Standard Life Investment... Share Discussion Threads

[spectoacc] 04/6/2021 17:07

Nice close & some decent buying today - offer was starting to look a bit thin.

@hindsight - they'll be indicative I reckon, other than Industrial being the new sector leader.

[spooky] 02/6/2021 11:34

SKYSHIP, i suspect thats nit picking. There isn't much to choose between them and IMO either the whole sector goes meaningfully higher medium term or it doesn't. Commercial property is an inevitable destination for capital in the current low interest rate, excess liquidity financial environment.

[hindsight] 02/6/2021 09:48

Sky, now the discounts have closed, as EI said above the next question is which ones will trade at par or a wider discount post covid. Will precovid discounts be a good guide or not

[skyship] 02/6/2021 09:40

Because of the chart I'm sorely tempted to buy back in here; however both BREI & SREI seem far better value on the basic NAV discount. Added to SREI this morning post their excellent Finals.


free stock charts from uk.advfn.com

[hindsight] 01/6/2021 19:42

EI, I hold SHB most from an excess rights allocation. Sold some while ago and went into BCPT. Cant say I would add as have full size but would do if didnt own. The rights will dillute the historic NAV if its assets return to precovid values ie 74.25m issued at 400p on the old 310m shares, So say old 900p NAV = 2790m + 297m raised = 3087/ 384.25 shares = 803p. Then some losses vs not paid divis to allow for, not worked out what that takes off 803p.

[spectoacc] 01/6/2021 15:50

@spooky - nah. But am not averse to treating a proportion like that. Very overweight the small REITs.

[spooky] 01/6/2021 15:30

Specto are you really thinking of flipping them after they have gone up two or three pennies? There are sooo many traders in the market looking to take a quick turn, MMs must love it.

[cwa1] 01/6/2021 15:03

Respectable volume today as well

[essentialinvestor] 01/6/2021 14:51

Off topic folks, does anyone like SHB?, can't just be me who sees this as
a sitting duck for a bid?.

I do hold SGB, however it's my smallest stock position by some way so if
anyone does not like it I won't be offended in the slightest.

[spectoacc] 01/6/2021 14:27

Tempting to give a few back but surely over 70p again soon.

[hindsight] 01/6/2021 12:03

EI, I wish you would stop pointing out the value ones to the institutions following you, as im quite happy accumulating the latest ones with overhangs on weak days

[essentialinvestor] 31/5/2021 15:56

Hi Nick, konrad mentioned Mountview to me and while I can see his logic on the
the likely current undervaluation, with a controlling shareholder there seems
little urgency (if any) to address this. if you have any views on this would
appreciate hearing these on that bb, thanks in advance.


On SLI, my take fwiw is they have taken a more significant hit on the can pay,
won't payers than say BREI and find it difficult to see the current moratorium
ending at the end of June, particularly given the Indian variant.

Medium term their cautious view on UK offices may be validated and it's worth noting
the recent Great Portland comments on valuations re the new environmental legislation
effective in 2030. It would not be surprising to see a further disposal or two.
Their current advantage is the very low LTV and cash resources to help reconfigure
sector exposure, the flip side to this is there are scant bargains available in
logistics etc and there is a risk of overpaying as a result - although would tend to back Jason
to buy well.

Longer term I expect Sli to trade close to NAV or even slightly over again at times,
before the Indian variant cropped up had hoped this may happen within 12 months
but that now looks less likely.

Just some random thoughts.

[nickrl] 31/5/2021 14:54

These ones continue to drift back which seems odd especially as they have c50% industrials with offices around 30% and modest retail. RGL and PCTN have moved up nicely and the other pure logistic plays can do no wrong. They were quite cautious in NAV update around offices and they are carrying a fair vacancy level but the re calibrated dividend is covered, they have low LTV and collection rates are pretty good with a meaty provision for bad debts already in the books.

So nothing obvious but one on my keep a close eye on it now.

[essentialinvestor] 25/5/2021 14:29

Try a limit order or fill and kill, this drop may extend in to tomorrow though.

[dr biotech] 25/5/2021 14:27

I’m thinking about it too. Had trouble before withs trades over 10k here, had to deal in smaller sizes

[1nf3rn0] 25/5/2021 13:58

Surprised at the drop here as I thought the recent update was positive. Trying to top up through my nominee account but doesn't seem to be any stock available.

[essentialinvestor] 24/5/2021 15:27

An interesting comment last week from Great Portland on ESG re commercial offices. Their view is many office assets will effectively be rendered unfit
for purpose without significant ESG investment needed to comply with new UK
legislation effective from 2030 and this is just beginning to be factored in by valuers.

[frazboy] 21/5/2021 16:19

Would make sense for them to buyback a bit more given the NAV increase and low-ish gearing. I think the last BB was around the 61.5p mark.

[hindsight] 19/5/2021 17:31

Added at end today, office seem to be doing better than industrial weighted at present. Not clear why

[cwa1] 19/5/2021 17:18

Decent volume...err...that's it!

[frazboy] 13/5/2021 09:18

Following those sales I've got office at 29% of AUM (52% for industrial) and I reckon LTV is somewhere around 19%. To equilibrate NAV and the share price (66.5p as I write) would require a drop in office valuations of around 60% - that's not going to happen. It would be good to take on a bit of debt and a good solid yield asset such as that B&Q deal, but I doubt there will be many like that with there being so much cash around.

Need to try to work out how well the dividend will be covered. That's a job for another day, meanwhile happy to hold.

[spectoacc] 13/5/2021 08:25

seem to be sellers below the XD price, someone keen to get out.