CT Property Share Discussion Threads

[horseyphil] 05/11/2021 15:05

As someone noted elsewhere, if you value the 50% industrial at par, then the remaining 50% of offices, retail warehousing and standard retail is effectively being priced at a 45% discount. Given that it's largely good quality, in good locations and has a very low vacancy rate, that makes no sense.

If it can break out from this 84-86p trading range, then a push on to 90p and beyond seems very feasible.

Skyship, don't worry about your friend from WHR - I really value your insights and I'm sure many on this and other boards will agree.

[skyship] 23/10/2021 17:10

Sorry all for attracting igoe104 here. As many may know; all I did was to say c3months ago on the WHR thread that BREI were a steal and WHR looked way overvalued trading at a big NAV premium. Since then BREI have risen 20% and WHR have risen 3%.

I guess sour grapes from Igoe; who perhaps ignored entirely innocent advice. Of course, all may reverse in the months ahead; so I wish him well with his selections.

[spectoacc] 22/10/2021 20:13

Still in my BREI, 2nd largest holding, see nothing as cheap atm. They've just done 9p in a qtr, with clearly more to come, so not selling out on +5p.

Can't go bust taking a profit tho - well done sellers. Knowing BREI, there might be another buy op when they drift back to 80p.

"Worth" north of a quid tho IMO.

[alan pt] 22/10/2021 18:30

chucko1 Spot on

I bought a bunch in the 50's towards the end of last year, but then added significantly in the low 70's, now selling some at 80+, though I'll keep a chunk for now as I see them as heavily defensive

It's been useful and informative to follow the comments from Skyship, especially comparative comments with other REITs

[chucko1] 22/10/2021 18:20

igoe104, I must call you out on your foolishness. To suggest that this is some sort of "pump and dump" stock, and that most, if not all, on here cannot see Skyship's posts in exactly the way they were intended: that is to say a claim that this stock was cheap and was worth considering from the point of view of the fundamentals he laid out, as well as the occasional charts which I ignored.

Tell me what you posted which brought its attractiveness, or otherwise, to the attention of people on this board?

Tell me the arguments you formulated to weigh the risk-reward here, and its comparison with other REITs that he has equally analysed?

For your information, I did almost exactly what Skyship did - I bought heavily at the 71-3 area and gradually sold towards 85 but still own a few as I actually see further rises. I could be wrong, but I lay out my strategy and case to an extent.

[hindsight] 22/10/2021 18:15

Thx EI but even a broken clock is right twice a day. Still think all these small REITs need corporate activity to reduce overheads with scale and close discounts. Saw your capco comment, personally bit twitchy that now 2+2 is history covid will be able to find a drift on vaccines amongst the billions this winter

[essentialinvestor] 22/10/2021 17:44

hindsight, well done on consistently buying here on weakness - turned out lovely.

[igoe104] 22/10/2021 17:36

Surprise, Surprise after pumping Brei on the WHR board ( a few weeks ago) Skyship has sold out.. there is always a reason why folks are talking up other stocks on different forums. Lots of gullible folks on these forums.

Wake up and smell the coffee ....

[spectoacc] 22/10/2021 16:33

NAV isn't everything of course, but 9p in a qtr - wow.

If anything, even more argument for a buy back.

[catch007] 22/10/2021 11:40

Remain heavily under water with BREI but encouraging signs with todays update. If we can get through without a huge covid spike and lockdowns then progress can be maintained.

[skyship] 22/10/2021 08:54

Pretty dramatic stuff. Still sold my last 10k at over 87p this morning.

Why? Only because still heavily exposed to the sector; but want to maintain a 20% CASH balance for the time-being; and needed more cash to add to my PE trust plays - as per my post on the PE thread.

[horseyphil] 22/10/2021 08:48

Great update and nice move, but with >50% Industrial there's no way this should be at a 23% discount, so expect it to move higher still.

[spectoacc] 22/10/2021 07:21

BREI knocking it out the park, what a qtr.

[horseyphil] 21/10/2021 08:36

Read across from the BCPT and AEWU updates looks promising for the BREI NAV announcement.

[hindsight] 18/10/2021 09:51

Good to see it back to 22% discount which is now fair in my book relative to others

[chucko1] 16/10/2021 13:27

Sky, nothing really to say other than it was cheap at 72-3p and has hit a new recent high of 78.6p. It’s doing what we always thought it might and could have more upside. I have sold a portion as I cannot claim to have the first idea if it will retrace somewhat or push further. My near term bet is that it pushes further given the most recent price action, and if I am proven wrong, then I just buy back what I sold.

Asset backed at significant discounts in an overall strong market is a decent blend!

[horseyphil] 16/10/2021 09:26

Yes, good call Sky.

Can see this settling around 84-85p. While many of us are justifiably critical of the Board and manager, you have to give them credit for the way they've managed down the High Street retail, and now have a far better portfolio mix than a few years ago.

Should be a trading and NAV update in the next week or so.

[skyship] 16/10/2021 08:26

50k UT @ 80p - the target price.

Not a single post last week as everyone collectively held their breath after the breakout from 75p. The move has been a good and highly predictable trade.

[hugepants] 08/10/2021 16:08

With the recent transactions the portfolio mix will have changed slightly. My estimates are;

Industrial/Logistics 49%
Offices 25.8%
Retail warehouse 18.2%
High Street retail 7%

Then there's the trading update for Q3 later this month so probably some more changes.

[nickrl] 08/10/2021 12:00

At the cash level a dividend of 1p will be just covered by my assessment in 2022 so limited scope to move the dividend further from here until vacancies filled but we should see a drop off in bad debt provision so its sustainable at c5%. So given industrials now at 47% of portfolio it ought to close the discount down.

[horseyphil] 08/10/2021 09:23

With the 4p dividend confirmed and seemingly covered, there's no way this should be <80p.

[skyship] 08/10/2021 08:38

75p is an important pivot point. Break through the ceiling and surely 80p beckons again.


free stock charts from uk.advfn.com

[skyship] 08/10/2021 08:32

Indeed. Good to see that the 4p dividend is now baked in.

[spectoacc] 08/10/2021 07:56

Excellent.

[hindsight] 06/10/2021 13:18

Pretty obvious stuff and surprised wasnt already in builder share prices


Unknown for me is where is the age benefit + or - for commercial ie imagine 12 month old building benefits if new lot dearer but a 30 year old losses as cost to upgrade a lot higher. So what age is pivot point
New also has some land purchase cost elasticity but 30 year doesnt