Hawtin Share Discussion Threads

[meict] 03/9/2009 18:21

Superseded by posts below.

[arthur_lame_stocks] 03/9/2009 16:02

Are these the geniuses that managed to turn £15m into -£6m in a couple of years by buying in to commercial property at the top of the boom?

[meict] 03/9/2009 13:39

Never mind this nonsense, what do your magic charts say 5dally?


The full story from Hawtin can be seen at:




meict

[meict] 03/9/2009 01:35

Whilst agreeing with sharw, there are a few points I'd like to add.


It may be that the interim figures have been announced early so that further good news announcements are kept separate; for this reason I suspect more good news around the time that the results are usually announced.


For example, the St David's II Mall in Cardiff opens in seven weeks time bringing with it many visitors to the city. Whether any of it rubs off on Hawtin remains to be seen.


There is no longer any mention of the 75% of the Aberaman site that was all but let, the Portsmouth site or the site near the Heads of Valley road at Rhymney. Are these going to be announced one-by-one as sweeteners?


I think that for some reason, yet unknown, Richard Hayward is trying to keep the share price buoyant.


The statement: 'Over the past few years, the Board has striven to broaden the geographical and occupational base of the portfolio.' Does this mean that our latest acquisition is some distance away from the areas in which we currently trade?


Now, these figures are not as good as may be thought but lets consider some other points. If property values have 'bottomed' then, perhaps there may be a small 'bounce' by the year end. For example, if Hawtin's existing properties (i.e. those on the Balance Sheet at 31 December, 2008) were to rise by a mere 2% then this would not only improve our Loan-to-Value ratios but also produce a (paper) profit of a little over £1.25m.


Ignoring the interest swaps but including the (paper) profit of £0.75m from the revaluation of Nangarw Estate would mean a total additional profit of £2m.


Doubling sharw's figures (yes, I know it can't be that accurate but it's just an illustration):

Gross profit 3,858
Expenses (2,058)
Operating profit 1,800
Net interest (3,530)
Pre-tax loss (1,730)

would push us into a small, albeit paper, profit. Tax is immaterial as we have huge losses from last year and from previous years.


Of course, if other properties are let and the new purchase comes on stream quickly, the profits could rise dramatically. A yield of 7% (I envisage it to be more) on our new purchase would mean rent of £760k. Similarly, yields of 8%, 9% and 10% would produce rental income of: £868k, £975k and £1.085m respectively.

[sharw] 02/9/2009 18:45

Results 3 weeks earlier than usual!

The figures look good at first glance but if you take away the one-offs and book adjustments you are left with:

Gross profit 1,929
Expenses (1,029)
Operating profit 900
Net interest (1,765)
Pre-tax loss (865)

So the sooner they manage to push occupancy up from 59% the better.

[5dally] 02/9/2009 18:14

Hawtin posts first half net profits of £2.5m - up from £980,000 a year ago.

Revenue for the six months to the end of June was £2.2m compared with £1.9m last time and the firm had cash and cash equivalents of £2.2m against £2.6m a year ago.

Chairman Bob Carlton-Porter said: "We have sold some of the residential units we bought in the Holywell portfolio as these were non-core to our normal business activities.

"Our current void space now amounts to some 41% of the total portfolio which will progressively fall as we actively market and deal with space currently under offer or in legals during the coming months.

"Property companies in normal markets achieve an industry norm of 90% occupancy levels and if Hawtin achieves 90%, which is some 30% over current lettings, this would add over £1m to our profits."




Story provided by Business Financial Newswire

[5dally] 24/8/2009 10:22

Nice to see this moving up,,,,,

[sharw] 18/8/2009 12:34

meict - thanks for finding that. The property is shown on the website at £700k but it may have been written down since then. At least this increases the rental income.

[meict] 18/8/2009 10:37

Hello Fellow Hawtinians,

I was quoted 5.233p on a buy order of 150,000 this morning, the maximum they'd allow and 4.5p to sell 15,000, again the maximum allowable.

The Market Makers seem keener to trade, yesterday the quotes were 5.10p on 100,000 (maximum)and 4.0p on 15,000 (again, the maximum).

The Market Makers are moving the prices on very thin trading, what sort of quotes are you getting?

So, anything happening out there? Or has it just sunk in that Beechwood House has been let for ten years at £54,000 a year?



At the AGM, there was talk of good news and an announcement soon; I don't think it was Beechwood House but... The Chinese restaurant is still ongoing but a date for completion wasn't guessed at.

Hawtin doesn't seem to be making any announcements; all my recent information - some good, some bad - has come via the Internet.

meict

[meict] 17/8/2009 11:49

Well lads (and lasses), what's happening at Hawtin?

The website hasn't been updated since the 1st of May - perhaps we should request it.

Any (good) news about our site on the Wirral?

Meict

[arthur_lame_stocks] 21/5/2009 21:51

What an awful shower this bunch are. They shouldn't be left in charge of a shovel, let alone a listed company!

[mryesyes] 21/5/2009 20:15

I'm afraid that the woeful statement today reads to me like a request to the bankers to end this listing.
Terrace Hill and Safeland which had been stirring must be mortified by the comments that all the other property owning companies are in the same boat - waiting to see if their banks close them down as plcs.
Quite astonishing to see no posts, and only an 11% price fall, especialy since this has traded at below 5p for years
Terrace have made an appointment today, but a clear trend is emerging where the property developers like BDEV ( TW. have the bankers in their pocket - if you owe enough its their problem etc) whice ARE worthless get bankers and stock trader support but property owner/operator plcs like these 3 which have big +ve NAVs may be nicked, i.e. may be delisted, go into admin and you get a cheque for £5 after Price Waterhouse have sold off the properties. Disgraceful!

