Intu Properties Share Discussion Threads

[cc2014] 12/7/2018 10:16

Must be. I bought a stack this morning between 176 and 178. Price seems to have settled although I'm a little nervous

Hope it's one of those downgrades which means the bottom is in and they will spend the next 3 months buying the stock ;-)

[hugepants] 12/7/2018 08:07

broker downgrade?

[cc2014] 06/7/2018 12:40

I'm not sure why it's rising. It could just have been oversold. 180 looked crazy low.

I do note the services PMI was good this week and the share price started rising the day after

I also note there are some mutters about higher business rates for on-line businesses would be fairer. Not sure there is any mileage in that one yet but the government do seem to like to feel out public reaction before they act.

Considering FTSE is on a solid downtrend today the rise is surprisingly strong. There is a buy bot program running which has to keep moving up as it can't find volume as no-one is selling.

HMSO was similar yesterday but lots of sellers today. Not surprising as HMSO hasn't fallen as far.

Hoping this is the permanent turn and all the bot algo's which are short get burned into oblivion, which may turn out to be the case as so many shares are tightly held by holders who won't sell.

All good for a change. Fingers crossed.

[hugepants] 06/7/2018 12:07

it looks like this is going to zoom back up to 200p

[hugepants] 02/7/2018 14:30

looking grim here

[hugepants] 28/6/2018 11:11

John Lewis warn on profits

[hugepants] 27/6/2018 21:40

Bought this today.

[eipgam] 27/6/2018 12:59

Hitting seven year lows... the massive investment and tenant re-organisation that took place at Eldon Square over the last couple of years (one entire sector of ES has been redeveloped to attract casual dining operators) looks flawed

[cc2014] 14/6/2018 11:07

Retail sales data at 9:30 showed +1.3% vs 0.5% expected.

Apparently explained by royal wedding and good weather although surely that was in the forecast?

Year on year growth of 3.9% which to me says the economy is doing just fine.


Looks to me like the buy programs have been deployed on INTU now and we have a slow rise and the rigger bot sitting on the bid trying to hold the price up has been pulled, suggesting that now "they" want to acquire stock as cheap as possible. Hopefully the buy programs will run for the next couple of working days.

Still a surprising number of sellers given this gapped down on opening pretty quick to 190.5

[kev0856153] 14/6/2018 09:16

Yet another positive update so I've doubled my holding at 190p.
The market hates this share even though it yields over 7% and the net asset value is more than twice the share price. Even todays statement about positive lettings momentum continuing has knocked even more off the share price.

[cc2014] 14/6/2018 09:01

Back to 190 and picked up some more to trade out 200+. I'll keep the long term holding

[kev0856153] 07/6/2018 12:34

The House of Fraser stores identified for closure:
Altrincham • Aylesbury • Birkenhead • Birmingham • Bournemouth • Camberley • Cardiff • Carlisle • Chichester • Cirencester • Cwmbran • Darlington • Doncaster • Edinburgh Frasers • Epsom • Grimsby • High Wycombe • Hull • Leamington Spa • Lincoln • London Oxford Street • London King William Street • Middlesbrough • Milton Keynes • Plymouth • Shrewsbury • Skipton • Swindon • Telford • Wolverhampton • Worcester


At a first glance I don't see any there that would be in INTU shopping centres which may point to the fact that well located, busy shopping centres are going to be immune to closures like this.

[cc2014] 01/6/2018 12:10

Back to 200 again. Maybe this time we can push on through

[cc2014] 11/5/2018 09:06

I'm going to nervously say that the attitude of the market towards this share appear to have changed.

Instead of constant selling going on all day every day with the buyers and sellers fighting it out, the buyers seem to be happy to move the price up and the sellers seem happy to let the price come to them.

We are on the right side of 200 again now and starting to move away from it.

Fingers crossed

[aby1972] 10/5/2018 14:20

Why do you think a new bid is comingPrice up1.7% and new bid is coming?

[blueteam] 10/5/2018 12:43

new bid coming? As most are held but just a few persons, any bid can be accepted by a vote. £2.80 target again.

