ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

RECI Real Estate Credit Investments Limited

114.50
-1.50 (-1.29%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
Real Estate Credit Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker RECI. The last closing price for Real Estate Credit Inves... was 116p. Over the last year, Real Estate Credit Inves... shares have traded in a share price range of 109.50p to 137.50p.

Real Estate Credit Inves... currently has 229,332,478 shares in issue. The market capitalisation of Real Estate Credit Inves... is £262.59 million. Real Estate Credit Inves... has a price to earnings ratio (PE ratio) of 12.78.

Real Estate Credit Inves... Share Discussion Threads

Showing 801 to 824 of 2550 messages
Chat Pages: Latest  42  41  40  39  38  37  36  35  34  33  32  31  Older
DateSubjectAuthorDiscuss
05/8/2013
13:13
hxxp://us6.campaign-archive1.com/?u=e7cabe1e5d&id=659f1bfbed&e=1e4f35f8bd
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........... -....... -
....................... 106.2... 107.4

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)
....................... (46.1).. (46.4)

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............ -....... -
........................ 107.3... 106.2

Other Liabilities....... (1.0)... (1.0)
Preference Dividend..... -....... (0.1)
Ordinary Dividend....... (0.9)... -
Preference Share Liability (45.0).. (45.0)
....................... (46.9).. (46.1)

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 .......................... 87
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.bankofengland.co.uk/publications/Pages/news/2013/007.aspx

kenny
03/7/2013
15:11
Further to my post above, here are links to recent comments on European MBS:

hxxp://www.businessweek.com/news/2013-06-20/pimco-favors-europe-commercial-mortgage-debt-on-lending-recovery

hxxp://www.ipe.com/magazine/structured-credit-a-turning-point-for-european-commercial-mortgage-backed-securities_53861.php#.UdQ6xeNwYac

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
Chat Pages: Latest  42  41  40  39  38  37  36  35  34  33  32  31  Older

Your Recent History

Delayed Upgrade Clock