
| 30-Jun-2010 |
Dividend Record Date for Half Yearly Result
(10c 0% franked)
|
| 24-Jun-2010 |
Dividend Ex-Dividend Date for Half Yearly Result
(10c 0% franked)
|
| 08-Feb-2010 |
Dividend Date Payable for Final Year Result
(2c % franked)
|
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
|
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