[kev0856153] 02/5/2018 18:12

I noticed that about House of Fraser. Some stores to close but hopefully in 2nd tier shopping centres that are having a hard time and losing customers to the 1st tier shopping centres that Intu have mainly.

[trcml] 02/5/2018 16:39

"If you owned a house at that I don't think you'd feel overstretched."
45% gearing on a freehold house is not in the same league as retail property value which has regard to the unexpired term of lease. That the retail property could be relet is not the issue: point is whether the rent would be at least the same as now. Also, whether the terms of the new lease would be at least as now. For example, let's assume a rent now of £100,000 pa on lease for 15 years granted 10 years ago. Now, the lease has 5 years unexpired. On renewal or new letting, the rent could be lower. So too could be the duration of the term. Most multiple retailers are not willing to commit to 10 or 15 years without a break clause every 5 years.

I don't know how Jefferies arrive at their price target - the market doesn't appear to be taking any notice - but chances are they are assuming worst scenario.

As for Intu's portfolio I don't think it's as inferior to HMSO's as the pundits would have us think; a few duds maybe but the best stuff is superb. In any event, since HMSO thought it was getting a bargain, how come INTU isn't attracting offers from would-be bidders? I must be missing something, but haven't worked out yet what it is. (It doesn't help that House of Fraser have today announced an intended CVA.)

[kev0856153] 02/5/2018 15:55

Well the online reports I've read think Intu have a high loan to value ratio of 45%. Is that high? If you owned a house at that I don't think you'd feel overstretched.

What is the basis of Jefferies having a 155p price target. I'd love to be able to read that but I can't find an online version anywhere. I can't find an online version of any brokers note. Jefferies must be assuming the income will drop markedly and therefore the value of the assets will also drop by a lot. My initial thougths are Intu's portfolio comprises very good shopping centres although that's not what Hammerson shareholders thought reading some articles.

I think the trend going forward will be for secondary shopping centre to lose customers but the prime shopping centres to hold their own.

[kev0856153] 02/5/2018 15:00

Im interested but are there any forecasts out there that give dividend and net asset value estimates for the next year or two?

[cc2014] 02/5/2018 14:04

I see John Whittaker scooped up another million shares yesterday taking his holding to 369.6million or 27.28%.

His dividend was around £33m on INTU, never mind the other stocks he holds so plenty of scope to carry on buying if he wishes.

[cc2014] 27/4/2018 09:13

It seems Coronation are buying again. One wonders who hates this stock so much that Coronation have been able to acquire so much stock. Oh, I forget everyone hates this stock except for just a few holders.

It's interesting that they continue to buy post HMSO news. Surely there has to come a point where they can't continue to be able to buy stock down at this price. No I'm probably wrong on that too as there seems an everlasting supply of sellers.

Shareholders
Coronation 22%
John Whittaker 27%
Gordon Donald 8%

Still Jefferies have a price target of 155p and whilst analysts keep publishing lower and lower targets I expect Coronation will be able to continue to acquire millions of shares.

[yump] 20/4/2018 18:22

Since July 2017 the share prices of HMSO and INTU seem to suggest that there wasn't much between them and only recently with the bid have they diverged, but that could be artificial.

There was no evidence of a halo to protect HMSO back in July.

[cc2014] 20/4/2018 10:38

It's factual that the INTU portfolio could be improved.

It's also true that HMSO management would do a better job with INTU than the INTU management have. Their track record speaks for that.

But these are opportunities that are being worked on, that will enhance earnings over time at minimal capital cost.

I'm still not sure why the city hated the deal other than they believe HMSO was overpaying. HMSO would have offered the management skills to upgrade the portfolio quicker and reduce the cost of capital.

I'm not sure they were overpaying though. INTU shares are now 196. I last sold mine around 330 and I'm back in at an average of 214. I've had two lots of dividends on some and one on others. Overall I'm down but not by very much and I'm still convinced that over a 3 year time horizon, the share price will tick up back to 300. I could be wrong but in the meantime I'll collect my dividends and if it goes to 180 I'll buy some more.

I have some HMSO too and if it goes up a bit more I may switch into INTU