Jup Ord. Share Discussion Threads

[skyship] 05/10/2020 11:14

I’ve taken the recent weakness as an opportunity to buy back into EPIC. At 49.75p inc. SD, the Discount = 44.9% & the Yield = 8.04%.

My reason for buying back the few I sold higher up at 52.5p, is that I strongly believe that if we see things NOT deteriorate further on the Covid front, then EPIC's rent collection suggests we may see a dividend increase from the overly-cautious 4p/annum rate.

As Specto posted on the EPIC thread:

“Christmas spending shaping up to be all online & supermarkets, and - retail parks.”
=======================

Quarter 3 rent collection update:

Rent collection for the quarter has progressed in line with previous forecasts, with the monthly rent payers continuing to meet commitments. As at 5 August 80.5% of the rent due by 1 August has been collected. The Company will have collected 90.4% of rent due for the quarter ending 30 September 2020 if the tenants who paid monthly for July and August continue to make payments for September. On this basis, the current dividend level would be 130% covered by rent collected (less expenses) for quarter three and potentially as high as 140%, after taking into account deferred rent covered by payment plans.

[sharpshare] 05/10/2020 10:29

SERE looking good value after recent sale announcement.
price 70.5p
NAV after sale of biggest asset around 141p
so discount 50%
look through net LTV about 0%
Div yield about 7.25%
low downside, good upside?

[rambutan2] 29/9/2020 02:39

SKY, it came to pass, but the mkt hasn't really noticed yet, so still available on a 15% discount...

rambutan2 2 Jan '20 - 19:43 - 8 of 151 Edit

Hi SKY. An unexciting potential arb style opp tempted me to buy a few HTCF for my "less exciting SIPP port". It's currently on a circa 12% discount. Is invested in a big, unexciting, credit hedge fund. Has promised to wind up if hasn't hit an £80m nav by the end of the year. Current nav is just under £50m. So, the board need to get rid of the discount in order to be able to issue new/treasury shares, or if they don't, then within twelve months the discount will come in due to a wind up. Hopefully the underlying hedge fund itself will tick up a bit to add to the return. The only potential down side is if the hedge fund disgraces itself and returns a big negative, but in theory it shouldn't (!).

[skyship] 09/9/2020 15:14

Gary - coincidentally just bought into another REIT which pays its dividends monthly.

BCPT trades at 63p on a 47.8% NAV discount and a 4.76% yield; though the 0.25p/month dividend is much reduced, now well covered and may improve somewhat as the rental income position becomes clearer.


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[skyship] 09/9/2020 08:13

Another opportunity this morning IMO:

Paris-based Altamir (LTA) - a E1bn private equity trust really shot out the lights with its performance in Q2'20. Raises the discount to 40% at E16.50. I'll be looking to top-up tomorrow morning: (have done so at cE16.70)
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Paris, 8 September 2020 – Net Asset Value per share stood at €27.55 as of 30 June 2020, after distribution of a dividend of €0.66 per share in May 2020.

Including the dividend, NAV was up 1.6% vs its historical high of €27.75 as of 31 December 2019 and up 16.5% vs 31 March 2020.

[skyship] 08/9/2020 14:40

A great opportunity today if you want to park some cash for 4yrs on a 7.47% yield.

A seller of The Regional REIT 4.5% bond (matures 06/08/24) (RGL1) sold 70k at prices down from 88.35 to 87.00. Sold in 10k lots.

I've just scooped up a top-up at 88.69, that = 89.17 inc. 35days accrued; and a GRY of 7.47%

Very pleased with that...

[davebowler] 07/9/2020 16:46

SLP is worth a look.

[gary1966] 07/9/2020 16:29

Skyship,

Just picked up some EPIC and so thanks for pointing out. First share I have ever seen or held with a monthly dividend. Administratively that must be quite expensive but nice to have the very regular income.

ATB

Gary

[skyship] 07/9/2020 15:58

Inland Homes (INL) has been getting a series of good news; the two latest being:

# approval by Sadiq Khan of their plans for a 500 home development site in Hillingdon
# £600m mixed-use development project after planned vacant possession in Aug'21 of the MOD's 36.7 acre Cavalry Barracks in Hounslow in West London

INL’s business is:

# The sale of sites or phases within sites, with the benefit of planning consent, to other housebuilders.
# Development of selected sites internally
# JV’s with third parties.

INL’s core objective is to resolve all planning, logistical and technical issues so sites are ‘oven ready’ for construction to commence. They negotiate planning consents appropriate for individual sites desirable to both housebuilders and homebuyers alike.

As such, their business is a grade 1 beneficiary of the Government’s “Build, Build, Build” strategy.

The shares are trading at c50% discount to EPRA NAV and some 37% below pre-Covid levels. The fundamentals appear sound; whilst technically the share price looks to be building for a breakout through the 54p/55p resistance.

A good trade IMO…


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[skyship] 07/9/2020 11:10

I'm regularly in and out of a few of the property REITs.

EPIC have returned to 50p and are again anomalously cheap - an opportunistic buy like last time in early August.

The story is however clearly boosted by two announcements today:

# The Retail Gazette reports encouraging news for Retail Parks: "Overall footfall in August declined by 31 per cent year-on-year, an improvement on July when it dropped 39.4 per cent year-on-year, according to data from Springboard. Retail park footfall boosted the overall August figures, declining by 11 per cent year-on-year compared to the 19.9 per cent decline in July. Footfall on UK high streets was 38 per cent lower in August than the same month last year, while shopping centres were down by 34 per cent."

