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): 292
Equiv. Shares (M): 67

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 4.340 $ 4.300 $ 4.390 $ 4.300 $ 4.340 79,760 0%

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 (%)
2014  A 282.6 417.9 NaN 0.9 20.0 5.5 --
2013  A 13.2 20.8 -- 15.6 17.5 5.4 --
2012  A -44.2 -75.7 -- 0.0 15.0 6.3 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Astro Japan Property Group (AJA) $289 M 19.1300 -- -- 1.0290 -- -- 4.65 -- --
CFS Retail Property Trust (CFX) $6,253 M -0.0071 0.1070 -0.0022 16.4924 14.8983 14.9308 6.63 6.72 6.84
Dexus Property (DXS) $6,493 M -0.2670 0.0766 0.0140 15.0126 13.9440 13.7514 5.24 5.68 5.97
Goodman Gp (GMG) $9,460 M 0.0702 0.0723 0.0653 15.8064 14.7403 13.8371 3.82 4.11 4.35
Investa Office Fund (IOF) $2,137 M 0.4908 -0.3066 0.0335 10.3788 14.9677 14.4819 5.32 5.49 5.72

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AJA -- 1.04 0.73 --
Market 0.93 15.6 1.24 1.81
Sector 1.49 13.2 1.07 3.28

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

Management
Name Position
Rohan Purdy General Counsel,Company Secretary

Substantial Shareholders
Holding Name
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
6,205,142 (9.23%) Principal Financial Group Ltd
2,591,574 (5.10%) Vanguard Investments Australia Ltd
4,552,701 (6.77%) Renaissance Property Securities Pty Ltd

Calendar of Events
Date Event
22 September 2015 Report (Annual)
26 August 2015 Report (Prelim)
19 February 2015 Report (Interim)
© 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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