||ORD EUR0.01 (DI)
||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
|p@: The share price seems to be falling with no deals on plus or LSE?|
|marab: p@, when you see what your toe dipping did to the share price you have to wonder what it would do if someone put a whole foot in. A lot of shares are 'under the radar' but this one is practically a stealth fighter.|
|marab: DSV transport were the first to rent at the Brovary warehouse.
There last accounts give a breakdown of the turnover for each region on page 8 which is quite interesting. Certainly gives lots of room for expansion. The rental agreement was made after this report was produced.
Nice to see AISI has not suffered the drop in share price that so many others have had today. Shouldn't have said that should I ?|
|marab: So a summary from research and comments on the thread,
There are 414m shares and about 75% held by directors and major holders. Many of these share holders are hedge funds. One is Tudor BVI Global Portfolio Limited (6.58%) which recently took a large stake in SNRP. The company was set up to build and rent 4 sites, one of which (Brovary warehouse) has been built and part rented out. Details on the other potential projects are on the website at,
http://Company website/ under the heading PROJECTS.
Could be interesting if they sell either the Tsimlyansky or Kiyanovsky residential projects. Two years ago the NAV was $89m, so a bit of upside potential over and above the current bargain price.
Share price was 40p 2 years ago and reached an all time low a week ago but has gone up 60% in 2 days on very small buys.
For background information on the Ukraine go to google and search
open the pdf and read from page 14, with AISI having the largest logistics warehouse in the area..(and is new) and occupancy is about 20% at the moment - so 10,000sqm a month at $6 a sqm - approx $60,000 a month at 20% occupancy. At full occupancy about $3.6m a year income. The $6 is based on average rates. Prime rates are dearer. I imagine that Brovary could fall into this category as it is new. Average rentals were $11 $12, 2 years ago. One of the tenants is holding a 3 year lease which should strengthen cash flow.
"Whilst at 30 June 2010, the Group's total assets exceed its total liabilities by US$45,450 521".
Unemployment in the Ukraine is 8%, unlike here where it is er, 7.9% and rising. GDP growth expected to be 5 - 8% compared to here where we apparently expect 1 - 2%.
The company is considering selling their Tsimlyansky and Kiyanovsky residential sites, which could give them enough leverage to move forward with the Odessa project which would triple their rental space. If they sell off one of their two residential sites at DTZ's 2010 valuation then they can pay off most of their debt and have a new well-located warehouse earning $3.6m a year in rent and net assets of 15+ p a share.
A $34.4m loan was provided by the European Bank for Reconstruction and Development http://www.ebrd.com/english/pages/project/psd/2008/38183.shtml toward the £49m cost of building the Brovary project, and there is no obvious reason for another loan not to be granted for the Odessa project as long as the company can demonstrate cash flow.
I think the above is accurate but DYOR. I own a few of these and would welcome any views from long term holders|
|marab: 2.4p now to buy. This was 40p in 2008 when they hadn't built anything and now they have a finished building to rent and the share price was 1.5p a couple of days ago.|
Aisi Realty share price data is direct from the London Stock Exchange