Unless Wednesday's announcement is a negative surprise in some meaningful way the current price looks very good value to me. Unfortunately very good value does not guarantee you it won't go even lower in the short run.
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I got the exit right at ~ $1.60 but thought $1.30 was a good time to start buying. Fortunately I bought cautiously and have the capability to triple my existing position within maximum self imposed 10% portfolio allocation limits.
Unfortunately I wasn't so cautious with GNE at $2.80 so have very little room to add more if it goes down to Winners $2.50 unless I break that portfolio limit.
Investore reports earnings.
increases income from operation through rent increases and portfolio expansion.
also it’s NTA increased, now putting it in a position as the biggest discount to NTA of the listed names at -35.3%!
Attachment 13826
ARG also reports:
Quote:
Argosy Property Limited (‘Argosy’ or the ‘Company’) has reported its results for the 12 months to 31 March 2022.
Key highlights for the period include:
• Net profit after tax of $236.2 million;
• $163.7 million annual revaluation gain, an increase of 8% on book value;
• Increase in NTA per share to $1.74 from $1.53 at 31 March 2021, a 13.7% increase;
• Net property income for the period of $105.1 million;
• High occupancy (~98.7%) and WALT (5.7 years);
• Strong portfolio leasing and rent review outcomes, including 3% annualised rental growth on rents reviewed;
• 7WQ in Wellington is now 100% leased;
• Our continued focus on sustainability and progressive green developments with 8-14 Willis Street now substantially complete and 105 Carlton Gore Road, and 12-20 Bell Ave underway;
• A full year dividend of 6.55 cents per share, a 1.6% increase over FY21; and
• FY23 dividend guidance of 6.65 cents per share, a 1.5% increase on the prior year;
Another jump in NTA, another listed company with a discount to NTA of over 30%
Attachment 13827
Big discounts to NTA in sector and getting bigger
They say markets are forward looking - whatever that means in this sector
NTA of 170 is just crazzzy .....
what was the SP low again ? 119 odd......
Inflation has at least another 12 months to run.
Well what a result that will completely distort the capital retained earnings accounts.
Gearing ratios continue to be very healthy for NZ listed property (overseas its frequently 50%+) - which is why there is no sign of rising interest rates impacting there income, with rental income increasing at a faster pace than debt expense.
Attachment 13828