Creo Medical Share Discussion Threads

[flip101] 23/9/2010 21:15

I personally cannot believe we are trading where we are. The story is obviously gaining little traction in the Far East and Richard David should strongly consider a better way to reflect value in the share price. The move of listing has actually reduced the stock's rating and also reduced liquidity.

[vondutch] 23/9/2010 18:02

newswseller nope. and starting to get very annoyed (with TDW). It doesn't really make a difference since I had not planned on selling them yet, but the principle that it is taking this long is ridiculous. If I had needed to raise some cash urgently I can imagine being very unhappy!

[newswseller] 21/9/2010 15:05

anyone with TDW got their new shares yet?

[longsight] 21/9/2010 10:18

September Investor Newsletter out today on the TCT website.

Worth reading. It summarises the various [imo positive] developments since the relisting in Singapore.

It also contains details of surveys of the commercial property market & its prospects in Shanghai. The retail sector appears to be performing particularly strongly.

[longsight] 21/9/2010 08:48

The previous post clearly provides evidence for the arguments of Ulrich & Churchouse about the coming emergence of Shanhai as a major financial centre.

Think about the implications of international salaries being paid to financial services employees = big office rentals & cap values & major retail to service their needs.

Very simple - TCT know exactly what they are doing by having almost the whole portfolio in Shanghai commercial property.

[longsight] 21/9/2010 08:45

From yesterday's FT - an extract:

Hong Kong nears financial top slot
By Brooke Masters, Chief Regulation Correspondent

Published: September 19 2010 23:34 | Last updated: September 19 2010 23:34

London and New York are still the world's leading cities for banking and other financial services but Hong Kong is breathing down their necks, according to the latest Global Financial Centres Index (GFCI).

The twice-yearly ranking of 75 world cities by Z/Yen group, the think-tank, is based on surveys of industry professionals and objective factors such as office rental rates, airport satisfaction and transport.

In previous versions, London has generally led the pack, followed closely by New York, with other cities lagging well behind.

But the GFCI 8, which will be released on Monday, concludes London and New York are statistically indistinguishable, with 772 and 770 points respectively out of a possible 1,000, with Hong Kong only 10 points behind, at 760. Hong Kong was 81 points behind the other two as recently as March 2009.

"London and New York are going down a little bit. Their competitiveness isn't quite as good as it once was, while Hong Kong is steaming ahead," said Mark Yeandle, the Z/Yen associate director who developed and runs the survey.

He predicts that Singapore, currently 32 points behind Hong Kong, could soon join the top ranks. Between them, the top four centres account for 70 per cent of all equity trading.

Shanghai also posted significant gains, rising five places to sixth, which puts it in the top 10 for the first time since the survey began in 2005. There are now four Asian cities in the top 10.

"It is no surprise that centres in Asia are closing rapidly. This is a long-standing trend that reflects the importance of this rapidly growing marketplace," said Stuart Fraser, policy committee chairman of the City of London, which promotes the area and provides some essential services.

"The level of ambition demonstrated by financial centres in Asia . . . makes it all the more important that London continues to work to retain its international competitiveness," he added.

.... Mr Yeandle said the ratings reflected growing concerns about the business and tax environment in London as well as rising enthusiasm for Asia.

[longsight] 13/9/2010 18:07

The NAV will go up from here because the Shanghai comm property market will boom over the next 10 years. As simple as that. If you doubt that then sell, if you think that this view is correct then keep them. JPM were just trotting out standard risks rather than arguing that the NAV was arrived at thru some dodgy methods.

JPM also stated that the shares offer the opportunity of private equity like hockey stick returns - but I guess that doesn't fit in with your selective quotes does it?

I responded because you called my views comical. I am bullish - obviously - get over it. I might be proved right.

I have also given reasons for my views at considerable length & cited a number of highly thoughtful commentators like Ulrich as support for those reasons.

The main risk here - since TCT is a leveraged situation - is that the comm property mkt in Shanghai will go down long term. Very obvious. You don't need to read JPM to work that out. Can't imagine why anyone wd buy or hold TCT if that is their views. I am a bull on Shanghai - & I believe I have given cogent reasons for that.

[eddie1980] 13/9/2010 16:54

The more I think about the share price, the more I think its current performance is relevant.

At 1.52 on the sell, the approx old share price is £3.67 (at 2.07 GBP:SGX) That is down over 20% since the highs at around £4.60 in April/May. Not exactly a great performance, considering the effort and expense of relisting and the supposed interest they were meant to generate in the stock.

I actually wonder whether the extra information out in the market about the company's financials in the listing docs and brokers reports have had a negative effect on the share price. I was attracted to the stock because of the apparent large disparity of the NAV, but seeing the listing doc on the projections for cashflow and profits, and how this doesn't seem to support the NAV, I wonder whether it is this that has negatively affected the share (as something certainly has).

[longsight] 13/9/2010 10:54

I wd also say that I have a number of investment opportunities that I am aware of where I wd love to have some spare cash to buy. So I only hold TCT because I think they look fantastic value.

As to worshipping the share price action - as Eddie plainly does - why give so much credence to it in the short term? Since Eddie mentions WCC, worth recalling the share price was just 50p about 18 months ago. Now the share price is £9.80. There were plenty of Eddies crying that the Co was rubbish when it was 50p - so who was right? The answer was not the market but the patient investor.

[longsight] 13/9/2010 10:47

Eddie - I sold the shares I did because I unexpectedly needed some cash.

I wd also prefer the shares to be higher but as regards the 2/3 of my original holding, I intend to hold them very long term. TCT's assets are commercial property. If I bought a commercial property then I wd usually assess the performance of the investment over many years not a couple of months.

