Mckay Securities Share Discussion Threads

[essentialinvestor] 04/12/2020 10:36

McKay is standing out atm in terms of re-rating potential.


Could catch some attention next week.

[skyship] 04/12/2020 08:57

Bought in for a few this morning - trade not showing yet..

[essentialinvestor] 04/12/2020 08:50

MCKS one of the few REITS not to be re-rated over the last couple of weeks.


McKay may catch some attention next week on an EU deal confirmation.

[essentialinvestor] 02/12/2020 18:46

Bought a small amount today.

[essentialinvestor] 30/11/2020 15:29

Heading back down towards £1.80 ?.

[essentialinvestor] 26/11/2020 15:36

Not surprised to see this come back.

Unimpressed with the recent updste and vacancy rate not mentioned.


Any other or different views here?.

[essentialinvestor] 24/11/2020 13:43

Nick, I'm unsure on some of their commercial office locations, particularly Staines.

[thewheeliedealer] 23/11/2020 21:27

Hi all,

My mate Peter @Conkers3 and myself did a ‘Twin Petes Investing’ Podcast a few days ago and part of our discussion includes MCKS and our thoughts on the Commercial Property sector which is starting to look pretty interesting. We also chatted about loads of other Stocks and Ideas for research and did a particular bit about Luck vs Skill. We also discussed the outlook for Markets and as usual a fair bit of educational stuff with regards to Investing.

Anyway, if you use Apple, Audioboom, Overcast or Spotify you can find it under the 'Conkers Corner' Channel (you want Podcast TPI 36) and you can find it on Soundcloud at the link below. It is also now on Youtube.

I hope you enjoy it and find it useful,

Cheers, WD
@wheeliedealer

[nickrl] 18/11/2020 23:06

Now MCKS have finally got the cash for Lombard Street they've lowered there LTV down to c30% but at cost of nearly £3m loss of rent. They've let Theale Pk to Amazon at 1.5m pa removing big void and have other new lettings infers they've neutralised most of Lombard St Loss. Interim divi unchanged (at least it not lowered or waived) and covered by NRI.

Yield been low on these and with recent price rise now sub 3.5% better yield value elsewhere.

[skyship] 10/11/2020 07:59

free stock charts from uk.advfn.com

[skyship] 09/11/2020 14:45

Gains everywhere - 7%-11% - but MCKS stuck at 187.0p-187.5p! Have bought a few at that...

[essentialinvestor] 04/11/2020 17:45

I bought back in today (just a small amount) a valuation uplift on the Theale logistics unit may help moderate the NAV fall.

They also hold an interesting revelopment opportunity in Woking
on which a revised planning application has been resubmitted.
From memory they intend to sell that to a developer (apartment block)
rather than develop themselves - so potentially NAV supportive on that asset.

My concern (and to be fair I usually have concerns!) Is potential vaccancy
rates creeping up on their office space.

[skyship] 03/11/2020 13:45

Becoming tempted to get back in for another run at c182p; however I am concerned at what NAV will be revealed with this month's upcoming Interim statement.

The Mar'20 NAV was 329p, so what will be the Sept'20 figure?

Down 5% to 312.5p has to be the very minimum. Perhaps 7% to 306p. At the latter level the discount reduces from the current 44.7% down to 40.5%. Still over the 40% marker; but then one has to remember the stupidly low dividend compared with all its peers.

I think on balance I'll wait for the figures; unless they are on offer at 180p again...

[essentialinvestor] 22/10/2020 16:46

Does anyone have a view on the recent update, their portfolio,

how they may be positioned going forward.


Had a look on their investors website, it allows you to click
on each building and details if space is available, there appears
to be quite a bit of empty space across multiple buildings.
However, what % that may represent I don't have access to.

What makes me a little cautious is on the recent update there is no
mention of a vacancy rate - or any guidance on this.

Any views appreciated, thanks.

[eskers] 17/10/2020 10:27

Property forum reporting that the new occupier at Theale is Amazon.

[skyship] 15/10/2020 13:23

Personally, I always appreciate hearing others' trading positions, especially from someone with a more than adequate knowledge of the sector.

Having bought a few on 1st Oct @ 189p, I sold on the 6th @ 195.2p. Why? In these markets even a 2.5%turn is tempting when the Market itself is tracking sideways or down; and these REITs seem to provide hopefully never-ending opportunities to trade.

[grahamburn] 15/10/2020 12:45

So.... why tell everyone?!

As you have, it would be helpful to know your rationale

[essentialinvestor] 15/10/2020 11:31

I've sold this morning at a small loss and bought a few more CLS.

That's Not a recommendation should add!!.

[skyship] 05/10/2020 17:28

An extract from my spreadsheet on 16 secondary propcos.

# Extracted to show those on 40%+ discounts

# AIRE & RGL included because of the great yields

# All NAV stats are to Jun'20, exc. MCKS still to Mar'20


EPIC share price NAV Disc. Divi Yield
---------------------------------------------
AIRE 51.00 83.60 39.00 5.00 9.80
BCPT 67.20 120.70 44.30 3.00 4.46
BREI 52.00 96.60 46.20 2.50 4.81
EPIC 49.50 90.24 45.10 4.00 8.08
MCKS 190.00 329.00 42.20 7.20 3.79
RGL 66.00 102.60 35.70 6.00 9.09
SLI 46.80 79.60 41.20 2.86 6.10
SREI 32.85 57.70 43.10 1.54 4.70

"You pays your money you takes your choice"....but sure looks to be
some great value out there, especially those showing good rent collections.

[skyship] 01/10/2020 14:05

Bought back in here at 189p just now.

NAV at Mar'20 was a notional 329p, ie a 42.6% discount - another one in the 40%+ Club. What the current NAV amounts to won't be revealed until the November Prelims.

A potential negative is the absurdly low yield versus all peers of comparable size.

Still, good management, good geographical positioning....and then there is that spike to 215p just a few days ago...

[essentialinvestor] 28/9/2020 18:00

Providing they pay, I would not be too fussed!.

[eaglaisy] 28/9/2020 17:45

Anyone know who the tenant is at Theale?

[essentialinvestor] 28/9/2020 16:32

Apologies late reply, I've heard nothing, just thinking out loud.

Had a small amount before the close.

[eskers] 24/9/2020 22:48

"Possibility of corporate action"
What have you heard EI?