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  1. #61
    Go The Warriors "This Year!"
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    277

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    https://www.nzx.com/announcements/313928

    Nice result..missed it last night so made for a surprise when I saw it this morning.
    Hmm... Better do my homework that I have yet to do...
    Between MCK & CDI these could be quite handy set and forget holds...

    Discl ..hold small parcel of MCK....

  2. #62
    always learning ... BlackPeter's Avatar
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    Aug 2007
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    Quote Originally Posted by Benny1 View Post
    https://www.nzx.com/announcements/313928

    Nice result..missed it last night so made for a surprise when I saw it this morning.
    Hmm... Better do my homework that I have yet to do...
    Between MCK & CDI these could be quite handy set and forget holds...

    Discl ..hold small parcel of MCK....
    Yep, solid result - and good outlook, given that two of their hotels just came "on-line", i.e. cost in 2017 and revenue in 2018.

    Holding both MCK and CDI ... and having difficulties to decide which one to like more;

    CDI did so far a better job of capital appreciation in my portfolio than MCK, but this is just a timing issue. Anybody holding both for more than 2 years would say the opposite (holding CDI for several years, but rather new to MCK);

    MCK is obviously exposed to the cyclical tourism sector, which is sometimes good (like now) and sometimes not so good.

    CDI - developing (non-speculative) properties - always in demand.

    Both have ok-ish past PE's and very promising growth rates (which obviously will not continue to grow in infinity)

    CDI - avg PE 17.4, backw CAGR 35.4
    MCK - avg PE 15.2, backw CAGR 12.2

    I think both are worth a punt ... just need to keep reminding me not to over-expose (low liquidity) ;
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  3. #63
    Member
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    Quote Originally Posted by BlackPeter View Post
    Yep, solid result - and good outlook, given that two of their hotels just came "on-line", i.e. cost in 2017 and revenue in 2018.

    Holding both MCK and CDI ... and having difficulties to decide which one to like more;

    CDI did so far a better job of capital appreciation in my portfolio than MCK, but this is just a timing issue. Anybody holding both for more than 2 years would say the opposite (holding CDI for several years, but rather new to MCK);

    MCK is obviously exposed to the cyclical tourism sector, which is sometimes good (like now) and sometimes not so good.

    CDI - developing (non-speculative) properties - always in demand.

    Both have ok-ish past PE's and very promising growth rates (which obviously will not continue to grow in infinity)

    CDI - avg PE 17.4, backw CAGR 35.4
    MCK - avg PE 15.2, backw CAGR 12.2

    I think both are worth a punt ... just need to keep reminding me not to over-expose (low liquidity) ;
    Yeah very solid result, and as you say two of their hotels coming "on-line" this year to contribute to a full year of results will bring more of that growth we've come to see (New Plymouth contributes from Q2 from memory).

    Book value is now 3.71 - can't complain with that margin of safety with current sp.

    The good thing with MCK is that the cyclical tourism sector can be somewhat offset by CDI, so you get the best of both worlds.

    Disc: hold both MCK and CDI

  4. #64
    Junior Member
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    Nov 2016
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    Can anyone tell me what the deal is with MCK? Low payout vs earnings, and a share price half its asset value?

  5. #65
    CEO, NZ Shareholders Association
    Join Date
    May 2017
    Location
    Wellington
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    593

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    Check their Asset Revaluation as a %age of earnings.
    (Ie, 'paper' earnings)

  6. #66
    Legend peat's Avatar
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    Aug 2004
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    Whanganui, New Zealand.
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    Quote Originally Posted by DonQ View Post
    Can anyone tell me what the deal is with MCK? Low payout vs earnings, and a share price half its asset value?
    You're correct this stock has good valuation metrics however it comes with the risk for minority shareholders as to how that value may be crystallised for them. There can be no takeover premium attributable.
    For clarity, nothing I say is advice....

  7. #67
    percy
    Join Date
    Oct 2009
    Location
    christchurch
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    17,222

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    Last year's interim report was announced on 4th August.
    Not far away.
    I am expecting it will be sound, as their May 31st agm presentation was extremely positive.
    I finished my buying today at $3.20.
    Last edited by percy; 17-07-2018 at 12:41 PM.

  8. #68
    percy
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    Oct 2009
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    christchurch
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    Pleasing seeing a large shareholder increasing their holding.
    Aberdeen Asset Management now own 12.8913% up from 11.8882%.

  9. #69
    Senior Member
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    Mar 2014
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    540

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    The news this morning is saying we are running out of hotels haha. hopefully that's good for mck

  10. #70
    percy
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    christchurch
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    Quote Originally Posted by Yoda View Post
    The news this morning is saying we are running out of hotels haha. hopefully that's good for mck
    In that case it must be said MCK are "well positioned."....lol.

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