Picton Property Income Ld Share Discussion Threads

[skyship] 21/6/2013 16:58

Kavnish - great opportunity today to buy DSC again at an attractive level.

I'm surprised they've pulled back 14% from their recent peak; though I have to admit I was also surprised at the extent and rapidity of their recent rise!

IMO DSC is once again the star propco choice as at 182p they are on a 27.5% NAV discount against a very historic 251p NAV. The prospective NAV of 265p+ would place them on a 31% discount with built-in growth to come in 2014.

[kavnish] 21/6/2013 15:12

sold all of the remaining holding today,

lets hope we have a decent correction shortly

[kavnish] 20/6/2013 15:11

Yes don't think we will be waiting too long for a re entry point

[skyship] 20/6/2013 11:50

Kavnish - well-timed sale. I sold too early, but used the cash to add in DSC, so happy with that. PCTN now, from all historic parameters, looks over-valued versus its 49p NAV. The yield is just one valuation parameter; and the only one supporting this level...

[kavnish] 20/6/2013 08:20

believe its too do with the RTS announcement yesterday of stake change.

I used the opportunity to dump the majority of my holding , will wait for a pull back to re invest.

or it good be a badly timed sale on my part with momentum taking the stock to a premium to NAV as as happened at UKCM .

Time will tell, DYOR

[speedsgh] 19/6/2013 13:57

Something happening in the background here or just delayed reaction to last Weds portfolio update? Now yielding just 6.1% at current offer of 49p.

[cerrito] 14/6/2013 20:52

Just caught up with the figures.
Big picture is that today's share price of 44.5 is a good reflection of what for me it should be-although not sure if I can see the share price going much higher.
Clearly things to be concerned about including decline of EPRA NAV from 63p at Dec 10 to March 13's 49p; indeed as the Chairman said the discount narrowed but one could argue that this was just as much a function of falling NAV as well as rising share price
Increase in voids over the year distressing-increase in the year from 8.9% to 12.4% although good to see a slight reduction in last few weeks. Note that the office section is worst hit at 18.7% although they do have a pretty good story to tell here.
On the other hand a good liability structure; good to see in last 6 months operating cash flow minus investments made was greater than dividends paid-something I will focus in on, and of course reduced management charges.
Also they do have a diversified portfolio-ie 35% in industrial and if you look at their retail portfolio Stanfords and Parc Tawe are at different ends of the spectrum. I guess the fact that Stanfords located on one of the world's hottest real estate areas has 74% occupancy does show that we do need caution in looking at the headline voids figures.

[paxman] 12/6/2013 09:24

Hopefully Picton will spend some of their excess income on renovation and reducing debt to below 50% LTV. With a pick up in secondary property asset values of say 5%, which is starting to happen now according to the EG, we could see a nice share price appreciation over the next year to say 50p to 60p.

[langland] 12/6/2013 06:47

Dividend cover should be higher now, of course, based on reduced div of 3p....all other things being equal.

[nil desperandum] 12/6/2013 06:43

The update since year end is very encouraging.

[skinny] 12/6/2013 06:23

This is comforting :-

"Following re-financing the Board undertook a review of its dividend policy and consequently re-based the quarterly dividend to 0.75 pence per share from November 2012, compared to 1 pence per share previously. The total dividends for the year were thus 3.5 pence per share. Dividend cover for the year was 122%, well ahead of the previous period's cover of 82%."

[lord gnome] 12/6/2013 06:17

Solid set of results, operationally and financially. No worries here, good dividend cover and no financing problems. Keep taking the dividends until the market picks up and then we are off to the races. Can't see a negative. Happy to hold.

[this_is_me] 31/5/2013 08:41

No need to sell when the price is still drifting up and they are good value.

[skyship] 31/5/2013 08:36

No longer as cheap as they were, so less to discuss. Now in profit-taking territory as the NAV discount is down to a mere 7%.

Possibly a good switch into CIC - a Tip of the Week in the IC today; and at 122p they are still on a 27% NAV discount.

[lord gnome] 31/5/2013 08:18

Looks like this thread has died a death. Everyone seems to have moved here....

[redhill9] 17/5/2013 08:29

Looks like 50p is on the cards then.

Not sure how going ex-div means the share price will rise 11%?

Current yield at 45p is around 6.7% and an increase to 50p would reduce yield on current dividend level to 6.0%, which is perhaps a step too far at the moment.

[red army] 13/5/2013 17:47

Looks like 50p is on the cards then.

[deadly] 30/4/2013 09:30

Goes XD on 15th May.

[skyship] 29/4/2013 12:02

Good dividend cover these days; and those poor void stats show potential for further revenue gain. But disappointed at the continuing NAV attrition.

[lord gnome] 29/4/2013 06:39

Headlines look good. 141% divi cover. NAV at 49p. Circa 7% yield paid quarterly. What's not to like?

[this_is_me] 29/4/2013 06:33

Solid results

[cwa1] 29/4/2013 06:30

NAV and Dividend:-

[deadly] 26/4/2013 11:42

This should be the thread to use with the informative header.

[mozy123] 24/4/2013 12:02

Skyship - nice prediction!

[asmodeus] 18/4/2013 10:08

Sorry, wrong thread.