Land Securities Share Discussion Threads

[hugepants] 15/1/2019 10:37

Quite a dramatic turnaround after going sub 800p!

[essentialinvestor] 27/12/2018 13:46

EJ, nice call.

[ball deap] 30/11/2018 11:51

This investment is turning into a huge plus. We can thank the likes of Sadiq Khan for making London such a great and safe city and this is why LAND is going to super multi bag soon because of their London holdings. Every mosque in London is so positive on London property it’s buzzing


Now do not sell your stock, only hold or buy,

[hugepants] 29/11/2018 22:16

ex-dividend today

[eeza] 29/11/2018 19:51

In answer to Snowflake Porsche, I think, EJ.

[essentialinvestor] 29/11/2018 18:56

Intu is 100% retail, Land something like 45%.
Respective LTV also very different.
I sold my holding on Tuesday, only 750 shares.
not in any rush to buy back in, worth watching though.
The current fall is more than Brexit. Brexit atm is a sentiment
issue, longer term outlook for physical retail is the real story here.

Ironically London office space, which people expected to take a huge hit
with Brexit uncertainty, has held up strongly, at least to this point.


EK, thanks for the TA view, think I said already.

[topvest] 29/11/2018 18:40

Its got nothing to do with Brexit, but a lot to do with technological obsolescence. Happy to hold Land Securities, as its a quality play. Intu looks more challenged though as its leverage is too high at this point in the cycle.

[porsche1945] 29/11/2018 15:38

These and BL heading back to 08 levels, Intu tanking all of it now. Hope the knuckle dragging simpletons who voted for brexit enjoying getting (alot) poorer.

[hugepants] 28/11/2018 10:53

certainly beginning to perk up a bit here.

[essentialinvestor] 16/11/2018 14:58

Thanks for the view.

[essentialinvestor] 16/11/2018 12:10

Can anyone give a TA view as it whether the recent low may be re-tested?,
around 8.11. Thanks.

[essentialinvestor] 15/11/2018 15:44

Bought a very small amount under 8.36.

[hugepants] 14/11/2018 13:01

its going vertical

[quepassa] 14/11/2018 12:17

Broker notes. Yesterday and today:

Credit Suisse REITERATES NEUTRAL with TP at 1025p

JPM Caz REITERATES OVERWEIGHT with TPO at 1120

Peel Hunt REITERATES HOLD with TP at 900p

Liberum REITERATE BUY with TP at 1125p




Two brokers see good 25% UPSIDE to current 888p share price

STRONG DIVIDEND.


ALL IMO. DYOR.
QP

[essentialinvestor] 13/11/2018 09:29

Value or value trap?.

[jonwig] 13/11/2018 09:24

yopf - for the two Leeds retail assets, conversion would be pretty well impossible. Trinity is embedded into the city centre, and White Rose would have to be demolished.

On the other hand, there are Leeds assets such as the Merrion Centre (owned by TOWN) which are mixed-use: retail, office and hotel.

[yopf] 13/11/2018 08:56

There is more than a hint that that there's pain to come for investors.

Assuming Landsec get planning approval to convert commercial to retail, there will be quite a lag as it won't be a straightforward process.

[jonwig] 13/11/2018 08:14

FT's 'Opening Quote' email:

Landsec half-year results

“All eyes on retail valuation” - that is all commercial property investors are focusing on these days, reckon the analysts at Peel Hunt. So this morning, everyone will be looking closely at Landsec to see how the retail assets are faring. Shopping centres and retail warehouses account for 35 per cent of its portfolio by value and Landsec has the second largest exposure to UK shopping centres among the listed propcos, behind Intu. It owns shopping centres including Westgate Oxford, a joint venture with the Crown Estate, and a stake in the Bluewater centre in Kent.

And valuations were down again. Landsec reported a fall of £188m, or 1.4 per cent, in the valuation of its portfolio to £14bn. This decline was driven by the ever-struggling retail sector, with the value of Landsec’s retail parks dropping 4.5 per cent, and its shopping centres and shops down 2.9 per cent.

However, the group was still able to increase its profits in the first half of the year despite the drop in the value of these holdings. Landsec reported a pre-tax profit of £42m in the six months to the end of September, up from £34m a year earlier — a rise driven by higher net rental income and lower costs.

Key numbers:

Portfolio valuation down 1.4 per cent, to £14bn

As the City expected? Peel Hunt had downgraded its forecast for Landsec’s net asset value in October to a 3.4 per cent fall over the full year, to reflect the weak retail outlook.

What was said: Chief executive Robert Noel said: “Landsec has delivered a robust performance in an uncertain market. With healthy growth in earnings per share and a strong financial position, we are looking forward with confidence, introducing new concepts and growing our pipeline of development opportunities.”;

OQ verdict: Landsec’s performance looks quite resilient in the circumstances. That said, there is some doubt whether retail property valuations these days are capturing the full extent of the downturn in the sector. Last week, Barclays analysts cut income and net asset value estimates across the industry in advance of earnings season to reflect a more pessimistic view on retail, which it said was still under-appreciated in the market. “Transaction markets have dried up, tenant failures have increased and valuation declines are evident. The various structural issues — online sales, tenant failures, shortening average lease lengths — support our thesis for a prolonged period of reducing rents, yield expansion and retail asset valuation declines”. Still, Landsec’s shares - on a 36 per cent discount to NAV and a 5.6 per cent dividend yield - arguably more than reflect this.

[skyship] 13/11/2018 07:55

Agreed, quite positive really with only the Retail Parks (-4.5%) given a serious haircut.