Mckay Securities Share Discussion Threads

[hindsight] 05/11/2021 19:27

Hugepants, it did occur to me they could sell the Amazon let, for hot money now and buy shares back

[nickrl] 05/11/2021 19:27

The Mille at Brentford has had space available for years as well.

There share buyback has also lost traction so be interesting to see what they have to say about that.

[hugepants] 05/11/2021 16:24

The NAV may surprise to the upside since 28% of the portfolio was industrial/logistics at last results. That sector is up approx 10% the last 6 months. Offices are 66% of the portfolio with most outside central London. 5% is "other". Not sure what that is.

[essentialinvestor] 04/11/2021 17:41

Put it back on a watchlist. Think I might wait to see an update though.

[hindsight] 04/11/2021 17:27

Same here, last one I saw was the March one
Portfolio occupancy decreased slightly from 88.7% to 85.3%, providing scope to grow income through planned asset management initiatives

[cwa1] 04/11/2021 17:08

Thanks EI. I was looking at the July update and have to confess I don't recall seeing any vacancy rates.

Looking forward to see some meat on the current bones in the update on 16/11

[essentialinvestor] 04/11/2021 17:01

Just looking at their July update they don't appear to mention a vacancy rate.

[essentialinvestor] 04/11/2021 16:52

This may give a little insight.

Take a look at some of the empty space, that office building in Staines has been
vacant for an age, mentioned it here about a year ago, from memory.

[cwa1] 04/11/2021 16:41

Bee-limey. Was in for some in the auction and was somewhat surprised to see them taken at 208p. share price has been weak most of the afternoon, and recently for that matter, but I'm hoping there's a price for everything!

With results on 16/11, there's not TOO long to wait and see how they are doing.

Fingers firmly crossed

[nickrl] 25/10/2021 20:38

1pvh someone needs to buy them out and save money on the BoD who are just collecting the cash and their bonus every year for what. Even the share buyback is pathetic so with price down again they need to go large.

[1pvh] 25/10/2021 11:39

Think the best way forward considering the discount to NAV would be to sell everything and return the money to shareholders. Might get 260 / 280'a share after costs. No idea if there are any tax implications

[cwa1] 18/8/2021 08:42

Cheers for the replies guys, much appreciated even if there isn't a lot of love in the room for MCKS!

[nickrl] 17/8/2021 18:59

Not worth holding for divi and can't see much scope for it to increase much from here. The balance sheet got a boost with the cash from Lombard Street finally on the books but the share buyback hasn't done much for share price unlike others. Are they worth holding for a potential buyout - maybe but with only 28% in industrials not sure what the attraction would be.

[hindsight] 17/8/2021 17:38

CWA1, have 4% of my property pot in them from a few months back but not been keen to add as not convinced either way on offices. Prefered to add to others where outlook seemed clearer. Discount is good, 28% is about 10% more than the precovid 18%

[cwa1] 17/8/2021 17:02

Taken a few at 219 in the closing auction.

Hoping it will be a sensible medium term price to get in at with the prospects of better things to come.

It's a solid discount to current NAV and a respectable yield whilst we await a re-rating. Also the ongoing buybacks should lend SOME support.

The last Trading Update seemed solid with rent collection up there with what others have reported.

Anyone else still interested here?

[nickrl] 09/6/2021 13:58

MCKS directors get 425k shares from the Grant of conditional awards under the 5th Grant of the 2017 McKay Performance Share Plan. This is what puts me off this company directors paid well OK no inv mgr fees but a very generous share option plan then dilutes ordinary shareholders.

[nickrl] 26/5/2021 18:29

MCKS results interesting offices down 12% industrial up 18% for an overall 6% loss. Rent collection amongst the best with limited deferrals or impairments. Vacancy rate up slightly and cash finally in the bank from 30 Lombard Street gives improved LTV. Dividend well covered so even with loss of rent on Lombard St scope for another increase but still a low yield at 3.76% puts me off. Buyback 30% of target currently so with recent share price retreat maybe they will dip in again. Question is with discount at near 30% is it a likely target?

[skyship] 26/3/2021 07:27

25/03 BUYBACKS: 15k @ 210p (208.0p - 212.0p)

[skyship] 25/3/2021 08:28

24/03 BUYBACKS: 18k @ 207.97p (206.0p - 208.0p)

[skyship] 24/3/2021 08:39

22/03 BUYBACKS: 35k @ 209.86p (203.02p - 211.00p)

[ntv] 24/3/2021 08:08

you do have to question how this buyback is working and the prices paid
Seen it before and is the same old trick uncovered
The company ought to put a stop to it

[nickrl] 23/3/2021 21:28

they seem to be fiddling on the margins here be interesting to see if they busy getting a few cheaper today.

[skyship] 23/3/2021 08:55

19/03 BUYBACKS: 10k @ 212p

[skyship] 19/3/2021 07:38

18/03 BUYBACKS: 30k @ 213p