Baker Steel Resources Share Discussion Threads

[marben100] 01/8/2013 12:04

I make that discount 13.5% today, after the recent rise and performance of the underlyings (I estimate NAV now stands @ 70.3p). Trimmed my holding heavily today @ 60p. ;0)

[strollingmolby] 01/8/2013 11:25

Merryn Somerset-Webb (MoneyWeek aditor) also dropped BSRT into the bottom of this article on 19 July, where she argues against buying structured products, and instead buying stocks that have already fallen:



And the miners have been properly bashed. GlencoreXstrata is down 32 per cent since September alone and now offers a dividend yield of 5 per cent, which is some compensation for the risk inherent in holding its shares. Rio Tinto is much the same – down 26 per cent and yielding 4 per cent. Not a stock picker? You could buy BlackRock World Mining Trust, a diversified mining investment trust which yields 4.5 per cent and trades at a discount of 6.9 per cent to the value of its assets or, if you're really daring, Baker Steel Resources Trust, which holds junior mining and pre-IPO stocks. It's down over 50 per cent over the past year and trades at a yawning 38 per cent discount to its net asset value.

Not a bad 'tip' given the return since.

[slogsweep] 30/7/2013 08:24

Write up in Money week on 26/7/3 highlighting big discount
seems to have stimulated some buying.

[strollingmolby] 15/7/2013 21:16

At the moment the market is winning vs the analysts. I expect the pendulum will swing back a little once sentiment towards miners improves.

[rcturner2] 12/7/2013 10:21

On the 5th July it was 45p. It fell again the next day.

I agree we might be approaching the bottom, but I wouldn't bank on it.

[strollingmolby] 12/7/2013 10:17

Maybe, RC - maybe not. IVP appears to have turned the corner, up 7.7% overnight.

[rcturner2] 05/7/2013 08:13

Trouble is there will be more falls to come first.

[flying pig] 05/7/2013 08:07

Discount about 34% on mid price. Value is there if you have confidence in the medium term recovery......

[rcturner2] 04/7/2013 08:01

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share as at 28 June 2013:

Net asset value per Ordinary Share: 69.6 pence

During the month, the NAV per share decreased by 24.8% primarily as a result in the fall in the price of Ivanplats on the Toronto Stock Exchange and write downs to Gobi Coal and Ferrous Resources.

[kenmitch] 03/7/2013 21:56

Views on the continuing fall in the Ivanplatz share price anyone? It's down another 8% today at just $1.4 Canadian dollars.Just the market and falls across the board or also something specific to Ivanplatz? Surely impacting on NAV? The current discount to NAV must still be substantial but maybe no longer around 40%?

[marben100] 10/6/2013 13:42

Price is disconnected from fundamentals - likely a forced seller.

Positive news on Ivanplats monster Platreef project:

Mining licence now applied for & BBBEE vehicle established to own 26% of the project. With Japan's Itochu holding 10%, that leaves Ivanplats with 64% at present (+ a 49% interest in the BBBEE vehicle). Obviously major capital will be required to develop this property and equity markets are not exactly supportive, especially with South African projects at present. If western companies are too wary of S.A., Chinese or Russian partners, alongside the Japanese might be more willing to deal.

In the nearer term, good to read that drilling at Platreef is about to resume, after resolution of "a little local difficulty".

[marben100] 07/6/2013 08:08

Bear in mind that there have been further falls in listed investments since end May and my estimate takes those into account: still dirt cheap!

[rcturner2] 07/6/2013 07:08

NAV = 92p

Share price = 52p

Discount = 44%

!!!

[marben100] 06/6/2013 23:48

Assuming no writedowns to unquoted assets, I estimate the NAV @ ~86p, hence a 38% discount @ a share price of 53p.

I added some more shares at that price, shortly before the close today.

We should get an official update to the NAV as at end May shortly - perhaps tomorrow?

[coolen] 06/6/2013 22:49

How large is the discount, please ?

[rcturner2] 06/6/2013 12:56

I must admit I don't really understand it. I would have thought there is still good demand for resources, given that US economy is recovering.

[marben100] 28/5/2013 13:22

Discount v tempting. I added last week @ around 68p - too early!

In answer to your Q RCT2 - yes! SPs of many miners have been trashed (even good producers), due to commodity price fears.

If those fears aren't realised, there will undoubtedly be strong gains in due course.

[rcturner2] 23/5/2013 13:39

Massive discount opening up here. Are resource stocks so out of favour?

[marben100] 21/4/2013 16:27

IVP now stands at C$3.03, my NAV estimate now 89.8p - not surprising share price has fallen.

Confidence in commodity prices needs to be restored before explorers/developers can regain value.

[rcturner2] 18/4/2013 16:24

I guess this is tanking on the back of the general fear around commodity stocks at the moment?

[marben100] 08/4/2013 17:20

Unfortunately, IVP has declined somewhat since then (in common with many miners): C$4.34 on 28th March; C$4.16 latest share price I estimate the current diluted NAV at 102p/share.

Nevertheless, still a big discount & happy to hold for the longer term.

[strollingmolby] 08/4/2013 13:05

IMS just released, detailing a 20% discount to NAV at 28 March. Largest holding, Ivanplats (34%) advancing nicely.

[coolen] 04/4/2013 12:59

Suspended ?

[jaws6] 28/3/2013 11:38

DAVID on Ivanplates video