CDL & CDI ... Another Great Result

[LaserEyeKiwi]

No surprises there .A waste of time by Winton.Positive for CDI.

Yes a very cynical move by Winton. Probably also turned off a lot of potential investors into Winton (given that CDL investors would possibly also be the type of investors who would have considered putting money into Winton)

[LaserEyeKiwi]

Some interesting comments so far in the CDI AGM. Net income for the current financial year looks like it is already in very good shape with the comments that one huge $29m property sale in Auckland has generated a massive profit with an 80% gross margin. Lots of good comments regarding capital value uplift of long held land holdings. Also the size of the new commercial property assets (warehouses mostly) to be held long term are also interesting.

One feels the underlying market value of the companies assets is far larger than the book value assigned (which is based on acquisition cost IIRC)

[BlackPeter]

Some interesting comments so far in the CDI AGM. Net income for the current financial year looks like it is already in very good shape with the comments that one huge property sale in Auckland has generated a massive profit with an 80% gross margin. Lots of good comments regarding capital value uplift of long held land holdings. Also the size of the new commercial property assets (warehouses mostly) to be held long term are also interesting.

One feels the underlying market value of the companies assets is far larger than the book value assigned (which is based on acquisition cost IIRC)

It clearly is ... obviously, all subject to a potential correction of the property market.

BK said as well, that they expect the second HY to be a bit quieter than the very good first ... but that they expect overall for this year the same profit or better than last year. Historically they tend to underpromise and overdeliver.

He said the property cycle is in his view around 1:30 or 2 o' çlock ... i.e. we are past the peak (12 o' clock) and there is still some time to go before we bottom out.

He talked as well a lot about healthcare centers and retirement villages (well, I think not running them, but developing and supplying land). Some interesting diversification to come?

Anyway - steady as we go. Very solid company with a very healthy balance sheet (some might say too lazy), but as well with a quite healthy RoE ... I like the combination.

In my view would the current weakness be a good opportunity to accumulate.

Discl: I reached my limit (considering the low liquidity of the stock). Happy holder.

[hyinvest]

Is there a recording of the AGM?

[BlackPeter]

Is there a recording of the AGM?

Not to my knowledge ... but they typically release the slides to the NZX (they do this since I suggested that to them some years ago). Maybe you can take the role of promoting the idea of releasing as well a recording?

Here are the slides and the chairmans notes:

http://nzx-prod-s7fsd7f98s.s3-websit...532/371178.pdf

http://nzx-prod-s7fsd7f98s.s3-websit...532/371187.pdf

[hyinvest]

Not to my knowledge ... but they typically release the slides to the NZX (they do this since I suggested that to them some years ago). Maybe you can take the role of promoting the idea of releasing as well a recording?

Thanks BP. I will do my best.
Last year, I tried calling Takeshi Ito, for a number of days, without any success. Hopefully this time will be better.

[kiora]

https://www.stuff.co.nz/business/pro...ock-north-land

[LaserEyeKiwi]

https://www.stuff.co.nz/business/pro...ock-north-land

Certainly makes Winton look like a bunch of clowns

[DarkHorse]

Indeed! “It is not open to Winton now to seek to have the consent decision set aside on the basis that the ministers failed to take into account information Winton chose not to provide,” I wonder how much their lawyers pocketed from bringing a completely futile case...

[beetills]

Last years results came 3/8.Announcement nearly upon us maybe?