[pav 1] 15/5/2009 09:15

5DALLY, still holding firm in these, the day traders long gone and any decent news we will see price shoot up.good long term punt imo

[5dally] 12/5/2009 13:39

Not even one trade today,,,thought we would have a bit of buying up to the prelim announcement 18 May,:-(

[william-just] 09/5/2009 07:17

Also if you are looking for a wild card punt try TRX.
If the other insurers pay up then it will 4 bag or more.

[william-just] 09/5/2009 07:15

Meict, I have looked in on this thread and may take a punt as my last name is also Hawtin. but have cash held back for the 38p Lloyds pref shares.
So ill be waiting for that to go through and bin them for a punt in this.

[meict] 09/5/2009 03:22

Gentlemen, and of course Ladies,

Am I the only one placing posts on this Bulletin Board? Come on lads and lasses, why not post your opinions? What about you Sharw2, you have an in-depth knowledge of Hawtin, what's your estimate of the NAV? Please share your ideas with us.


I notice that there's been a small amount of selling and because of this the share price has been, to say the least, somewhat volatile, dropping substantially on small trades. A trade of 20,000 on Friday, all of £1050, caused a drop of .25p! Somebody later bought 700 and there was another purchase of 5,000 but, alas, there was no recovery.


Hawtin's shares 'bottomed' some time ago and whilst I was expecting the upward movement of a week ago to continue, I'm not disappointed that some punters have taken a small profit: 50,000 shares with a profit of 1p is £500 for a few days risk. If you can do it on ten shares a week, it's serious money and I wish them every success. (If you're reading this lads, please forward me the list of punts for next week.)


Back to Hawtin. Commercial property has hit rock bottom and I'm sure that we'll see a sustained rally in the next week or two. Unfortunately, Mr Hayward has not been using the remains of the £50 million 'pull down' to enhance our portfolio. This is obviously owing to the fact that there is nothing suitable available. Nobody wants to sell and buyers, at the moment, are now looking for high yields rather than capital growth. There are few sellers, as if owners sell and cannot reinvest, their money will lie, unloved, in pathetic yield accounts.


As I said in Post 205, I expect the share price recovery to be in the second half of the year. During this time, we will see many well-heeled buyers returning to the marketplace to snap up properties that are let to solid companies. Fortunately, we have Richard Hayward at the helm and I'm sure that he will steer us though to calmer waters and to decent purchases.

Meict

[meict] 06/5/2009 13:54

Again, it appears that that there is no announcement, as yet, regarding the Annual Report. I suppose that we shouldn't care, as 5dally's post says that they are: 'Forecast Key Dates'.


The website is still not up to scratch but I've written to them twice regarding mistakes on it. Whilst they have corrected the errors I've told them about, they have done nothing regarding the myriad of spelling and syntax errors. They must be waiting for me to point out where they are. Doesn't auger well, this in reality is their shop window.


Checking on-line what are the Bid and Offer Prices (6.25 and 6.74), the Market Makers are only allowing me very minimal quantities. Is anybody else finding the same?


Meict

[meict] 05/5/2009 16:04

Oi 5dally,

What happened to the Annual Report?

By 11:20 four buyers had bought 15,000 between them at 6.74p-6.75p, unsurprisingly no movement as yet. The Market Makers must be waiting for the Report too.

When I tried to buy and/or sell on-line, the Market Makers were only willing to deal at minimal quantities.

Anybody got any thoughts?

Meict

[addict] 01/5/2009 09:50

Upward momentum building.Net asset value at last count 16p per share.Looking good for double digit share price.DYOR

[meict] 01/5/2009 01:15

How long before the MBA boys pick up on RHV?

[meict] 01/5/2009 01:12

Finally, Hawtin is moving upwards! How it sojourned for so long around 4.5p I don't know. I see Hawtin as a share of two parts: the property assets, particularly the Net Asset Value (NAV) and Richard Hayward.


The shares have finally started to move and I think that they'll go to around the 8p or 9p level, which I estimate at a 60-65% discount to NAV. When it reaches that point, a number of shareholders who bought around the 4p level will get out or sell half.


Others who will sell are the longer term holders, who have bought some years ago and bought again to 'average' when the shares were around the 4-4.5p level. They will be glad to get their money back and see the back of Hawtin who, through no fault of its own, has disappointed them.


And who can blame them? Not I.


I see the real share price growth coming between the publishing of the 2008 Annual and the Interim Reports. As I've said before, the relationship between Merlin and me is somewhat tenuous so I've decided not to prophesise regarding the price that I see.


"Two parts? Where's the Second Part?" I hear you say.


The second part is Richard Hayward (please see posts 176, 179, 185 and 203 for my previous comments). I think that a man of the calibre of Richard Hayward is worth 20p on the share price - call it the Richard Hayward Value.


Richard Hayward will take Hawtin, which was little more than a Shell three short years ago and turn it into a major player in the commercial property field.


Hawtin is UNIQUE! Unlike other property companies that sell on a discount to NAV, Hawtin sells on a double discount - to NAV and to RHV (Richard Hayward Value). I estimate that Hawtin is selling on a discount to NAV of 65% to 70% and on a discount to RHV of 68%.


I'm not surprised that an Institution has not swallowed up three or four per cent of Hawtin. There's no dividend but further down the road, say in two years time, there will be. I, for one, would not welcome it, there are far better ways to reward loyal shareholders than paying them a penny or two in dividends.