helpful folks at hc This
courtesy of the luverly (Arthur..he is not party to my ramping, just very helpful)
52-Week Range: 107-235
ISIN: AU000000FKP9
Current Bid: 229
Current Ask: 230
Total Class Issue: 114,562,884
CHESS Eligibility: CHESS eligible
Net Tangible Assets ($/share): $1.45
Code: FKP Div. Payable Date: 17/Apr/2003
Open: 234 Ex. Div. Date: 04/Apr/2003
Day High: 234 Franked Pct: 100%
Day Low: 228 Status: Normal
Trades: 73 Earnings/Share: 18.55
Volume: 232,750 Div. Rate/Share: 10.5
Value: $537,061 P/E: 12.40
Market Cap (Undiluted): 263,494,633 Industry Sector: -
Previous Close: 235
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FKP LTD
Stock to Watch: Sydney - Friday - June 27: (RWE)
********************************
PROPERTY, RETIREMENT VILLAGES AND
A TRUST AN AMBITIOUS COMBINATION
Overview:
--------
Predicting a 50 percent growth in net profit for the financial year ending next week should please FKP shareholders no end.
It's not often these days that a company upgrades its results; it's generally the other way round.
In fact its previous earnings growth forecast was in excess of 30 per cent.
However, you now have to be careful about property developers as the industry could be at its peak.
FKP though, has a double or even a triple whammy depending on your point of view.
Apart from its big property development division, the company seems to have a winner with retirement villages if you are to believe the ageing population trend.
FKP is reportedly the largest owner/operator of retirement villages in Australia operating along the east coast, Tasmania and South Australia.
Yesterday chief executive officer, Peter Brown said the profit upgrade was driven by strong performances across all divisions along with the quality of the company's projects offered across the
commercial, residential, land subdivision and retirement sectors.
He warned though, the rise in the forecast was equally attributable to stronger than expected performance and to an accounting policy change as prescribed by the Australian Accounting Standards
Board.
However, FKP's board says the accounting change is contrary to their conservative approach.
The first half year saw impressive earnings growth for the period reflected by a net profit of $11.7 million - believe or not - showing a 50 per cent increase on the same period last year.
The improvement was due to the quality of the projects across the commercial, residential, retail, land sub-division and retirement sectors coupled with the low interest rate environment.
Chairman John E.Jamieson says the current half is producing strong demand and price growth for both existing projects and pre-sales projects due to be completed this year and 2004.
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Share price: $2.30
High/low for year: $2.35/$107
Dividend: 10.5c
Div.yield 4.47 per cent
--------------------------------
Background:
-----------
FKP Ltd is described as a Queensland based property development
company and the largest owner/operator of retirement villages in
Australia.
The company is involved in a wide range of property related
activities including construction, low medium and high density
residential developments, commercial and retail projects, master planned
residential communities and the ownership and management of retirement
villages.
FKP owns and manages 22 villages and one nursing home across
five states with 2,802 units under management.
Properties under construction but already sold include the $20
million Austar Customer Operations Centre at Robina, and the $25 million
Vodafone Data Centre and Mobile Telephone Exchange in Sydney.
The company has a swag of other projects under way including the
Marina Pacific at Hervey Bay and the Mt Sheridan Plaza in Cairns.
FKP's objective is to diversify into the retail and commercial
markets and also expand into the construction business in New South
Wales and Victoria.
The company set up a Property Trust last December and plans to
expand it along with the retirement village business.
Copyright © 2003 RWE Australian Business News. All rights
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