Standard Life Investment... Share Discussion Threads

[skyship] 14/8/2020 21:21

54.6pXD = 55.3pCumDiv - a 6.7% rise in 3days - so again happy to bank the profit...

[hugepants] 14/8/2020 15:53

It does seem to be perking up a bit here. Imo it shouldnt be this low anyway with the portfolio over 50% industrial and very little retail exposure.

[essentialinvestor] 13/8/2020 17:31

Hi SKY, need to be a bit agile atm. There is a case for longer term buy and
holds with some current prices looking attractive. Gut call is autumn-winter
may get a little messy if COVID cases accelerate again.

[skyship] 13/8/2020 14:15

Should have opened a slightly larger position. But when I went back to do so - internet down - AGAIN!!! Rural France not the best place for a reasonably active trader...

EI - you & I seem to follow each other around the REIT space - sniping at profits from seemingly anomalously cheap opportunities...

[essentialinvestor] 12/8/2020 18:24

Nick, some very nicely timed sector sales late last year,
look at Landsec or DLN!, those director sales in to the many £ millions.

No one buying in the millions atm, that's for sure.

[nickrl] 12/8/2020 18:15

Well NED Jill May has pitched up for a 120k shares over the last three trading sessions. Given the lack of interest by all propcos BoDs this certainly shows some confidence. Didn't like the fact they still paying uncovered divi but I suspect this director buy may insight some more buying and boost it up 10-20% quite quickly as we've seen with a few others recently.

[essentialinvestor] 12/8/2020 17:14

I bought 20k at £0.51735 fwiw.

If it was not for the moritorium uncertainty, would have added more.

[skyship] 12/8/2020 17:06

Never traded this before, but decided this now looking reasonable value for a REIT that in normal times traded close to NAV. Opened a small position at 51.8p; having seen the directors taking reasonable chunks in the 54p/55p range.


free stock charts from uk.advfn.com

[essentialinvestor] 12/8/2020 11:08

Bought a small amount back.

What looks increasingly messy is this moritorium roll over.

[hugepants] 12/8/2020 10:42

Yes looking a bit grim here.
Ex-dividend tomorrow.

[essentialinvestor] 11/8/2020 11:36

Not getting much love atm.

[speedsgh] 11/8/2020 08:04

Another NED (Mike Balfour) also bought 40,740 shares on 3 June but at a price 29% higher (69.25p) than NED Jill May's purchase at 53.88p on 5 Aug. I suppose he wishes he had waited...

[essentialinvestor] 10/8/2020 23:52

Very little sector buying by insiders atm.

It's possible to read too much in to that tbf.

[nickrl] 10/8/2020 22:44

NED has dipped her toe in buying 37106 shares showing more conviction than most of her peer group amongst propcos

[hugepants] 04/8/2020 21:15

re Segro here's the June quarter announcment.


Unless I'm misreading it they've actually deferred a big chunk of the June quarter rent until later in the year. Have they actually only collected about 68%?

[essentialinvestor] 04/8/2020 18:23

Think there was an insight given by the Manager at the AGM update
when he referenced some distribution businesses operating on slim margins.

It may suggest a quality difference between SLI and Segro on industrial.

Guessing Segro would generally have larger corporates as tenants.

[nickrl] 04/8/2020 17:52

Hadn't read the full update but somewhat odd that the data centre hasn't paid up!!

Even at the reduced divi still only 90% covered but surprised they've dropped so much when others go the other way with comparable updates!

[essentialinvestor] 04/8/2020 17:36

Nick, if HMG approve another Q rollover, it may only get worse -
that's a general sector comment.

When is a line in the sand going to be drawn?.

[nickrl] 04/8/2020 17:25

BCPT showed a drop off in rental from industrial's between Q2 and Q3 which is maybe a reflection of businesses losing traction, or worse, and if so not paying the rent is an easy option for cashflow currently until end of September.

[essentialinvestor] 04/8/2020 17:19

Problem is, that looks a weak collection number. 68% on industrial appears poor.

Segro reported a 93% collection rate, as a comparison.

[hugepants] 04/8/2020 15:41

Slightly disappointed with the rental collection announced yesterday but in the price (and more) imo. After the 40% dividend cut the yield now works out at 5.25% and discount to NAV is 31%.

"The LTV of 26.2% provides plenty of headroom against banking covenants (values can fall by 50% and rent by 60% before the covenants are under pressure based on 30 June covenants)."

The portfolio allocation weighted to industrial and very little retail.

Industrial 53.2%
Offices 32.3%
Retail 8.3%
Other 7.2%

[essentialinvestor] 03/8/2020 23:53

May well be extended again.

Major risk factor for the sector currently- the growing number
of Can pay, won't pay.

[caradog] 03/8/2020 23:07

Nickrl, it seem that the government protection for tenants may have unforeseen and harmful effects. Economic growth depends on the circulation of money and if companies take advantage if the scheme to hoard cash unnecessarily, it will dampen economic activity. Reduced SLI dividends will, in a small way, reduce spending, but multiply this throughout the economy and it must surely be a brake on recovery. The problem is, how do you provide relief to struggling tenants, and at the same time make sure that companies/tenants who can pay do so?

[nickrl] 03/8/2020 10:25

Caradog there is a theme emerging of big tenants who are not only not paying but dont want to engage either has been raised by other propcos and commercial property professionals. Otther than protecting short term cash flow they will have to payup if govt doesn't extend moratorium as those that can get a CVA away are doing so.

Could be a good boost for SPs if they don't but currently forecasting outcome is no better than tossing a coin.