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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Creo Medical Group Plc | LSE:CREO | London | Ordinary Share | GB00BZ1BLL44 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -1.44% | 34.25 | 33.50 | 35.00 | 34.75 | 34.00 | 34.75 | 709,100 | 11:47:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Surgical,med Instr,apparatus | 27.17M | -26.94M | -0.0746 | -4.59 | 123.73M |
Date | Subject | Author | Discuss |
---|---|---|---|
28/7/2010 15:52 | Mike - yes NAV's do provide a basis for valuation, but investors also expect a return. It doesn't matter what the NAV, if it is producing a net zero return for the shareholder (i.e no income, and therefore no dividends), you will be making 0% a year on your investment and purely relying on capital growth. But if there is no expectation of sale, then how is an investor going to realise a return on their investment? Obviously at a certain level, investors step because of the gap with NAV, which offers a floor against the share price. Commercial property can be valued on the yield it produces. So, are the premises producing too low a yield? - is this suggesting they are overvalued? Or is the yield being produced being taken by fees? All I know is currently the assets of TCT are producing negative income for the shareholders, and hence why I expect their is a large gap to NAV. If/when they start generating sufficient income off those assets, I expect the market will put a higher valuation on the assets. At the moment, it would seem they are not pricing in the companys claim of future increased rents. I know they are going to start paying dividends this year, but maybe the market is discounting this if they know the company is merely borrowing more funds to pay this and not a result of the income it is producing. Longsight - I know u say fees are in line with market/peers. But here lies the problem - fees are based on NAV's, and the amounts of investment expenditure. The assets they are taking the fees on are not producing enough income. The fee are too high if the income they are able to genarate from the assets cannot cover the fees and leave some for shareholders. Maybe we should question why they can't generate a higher yield on their assets. Are they performing poorly? | eddie1980 | |
28/7/2010 14:57 | I have always thought that property companies were valued by their NAV rather than cash flows so although I was aware of what Eddie has pointed out I had not thought it important but he has got me thinking (and worrying!). It would certainly explain the poor performance since transfer. Another explanation is the company and JPM have just done a very poor job (and I mean very poor) of marketing and publicising TCT and few are still aware of it. This would explain the very low volumes - the gentle decline we have started to see over the past week could be UK PIs getting fed up with the lack of upward movement and simply getting out. If this is the case then the share price is likely to continue to decline in the short term as the process continues until there is some interest in Singapore. It is difficult to believe that such a poor job has been done but the volumes indicate this is the case, unless I am too impatient. Longsight - what is your reaction to Eddie's post, do you think it goes some way to explaining the disappointing share price action or do you think the explanation lies elsewhere? Mike | mikeelkin | |
28/7/2010 14:07 | Since the rents are set to double or more by 2013 - a highly geared play. TCT fees are in line with peer group. Read the listing doc. / JP Morgan & Edison notes. | longsight | |
28/7/2010 11:19 | Must admit I am a little surprised at the share price performance since relisting. All it has done is dribble down when the wider asian markets have been going from strength to strength recently. I haven't studied the figures too much that were released on the relisting and the results, but the only thing that did strike me when I looked at the P&Ls, and maybe this is a factor in its current valuation, is that currently cashflow from rentals does not cover the interest and all the management fees (i.e it required the increase in capital value to book a profit.)I know TCT are working on increasing rents over the next few years, but currently the only people making money are treasury holdings (and the banks) As they are unlikely to sell the city centre building (i.e as it is most the of company) the value it has is in the income it can produce, which currently, is not enough, at least for the shareholders. I can't see dividends increasing too much either until the rents flow through to the bottom line as otherwise they would just be funding them through increased borrowings. So for me, I don't think we will have a major increase in share price until the rents start having a material increase. | eddie1980 | |
28/7/2010 11:09 | At least a bit of volume today. Still trading at just 33% of current NAV. A bit of time & further NAV growth - in particular by 2012 with the new development & refurbs & dramatic increase in rental income - & this looks the best value share in my portfolio. | longsight | |
28/7/2010 09:16 | Treasury's Chinese property interests jump 6pc in boom | lbo | |
27/7/2010 22:06 | Flip - great to get your post. Thanks. Agreed, it is a farce thus far. But I honestly believe that this is a great medium / long term investment for all the reasons I've stated before. TCT is a massively better situation than the old CREO - especially with the new fee structure. Furthermore, since the listing we have had several very good developments i.e. the 2 brokers's notes including new coverage by JP Morgan, the revaluation of the portfolio, the new leases at improved rentals, the new loan facilities at almost half the interest cost & the statement that total rental income will double over the next 36 months. Add in a guaranteed divi. My view is that NAV will rise significantly as will divis. If NAV hits say SGD6 by 2013 & the disc to NAV drops to say 10% then the shares will more than treble - meanwhile the yield on the original purchase cost of the shares shd become very hi. imho, well worth the patience. A great opportunity to partake in the Shanghai boom & to do so at a huge initial discount. The portfolio looks great & ditto the management. All TCT needs is a bit of patience from shareholders. | longsight | |
