ASTRO JAPAN PROPERTY GROUP (AJA)



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General Information
Company Name: Astro Japan Property Group
Stock Code: AJA
Website: www.astrojapanproperty.com
GICS Sub-Industry: Diversified Real Estate Investment Trusts
Market Cap ($M): 253
Equiv. Shares (M): 67

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 3.780 $ 3.780 $ 3.800 $ 3.780 $ 3.770 41,511 $ 0.010  0.265 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 21st Feb 2014
12 Month Target Price (average): $4.475
Brokers Surveyed: 2

Company Overview

Business Description:
Astro Japan Property Group (AJA) is a diversified property trust focused on investing in the Japanese real estate market. The portfolio includes 34 retail, office and residential properties located primarily in Tokyo. AJA is a stapled entity comprising Astro Japan Property Trust and Astro Japan Property Group Limited. The Spring Investment Co. Ltd undertakes asset management services within Japan.

Strategy Analysis:
Key strategy for management is generating sustainable earnings growth through active asset management and prudent capital management. With no short-term financing risk, a well located, diversified property portfolio, the Company is well positioned to capitalize on future opportunities as they arise. Astro Japan Property Group reported NPAT of $799,000 for the half-year ended 31 December 2012. Revenue from ordinary activities were $52.13m, down 8.4% from last year. Basic and Diluted EPS were 0.41 cents compared to (29.65) cents last year. Net operating cash flow was $7.37m compared to $18.52m last year. The interim dividend declared was 7.5 cents, compared with 10 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  A 12.9 20.8 -- 15.6 17.5 5.4 --
2012  A -44.2 -75.7 -- 0.0 15.0 6.3 --
2011  A -17.0 -32.1 -142.1 0.0 22.3 7.0 --
Source: Aspect actuals / Thomson IBES 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
Astro Japan Property Group (AJA) $253 M -- -- -- 18.1599 -- -- 0.0464 -- --
CFS Retail Property Trust (CFX) $5,991 M 0.0821 0.0847 0.0133 15.8546 14.6171 14.4259 0.0685 0.0684 0.0697
Dexus Property (DXS) $5,810 M 2.5145 -0.2901 0.0402 9.9448 14.0078 13.4663 0.0556 0.0578 0.0589
Goodman Gp (GMG) $8,466 M 0.7651 0.0642 0.0678 15.0538 14.1455 13.2468 0.0396 0.0423 0.0452
Investa Office Fund (IOF) $2,008 M -0.2896 0.0218 -0.0035 14.5398 14.2298 14.2795 0.0543 0.0566 0.0568

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AJA -- 18.2 0.98 --
Market 1.08 15.8 1.26 1.97
Sector 1.52 13.9 1.03 3.37

Directors
Name Position Start Date
Mr John Lester Pettigrew Executive Director,Chief Financial Officer,Joint Company Secretary 19 February 2005
Mr Fergus Allan McDonald Non-Executive Chairman 19 February 2005
Mr Douglas Clemson Non-Executive Director 31 December 2011
Ms Kathryn (Kate) Jane McCann Non-Executive Director 31 December 2011

Management
Name Position
Rohan Purdy Company Secretary

Substantial Shareholders
Holding Name
6,205,142 (9.23%) Principal Financial Group Ltd
4,552,701 (6.77%) Renaissance Property Securities Pty Ltd
3,413,314 (5.08%) Resolution Capital Limited
4,783,395 (7.12%) Commonwealth Bank of Australia
4,158,813 (6.19%) Eric Lucas
4,867,783 (7.24%) APN Funds Management Limited
2,591,574 (5.10%) Vanguard Investments Australia Ltd

Calendar of Events
Date Event
19 February 2015 Report (Interim)
22 September 2014 Report (Annual)
27 August 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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