Mckay Securities Share Discussion Threads

[skyship] 28/10/2010 09:10

The Real Estate sector has risen by close to 25% since end June - typified by BLND & LAND as shown below. Contrast that performance (indeed outperformance against the climbing wider market) with the laggards - the small caps as typified by IRET & MCKS, also see below.

Might we soon see a trickle down effect to the seconday and tertiary players perhaps - certainly hoping so!

[skyship] 22/10/2010 07:39

22 October 2010

Notice of Results

McKay Securities PLC, the the specialist South East real estate investment trust (REIT), will announce its results for the half year ended 30th September 2010 on Wednesday 24th November 2010.

[swiftnick] 18/10/2010 17:41

O/T: Thanks Skyship, yes hope so too. As you have worked out mine were the 5k bought at 8:34am.

[skyship] 18/10/2010 16:06

swiftnick - clever you with that TEIF purchase. One AT selling them down today, then another AT trader hoovers them all up - and some. Sandwiched in-between is Swiftnick.....hope that prioves to be a successful trade!

[skyship] 18/10/2010 16:04

Allelujah - 25k bt @ 126.75p - maybe that's our big buyer back on the scene

[lordoflords7] 18/10/2010 13:58

Next week's Investors Chronicle will feature an article on REITs. Hopefully will bring some exposure to sector.

[swiftnick] 18/10/2010 13:43

Also added this morning at 119.36p (plus got a few TEIF for under 30p).

[skyship] 18/10/2010 13:39

....quite forgetting that it is only 2-3 weeks ago since someone was hoovering up stock at up to 139p! (see earlier posts)

Hopefully he'll be back on the scene soon...

[skyship] 18/10/2010 13:16

The potential bank and government property sales have been talked about for a year or more, the latter increasingly recently.....but no, with the wider Real Estate sector up 12% over the past Qtr, this decline is MCKS specific. It is due entirely to a single tap seller who has been remorselessly selling in small lots over the past 4months.

Volumes are never large, so he has had to take time and has had to accept ever lower prices. At some stage he'll be exhausted or someone will bid for the outstanding line, then these will turn...

[fhmktg] 18/10/2010 12:15

Could the recent drop in share price be due to concerns that Wednesday's spending review could involve significant sell-off of Government property?

[skyship] 18/10/2010 09:54

Agreed, the dividend could well rise this year, indeed could have to being a REIT - though such thoughts don't seem to deter the seller who dropped another 20k today @ 115.25p!

[gingerplant] 18/10/2010 09:42

Likewise Skyship. That yield figure could be higher in reality n'est-ce-pas?

[skyship] 18/10/2010 09:30

Weak again today - so got a few @ 119.36p - a yield of 6.9%

[jimbo3352] 15/10/2010 18:46

Skyship: yes indeed, I've been lurking around the splits followers board for some time. I'm a bit of a dividend junkie and bought into BLND, HMSO and LAND just a little early and after a brief flirtation with PIBS more recently have been going for the smaller propco's/REITS such as IRET, IERE, IFD and MCKS. My equivalent to HPEQ is AMN where I came across Tiltonboy who always has something sensible to say. AMN recently has become a bit dull (the BB is moribund) although they have sufficient accrued income to pay a decent dividend and hopefully George Robb will, as promised, get it wound up in the not too distant future.

[skyship] 15/10/2010 17:54

jimbo - as you will no doubt have read either here or on the cp+ thread, IRET is my favourite property play at current levels. At 47p they:

# yield 8.5% covered 1.3x
# are on a 20% discount to the 59p NAV
# have a relatively low LTV at sub 50%
# have quality management
# have the right attitude to shareholder value; and
# are effectiovely run by a bank - ING

Sorry, don't recall, but presumably you visit the JDT thread for ideas. One recent is HPEQ which I picked up from Envirovision. It's the largest holding in my SIPP with a 9% allocation. Had a good run, but remains good value as you'll see from my post there today:

[jimbo3352] 15/10/2010 17:35

I added some earlier today and yesterday at 124 and had a quote for some more at just under 120. I then got sidetracked as £10k suddenly vanished from my SIPP valuation. When I realised it was simply my JIIS holding and the cash required to exercise at 247, I also had missed my chance. MCKS does seem to have rather a big discount to NAV for a conservatively run REIT with a decent and reasonably secure dividend. I get the feeling from level 2 that the share price is being kept within a fairly narrow band. The MM's have regularly been restricting buy order size but the price never seems to go anywhere. A share for the longer term perhaps.

Keep the comments coming, Skyship, it's always useful to get pointers to new areas. (I hadn't realised until reading the warrants board that SIPPs could take subscription shares)

[skyship] 15/10/2010 15:58

Bloody hell - a 7.5% fall in two days undoes all of September's hard graft!

EDIT: Double bloody hell - tried to buy @ the 120p offer price, but someone hoovered up 12k just ahead of me...

[janeann] 10/10/2010 21:01

yes,,, i wondered if there would be an rns but no.

[skyship] 08/10/2010 13:32

Hmm - now 2 x 200k trades @ 130p - less than 5mins apart. Don't know what to make of those.

A put-through would be at slightly different prices. Is it perhaps a matched bargain between two institutions....

[skyship] 07/10/2010 12:56

Another 35k bought @ 133p yesterday, then a few small buys in the 134p/135p range today

[janeann] 30/9/2010 16:25

yes i have noticed that. very encourageing (although someone did sell 10k as well).

[skyship] 30/9/2010 12:36

Interesting - over the past two days someone has, in three trades, bt 53k @ 139p! Very pleased that this looks to have turned itself around....

[gary1966] 27/9/2010 07:16

More space let.

[ydderf] 13/9/2010 16:46

hard work today buying more, going to leave them alone for a few weeks now....have the feeling as I have been the only buyer of size recently, I have propping them up.....maybe 100-110 is the 'right price'

[topvest] 12/9/2010 20:08

Because it's on a large gross borrowing number I suspect. Being hedged at 4% or whatever may be out of the money, but it's still very good on a medium term view. Inflation will inevitably cause interest rate rises next year / the year after in my view. 0.5% is unsustainable.