Share Name Share Symbol Market Type Share ISIN Share Description
Daejan Holdings LSE:DJAN London Ordinary Share GB0002502036 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -25.00p -0.39% 6,435.00p 6,475.00p 6,495.00p 6,535.00p 6,265.00p 6,530.00p 2,600 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.0 198.4 993.0 6.5 1,048.91

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Date Time Title Posts
17/7/201717:06Daejan - 3.5% yield and 50% property discount638
18/3/201507:28safe as houses190
13/6/200822:47SAFE AS HOUSES?!!35

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Daejan Daily Update: Daejan Holdings is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker DJAN. The last closing price for Daejan was 6,460p.
Daejan Holdings has a 4 week average price of 6,120p and a 12 week average price of 6,120p.
The 1 year high share price is 7,005p while the 1 year low share price is currently 5,290p.
There are currently 16,300,000 shares in issue and the average daily traded volume is 1,605 shares. The market capitalisation of Daejan Holdings is £1,048,905,000.
trytotakeiteasy: £101.61 NAV - Much better than I had hoped. Puts stock on a 38.5% discount. EPS even up on a year ago at £9.93 (including property gains). It is hard to see the share price not reacting positively in my view. Full year dividend up 5.4%. A slight negative is a decline in net rental and related income due to higher costs. Not quite sure what happened in the second half on that front as I think it was up in the first half.
trytotakeiteasy: 33.7% discount currently at a share price of £63.5. Great Portland Street's recent results seemed ok. Putting aside the NAV for a moment and the net rental income is important to follow. NAV is largely out of Daejan's hands. Looking at Derwent London and Great Portland and both companies emphasise ERV (estimated rental value). This is what their properties would achieved today if rented at current market rates. For Great Portland the uplift is I think about 60% while for Derwent I think it is 85%. This is because lots of their properties are on legacy rental arrangements on below market rents. It would be interesting if this is also the case for Daejan which I assume it is. As such there should be a lot of scope to increase Daejan's net rental income even if the UK economy flatlines. If I every do go the AGM I will ask them to provide more detail in their annual reports on property locations. Just saying Greater London doesn't reveal much. Offices in the city are very different to offices in the West End for example.
trytotakeiteasy: retsius - I take it you went to the AGM last year? I was going to go but was a bit too busy. I think there is a case for a buyback if the discount is say above 30% but I doubt they would ever do it. The trouble with Daejan is the illiquidity. The market value is £1bn. But if someone sold just 0.01% of the shares £100k the share price can fall by a few per cent. So we are more at risk to the changing sentiment. Yes UK commercial property is under the cosh. However, Daejan's exposure to UK residential has increased as a proportion of UK assets. It is something like 42% of UK assets. I think residential property in the UK has held up well. However, UK commercial property is the biggest single segment at 43.8% of total assets. So any weakness here would be a drag. One thing about Daejan's commentary is that they are typically always negative. However, they do tend to generate a robust underlying performance. The interim results were very strong considering the backdrop.
trytotakeiteasy: To put Daejan's frustrating share price in context. The current £64 is below the £65.5 peak hit in December 2006. It is also below the level two years ago in July 2015 of £65.58. The peak pre downturn NAV was £55.4 in March 2008 and today the NAV stands at £95.81. so the NAV is up 73% from the pre-downturn peak but the share price is lower than its peak level before the downturn. All very frustrating. Sentiment is clearly very much against Daejan and the whole of the real estate sector.
trytotakeiteasy: retsius. That would push the underlying NAV up around 1.4%. Add it to the other underlying drivers of around 1.8% and you get nearly 3.2%. So if the UK valuations at least hold up the NAV per share should increase to £98.9. With regard to the share price this continues to be a major disappointment. I am getting the feeling that Daejan is a stock you pick up on a major issue (Brexit vote) or a downturn. Then you sell it after it becomes somewhat less undervalued. Probably following the discount is the best strategy. I am not sure the discount will ever narrow much beyond 30% (currently 33%).
trytotakeiteasy: retsius - yes not a great day. NAV £95.81 gives us a discount of 35%. However, when the interims were announced on 23 Nov 2016 the share price was £57.7 putting the stock on a discount of 40%. So investor sentiment improved from November and the discount hit a low of 27% in May. The discount hit 51% following the Brexit vote with the shares hitting £44.1 versus the March 2016 NAV of £90.82. Looking back and the discount narrowed to almost zero towards the end of 2007. I guess we are always going to get this yo-yo effect in the discount. The long-term business track record, though, is good with the NAV only £23.5 in March 2000. What is slightly annoying is that other real estate stocks have rallied since the hung parliament result. Daejan just seems to be massively influenced by nervous private investors given the small volumes.
trytotakeiteasy: Retsius - such is the way of things I guess. Now at a 30% discount to the September 2016 NAV of £95.81. I doubt we can stay at a 40% discount for long in a stable or rising NAV environment. Accordingly, there shouldn't be much downside from here provided that the NAV for Daejan is on at least a marginal increasing trend. The NAV trend going forward is somewhat hard to call given Brexit etc. Daejan issued a surprisingly strong update for the interim results. If they can follow through in the final results then that will be positive. In any event with low leverage we will be able to ride the storm. A month to go to find out with final results in early July. Share price is off with our slow buyer having disappeared. I should try to build a financial model of the business at some point.
trytotakeiteasy: retsius - me too. There is that end of day sign that a fund or someone is accumulating: 451 shares at 7005. This consistent buying in recent weeks is what has pushed the share price up i.e. someone building up a position.
trytotakeiteasy: retsius - resist the urge to say anything..she is a shy share price and you will scare her!!!!!
tmfmayn: American net assets represented £178m at Sept 2015, about 13% of the £1,388m total. So GBP plunge may not make too much of a difference to the overall position now. Share price fell to £17 during March 2009, when the Sept 2008 reported NAV was c£50. NAV dropped only 16% from £55.40 to £46.40 between banking crash period of March 2008 to Sept 2009. Might give some prospective on any possible NAV decline this time around. Share price was below £30 and even below £25 during general bouts of euro-crisis of 2010/11/12, when NAV had rebounded to £50. Similar sort of NAV discount now available. All told, I doubt NAV will decline as much as it did during the banking crash, the current discount looks good in historical terms, and the conservative management will I'm sure be ready to buy any property bargains.
Daejan share price data is direct from the London Stock Exchange
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