I think I have contributed a stream of useful info on here.

I think your contributions were superficially useful but misleading - in particular your scepticism over the NAV valuation. You cd have effortlessly contacted TCT - as I then did - to have clarified this but you find it preferable to just post any downside you can.

I note that you make similarly negative comments on WCC, despite protesting thast you were a holder there, yet you have been proved to be utterly & hopelessly wrong in your negative slant.

fwiw, I think I might cease posting on here since your opinions are the only other ones posted. Ultimately, what matters is how the Singapore investment community views TCT & I think that in a year's time the answer to that will be plain to see - imho the shares will be significantly higher & the divi payout will be maintained at 10c pa.

[eddie1980] 13/9/2010 09:40

You are comical. Your quotes include 'volume and share price ticking up'. I then remark it has now gone back to the levels it was at when drifting downwards from the relisting, and quickly (and when the wider markets are in a very bullish period)

Whats the difference?

Didn't you sell a third of your holding? Did you not care what the price was?

Maybe you sold to move the money into another share (WCC/2233) which is also undervalued but yet on a very good run. Why not. But it doesn't matter if u think a share is undervalued. If the market isn't interested, you may as well have your money in something that is on the radar.

So, again I question 'who cares'?

Yes, I want to sell some of my holding (not all) ro readjust my portfolio but not at this price. In my eyes, all the listing has done is moved the company to a different exchange where the share are traded as little/less than before with an ever lower rating, having probably spent £10m on the move.

[longsight] 11/9/2010 20:50

Well done Eddie - but who cares if you are holding TCT long term like me?

[eddie1980] 09/9/2010 20:42

quick turnaround on the stock - back to 1.51 on the sell - thats over 10% in the last 3 days

[longsight] 07/9/2010 10:16

closing share price SGD1.68 - 1.70. Graph looking good.

[longsight] 05/9/2010 23:38

Eddie - you are quite right that JPM refers to new commercial property coming on stream by 2012 - but this is only half the story. Read the JPM note again & check out the very low level of retail property per capita in Shanghai. Then catch up with Jing Ulrich, the preeminent China securities analyst [search Bloombery.com for interviews] & listen / read her views on the exponential growth in domestic consumption in China. Then note how the City Centre Extension is adding significantly to the retail component in TCT's portfolio.

On the office side, check out Churchouse on Shanghai's prospects as a commercial / financial services centre over the long term [many shrewd commentators have also emphasised this coming development].

I am not a mindless bull on TCT - if TCT didn't look to me like a huge opportunity I wd move on - there are so many great investments out there. But I really rate TCT's prospects.

[eddie1980] 05/9/2010 22:07

Longsight - good work re questions to the company. Surprised about only one lease being below market rent as JP Morgan did not give this impression.

I do not think though that any difference in the rents from 8 years ago to now, whether contracted or discounted, suggust what the company will be receiving in the next 8 years.

I recall a section on the JP report about demand and supply of commercial property, and that supply is also expected to increase over the next few years, and so there is no guarantee that rents will even be higher than todays rate.

The company is not forecast for rents to cover interest and management charges until 2013, and this is being achieved by increasing floor space via extentions.

Just keeping a realistic viewpoint on the company. Recent newsflow has been good though, as has increased number of trades.

[longsight] 05/9/2010 11:57

UNRULEY - closing share price was SGD1.66 - 1.68. Code is LG2U, listed on the singapore Stock exchange.

[longsight] 05/9/2010 11:55

Flip consider this info that I posted before:

"On the Parkson lease, Parkson Departmental Store rented 26,684 sqm of retail space from the company at RMB1.73psm/day. This lease is for 10 years and expires in 2 years time. TCT believe that if they were to rent out this space, the current market rental rate wd be substantially higher at RMB14psm/day. In 2 years time, TCT expect the rental revenue to increase by EUR14m, on the basis of current market rentals, once the Parkson lease expires. The property will have been refurbished at that time.

The Parkson lease is is a legacy lease done 8 years ago and contracted before CREO/TCT bought the properties. This was the rent at that time. This rent was a contracted rate and not a discount which we have given to Parkson."

I think it is incredible that market rental rates for retail property have gone up from RMB1.73 to RMB14 in just 8 years. If there is anything like the same rate of rental growth in the next 8 years then given that the NAV is quite highly geared, there shd be an exponential growth in NAV over that period. Will rents keep growing so fast - I refer you again to the video interview with Churchouse as well as my previous arguments on the reasons why the prospects for Shaghai commercial property look so stunningly good.

[flip101] 04/9/2010 16:38

Another high volume day yesterday hopefully showing interest will remain. It's becoming clear that the business is a very well run operation which had suffered from a lack of interest in the UK. I think 2.50 SGD is the level I consider fair short term.

[unruley] 04/9/2010 08:52

What is the current share price here .


TIA

[kramch] 03/9/2010 08:35

SP seems to be up again today, back to where we converted at?

But at least it's moving against the (London) trend of deserting small property companies. K

[longsight] 02/9/2010 17:53

Flip - agreed. I had to sell some of my holding to raise some needed cash [though still have two thirds] - I am still kicking myself for having sold any.

The fact is that all the news coming out from TCT since the relisting has been very positive & they are starting to attract coverage in the local press. Well worth checking their website which posts the coverage in the media.

[flip101] 02/9/2010 15:02

Big trade today totalling 4.3 million units at 1.70 SGD. Interest appears to be finally starting up and we will hopefully see a bit of continuous volume which should in turn encourage more retail interest.

It is very bullish that a buyer pushed the price all the way to 1.70 from 1.50 to get a stake. I think we'll be over 2.00 within a few months.