Kenmore Euro Share Discussion Threads

[thepsychic] 07/10/2009 12:56

Thanks Alan, I find the accounts confusing, I still can't work out profits.

From the balance sheet I note as of 30th June 2009, the assets are around 400M and liabilities 300M. So if the asset value falls by 10% we are looking at a 40% reduction in the NAV per share. Hence i need a cushion and the cushion is the profit levels which seem hard to work out. I cannot buy into this unless I can understand the accounts which for some reason appear over elaborated. Can anyone enlighten me?

[alanji] 07/10/2009 09:00

thepsychic - here is the info you want:

[thepsychic] 07/10/2009 08:20

I can't get much clear info on KEIF, does anyone know what the profit is to June '09? and what was the anual net profit to Dec '08? Thanks in advance.

[hugepants] 06/10/2009 19:28

Absolutely.

[h101] 06/10/2009 14:55

..as in Keef Hartley?

[hugepants] 05/10/2009 18:59

I got some as well.

Play that riff Keif baby.

[skyship] 05/10/2009 09:28

Couldn't resist getting back onboard for a few this morning @ 29.29p....

[skyship] 02/10/2009 16:37

I want to be back in here due to the Fundamentals, but the chart is short-term bearish having made a lower high. We are back to that 30p offered level, but in the short-term we could see further weakness. Certainly value here, but there could be another 10% fall next week. Will be watching closely...

[carterit] 01/10/2009 13:40

I see Rensburg have increased there stake.

[crawford] 01/10/2009 08:56

Nice sale ahead of NAV.

[thepsychic] 28/9/2009 20:46

Excuse me I meant retracement. I will look into buying in at 30p initially (if it get's there) but I would not pounce in at 30p as this may drift to the support line below as the share price has gone up 200% in a very short space of time it may be due a breather. I agree that 70p is acheivable some time soon but in this market i can see traders cashing in on the rise as opposed to allowing for a 700% increase so quickly.

[mreasygoing] 28/9/2009 20:30

It is'nt a downtrend, a 'retracement' is the word you are looking for. This is to be expected as shares DO NOT always go up in a straight line.

30p is good support IMO, should see a bounce from there (if it gets there).

[thepsychic] 28/9/2009 18:05

If you bothered to objectively look at your chart you would notice the downtrend towards 30p for starters.

[mreasygoing] 21/9/2009 20:24

I'd expect a move back to 50p fairly soon for KEIF. The MACD is about to cross again and chart has a bullish uptrend. 70p looks achievable in the medium term. Which I believe is around its NAV.

[affc21] 20/9/2009 21:51

IPD confirms UK market reached nadir in July (see article below):


------------------
So if the UK real estate sector has already reached its nadir, then surely the European real estate sector cannot be far behind (especially France and Germany), seeing as Europe is emerging from recession ahead of the UK.
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Europe is emerging from recession, the European Commission said on Monday:

[affc21] 20/9/2009 20:51

The Sunday Times
September 20, 2009


Where the wealthy are investing their money


Here, we look at five ways the rich are investing their money:

1 COMMERCIAL PROPERTY

The drop in prices has raised rental yields from about 4.6% two years ago, to 7.9%, and affluent investors are buying bargains.

Bill O'Neill, portfolio strategist at Merrill Lynch Global Wealth Management, said: "Commercial property in Europe and the UK has been neglected by investors. Worries about companies' financing persist, but it does mean this area is cheap, particularly in the UK."

Three-quarters of private banks surveyed by Hotbed, an investors' network, said they believed the coming year would be a good time to invest in the sector, compared with only a third in 2008.

Several firms have launched commercial property funds recently. BDO Stoy Hayward Investment Management has just started the UK Strategic Income Property fund with Coba Asset Management and Strutt & Parker, the property consultant. The fund's target is a total return of 10%, with the managers taking a performance fee of 20% of anything earned over that. The minimum investment is £100,000.

Seven Dials Fund Management has launched the Lightstone Prime High Street fund, which will buy shops in towns and cities such as Chester, Kingston and Canterbury. Astrid Cruickshank, the manager, said: "The unprecedented volatility we have experienced over the past 18 months has given rise to an increasing number of opportunities at prices that are very attractive compared with historic levels and offer long-term performance potential."

Clavis Walden is planning to launch the Property Authorised Investment fund in November. It will invest 80% in bricks and mortar and 20% in shares, and aims to pay investors 7% a year.

In another sign that confidence is returning to the market, brokers such as Bestinvest have begun tipping the New Star UK Property fund again. It once held more than £2 billion of investors' money, but is now worth £635m because of huge outflows and poor performance. It is down 23.3% in the past year and is yielding 5.9%, according to Trustnet, the data provider.

[cockneyrebel] 20/9/2009 12:04

Sorry for not getting back sooner Affc21.

Basically Cazenove say this:

More attractive in the sector we believe are Kenmore European (Outperform), which has been more successful in addressing its difficulties and positioning itself for survival, and AXA Property (Outperform), which is more much lightly geared than peers and not in significant distress, but has nevertheless been priced as such.

CR

[harmonics] 20/9/2009 06:52

Crawford
Ok, is that fixed overhead + outgoings v income?
How would you research a current gearing effect which I assume is ever changing and meaninless if more than say a month or so old.
NAV seems not to be the dominant factor with real estate stocks, example - MERE share price is at c20% of NAV and going nowhere!
How would a KEIF analysis compare to IERE/WKP/MERE/WICH

[crawford] 18/9/2009 07:17

to do with the gearing effect.

[harmonics] 18/9/2009 06:46

I put all my spare cash in KEIF because this is heading north like IERE, not much to choose between them.
I thought that a relationship to NAV was important and IERE has a lower ratio to NAV than KEIF, but, IPI is trading very well above it's NAV...work that out!