Property Stocks

**fish** · 10-01-2005, 08:38 PM

Fully agree with MoSteph.
Have owned ttp for a few years and believe its majority owners want to take it over at the lowest price possibly-an offer of 40 cents was rejected and the net asset value i losely estimate is approx double that reflected by the share price.They are not short of cash and i have just received a cheque from them as they have bought out the remainder of their notes-hence their interest costs are falling and asset values increasing .
they are just about the most undervalued asset on the nzx-and that is how they like it .

Conversely i sold my kip as feel the management rights are sucking too much profit .
disc-hold cnz ttp and cdl-worth having 10000 of these in your portfolio just for the 50% hotel discounts

**Onthemoney** · 10-01-2005, 08:39 PM

You have seen the light fish with KIP. Would agree that TTP is worth a look again....

**biker** · 10-01-2005, 09:16 PM

Thank you to the obliging sellers who let me pick up some more TTP today at 38c.Always a pleasure buying undervalued assets;and they are getting more undervalued as time goes by. Eventually something's gotta give.

**Onthemoney** · 10-01-2005, 09:17 PM

biker the only worry is - When will they reach their full value. I have been in and out for a while.

**biker** · 10-01-2005, 09:24 PM

Hard to say how long they will be overlooked by the market but I'm in no real hurry on this one as I think the medium term risk is more on the up than the downside now.

**nelehdine** · 11-01-2005, 08:52 AM

Onthemoney ... what light has fish seen with regard to his KIP holding ??

KIP at 116 , discount to NAV yet a 7Yr high

Disc: Hold KIP

**lambton** · 11-01-2005, 09:11 AM

quote:Originally posted by nelehdine

Onthemoney ... what light has fish seen with regard to his KIP holding ??

KIP at 116 , discount to NAV yet a 7Yr high

Disc: Hold KIP

Because management are real rip off artists lining their own and their bank owner's pockets. Arrogant and touchy about it too if you ever challenge em. Note CEO of KIP would not disclose his salary in Sunday Star Times latest survey. Was he embarrassed that it was too far below what the other Mon Capitans were drawing?

**Bling_Bling** · 11-01-2005, 09:52 AM

quote:Originally posted by lambton

quote:Originally posted by nelehdine

Onthemoney ... what light has fish seen with regard to his KIP holding ??

KIP at 116 , discount to NAV yet a 7Yr high

Disc: Hold KIP

Because management are real rip off artists lining their own and their bank owner's pockets. Arrogant and touchy about it too if you ever challenge em. Note CEO of KIP would not disclose his salary in Sunday Star Times latest survey. Was he embarrassed that it was too far below what the other Mon Capitans were drawing?

You have a point there. This goes for most property managed trust.