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  1. #221
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    Quote Originally Posted by BlackPeter View Post
    Annual report is out:

    http://nzx-prod-s7fsd7f98s.s3-websit...312/296920.pdf



    Book value per share (not even taking capital gains into account) is 75.7 cents. Add a fully imputed dividend of 3.5 cents - and this share is currently trading below asset value.

    Ah yes - and if we take their assets at their current (i.e. not just book-) value, than their real estate alone is worth $1.52 per share. Does 80 cents per share sound too dear for this?

    On top of that - EPS seems to hang around 12 cents p.a. (don't expect further earnings growth this year - they said they need to be flexible with pricing to keep revenue up). 12 cent EPS for a 80 cent share, this is a PE of 6.7

    Nobody should say that it is hard to find very friendly priced shares these days ... sometimes I don't understand the markets ;
    I am currently going through the report and am liking what I am seeing. BP you nailed it with your post. EPS is 12 cents yes really. This has to be the bargain of the century. Even a 3.5 cent fully imputed dividend makes the yield about 6.3%.
    One caveat that I did read in the Director's review was the following:

    "While we are confident that 2019 will be profitable, we are already seeing a slowing property market and this sentiment will impact our section sales in coming months. 2019 will therefore necessitate some degree of flexibility in our sales approaches in order to maintain our positive sales tempo."

    To me that means that profit will probably be down slightly in 2019, maybe back to 2016-2017 levels when profit were $27m- $32m and then EPS will be about 9.7- 11.5CPS. Not really a worry on a SP of 82-85 cents.
    Just be wary if purchasing, this stock is not that liquid, so you may require patience in purchasing and selling a holding.

  2. #222
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    Aberdeen ceasing to be SSH.

    https://www.nzx.com/announcements/332564

  3. #223
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    Quote Originally Posted by sb9 View Post
    Aberdeen ceasing to be SSH.

    https://www.nzx.com/announcements/332564
    They sold 51,000 shares. Thought they could sell more. Now they are under 5% we will not know if they do sell more.

  4. #224
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    What logical reason could they have to sell only 51000.
    Does anybody know if they take a divie or are in the DRP.
    Just seems strange to me ,but then,i'm no expert.

  5. #225
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by beetills View Post
    What logical reason could they have to sell only 51000.
    Does anybody know if they take a divie or are in the DRP.
    Just seems strange to me ,but then,i'm no expert.
    I could think about plenty of "logical reasons":

    They might have an internal policy on being a substantial shareholder and try to avoid this situation if possible?

    They might want to avoid to have to inform the market on further sale down?

    They might want to let the market think that they are selling down to depress the price to buy soon another big chunk on the cheap?

    Or maybe the responsible investment manager just found a gap of $40k in his overall investment portfolio cash position he had to fill prior to the next report time?

    I don't think it means anything to be concerned about ... but we shall see
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  6. #226
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    I know it's XD but the share price appears to on the slide.Anyone with a possible explanation.Seems to be a good time to buy but the next divie will be 12 months away.

  7. #227
    percy
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    Weak property market means they face headwinds for the foreseeable future..

  8. #228
    always learning ... BlackPeter's Avatar
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    Quote Originally Posted by beetills View Post
    I know it's XD but the share price appears to on the slide.Anyone with a possible explanation.Seems to be a good time to buy but the next divie will be 12 months away.
    PE below 6 (based on last years 12.1 cents EPS); Even if they don't manage to grow last years EPS (which they did so far every year for the last 8 years) - this is a good price.

    Even if sales activity would deliver next year only half of last years earnings (and there is no indicator showing that), they would still have a healthy PE .

    Ah yes, and NTA per share (based on their property at buy in price) is already 76 cents. Current valuation of their landbank is above $1 per share.

    However - they are clearly a stock with low liquidity. Not good if an investor needs to sell them in a phase like now.
    ----
    "Prediction is very difficult, especially about the future" (Niels Bohr)

  9. #229
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    What do people think of the latest result.
    IMO with land on hand and with them indicating the purchase of more in the future things may get better especially with previous announced intentions to add commercial buildings on their sites to add extra income..I will be holding the few shares i have and adding if funds become available.

  10. #230
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    looks like a new phase has started … adding to the land bank. so lower profits and reduced dividends are likely if past payouts during this phase are any indication. patience is the key, for investors, as we wait for the demand-supply curve to return to supporting the sale of sections developed. the rewards in recent years have been good, so perhaps there is an opportunity to add to the shareholding. time will tell …

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