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  1. #601
    Herbacious
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    Quote Originally Posted by psychic View Post
    Sage advice there Mondo. But I'm thinking the thing is way oversold, at a ridiculous discount to NAV (leaky buildings priced in after all this time surely? ), resales exceeding valuations, high occupancy rates, beaut forward build program and at a terrific p/e. What could go wrong...
    It probably is oversold, but at present it looks like it could continue to be oversold (or even more so) for a while yet so I wouldn't rush to buy. I expect the leaky building issues are priced in unless they go over budget on repairs or find more, which is always possible. Also probably some of the market uncertainty is weighing on them a little (as it is with most of the sector) so I wouldn't actually expect that downtrend to perk up again until we see some more signs of life in the overall real estate market.

  2. #602
    Speedy Az winner69's Avatar
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    Quote Originally Posted by psychic View Post
    Sage advice there Mondo. But I'm thinking the thing is way oversold, at a ridiculous discount to NAV (leaky buildings priced in after all this time surely? ), resales exceeding valuations, high occupancy rates, beaut forward build program and at a terrific p/e. What could go wrong...
    It’s been like that for years ....a few say the same things about SUM being so ‘cheap’ v RYM

    So what’s going to change the market sentiment?
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #603
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by winner69 View Post
    It’s been like that for years ....a few say the same things about SUM being so ‘cheap’ v RYM

    So what’s going to change the market sentiment?
    Isn't the old saying that SP follows EPS? The underdogs just need to continue their good earnings for a long enough time ;
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  4. #604
    Speedy Az winner69's Avatar
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    Quote Originally Posted by BlackPeter View Post
    Isn't the old saying that SP follows EPS? The underdogs just need to continue their good earnings for a long enough time ;
    Maybe that’s an old wife’s tale

    MET share price possibly will follow earnings .......but possibly will still be trading below NTA etc etc in years to come, just like it has for years
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  5. #605
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    For those interested in MET, Glen Sowry will be presenting next week
    https://www.sharetrader.co.nz/showth...895#post763895
    No advice here. Just banter. DYOR

  6. #606
    Speedy Az winner69's Avatar
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    Reasonably solid result from MET

    Notice how fair value adjustments (revaluations) these days aren’t as great as the past few years — an indication of where Underlying Earnings May be heading in the next few years

    http://nzx-prod-s7fsd7f98s.s3-websit...727/306132.pdf
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #607
    ShareTrader Legend bull....'s Avatar
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    Reported net profit after tax was $39 million, below last year largely due to lower unrealised fair value gainsin a slower real estate market

    sums it up
    one step ahead of the herd

  8. #608
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    Reasonably solid result from MET

    Notice how fair value adjustments (revaluations) these days aren’t as great as the past few years — an indication of where Underlying Earnings May be heading in the next few years

    http://nzx-prod-s7fsd7f98s.s3-websit...727/306132.pdf
    Very different result than SUM. What we see with MET is much higher expense growth and much lower revaluation growth driven by their concentration of units in Auckland.
    I don't see any reason to hold these apart from the deep discount to NTA. But what are they going to do about that, if anything ?
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  9. #609
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Beagle View Post
    Very different result than SUM. What we see with MET is much higher expense growth and much lower revaluation growth driven by their concentration of units in Auckland.
    I don't see any reason to hold these apart from the deep discount to NTA. But what are they going to do about that, if anything ?
    They (MET) can’t do much about that discount ....the market per se decides .....just like the relative prices of RYM and SUM
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  10. #610
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by winner69 View Post
    They (MET) can’t do much about that discount ....the market per se decides .....just like the relative prices of RYM and SUM
    What about an on market share buyback ? I think the huge drop in Net Profit after tax is a real heads-up about future underlying profit which hasn't be growing at a flash rate at all before this so the outloo0k appears to be quite muted.
    Last edited by Beagle; 26-08-2019 at 09:04 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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