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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Estate Credit Investments Limited | LSE:RECI | London | Ordinary Share | GB00B0HW5366 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.50 | -1.29% | 114.50 | 114.50 | 115.00 | 118.00 | 114.50 | 118.00 | 697,096 | 16:27:53 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 30.67M | 20.55M | 0.0896 | 12.78 | 262.59M |
Date | Subject | Author | Discuss |
---|---|---|---|
05/8/2013 13:13 | hxxp://us6.campaign- | davebowler | |
05/8/2013 11:31 | Liberum; NAV +2.0%: NAV per share at 31 July was 153p which represents a rise of 2.0% over the second half of the month. Gains from material bond repayments accounted for 33% of the total portfolio value movement. n Bond portfolio +0.5%: The m-t-m on the bond portfolio was +0.5% over the whole of July as bond prices firmed since the June sell-off. n Loan portfolio weighting to rise: RECI's loan portfolio is forecast to rise to over 40% of total assets, up from 26.4% of the gross asset value currently, with a further loan investment anticipated in August. Liberum View: n RECI now trades on an 8.3% discount to NAV some 11.2 percentage points wider than the sector average of a 2.9% premium to NAV. The 6.5% prospective dividend yield is also materially higher than the sector average of 4.7% and our 157p price target implies 18% total return over the next 12 months, with RECI's shares having risen 30% ytd. n Figure 1 below highlights this discount/dividend yield anomaly, especially given RECI's superior NAV performance, high 88% investment level (SWEF: c.24%, LBOW: c.18%) and strong loan investment pipeline: ( graph referred to , shows SWEF and LBOW and TFIF at a premium whereas RECI is at a discount and also that their divis are lower too than RECI's -davebowler) | davebowler | |
05/8/2013 07:57 | Just managed to buy a small amount at 1.40 - thought they would have been marked up this morning after NAV went up by 3p. | spittingbarrel | |
05/8/2013 07:33 | Manager Commentary RECI has benefited from material bond repayments in the period with gains from repayments accounting for approximately 33% of total portfolio gains Bond prices have firmed since the sell-off in June supported by clearer forward rate guidance from the central banks and continued evidence of strong credit performance Further loan investment anticipated for August that will take RECI's loan portfolio to over 40% of total assets P/F Monthly Core NAV (in £m) 15/07/2013 31/07/2013 Investment Portfolio..... 102.7... 100.0 Cash and Cash Equivalents 3.1..... 7.5 Derivative Assets....... 0.3..... - Other Assets........... -....... - .................... Other Liabilities....... (1.0)... (1.0) Derivative Assets....... -....... (0.2) Preference Dividend..... (1.0)... (0.3) Ordinary Dividend....... -....... - Preference Share Liability (45.0).. (45.0) .................... Net Assets (estimate)... 60.0.... 61.0 Shares outstanding...... 39,966,985 39,966,985 NAV/Ordinary Share (est) 1.50.... 1.53 | skyship | |
23/7/2013 08:18 | Liberum; Real Estate Credit Investments (RECI / BUY / 141.8p) Attractive loan investment Highlights: n Bond volatility: NAV per share decreased by 0.5% to 150p (30 June 2013: 151p) as a result of continued volatility in the bond market which resulted in m-t-m movement of -0.63% in the bond portfolio. n Loan investment yielding 10%+: As indicated in May's factsheet, RECI has made a new 3m senior loan investment secured against German multi-family properties. The loan has a yield in excess of 10%. n Attractive loan portfolio: RECI now has 5 loan investments which account for 27% of GAV and management expect to make further loan investment in the near term. The average yield on the loan portfolio is 14.0% with a weighted average LTV of 63.1%. Liberum View: n RECI's differentiated access to dealflow has helped the company to build up an attractive portfolio of loan investments (now 27% of GAV). We expect the loan portfolio to grow over the medium term to 40%-50% of gross assets given the strong pipeline of loan investments. n RECI has participated in quality new bond issuances and new loans through Cheyne Capital's strong position and market relationships. These relationships are becoming increasingly important as the lending market is becoming more competitive for quality assets. There is minimal cash drag on RECI's portfolio in comparison to peers as it is virtually fully invested with c5% of NAV in cash. We think RECI's discount relative to the sector (5.6% discount vs. 0.8% premium for the sector) is unwarranted due to its superior NAV growth potential, differentiated access to dealflow and excellent track record (+60.7% NAV TR since January 2012). Our 157p price target implies 16% total return over the next 12 months. | davebowler | |
22/7/2013 12:43 | Manager Commentary Bond volatility continued following concerns about the pace and timing of monetary tapering in the US The Company has invested in a 3.0 million loan senior secured against multi family properties in Germany. The loan has a yield in excess of 10% Further loan investments expected in short term as the Company continues to benefit from a healthy pipeline of attractive loan opportunities Figures for RECI for 30 June 2013 & 15 July 2013 P/F Monthly Core NAV (in £m) 30/06/2013 15/07/2013 Investment Portfolio...... 101.0... 102.7 Cash and Cash Equivalents. 5.6..... 3.1 Derivative Assets....... 0.6..... 0.3 Other Assets............ -....... - .................... Other Liabilities....... (1.0)... (1.0) Preference Dividend..... -....... (0.1) Ordinary Dividend....... (0.9)... - Preference Share Liability (45.0).. (45.0) .................... Net Assets (estimate)... 60.4.... 60.0 Shares outstanding...... 39,966,985 39,966,985 NAV/Ordinary Share (est) 1.51.... 1.50 | skyship | |
