FROM THE ARCHIVE: July 2013 STOCKLAND ASX code: SGP Share - TopicsExpress

FROM THE ARCHIVE: July 2013 STOCKLAND ASX code: SGP Share price: $3.51 Industry: Property FY2013 Dividend: 24c Forecast 2014 Dividend: 24c Stockland (ASX: SGP) is a diversified property group that owns, develops and manages a large portfolio of retail shopping centres, residential assets, retirement living villages, office and industrial assets across Australia. SGP was founded in 1952, effectively listed in 1957 and is today one of Australia’s most prominent real estate investment trusts with a market capitalisation of $7.8 billion. Several interest rate cuts coupled with substantial state government incentives for new builds have provided some impetus for a tentative recovery in the building cycle. In our view, SGP would be a potential beneficiary. Stockland’s business model aims to provide a strong mix of both recurring income and development earnings derived from ‘trading’ property assets. The group has three core divisions encompassing commercial, residential and retirement property, with a heavy geographical weighting to the east coast of Australia. As such, we believe SGP is highly leveraged to a longer term recovery of the east coast economy. In our view, SGP is built on solid financial foundations. The balance sheet is in reasonable shape with a low level of gearing; the gearing ratio currently stands at 27.6%, well within management’s targeted range of 20% to 30%. Historically the group has generated sound operating cash flow, which for the most part reflects SGP’s heavier weighting to assets that generate recurring income. As is the case with most property groups, SGP is more likely to attract the interest of income focused investors. Positively, the group has developed a strong track record of paying out distributions, having done so consistently over several decades. SGP is currently trading around its net tangible asset (NTA) backing. If any share price weakness were to materialise over the second half of 2013, this may present longer term investors a sound entry opportunity. A purchase at the current market price would present an investor with an attractive yield approaching 7 per cent. DD theaustralian.au/business/wealth/stockland-diversity-proves-attractive/story-e6frgac6-1226683410382#mm-premium

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