Dragon-ukrainian Propert... Share Discussion Threads

[simon gordon] 22/9/2009 10:36

I've sold out and banked my profits.

Good fortune.

[hugepants] 21/9/2009 15:33

Fair enough enviro but Id say gearing is minimal versus the value of the properties so not an issue for me. As reagrds committing more cash they state this will done very carefully given current market conditions.

Sammu
Cheers. I currently hold IERE.
PSPI also looks very cheap.

[envirovision] 21/9/2009 14:18

Hi hugepants i know ucp, it did come close to the top of my list but not quite, same old problem though as most, ucp is geared. I was looking for an ungeared company with huge cash balance and discount to cash in a market which has suffered dramatic falls. UCP never ticked the boxes, its property value wont have as large an upside as dupd when recovery kicks in, it was geared and its discount to cash was not there taking into account committed.

[hugepants] 21/9/2009 13:02

If you like DUPD then Unitech Corporate Parks (UCP) is also worth a look.
Indian Commerical Property


Share price = 20p
Cash per share = 21p (some cash receieved after year end)
NAV = 92p
very low gearing .

[envirovision] 21/9/2009 09:24

Very few shares available in dupd, its set to fly and ...it will.

[sammu] 21/9/2009 00:02

HP
I'm in IERE MERE CLI and QED, the IERE thread has some useful ideas in the sector.
I just posted this there:
"Well I've held this for a few months and obviously quite happy with the recent market interest.
Interesting to read other peoples favoured property plays, there are so many around. Some have debt issues like MERE and IERE and some seem to get there big discount (rightly or wrongly) for geographic reasons - russia, china, eastern europe.
I've got some quite small exposures to some developers/REITs that I don't think have been mentioned and are probably still under the radar.
MPO Macau Property - geographically specific NAV discount no longer compelling
ATLS Atlas Estates - geographically specific, debt issues
DCI Dolphin Estates - end market weakness, no debt problems"

Unlike many in the sector DUPD doesn't have the debt issues that most have.

[envirovision] 18/9/2009 21:39

RUS and I have XXIC. XXIC should come out of suspension soon, they have e negotiated debt convents and the creditors are behind them, after falling from £15 to 15p! RUS, well take a look at this weeks investor chronicle for th exposure thats getting.

[dasv] 18/9/2009 21:03

I have some QED. That's about it. It could be the turnaround point for BLND or LAND though I was shorting them in June.

[hugepants] 18/9/2009 18:47

What else in this sector are you guys looking at?

[envirovision] 18/9/2009 16:04

Yes i know i've seen lots of property funds beaten down by banks de-leveraging. I think Goldmans holdings are nominee, which include the directors interests over 11% from memory.

I'm sure you'll agree that we can safely say that the larger holders wont be selling and are in it for the long term.

[envirovision] 18/9/2009 11:28

well there you go hungry wolf you got some sells, looks like there were a few small private holders looking to exit, theres your chance.

[envirovision] 18/9/2009 10:40

Why would the share price go down, the market makers have clearly woken up, the share has been trading automatically on the sets system for months, now they are low on stock they are having to look at their free float and start to put a value on it. I would have thought a 50% discount to nav of land and property value of the portfolio plus cash should be a good starting point. That would put the share price at around $2.60 / 1.6 = £1.65 - 50p cash = £1.15 / 50% = 57.5p + 50p cash = £107.5p

So anything below say £1.08p offer price is a total steal! Lets face it, since when have market makers ever enjoyed being mugged over?

[hungry wolf] 18/9/2009 10:23

yeah yeah. in the mean time reality is beginning to hit. lets see some sells, ups we just have

[envirovision] 18/9/2009 10:20

Should it decide to complete and not dispose of its properties, you can see it is possible that it could convert into a REIT, which case we could be looking at a fund in years to come with minimal gearing, a high yeild and a share price many muliples todays share price, we have a amongst the highest most experienced team on the board in the sector.

[dasv] 18/9/2009 10:16

I've updated header.

[envirovision] 18/9/2009 10:12

Also note the company has projected annual net income after all charges of just over £1.5million, but this should increase next year thanks to the completion of certain projects and the purchase of completed gated community rental units. Obvously Henry Land should contribute significant income to the rental yeild next year. When projects like Obolon are viable to finish, clearly you can probably see most likely DUPD will become a major income stock paying a juicy dividend.

[envirovision] 18/9/2009 10:03

Yea no problem bye. Also note ELQ Investors Ltd increased their stake, so the significant share holders listing is now out of date, obvously i dont have the time to examine the register on a daily basis, but i would say Artios state street nominee adjustment of 580,000 shares were clearly purchased by private buyer.

You should note also the directors have significant interest in shares.

[dasv] 18/9/2009 10:00

katylied - are you named after the steely dan album of the same name?

[envirovision] 18/9/2009 09:54

Oh and Katy, no there are not 127 million shares in issue, they purchased 12.5Million shares in the tender so at the end of June 2009 there were just 117,716,515 shares

[alcatraz10] 18/9/2009 09:46

omg!!!! no stock for sure. IG wanted 70p!!!

[envirovision] 18/9/2009 09:40

LOL at katy and hungry wolf, see significant shareholders:

1 GOLDMAN SACHS SECURITIES (NOMINEES) LIMITED 18,162,440 15.43%
2 EUROCLEAR NOMINEES LIMITED 17,512,299 14.88%
3 VIDACOS NOMINEES LIMITED 14,884,400 12.64%
4 HSBC GLOBAL CUSTODY NOMINEE (UK) LIMITED 14,668,635 12.46%
5 BNY MELLON NOMINEES LIMITED 14,450,600 12.28%
6 STATE STREET NOMINEES LIMITED 13,492,366 11.46%
7 HANOVER NOMINEES LIMITED 5,000,000 4.25%

In addition the company launched a tender offer to shareholders to buy back and cancel their shares. So basically everyone who wanted out is now out....and your scratching your head wondering why the shareprice is rising when people are aquiring the shares! jeez