Standard Life Investment... Share Discussion Threads

[hugepants] 07/10/2020 19:35

Bounced off the low then. It looks like the big seller has been replaced by a big buyer. A lot of upside to get anywhere close to the previous levels.

[essentialinvestor] 07/10/2020 13:28

Snap, luck to holders.

[spittingbarrel] 07/10/2020 13:19

Well that was a quick 10%, I'm out.

[essentialinvestor] 07/10/2020 11:43

Sold a few.

[spittingbarrel] 06/10/2020 16:50

Sky - Thanks, better to be lucky than clever :)

[skyship] 06/10/2020 14:09

SB - that was a great buy of yours early this morning...

[skyship] 06/10/2020 14:08

As I type 231 trades and 2.3m volume! In doing so, a nice rise back up to 48.5p-49.0p so far....

[essentialinvestor] 06/10/2020 13:27

About time.

[essentialinvestor] 06/10/2020 12:32

Yes, thanks again and apologies off topic.

[skyship] 06/10/2020 12:28

Gave my view on the CP+ thread, so won't repeat...

[essentialinvestor] 06/10/2020 10:26

Has anyone looked at SERE, any views appreciated, thanks.

[spittingbarrel] 06/10/2020 09:32

I don't really like the property sector much but these seam to look reasonable value so I just paid 46.73 for 20,000.

[skyship] 06/10/2020 08:35

HP - yr 473 above. Good point about the covenant aspect. Also of course their low debt cost at 2.59% and low LTV at 26.2%.

Whatever way you look at this one, clearly at these levels there is great value to be had. In that light I have written to SLI basically suggesting that they take a leaf out of SREI's book and immediately implement an already approved Share Buyback Scheme.

For shareholder value it would be crazy not to do so.

[skyship] 06/10/2020 06:36

Perhaps just as strange is the PREMIUM at which these used to trade for years!

That too was entirely illogical...

[essentialinvestor] 05/10/2020 22:21

Fwiw there is an investor presentation on their IR site
where Jason mentions they went early on valuation reductions
which should see them in good stead - make of that what you will.

[nickrl] 05/10/2020 21:59

Costs were up at interims but they've got a 1.2m provision on rents the inv mgr fee is comparable to others run by big inv companies.

Reduced divi needs 11.6m pa and based on interims they have NRI of 29m + B&Q contribution of 1.5m although bound to be more voids emerging so say 30m or 22.5m at 75% collection rate. With costs at c10.6-11m divi just covered and not much scope for an increase unless NRI improves.

These have been on a continuous downward trend since the April recovery very few of the others exhibit such a chart. Portfolio has limited retail or central London offices yet persistent selling? Lots of wealth managers on the register but no RNS.

With a yield of 6.2% feels more worthwhile than others but what are we missing?

[essentialinvestor] 05/10/2020 20:57

The NAV returns CLS have made over the last 11 years are extraordinary (helped by a multi year buy back for a portion of that).

Past performance is no...etc and they are now much larger so would
not expect to see anything like those returns repeated.


Added 10,000 here today @ .4637


Both TRY and CLS will be impacted NAV wise by a stronger GBP/EURO.

[hindsight] 05/10/2020 20:51

SpectoAcc, fair point on TRY but also they not normally on 15% discount with thier historic performance
EI, like and hold some CLS but not been to my buy target price again. Another with a good historic performance

[essentialinvestor] 05/10/2020 20:39

spec, fair point on charges, particularly as the bonus fee on BREI
no longer applies.

Does anyone like CLS (CLI)?.

They are about 100% office, so there's that to keep in mind.
Much of their office space appears to be low cost, so it may
possibly play to their advantage with organisations looking to reduce cost.

[spectoacc] 05/10/2020 19:35

Good point covenant headroom, also income cover and next debt rollover.

Add to that whether the debt is secured at company level or on individual assets.

(@hindsight - agree TRY, tho of course where they're invested in other REITs, you pay the fee twice :) ).

[essentialinvestor] 05/10/2020 19:11

lol, I was trying to look on the bright side!.

However, yes there may well be.

[sleepy] 05/10/2020 19:09

EI - perhaps there is a good reason they took an early hit on valuations

[essentialinvestor] 05/10/2020 19:00

One of the issues with SLI is they appear to have taken an early hit
on valuations, as referenced by the Manager.

Would expect there are further valuation falls to come on some other REITS.

[hugepants] 05/10/2020 18:59

Nice table skyship. One thing it doesn't show is the covenant headroom which is IMO a big attraction of this reit. Even in an armageddon scenario I cant see how it will breach either its loan or ICR covenants.

[hindsight] 05/10/2020 18:42

Has anyone researched what the reopening property funds have fallen, the L&G property does not seem to have fallen much to me -5% odd ?