08/7/2013 08:33 | Liberum View: n RECI's NAV experienced a slight pullback in the month due to market concerns over a tapering of QE programs by Central banks. This is leading to greater volatility and presenting the manager with attractive investment opportunities. RECI has c£6m of cash on the balance sheet (equivalent to 9% of NAV) for acquisitions. n June was a busy month for portfolio recycling with £13.6m of sales in the month (equivalent to 17% of the bond portfolio value at 31 May). The sales demonstrate the manager's stock selection abilities with an uplift of 27% over purchase price. Total sales over the past 9 months are £49.4m or 62% of the market value of the bond portfolio at September 2012 with an average uplift over acquisition price of 21%. n RECI is trading on a discount to NAV of 6.4% which is 10 percentage points wider than the asset-backed debt funds (weighted average premium of 3.1%). RECI's discount relative to the sector is unwarranted due to its superior NAV growth potential, differentiated access to dealflow, strong track record and minimal cash drag. | davebowler | |
05/7/2013 13:13 | Manager Commentary £1.51 NAV /share is down 0.5% from ex-div £1.518 NAV / share Bond markets weakened following concerns around Central Banks tapering QE programs The Company sold low yield Class A bonds and increased exposure to higher yielding bonds Bond Portfolio Summary. Number of bonds .................... Dirty Fair Value of Bond Portfolio as at 30 June ..75,351,962 Nominal Face Value of Bond Portfolio as at 30 June ..102,971,136 Bond Purchases 1 June to 30 June 2013 (cost) .. 11,158,557 Average Purchase Price between 1 June and 30 June 2013 ... 0.95 Average Effective Yield of Purchases between 1 June and 30 June1 .... 6.24% Bond Sales 1 June to 30 June 2013 (cost) ..... 13,574,369 Average Sale Price between 1 June and 30 June 2013 ..... 0.98 Average Purchase Price of Bonds Sold Between 1 June and 30 June 2013 ... 0.77 | davebowler | |
05/7/2013 11:57 | NAV declined to 151p. | gary1966 | |
04/7/2013 12:03 | The Bank of England has just issued a statement to the effect that markets are wrong to anticipate a near term rise in UK interest rates. This should bode well for future capital values of RECI's historical portfolio. hxxp://www.bankofeng | kenny | |
03/7/2013 15:11 | Further to my post above, here are links to recent comments on European MBS: hxxp://www.businessw hxxp://www.ipe.com/m | kenny | |
03/7/2013 11:07 | Good point Dave. In any event, I do not think that European MBS has gone down by much at all - presumably because it did not go up as much as corporate bonds and US MBS. It is difficult to ascertain accurate figures on European MBS but I think the downward move has been less than 1%. On that basis, this would be a 3p drop in NAV to 151p but before the gain on the short. | kenny | |
03/7/2013 08:55 | Doesn't this produce gains for RECI due to the contrary position they bought? | davebowler | |
03/7/2013 07:22 | YS - thanks for that rather crucial clarification. I hadn't realised...mea culpa! | skyship | |
03/7/2013 07:11 | Hi skyship reci has the uk annington bond, the ipo was for the german co, 2 diff companies so shouldn t impact reci | yieldsearch | |
03/7/2013 07:07 | According to Yieldsearch on the JPEL thread the Annington Finance IPO has been postponed due to continuing market uncertainties. Would likely cause a fall in our highly profitable Bond holding. Not a disaster, but perhaps explains the recent weakness and could take RECI a tad lower. | skyship | |
01/7/2013 09:20 | Thanks , I just thought I had read somewhere when they were seeking permission that they could not or would not pay over par. | holts | |
30/6/2013 23:22 | Nothing in the articles prevent them buying back prefs at above par. Articles state the prefs can be redeemed: "(a) at any time, by way of the purchase of any such Preference Shares by the Company through the facilities of the London Stock Exchange" Such action could be combined with or followed by, the issue of a second preference issue at a lower coupon. Funds from any second issue of prefs - if that were to occur - could be invested fairly short term and used to redeem the first issue prefs in September 2017 or on further market buybacks. | kenny | |
30/6/2013 18:50 | Can they buy the prefs over par ? | holts | |
28/6/2013 15:49 | Yes I'm in two minds about the gearing -I've been caught out by geared funds before (EET) but have great faith in RECI management to invest at a rate higher than the Prefs cost. | davebowler | |
28/6/2013 15:42 | Thanks Dave. I wonder if this is a prelude to the company buying back more of the preference shares? | kenny | |
28/6/2013 14:42 | 10% Lower gearing; The Company confirms that effective 27 June 2013 it has cancelled all of the 4,995,870 Preference Shares held in treasury. The remaining outstanding Preference shares in issue are 44,962,834. For further information, please contact: | davebowler | |
26/6/2013 14:36 | Announced today that GDP in the US for the first quarter has been revised down from 2.4% p.a. to 1.8% p.a. So I guess everyone who sold will now pile back into bond type investments because the Fed is not going to drastically cut back while the economy is so weak. Therefore, a company like RECI will continue to make good capital profits on it's historic bond portfolio - this on top of the income yield of about 17p per annum; the latter never having been in doubt whatever could and will happen on interest rates. You just have to laugh at how stupid the panicky sell off has been!! EDIT; the important point is that interest rates are going to stay low for longer than speculated in the last month or so. | kenny | |
25/6/2013 19:02 | Kenny , we have seen it all before , everything gets lobbed out whether its good bad or indifferent , just have to see it as a possible opportunity. | holts |
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