INGENIA COMMUNITIES GROUP (INA)



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General Information
Company Name: Ingenia Communities Group
Stock Code: INA
Website: www.ingeniacommunities.com.au
GICS Sub-Industry: Diversified Real Estate Activities
Market Cap ($M): 143
Equiv. Shares (M): 441

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.325 $ 0.310 $ 0.325 $ 0.305 $ 0.310 5,473,425 $ 0.015  4.839 %

Company Overview

Business Description:
Ingenia Communities Group (INA, formerly ING Real Estate Community Living Group) is an ASX listed real estate investment trust which owns, manages and develops a portfolio of senior housing communities in Australia.

Strategy Analysis:
ILF strategy is to further diversify its asset base through international and domestic acquisitions. The US seniors housing industry remain a significant part of the fund´s offshore strategy due to the size of its population and quality assets. The key objectives for 2009 are to increase occupancy of the Australian rental portfolio, improve operating margins of the US Students portfolio and maintain the performance of both the US Seniors portfolio and the Australian retirement village development activities. While market conditions make the disposal of properties difficult, ILF will look to achieve selective sales in order to reduce the gearing.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2013  F 6.9 1.6 433.3 20.8 -- 0.0 --
2012  A 1.4 0.3 -90.9 2.2 0.5 3.0 --
2011  A 14.5 3.3 -- 2.9 0.0 0.0 --
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
GPT Group (GPT) $7,287 M 0.6350 -0.2420 0.0344 12.3390 16.2782 15.7372 0.0468 0.0494 0.0511
Ingenia Communities (INA) $137 M -0.8993 -0.7953 -- 4.0682 19.8718 -- 0.0161 0.0000 --
Mirvac Group (MGR) $6,575 M -0.0702 0.0000 0.1035 16.7444 16.7444 15.1733 0.0468 0.0479 0.0518
Stockland (SGP) $8,568 M -0.0638 -0.2044 0.0656 13.2719 16.6810 15.6539 0.0617 0.0617 0.0617
Westfield (WDC) $26,944 M -0.0223 0.1047 0.0640 20.3784 18.4467 17.3373 0.0403 0.0415 0.0439

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
INA 2.26 14.2 0.95 --
Market 1.13 13.2 0.92 2.50
Sector 1.47 16.4 1.04 2.39

Directors
Name Position Start Date
Ms Tania Betts Joint Company Secretary 05 June 2012
Mr Simon Owen Managing Director 24 November 2011
Mr James (Jim) Thomas Hazel Non-Executive Chairman 01 March 2012
Mr Robert John Morrison Non-Executive Director 08 February 2013
Mr Philip Marcus Clark Non-Executive Director 04 June 2012
Amanda Elizabeth Heyworth Non-Executive Director 16 April 2012

Management
Name Position
Denis Hickey Chief Executive Officer
Tania Betts Chief Financial Officer
Nicole Fisher Chief Operating Officer
Sarah Wiesener Joint Company Secretary

Substantial Shareholders
Holding Name
-- (--%) Not Disclosed in Annual Report

Calendar of Events
Date Event
19 February 2014 Report (Interim)
27 September 2013 Report (Annual)
28 August 2013 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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