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  1. #111
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    next..KPG....will be patiently waiting for good news...just like my HGH

  2. #112
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    I cashed in my HGH on the last run unfortunately but still have some KPG left

  3. #113
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    Quote Originally Posted by clown View Post
    I cashed in my HGH on the last run unfortunately but still have some KPG left
    Me too! Still hold both, hanging in.

  4. #114

  5. #115
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    Nothing to concern about KPG's assets Master Beagle!!

    In my opinion, all retailers will be consolidating their businesses. They will concentrate on big malls or popular shopping centre. They will shut the shops on small centres and off streets one.

    Ask anyone,,,who does not like to go to KPG malls? Sylvia park, Te rapa...?? People like to socialize.

    Their debts gearing is not too bad around 30 is %...then some properties are government leased.

    SP is easily up 20c in the next update.

  6. #116
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    Probably not what you want to read but here goes mate...

    I don't like the fact that despite reasonable gearing and a reasonable result for FY20 they canned the final dividend based on the fact that a big write-down happened in the value of their assets.

    To me this beggars belief for an income stock as income is income and an unrealized write-down in assets does not affect income nor should it cause a dividend to be completly stopped.

    Did they pay an extra dividend in the last year in which a big capital gain was made on their properties ? No of course not, that would be paying out unrealized profit but they are happy to take dividends away from investors when there's a write down even though its an unrealized write-down, go figure ? There's something morally wrong going on here.

    So what are they going to do about it for the interim dividend ? Will they make this loss of income up for investors if there is a valuation recovery ? No of course not again. They have said they intend to pay out 90-100% of profit for the interim FY21 result. All good so far you might argue but wait there is more...

    From their announcement on 22/06/20
    "The interim dividend for the financial year ending 31 March 2021 would be payable in December 2020 and is subject to the absence of material adverse effects (such as disruptions to business activity) or other unforeseen circumstances, including further COVID-19 related lockdowns or significant decreases in asset values or income".

    There's something fundamentally wrong with directors that don't understand that investors in an income stock expect that income to be paid out at a certain percentage of income, say 85-90% regardless of unrealized capital movements one way or the other in the capital value of the properties but at the same time they're happy to deprive investors of income they're happy to contemporaneously go on to expend vast resources substantially expanding their mall size in the middle of a serious economic crisis. Hmmm

    Investors need to decide for themselves if the directors are really looking after the best interests of investors or themselves ? I am not impressed.

    I note ARG seem to have a completely different approach to maintaining dividends and are on a much better yield and are better diversified by property type.
    Last edited by Beagle; 28-09-2020 at 02:57 PM.
    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

  7. #117
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    Let see eh...will prove u wrong again...just like HGH!! Then me with be title Master soon...haha..not many companies in NzX undervalued now

    Following the valuation result, Kiwi Property's investment portfolio
    capitalisation rate has softened by 12 basis points from 5.99% to 6.11% and
    decreased net tangible asset backing per share by 18 cents from $1.42 to
    $1.24 per share. Gearing has increased to 32%, which remains within the
    target range.

    Last edited by King1212; 28-09-2020 at 03:07 PM.

  8. #118
    ShareTrader Legend Beagle's Avatar
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    Fair comment mate. Maybe the present ~ 20 cent discount to NTA accounts for my concerns fully. I may need to ponder this one a bit more...
    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. #119
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    Kpg is nothing to lose one Master Beagle. Low interest... assests price will be up no matter what. It is just a matter of time for KPG. October update is coming soon

  10. #120
    ShareTrader Legend Beagle's Avatar
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    I'm struggling to reconcile this cautious outlook here https://www.nzx.com/announcements/351283 in April, cancellation of the dividend and deferral of non essential capex and other measures with their current almost gung-ho build it and they will come approach http://nzx-prod-s7fsd7f98s.s3-websit...590/330530.pdf

    Sure it would be fair to say they had already committed to the Galleria expansion before Covid hit but its not a good look and on the face of it their expansion and the previous statement of caution is incongruent.

    Okay to spend $277 million but can't afford to pay the final dividend ?
    Stop the dividend when there's unrealized write down in assets but no extra in previous years when there was massive increases in unrealized gains ?
    Major expansion at Sylvia park, so they think the risk from Covid has now passed ?
    Future dividend(s) contingent on no major further write-downs or Covid effects... For me that's a deal breaker because it tells me they have no contrition for canceling the last dividend or sympathy for investors need for income.

    To me the directors seem to have forgotten why people invest in REIT's...for reliable dividends. Very poor execution of their primary goal to be a reliable investment for shareholders in my opinion. No wonder its at a discount to NTA and very probably deserves to be. If there's another outbreak of Covid in N.Z. or should that read "when there's another outbreak of Covid" malls are the first place people stop going too.

    I see plenty of risk here and well below average governance standards and execution of their purpose for existence.

    Its not for me but good luck with it mate and believe me when I tell you, we're ALL hoping N.Z. stays being a safe place to go to the shopping malls.
    Last edited by Beagle; 28-09-2020 at 05:54 PM.
    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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