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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
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 1,511
Equiv. Shares (M): 577

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 2.620 $ 2.550 $ 2.640 $ 2.540 $ 2.550 653,002 $ 0.070  2.745 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 31st Jan 2012
12 Month Target Price (average): $2.988
Brokers Surveyed: 6

Company Overview

Business Description:
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. Activities include development of residential land, housing and apartments, development of and investment in income producing commercial and industrial properties, and property management. The Singapore-based property group, CapitaLand Limited, which owns approximately 59% of the issued capital.

Strategy Analysis:
Following return to more normal conditions, ALZ´s competitive advantage comprises scale through an Australia wide development presence supported by an integrated service approach, aiming to optimise the synergies for capital recycling between the commercial-industrial development business and the ownership-management business to offer annuity style income with growth potential for the short term. The cyclical residential development business is run in parallel, offering volatile income but with greater growth potential in the medium to long term. Australand Property Group reported NPAT up 17% to $84.79m for the half-year ended 30 June 2011. This included the revaluation of Investment Property assets resulting in a net increase of $25.3m, 1.2% of the total portfolio value. Revenues from ordinary activities were $279.33m, compared to $281.51m from the same period last year. Aggregate sales revenue was $85.6m (HY10: $70.8m), which comprised revenue of $68.9m from wholly-owned projects and $16.7m from JV projects. Basic and Diluted EPS was 14.7 cents compared to 12.5 cents last year. Net operating cash flow was $11.53m compared to $2.51m last year. The interim dividend declared was 10.5 cents compared with 10.0 cents last year.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  F 141.2 24.2 4.0 10.8 22.6 8.6 0.0
2011  F 135.1 23.3 5.4 11.2 21.4 8.2 0.0
2010  A 127.5 22.1 282.4 12.0 20.5 7.7 0.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
Australand Property Group (ALZ) $1,471 M -0.2350 0.0380 0.0554 11.5385 11.1160 10.5328 0.0804 0.0843 0.0863
GPT Group (GPT) $5,519 M 0.3763 -0.3386 0.0112 9.0263 13.6465 13.4956 0.0443 0.0578 0.0604
Lend Lease Group (LLC) $4,226 M 0.3145 -0.0893 0.1314 8.6352 9.4817 8.3806 0.0474 0.0532 0.0587
Stockland (SGP) $7,737 M 0.0871 0.0134 0.0227 10.6675 10.5263 10.2928 0.0710 0.0715 0.0740
Westfield (WDC) $20,088 M 0.1969 -0.1661 0.0493 11.4534 13.7354 13.0906 0.0731 0.0556 0.0573

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
ALZ 1.42 11.4 0.74 2.45
Market 0.80 12.5 1.38 1.16
Sector 1.26 11.5 0.74 5.87

Directors
Name Position Start Date
Mr Robert Johnston Managing Director 01 August 2007
Mr Olivier Lim Non-Executive Chairman 18 December 2007
Mr Paul Dean Ramsbottom Isherwood Non-Executive Deputy Chairman 15 December 2005
Mr Robert (Bob) Edward Prosser Non-Executive Director 09 February 2011
Ms Nancy Jane Milne Non-Executive Director 01 October 2010
Mr Stephen Eric Newton Non-Executive Director (other) 18 December 2007

Management
Name Position
Kieran Pryke Chief Financial Officer
Bev A Booker Company Secretary
Sean McMahon EGM C&I
Rod Fehring EGM Residential
Michael Newsom General Counsel and Head of Corporate Risk Management
Reini Otter GM C&I, Northern

Substantial Shareholders
Holding Name
234,951,822 (59.27%) Temasek Holdings (Private) Ltd

Calendar of Events
Date Event
25 July 2012 Report (Interim)
13 March 2012 Report (Annual)
16 February 2012 Div Pay Date
08 February 2012 Report (Prelim)
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