27/7/2010 20:32 | It's a bit of a farce. Liquidity is less than in London while we trade far below the NAV of the property portfolio. Management should just perform a controlled liqduitation of the portfolio and return us the $4 SGD NAV. | flip101 | |
27/7/2010 12:05 | Since the interest costs are cut by 47%, it has got to help the bottom line. Similarly, the projected doubling of rents within 36 months might help the bottom line - just a thought ... Meanwhile the shares are trading at one third of NAV. | longsight | |
27/7/2010 11:11 | At first glance looks like a good refinancing deal, anyone know what this does to their interest costs \ bottom line. Just shows what the management can do when they have decent shareholdings rather than just taking fat management charges! K. | kramch | |
27/7/2010 09:21 | Lots of good news on TCT. Regret that no one on here ever contributes - though thanks to mikelkin. Mikeja bought a huge amount of CREO & has informed me that he is an investor of some 50 years experience. Why no contribution? Very disappointing. fwiw, I'm holding. It might take 2 years before TCT trades close to its NAV. In the meantime, NAV shd grow. These shares are spectacular value at these prices. They are below the radar now but the quality & potfolio performance will change that at some point. | longsight | |
22/7/2010 20:03 | Longsight Thanks for your reassurance. You are right the update was positive, and that in connection with the director buy you pointed out and the notes from JPM and Edison would I thought have prompted some activity (in an upward direction as well); especially considering these are now cheaper than when it was on aim. Patience is the watchword I guess. Mikeja - you have quite a sum in these but have not posted lately - are you just sitting and waiting for things to start finally moving? | mikeelkin | |
22/7/2010 13:51 | Mike I agree it is strange - but the info I have from Sarah Moriarty is that the Directors are continuing to give presentations in HK, Singapore & in Japan. It is absurd that TCT's shares shd be trading at a lower price than CREO was in London. I do think it is a matter of time before investors come on board - but it might take another month or 2. Long term, as I posted before, I think TCT looks a great investment. I thought the update on the portfolio value as at 30 June was a positive. Sarah did hint to me that over the next 2 months there shd be a couple of good news items coming out. | longsight | |
22/7/2010 07:31 | All very strange. So far this week I think there has been one trade for 1000 shares. Volume seemed to be gradually picking up up until about a week ago now it is as quiet as the first few days after the float. I am completely non plussed given the broker note issued by JP Morgan. Has anybody else issued anything other than Edison and JPM? Is everybody else as puzzled as me or can anyone suggest why volume is almost non existent. Incidentally my tdwaterhouse shares are still not available. I was told definitely this week but I have been told that before. Glad to hear anybody elses thoughts. Mike Elkin | mikeelkin | |
15/7/2010 20:41 | Edison note was very solid. Straightforward argument for considerable share price growth over the next 2 years [& imo over the next 10 years]. I wd guess a solid dividend policy too. | longsight | |
14/7/2010 19:28 | I m with TDW and not received my shares yet...don't mind though. Happy to hold this one for foreseeable future. | vondutch | |
14/7/2010 12:12 | Anyone with TDW received their shares yet? | newswseller | |
14/7/2010 12:11 | & on that small chart that has so far emerged, I's politely suggest it is about to move off | mattjos | |
14/7/2010 12:09 | i see an Edison note out today on TCT | mattjos | |
07/7/2010 22:20 | Disappointing that there is so little posting on here. I'd really appreciate some views from you guys - especially since TCT hasn't happened so far! Love to know what you guys think of the JP Morgan note. I spent quite a bit of time rereading the note & had a chat with Sarah Moriarty of Treasury Holdings. I think the JP Morgan note is far too conservative in its assumptions. It seems to make practically no allowance for capital appreciation of the portfolio - bizzarre just on account of the development at City Centre Extension, the further refurbishments & the Beijing logistics Park. Almost half of TCT's portfolio [in rental value] will be retail by 2012. I think the prospects for rental income increases on the retail side look fantastic. Retail consumption in PRC is currently growing at 18% pa. The PRC Gov is desperate to rebalance the economy towards greater domestic consumption. Shanghai is the most international city in PRC. Shanghai has a very lo per capita amount of retail capacity when compared to other major international cities [check out the JP Morgan note]. Shanghai is the natural centre for the huge potential growth domestic financial services / insurance industry in PRC - major point!! Shanghai is the natural HQ for international businesses in PRC. Banking giants like HSBC are refocusing the centre of their operations to PRC. Disneyland is planning a massive Disneyland in PRC - in guess where? Yes in Shanghai. I forsee huge potential rent roll growth & NAV growth ahead for TCT. Yet we kick off with a huge discount to NAV - yummy. Add in the potential appreciation of RMB / SGD against Sterling. Yummy! Add in the fact that Assets are in RMB & loans are 87% in US$. Yummy! Come on guys - lets have a bit of enthusiam on here. Share your views - I assume you have some or why else did you buy the stock? | longsight | |
07/7/2010 09:10 | Director share buy announced today. Richard David added 60,000 shares to his holding taking it to 210,000. | longsight | |
07/7/2010 05:04 | Thanks very much guys. Much appreciated. | mikeelkin |
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