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BECTON PROPERTY GROUP (BEC)

BECTON PROPERTY GROUP (BEC)

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General Information
Company Name: Becton Property Group
Stock Code: BEC
Website: www.becton.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 4
Equiv. Shares (M): 7

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.540 $ 0.000 $ 0.000 $ 0.000 $ 0.540 0 0%

Current Broker Consensus Recommendation more
Recommendation: Hold
Recommendation Date: 20th Nov 2009
12 Month Target Price (average): $0.13
Brokers Surveyed: 1

Company Overview

Business Description:
Becton Property Group (BEC) is an Australian property company engaged in property development and construction as well as retirement village ownership and operation. The Company comprises two main business units, being Development & Construction and Retirement.

Strategy Analysis:
BEC's main focus is on diversifying its income stream away from its principal activity of Development and Construction and into the recurring income streams from the retirement and funds management business units. Its strategy in the Australian retirement market is based on the pursuit of a limited number of niche customer segments. Best of class positioning with high local market differentiation and enduring barriers to competition are the targeted attributes for all BEC's retirement properties Becton will continue to serve two distinct and growing age based segments, over 55´s independent life style and with assisted living. BEC is continuing to actively manage its business and capital position in a challenging market environment by focusing on reducing debt and realizing cash and business simplification that results in reduced costs and fewer projects.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A -33.3 -2,661.3 -264.3 0.0 0.0 0.0 --
2010  A 16.6 1,619.4 -13.3 1.2 0.0 0.0 --
2009  A 17.0 1,867.9 -72.4 4.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
Becton Property (BEC) $4 M -- -- -- -- -- -- 0.0000 -- --
GPT Group (GPT) $5,719 M -0.5179 0.4475 0.0416 19.6440 13.5708 13.0293 0.0556 0.0583 0.0606
Mirvac Group (MGR) $4,256 M 0.1382 0.0047 0.0274 11.8121 11.7564 11.4430 0.0659 0.0661 0.0688
Stockland (SGP) $6,993 M 0.0871 -0.0252 0.0318 10.0607 10.3211 10.0032 0.0752 0.0762 0.0769
Westfield (WDC) $20,821 M -0.1885 0.0534 0.0782 14.7145 13.9689 12.9553 0.0534 0.0546 0.0557

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
BEC -- -- 0.70 --
Market 1.12 11.1 0.96 2.31
Sector 1.27 12.1 0.79 2.39

Directors
Name Position Start Date
Mr Matthew Robert Chun Managing Director,Chief Executive Officer 01 August 2007
Mr Peter Dempsey Non-Executive Director 25 July 2008
Mr Jack Crumlin Non-Executive Director 25 July 2011
Mr William John Conn Non-Executive Director,Non-Executive Chairman 28 June 2005

Management
Name Position
Damian Dalgleish CEO - Development and Construction
James Goodwin CEO - Funds Management
Jason Vanderzalm Chief Financial Officer & Joint Company Secretary
Sebastian Catalfamo Head of Development
Jason Vanderzalm Joint Company Secretary
Steve Leske Joint Company Secretary

Substantial Shareholders
Holding Name
735,972,321 (49.90%) Australian Capital Reserve Ltd
29,237,073 (1.98%) Clapsy Pty Ltd

Calendar of Events
Date Event
27 February 2013 Report (Interim)
22 October 2012 Report (Annual)
27 September 2012 Report (Annual)
29 August 2012 Report (Prelim)
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