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Kiwi Property Group
(KPG)
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Rating:57Neutral
Price Target:
$0.93
▼(-0.85% Downside)
Action:N/A
Date:10/05/26
The score is primarily driven by moderate financial quality (manageable leverage and consistently positive operating cash flow) offset by volatility in earnings/free cash flow and a recent revenue decline. Technicals are slightly weak with the price below key moving averages and mostly neutral momentum. Valuation is mixed, with a strong dividend yield but a relatively high P/E.
Positive Factors
Manageable leverage and positive operating cash flow
Controlled leverage provides financial flexibility for a diversified property portfolio, while consistently positive operating cash flow supports recurring distributions and reinvestment. Together, these characteristics reduce dependence on asset sales or external funding to sustain ordinary operations over the next several quarters.
Negative Factors
Declining and unpredictable revenue and earnings
The latest revenue contraction and wide profitability swings reduce confidence in near-term earnings visibility. Results influenced by non-recurring items or property valuation effects can make recurring performance harder to assess, complicating planning and increasing dependence on portfolio execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage and positive operating cash flow
Controlled leverage provides financial flexibility for a diversified property portfolio, while consistently positive operating cash flow supports recurring distributions and reinvestment. Together, these characteristics reduce dependence on asset sales or external funding to sustain ordinary operations over the next several quarters.
Read all positive factors
Kiwi Property Group (KPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.49B
Dividend Yield6.9%
Average Volume (3M)848.18K
Price to Earnings (P/E)30.2
Beta (1Y)0.73
Revenue Growth2.85%
EPS Growth-13.56%
CountryNZ
Employees147
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.03
Shares Outstanding1,650,605,100
10 Day Avg. Volume900,232
30 Day Avg. Volume848,182
Financial Highlights & Ratios
PEG Ratio-2.27
Price to Book (P/B)0.81
Price to Sales (P/S)5.49
P/FCF Ratio19.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)$188.02M
Kiwi Property Group Business Overview & Revenue Model
Company Description
Operating under the ticker KPG on the New Zealand Stock Exchange, Kiwi Property stands as a prominent publicly traded real estate firm, included in the prestigious S&P/NZX 20 Index. With a history spanning more than a quarter-century, the company ...
How the Company Makes Money
KPG primarily makes money from its commercial property portfolio through rental and lease income paid by tenants occupying its retail and office spaces. This revenue is influenced by factors such as occupancy levels, lease terms (including fixed a...
Kiwi Property Group Earnings Call Summary
Earnings Call Date:Nov 23, 2025
(Q2-2026)
| Next Earnings Date:Nov 23, 2026
Earnings Call Sentiment Neutral
The earnings call presented a balanced overview of Kiwi Property's performance. While there were strong achievements in leasing performance, income growth, and strategic asset sales, challenges included a decline in overall asset value, marginal sales declines, and substantial provisions for seismic upgrades. The strategic moves towards new retail funds and land sales show potential for future growth.Positive Updates
Strong Leasing Performance
Total rental movements, including new leasing and rent reviews, were up 3.5%. Office leasing spreads increased by 3.4%, and mixed-use leasing spreads rose by 3.2%.
Negative Updates
Marginal Decline in Asset Values
Fair value movement for the total portfolio was down by 0.9% or $30.3 million over the last 6 months, with Drury landholding valuation decreasing by 2.6%.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Leasing Performance
Total rental movements, including new leasing and rent reviews, were up 3.5%. Office leasing spreads increased by 3.4%, and mixed-use leasing spreads rose by 3.2%.
Read all positive updates
Company Guidance
During the call, Kiwi Property provided detailed guidance on its strategic priorities and financial performance for the first half of fiscal year 2026, ending 30 September 2025. The company highlighted a relatively flat gearing of 38.5%, which is expected to reduce to 37.5% following asset sales. Rental growth was emphasized, with total rental movements up 3.5%, and office leasing spreads increasing by 3.4%. Operational efficiencies were also noted, with employment and administrative expenses reduced by 5%. The company's occupancy rate improved from 96.9% to 97.9%, driven by successful leasing activities, such as the 99% occupancy rate at Resido, a build-to-rent asset. Kiwi Property's focus on managing costs and enhancing portfolio performance was evident, with net operating income rising by 5.7%. Despite a slight decrease in the total property asset value by 0.9%, the company's financial outlook remains positive, with an affirmed full-year dividend guidance of $0.056 per share, representing a 3.7% increase from the previous year.Kiwi Property Group Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
59
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 271.94M | 259.50M | 244.67M | 259.08M | 255.88M |
| Gross Profit | 206.91M | 194.14M | 184.91M | 203.70M | 187.12M |
| EBITDA | 132.98M | 152.74M | 74.22M | -169.77M | 300.02M |
| Net Income | 50.45M | 56.99M | -2.12M | -227.70M | 224.27M |
Balance Sheet | |||||
| Total Assets | 3.25B | 3.34B | 3.24B | 3.24B | 3.59B |
| Cash, Cash Equivalents and Short-Term Investments | 10.40M | 14.39M | 18.20M | 17.88M | 11.60M |
| Total Debt | 1.22B | 1.29B | 1.20B | 1.13B | 1.14B |
| Total Liabilities | 1.41B | 1.48B | 1.38B | 1.30B | 1.32B |
| Stockholders Equity | 1.84B | 1.86B | 1.86B | 1.93B | 2.27B |
Cash Flow | |||||
| Free Cash Flow | 77.65M | 80.27M | -86.74M | 102.38M | 111.45M |
| Operating Cash Flow | 78.09M | 80.49M | 99.33M | 102.47M | 111.80M |
| Investing Cash Flow | 54.97M | -108.74M | -87.18M | 12.84M | -115.72M |
| Financing Cash Flow | -137.05M | 24.43M | -11.82M | -119.52M | -4.32M |
Kiwi Property Group Technical Analysis
Negative
0.94
Price Trends
0.91
Negative
0.91
Negative
0.92
Negative
Market Momentum
<0.01
Negative
47.31
Neutral
44.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NZ:KPG, the sentiment is Negative. The current price of 0.94 is above the 20-day moving average (MA) of 0.90, above the 50-day MA of 0.91, and above the 200-day MA of 0.92, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 47.31 is Neutral, neither overbought nor oversold. The STOCH value of 44.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NZ:KPG.
Kiwi Property Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $873.97M | 6.93 | 9.30% | 7.01% | 2.62% | -0.20% | |
64 Neutral | $591.24M | 19.14 | ― | 8.38% | -5.72% | 44.44% | |
62 Neutral | $1.11B | 14.22 | ― | 4.74% | 13.17% | -26.72% | |
59 Neutral | $375.74M | 11.90 | ― | 6.67% | 6.42% | -17.97% | |
57 Neutral | $1.49B | 30.23 | 2.74% | 6.90% | 2.85% | -13.56% | |
55 Neutral | $1.72B | -223.26 | -0.37% | 6.65% | 4.51% | -162.32% |
* Real Estate Sector Average
NZ:KPG
Kiwi Property Group
0.91
-0.12
-11.71%
NZ:PCT
Precinct Properties New Zealand
0.94
-0.34
-26.33%
NZ:ARG
Argosy Property Limited
1.00
-0.23
-18.57%
NZ:IPL
Investore Property Ltd.
1.00
-0.21
-17.08%
NZ:PFI
Property For Industry Limited
2.15
-0.26
-10.86%
NZ:SPG
Stride Property Group
1.05
-0.31
-23.08%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.