Pactolus Hungarian Property Share Discussion Threads

[polzeath] 24/5/2007 09:46

Anybody got a link to the IC article?

[slapdash] 18/5/2007 16:52

highest volume for 5 months... bodes well.... slapper

[slapdash] 17/5/2007 13:22

well this is ticking up nicely as the market identifies quality.....

where will the NAV be at the end of this year.. I would bet at least 20% higher... so that would add 14p to the reported NAV for the end of this year.. i.e. only 7 months away... so that would be a NAV of 85p....

Not bad at all..... why 20% well they will be geared... and did better than that this year... and weren't even fully invested last year.... but got a large increase..

THIS WILL ALMOST CERTAINLY BE A BUY IN THE INVESTORS CHRONICLE TOMORROW AS THEY DID TIP IT RECENTLY AND WILL LOVE TO CROW ABOUT IT.. (Whoops just read their writeup... says much further to go)..

Also many of these recently launched property companies are trading above NAV... have a look at Dolphin capital and Bulgarian Property Developments... it is my contention that this should also be trading above NAV.. as is also a quality play..

Slapper

[slapdash] 16/5/2007 12:17

found it... looks like a load of rubbish... as has increased share price very modestly over last 5 years... compared to All share and property sector

ISA23 - it isn't the discount to NAV that determines value it (i.e. relative Price)... it is the quality and momentum of the business....

The two you mentioned.. Invista and Uk Balanced property... have really not performed well .... have underperformed property sector and market as a whole... so they deserve a large discount for low quality...

This on the other hand has a large discount to NAV but has quality and momentum.... i.e. its NAV should increase faster than peer group...

So if you just look at price it may not appear to be so cheap... but on quality and momentum it beats the two you mentioned hands down and thus is very cheap in my view...

I.e. growing NAV through apartment refurbishment and being in a Capital city that looks set to become the economic hub of central Europe.... and managers have done very well to date in operating portfolio and increasing NAV...

Slapper

[isa23] 15/5/2007 09:54

used to be insight Foundation property (ifd) it's in FTSE350

[slapdash] 14/5/2007 17:15

invistia??? Never heard of it ... where is it listed and what's the ticker..

UK balanced property.. looks to of been a dire performer.. from £1 to only about £1.40 over 4 years in the middle of a commercial property boom..

bargain or not for PHU?? depends on what you think they can do with the NAV...

I think their uplift to date is very impressive nad highlights the excellent low risk strategy of upgrading old flats in Budapest... they have a compound rate of return since floatation that is almost the same as UK balanced property over 4 years.... that momentum should continue...

now we are in the middle of the year the NAV is probably just under 75p.... so discount even higher... and yield will become higher and higher which will support the share price...

Slapper

[isa23] 14/5/2007 17:04

Completely agree, BUT Invistia Foundation Property (with significant assets in central London) is on a 12% discount to NAV, yields 5.4% & is much safer (it's also extreemly well-managed), so maybe phu is not such a bargain after all (I note that UK balanced Property is on a 15% discount to NAV!!! they all used to trade at significant primiums until recently)

[slapdash] 14/5/2007 15:21

this is at a 16.2% discounts to valuation as of End last year... i.e over four months ago... (asset value 71p versus share price 59.5p)

it pays a yield of over 3.5% which will climb over time...

and has the momentum behind it... in terms of rising asset prices etc...

seems like a bargain to me... no doubt the IC will write about it on Friday

Slapper

[muttleyrules] 10/5/2007 15:44

nice trade ... shame i don't own more of these

[slapdash] 10/5/2007 09:34

and yup it did... NAV over 70p...


Slapper

[slapdash] 03/5/2007 18:17

should hopefully blast through 60p on results!!!

Slapper

[isa23] 03/5/2007 10:45

Results due early May. I expect a 2.5p divi

[muttleyrules] 26/4/2007 11:27

Results should be out v shortly ... expect NAV above last Septembers 68p ... although I think these NAV estimates are a bit racy ... at 52p you are getting in at 30% discount ...

[slapdash] 10/4/2007 17:21

so when are these ruddy results????

Slapper

[muttleyrules] 04/4/2007 10:19

Shares ticking up ... should be around 60p after the results

[isa23] 26/3/2007 09:46

completely agree. I called the company the other day. Said results are out some time in April. A 2.1p divi should be on the cards

[muttleyrules] 26/3/2007 08:46

And back to where they were ... company looks to have a sound strategy ... looks like a good long-term hold but don't expect fireworks in the short-term. Will pay at least a 3.5% yield.

[muttleyrules] 12/2/2007 13:47

Not a bargain ... NAV that they claim is laughably high ...

[ben value] 12/2/2007 13:08

Was tipped in IC on Friday as a bargain share

[rogerl] 12/2/2007 12:40

Must be something happening for this rise, I am obviously pleased but would like to know why, any ideas?

[rogerl] 20/9/2006 12:40

Presumably the riots in Budapest are the cause for the fall. I see they have hedged currency so this should not be the cause. Long term holding in any event.

[slapdash] 15/9/2006 11:45

nope they may join 2010... delayed... hungarian currency down about 15% versus £1....

So may be a good play but also risky.. hungary also imploding under government budget deficit... have a look at PHU's accounts...

Slapper

[the big fella] 15/9/2006 11:38

Rising (c 18% last year) and with Hungary joining the EU in 2007 they will surely continue to in that direction for some time to come.

[bb123] 15/9/2006 11:09

Tipped in IC today as a buy with a Net asset value: 79p

Does anybody have knowlege/view of the Budapest economy and property market