ARG - Argosy Property.

[Waltzing]

The public is still in denial of the future as far as bank interest rates and hoping for vaccine in january. The effects of the global shut downs will mean low interest rates for years to come is stating the obvious and really ARG is still very undervalued and should be north of 160 already. GMT is still a good trade and attracting investors as industrial south auckland is the place to be for an expanding golden triangle.

[Cyclical]

The market doesn't seem to be too impressed with today's announcement, unless it's just a spot of profit taking. Almost tempted to top up...

I can't post the link as NZX site not playing ball, but from ASB:

Argosy has announced today that it has unconditionally sold its properties at
960 Great South Road, Auckland for $8.5 million and the Corner of Wakefield
and Taranaki Street, Wellington for $25.0 million.

The sales reflect premiums to book value of 16% and 1% respectively.

[peat]

share price has been performing pretty well so I see this just as a correction from that as opposed to anything related to the announcement which was broadcast as not price sensitive.

[Waltzing]

Some order not filled today, 300.000 at 133 for example.

We were hoping to take some more at 1.24 not long ago. We are hoping for a big correction but these sales dont make any difference to the dividend.

Any sell off back to 1/20's will be a HUGE buying opportunity and i dont think we will get it, pitty. Id like another 100,000 at least maybe another 200,000

if we did not have money tied up in the banks and sky city i would want 500,000 more.

Just cant get enough of this stock.

[Cyclical]

Funny day for the stock actually, came down quite a bit before someone decided they wanted a lot at the end of the day. Manipulation?

Attachment 11907

[Waltzing]

"manipulation" how? stock go up, stocks go down and sometimes they go sideways...orders at the end of the day loaded by brokers.

[Beagle]

MSCI index rebalance at the close.

[Cyclical]

MSCI index rebalance at the close.

Yeah of course, cheers

[Waltzing]

https://www.msci.com/eqb/pressreleas...e/ir_dates.pdf

[Beagle]

Long term there are potential headwinds for retail and office space and I think these headwinds need to be kept in mind.
https://www.stuff.co.nz/business/122...stcovid-office
Disc: I recently reduced my stake in ARG and reallocated to GNE for yield, people will always need power. The longer term need for so much office space is less clear.

I still like ARG but I like it less when its materially over its $1.30 NTA. There appears to be overhead resistance at ~ $1.40 and while I acknowledge other property REITS are also trading above NTA the cloud over future office space with this one means I am less confident of a material premium to NTA with ARG.

I acknowledge yield at 4.7% PIE fully tax paid, (effectively 7% gross for a 33% taxpayer), is still very good at $1.35 in this ultra low interest rate world but I have been getting 7.5-8.0% gross yield on recent GNE purchases.

https://www.nzherald.co.nz/business/...ectid=12362591

Big changes coming in the way we work I reckon.