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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Highcroft Investments Plc | LSE:HCFT | London | Ordinary Share | GB0004254875 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 587.50 | 550.00 | 625.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 5.61M | -7.12M | -1.3667 | -4.30 | 30.59M |
Date | Subject | Author | Discuss |
---|---|---|---|
24/5/2019 08:42 | Hello anyone wandering over from Mucklow: decent place to keep up your income. | semper vigilans | |
22/5/2019 15:12 | Very helpful information and I the feeling that we might see other acquisitions over the next six months. I would like to buy a few more shares. | crumppot | |
22/5/2019 14:50 | Will go back & have a look later...EDIT - ahh, see you've done it. In the meantime, re yr 218 above, I look for a shareholder return from: # NAV increase # Dividend # Narrowing discount ..though for this year wouldn't expect much, if at all, from the first. | skyship | |
22/5/2019 14:49 | A quick look on HL suggests (AT): 4.51m 3.35m 2.91m 2.87m 7.06m Not sure why the higher figure in 2014, guessing a disposal but revenue was only 3.08m so poss an accounting write-back. Otherwise, looks fairly smooth. | spectoacc | |
22/5/2019 13:25 | Thanks @Sky. How would that table look with an earnings column btw? | spectoacc | |
22/5/2019 10:12 | Interesting to note that EPIC who have a 72% exposure to Retail Warehouse reported a decline of just 1.5% in overall valuations from Sept'18-Mar'19 Also recommend listening to the in-house video "Why invest in Retail Warehouses?" | skyship | |
22/5/2019 09:37 | I actually prefer the discount to stay wide and just track the NAV increase. | rcturner2 | |
22/5/2019 09:35 | Specto - see above re Investment portfolio. Also you use the word punting twice! I suspect you are not inferring gambling tendencies, as I'm sure you would agree HCFT is actually a very conservatively run investment company. What I find very interesting is to look at the HCFT valuation over recent years: Finals Date...Yr Divi...NAV.....sp... 22/03/19...….. 24/03/18...….. 23/03/17......41.0p. ..1071p...910p.....4 26/03/16...….. 27/03/15......36.0p. These bear stats show that HCFT is currently trading way below its historic rating. View this: Current Sp.....Yld%......Dis 900p...…… Projected Sp.....Yld%......Dis 1000p...…̷ 1050...…… IMO these should be c1000p; so currently 10% under-valued | skyship | |
22/5/2019 09:23 | Thanks Sky - I do need to keep up! | semper vigilans | |
22/5/2019 09:20 | SV - this extract taken from the 22nd March Prelims shows that their small investment portfolio has been sold: "At the year-end we held a cash balance of GBP5.2m, along with a liquid equity portfolio of GBP679,000 (sold post year-end for GBP724,000) and undrawn banking facilities of GBP10.6m." | skyship | |
22/5/2019 09:00 | I think that they had to wind down equities to comply with REIT rules in an orderly fashion. Guessing, but perhaps the equity investments left might be those which might not have been performing so well and they are hoping for improvement before disposal. Equity investments (or the larger holdings) are no longer broken down in the accounts as they used to be. Reports and accounts seem to have exploded in volume but mainly due to rigmarole - not HCFT’s fault, just complying with regs. I presume. | semper vigilans | |
22/5/2019 08:08 | What was their occupancy like in the crash, and how many assets did they have? They only have 20 now, so perhaps explains their 100% occupancy going back to 2014 (not seen it further back). Dropping retail exposure from 29% to 10% is great, but not sure I'd be punting retail warehouses (increased from 15% in 2013 to 33%). Much better than Dept Stores tho! "The group carefully monitors its forecast cashflows and it had £670,000 of relatively liquid assets, in the form of listed equity investments, which it can draw on if necessary" Any idea what these are? They lost £121k on them in 2018 (tho from a higher base. What isn't clear is whether they're punting other REITs). | spectoacc | |
22/5/2019 07:58 | What remains remarkable about HCFT is their long-term dividend record: # 20yr Growth: +10.9%pa # 10yr Growth: +13.9%pa Didn't even blink through the 2007/8 Crash...though the share price halved and took a full 5yrs to recover! | skyship | |
22/5/2019 07:47 | NAV may stall, but not expecting further damage after they took the Retail hit in the 2018 figures. Also the quality sites and tenants obviates the need for further provision IMO. Taken from p2 of the 2018 Annual Report: Retail: The retail sector has had another poor year with low income returns and negative capital growth. Our strategy of reducing our exposure to the retail sector from 29% in 2013 to 10% has minimised our exposure to this weakness. Our remaining assets are in prime locations with good covenants Retail warehouse: The retail warehouse sector performed poorly towards the end of 2018, yields softened resulting in a decline in values. Our exposure to this sector has increased from 15% in 2013 to 33% and we have benefited from historic good yields and from capital growth. This extract from the Annual Report shows why the NAV increase in 2018 was slightly less than might have been the case; though overall, still an increase: “The most significant loss was at our retail park in Wisbech, our largest asset, which showed a 13% decline in value due to a combination of declining market sentiment around certain retail warehouses and the effect of the Carpetright CVA. Our new asset at Rubery, acquired in July 2018 was valued at cost and therefore showed a loss on revaluation relating to the expenses of acquisition. Our Cardiff asset showed a 10% fall in valuation due to the short time to lease expiry. We also recorded three small falls on our Oxford High Street retail properties, reflecting the general market sentiment in the sector.” | skyship | |
22/5/2019 06:00 | Researched this ages ago but didn't buy & can't entirely remember why! The constant 100% occupancy was both highly impressive but also a bit of a red flag - surely at some point they'll suffer a vacancy? Agree that "Retail warehouse" is still retail. | spectoacc | |
21/5/2019 17:22 | Valuations have usually been conservative here so should not be so badly affected when or if the hit comes. | semper vigilans | |
21/5/2019 17:18 | I guess the big unknown is whether they will need to write down the value of their retail warehouse properties - like Intu, Land Securities and British Land. Has anyone researched this? | kenny | |
21/5/2019 14:24 | I think because the dividend was raised last time, the true yield here is not apparent to all, since it seems that many data sources do not update fast enough. | rcturner2 | |
21/5/2019 14:00 | RCT - welcome aboard. Annual Report makes a great read does it not... redponza - Indeed, one of the best kept secrets. eeza - agreed, not easy to trade, but then most of us wouldn't be looking to hold more than, say, 5000 shares, so not a real concern as they tend very much to be bought as an investment rather than a trade. Incidentally, they are usually much easier to trade and on a closer spread around the time of Results statements. | skyship | |
21/5/2019 13:46 | Especially when you try to sell... | eeza | |
21/5/2019 13:41 | The stock is really thinly traded... Very very illiquid... | redponza | |
21/5/2019 08:29 | Thanks for the heads up on this skyship, I bought in yesterday. | rcturner2 | |
20/5/2019 12:54 | BT - It was indeed. Need to buy another 1k; but will wait to see if a cheaper offer comes along sometime this week... | skyship | |
20/5/2019 11:33 | Sky ...I take it that was your 1k buy on Friday | badtime |
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