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FKP PROPERTY GROUP (FKP)

FKP PROPERTY GROUP (FKP)

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General Information
Company Name: FKP Property Group
Stock Code: FKP
Website: www.fkp.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 761
Equiv. Shares (M): 1,198

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.635 $ 0.615 $ 0.640 $ 0.615 $ 0.620 1,778,050 $ 0.015  2.419 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 22nd Dec 2011
12 Month Target Price (average): $0.793
Brokers Surveyed: 6

Company Overview

Business Description:
FKP Property Group (FKP) is a stapled security comprising a unit in the trust and a share in the management company. FKP is effectively a retirement property owner and operator, with ancillary businesses in residential development and funds management, adopting a capital recycling business model where property is developed and vended into third party managed funds.

Strategy Analysis:
FKP aims to be the market leader as owner/developer in the Australian retirement industry. They have a strategy of diversification and integration to maintain a comprehensive property portfolio expertise in development, construction, land subdivision, retirement village ownership and management, property investment and asset management. FKP Property Group reported NPAT up 63% to $82.3m for the year ended 30 June 2011. Earnings were in line with guidance and were underpinned by strong contributions from the Residential Communities and Retirement divisions. Revenues from ordinary activities were $350.5m, down 27% from last year. Diluted EPS was 7.01 cents compared to 4.53 cents last year. Net operating cash flow was $52.8m compared to $142.3m last year. The final dividend declared was 1.6 cents, taking the full year dividend to 3.0 cents compared with 1.5 cents last year. Looking ahead, the Company's future growth will be generated from the delivery of the existing development pipeline which is supported by the stability of the recurring income generated from the high quality retirement portfolio.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 136.2 11.6 2.1 5.5 3.4 5.4 35.0
2012  F 133.4 11.4 10.3 5.6 3.3 5.2 35.0
2011  A 121.0 10.3 13.4 7.8 3.0 3.7 37.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F 2011 A 2012 F 2013 F
FKP (FKP) $743 M 0.0629 0.0117 0.1104 6.0194 5.9501 5.3587 0.0484 0.0500 0.0603
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
FKP 1.11 6.12 0.51 1.02
Market 0.80 12.5 1.38 1.16
Sector 1.26 11.5 0.74 5.87

Directors
Name Position Start Date
Mr Winson Chow Alternate Director 25 November 2011
Mr Gregory (Greg) C Dyer Alternate Director for Seng Huang Lee,Non-Executive Director 04 March 2009
Mr Peter Ross Brown Chief Executive Officer, Managing Director 27 February 2003
Mr Mark (Jim) Jewell Executive Director 20 July 2011
Mr Seng Huang Lee Non-Executive Chairman 09 February 2006
Mr Philip Parker Non-Executive Director 01 July 1987
Mr Leonard McKinnon Non-Executive Director 12 May 2005
James Edward Forrest Frayne Non-Executive Director 01 July 2008

Management
Name Position
D A Hunt Chief Financial Officer
G E Grady Chief Operating Officer
Michael Shannon Company Secretary
M Tucker Executive General Manager ? Constructions
A M Hall Executive General Manager? Commercial and Industrial
E L Delfabbro Executive General Manager? Residential Communities
J M Laboo Executive General Manager? Retirement

Substantial Shareholders
Holding Name
310,180,528 (25.89%) Mulpha Group
173,421,584 (14.94%) Stockland Corporation Ltd and related

Calendar of Events
Date Event
22 October 2012 Report (Annual)
23 August 2012 Report (Prelim)
30 March 2012 Div Pay Date
23 February 2012 Report (Interim)
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