# RDI reports a sale of their retail parks at an encouraging valuation level: "The Disposal, which is a sale of the six associated special purpose vehicles, is anticipated to complete in mid-October 2020. The purchase price reflects a 3.0 per cent. discount to the last reported 29 February 2020 values and a topped-up net initial yield of 7.5 per cent. "

At the offer price of 50.33p inc SD, the NAV discount = 44% and the yield = 7.95% (dividend of 0.3333p paid monthly)

[alphorn] 02/9/2020 10:28

Just a thought for those moving slowly to cash is to write a forex option on that cash (ie no leverage). Brings in some return without undue risk if the pairs are well chosen. (eg I live in Switzerland and partly in France and have some sterling investments so a mix of GBP/€/CHF would be suitable for me).

[cc2014] 02/9/2020 07:57

#140. I remain very nervous about the future. More than anything I'm struggling to assess the value of investing now vs waiting.

I'm 37% invested although that will drop to 26% by the end of the year as some of my bonds run to maturity. I'm not inclined to invest much more at the moment.

[skyship] 01/9/2020 08:59

continuing:

Personally I am doing what I did in 2008/9 - staying in the game, though as this is not just a routine financial crisis, I am doing so whilst maintaining 30%-50% cash levels; and with only low conviction, low allocation forays.

I'm also holding what is for me a very high allocation of Fixed Interest (c30%); though not of the normal type. I hold a blend of Zeros (AIFZ, NBPP, NBPS, INLZ), loan funds (RECI & VTA) and one loan stock (RGL1) providing a combined yield of c6%.

Regrettably I do not expect a 2009 outcome (see my 2010 Header!). I'm just hoping to cover my 8%pa drawdown. Currently on target at a YTD of just over 6%.

Difficult times...especially for those still of a working age. GLA.

[eeza] 31/8/2020 21:21

Well it has to be said you've been pretty 'lucky' so far this year, Sky.

[skyship] 31/8/2020 18:05

CC - Not many of us on this thread, however, those that are here are more than averagely Market knowledgeable - as you will already have discerned.

There seems to be a general recognition that we are in unprecedented times, and as such how can we now rely on normal Market rules; Market patterns; Market reactions. We could still be very early into this Covid era; outcomes still uncertain; 8m UK citizens still in Furlough rather than on welfare.

Under such conditions your view, my view or the view of the most illustrious fund managers, are all equally valid. At the moment there is no right or wrong way to play the Market; only hindsight will judge; and that will judge luck, not knowledge.

TBC

[skyship] 30/8/2020 18:09

137 above related to silver via PHSP.

Seems to have steadied a tad since...


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[asmodeus] 25/8/2020 10:00

Well, CC214, FWIW, I am very much invested, but exclusively in a wide range on investment trusts with yields, with which I pay my bills. So very widely diversified, and relying on the skills and acumen of investment managers better-advised than me, hopefully, as they say...... But keeping a watchful eye on the contributions of posters on ADVFN, some of whom, including those on this Board, that I have been following for many years.

[skyship] 25/8/2020 09:24

Could break either way - watch & wait for the moment...


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[cc2014] 11/8/2020 13:16

I'm not sure this is right board so indulge me.

I'm becoming overwhelmed by the markets at the moment. Due to QE money is piling into equities, bonds and gold. All 3 at the same time!



I find myself sitting on a significant pile of cash (about 80% of my portfolio is cash and of the 20% invested about a quarter is in bonds which expire in the next 6 months, rest is in bonds or similar instruments most of which I've owned for a while and happy to run to maturity).

The challenge is as demonstrated by the above bond issue I cannot see that investing now whether in equities, bonds or gold justifies the risk, or rather my perception of the risk which would seem to be completely out of alignment with every investment manager on earth, every short term trader and just about everyone I talk to.

It's not that I'm a contrarian, I was happy enough to sell out in 2008/9 and then wait 3 years to buy back in. Also, I was happy to selectively buy and ride the upswing after the Brexit vote.

It's just that... well... I think the world is truly screwed up right now. Any good company news up we go, any bad company news and the markets demand more stimulus and up we go again across all asset classes.

Anyways, I think the issue is that I can choose not to invest and get 1.16% with National Savings whereas investment managers or passive trackers have to put their money somewhere.

My approach seems very lonely.

[badtime] 11/8/2020 09:48

I think I owe you a drink when you sell the chateau and move back

[skyship] 11/8/2020 09:00

BT - Certainly been a great run. I was taking a brief mid-afternoon siesta when it hit the target - just for an hour; but hadn't left a limit. A bit stupid that; but happy with 2055...

Cash level back up to 42% having taken a few nice turns recently; so need to hunt down more anomalies...

[badtime] 10/8/2020 22:16

Well done...dumped at £20...thanks!

[skyship] 10/8/2020 20:12

As the charts foretold - silver (PHSP) hits 2100 on the button. I'm now out for the timebeing...


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[badtime] 07/8/2020 20:19

Blimey it's the rich talking to the rich ...big smile

[skyship] 07/8/2020 13:42

Nervous creature that I am I have taken the 10% turn in AIRE. Possibly selling too soon, but more than ever just happy to grab profits these days.

Some of the cash went into VTY @ 609.5p - had a good turn there at the end of March; and it seems to me as though the housebuilders are again rather over-sold.