SUM - Summerset Group

[couta1]

I am guessing Couta1 let the Beagle off his lead.
Big mistake...lol.

Nah that was a much bigger dog than Beagle and he is well researched and made a good point about the large number of unsold units at one of the sites in particular as being a major concern. PS-Had a great catch up with forum members including some new faces, even the elusive W69 made an appearance.

[Onion]

My thoughts from the AGM...

- The directors all spoke well and described a company that has good governance and good structures
- Housing market uncertainties are leading to longer lead times when selling units -- a consequence is higher stock levels/more unsold units
- The narrowing of the development margin reflects the current and future inability to ramp prices just because of an overheated market (prior high margins were probably opportunistic)

[Onion]

PS-Had a great catch up with forum members including some new faces, even the elusive W69 made an appearance.

I had to get back to work so unfortunately missed the catch up.

[Beagle]

Good to catch up with some old faces, meet the legendary Winner and some new faces too.

[winner69]

It wasn't Beagle that "accused" that question (it was John Boscawen, former ACT MP, as a proxy holder), but the hound did ask about continuing the build rate (450 per year) when unsold stock increases annually.

Julian's reply suggests they won't be headlining their projected build rates in future and that they will be targeting the building that they do to local markets where they see the best prospects.

Not surprising they won’t be headlining build rates in future as Julian’s messages have been getting briefer and briefer and more obtuse over the last year or so.

Summerset maybe losing some of its credibility with the market cap

[bull....]

bollingers suggest 5.25 could be a target soon

[minimoke]

My thoughts from the AGM...

- The directors all spoke well and described a company that has good governance and good structures
- Housing market uncertainties are leading to longer lead times when selling units -- a consequence is higher stock levels/more unsold units
- The narrowing of the development margin reflects the current and future inability to ramp prices just because of an overheated market (prior high margins were probably opportunistic)

My one concern is Rob Campbell and where his energies can best be used. I have major concerns with THL (selling out of that today) as he is facing headwinds in his role in several companies. I see SUM as the safer (but still risky) bet between the two so will leave my money on there for the time being.

[winner69]

SUM share price down to 45% of RYM share price (average since IPO is 50%)

That’s telling you what the market thinks of SUM and Julian’s vagueness

But a sign that SUM could be getting to a level where it’s a reasonable buy (have to be positive)

[MauroNZ]

Nah that was a much bigger dog than Beagle and he is well researched and made a good point about the large number of unsold units at one of the sites in particular as being a major concern. PS-Had a great catch up with forum members including some new faces, even the elusive W69 made an appearance.

Was great to meet you and talk to you as well as with Beagle, Maverick, Artemis and a few other who only read the forum. Thanks for the knowledge shared guys.

I believe Beagle had an anesthesia with the flight as he didn't barked as expected hence why I couldn't identify him.

[Beagle]

My one concern is Rob Campbell and where his energies can best be used. I have major concerns with THL (selling out of that today) as he is facing headwinds in his role in several companies. I see SUM as the safer (but still risky) bet between the two so will leave my money on there for the time being.

Good news is Rob is looking considerably less portly than last year...an inspiration for SUM dog on here me thinks.

350 number is not a concern. I remain a happy holder. Will share more detailed thoughts later.