Trikona Trinity Capital Share Discussion Threads

[cascudi] 15/12/2008 21:47

working capital per share: 39p
net asset per share: 156p
cash equivalent per share: 41p
eps: 28p
It seems quite undervalued at this share price : 36p
any comment?

[dusseldorf] 31/10/2008 09:12

A halt to investments and a look to realise value for shareholders initiated...

Looks like the management roled over in terms of EGM requisition - or perhaps Carousels list of people voting in favour was large enough to warrant the change...

[cascudi] 25/10/2008 21:45

from 23rd October "share" magazine page26:
"the sub-continent couls still prove very rewarding for invenstor...
Indian summer for real estate...
Unlike most Uk companies, many indian real estate firms are seeing a rise with NAV with rising profit..
India comany such West pioneer and Eredene have bucked the trend, becoming profitable. West Pioneer posted pre-tax profit of m$14.3 for the year ended 31 March 08 against a loss of $100,000 the yer before. Eredene profit $200,000 (Dec07) against a losss m$1 a year earlier....aside from property India infastructure hold great growth potential, in which Trikona and Eredene are interested..India`s transport demand has grown 10% a year and indian infrastructure has unable to keep pace with economic expansion. these infrastructure issues are now being addressed by the Indian government. Trikona syas that the government estimates public and prive organization will invest between $330 billion and $500 billion duiring the next five yers to develop infrastructure..."

It seems a good long term investement.

[dusseldorf] 17/10/2008 15:19

I suspect part of the reason for EGM request was to flush out some of the shorters of this stock - a large return of capital could be very painful to those holding large shorts and perhaps this is to encourage closure - and jusdging by price and lack of RNS's re: dropped holdings seems to be the case

[nickcduk] 15/10/2008 09:53

In current market conditions and with such poor liquidity they could probably pull it off. Im not really sure how Carousel's suggestions differs too widely from the strategy the board have already put forward. Maybe they just want to speed it up. Plenty of hedge funds in trouble and facing redemptions at the moment. Indian property companies listed on AIM are stuff full of hedgies on the shareholder list. Makes sense for them to try and free up some liquidity.

Will look to pick a few up once the state of the balance sheet becomes clearer.

[dusseldorf] 15/10/2008 09:30

Perhaps carousel will be picking up more stock in advance of EGM, 15% is hardly enough to carry the motion they put forward, which suggests they have already sounded out the largest shareholders and obviously spoken to the key people...

[binladin] 14/10/2008 16:25

return how much cash they wont get much considering 50% decline in real estate price and 25% currency fluctation.

[cascudi] 07/10/2008 10:26

It is a shame to not see director buying share.
they are too scare..

[nickcduk] 02/10/2008 20:35

A share buyback is probably best use of funds. It would help clear out the overhang. That would in turn increase overall NAV. They could continue the buyback until the price responds accordingly. Rotten state of the market explains why todays news was met with such a damp squib. Be interested to see how much cash they are ready to return.

[meadow50] 02/10/2008 15:54

probably an offer to buy holdings at a smaller discount to assets than the share price is the usual way.Hopefully it would be at 1£.

[cascudi] 02/10/2008 14:58

It should be good in order to make their shareholders happier
to use some of their cash (they are saying cash is increased) to pay some dividend if they want to increase the share price

[shroder] 02/10/2008 07:59

Pantaloon Says India Malls Waiving Rents as Supply Slows Demand

By Saikat Chatterjee

Oct. 1 (Bloomberg) -- Pantaloon Retail India Ltd., the nation's biggest publicly traded retailer, said malls are waiving rents and offering to pay for interior decoration as excess supply and slowing economic growth erodes demand.
Developers are ready to ``pay us for coming into the malls,'' Kishore Biyani, founder and managing director of Pantaloon, said in a telephone interview from Mumbai, where the company is based. ``They need anchor clients like us to bring in other clients.''

India's shopping centers are facing excess supply and slowing demand after mall rents almost doubled in two years. Malls in India's top eight cities have about 20 percent of their total 40 million square feet (3.7 million square meters) of space vacant, according to real estate broker Cushman & Wakefield Inc.
Malls are offering rent moratoriums for six months and free interior fixtures, Biyani said. The company, which soon plans to sign such agreements with mall developers, is also scrutinizing its own spending and costs more carefully.
``Every proposal and capital expenditure is being carefully examined and we are not getting into anything that may be marginal,'' Biyani said.
Retail rents rose sharply in the past two years as Reliance Industries Ltd., the nation's most valuable company, and Bharti Group, which runs India's biggest mobile-phone operator, started running stores.

India's $1.2 trillion economy, Asia's third-largest, expanded 7.9 percent in the three months ended June, the weakest pace since the last quarter of 2004.
It's ``premature'' to say whether and how much India will be affected by the credit crisis as ``there's no clarity'' on how that will affect consumer behavior in India, Biyani said.

Consumer spending and same-store sales will continue to grow and Pantaloon will stick to its target of adding as much as 16 million square feet of store space in the 12 months ending June next year, he said.
Pantaloon Retail said same-store sales in August rose 13 percent to 5.24 billion rupees from a year earlier. Total sales in August rose 53 percent to 7.17 billion rupees, according to the company.
To contact the reporter on this story: Saikat Chatterjee in New Delhi at [e-mail]

Last Updated: September 30, 2008 23:36 EDT

[shroder] 30/9/2008 19:32

Don't trust the valuations, expect huge right downs.

[cascudi] 30/9/2008 16:56

from today account statement:
current asset: 82.9 m£
current liabil.: 4.35 m£
Total asset: 384.8 m£
current ratio: 19
quick ratio: 13
total liabil.: 41.9 m£
total equity: 230.5 m£
total liab./total equity: 0.18
Profit for the year: 63.67 m£ (was 34 m£)
share in issue: 231.8 m
eps: 26.9p (was 13.6p)
net asset per share: 148p

I am not an expert but the company looks in a good shape, performing well
and chip.

any comment?

[shroder] 29/9/2008 11:10

Germany's largest real estate company down 70% this morning

[shroder] 28/9/2008 11:45

This is long the lines of what these property investment vehicles are doing, you value mine, I'll value yours ;-)

Buy some of mine and I'll buy some of yours -

There will be a huge glut of commercial property hitting the indian market following Wall Steet bankruptcies.



The men who wiped out billions

Billions of pounds have been lost in split capital investment trusts and it is small investors who have been hurt the most. The Money Programme tracked down the men responsible.

The stock market crash has left thousands out of pocket, but none more so than the investors who poured their life savings into split capital investment trusts.

falling values

At least £3bn has already been lost and angry investors are demanding compensation.

[shroder] 26/9/2008 11:33

Indian property bubble


The origins of Indian Property Market Bubble can be traced to the interest rate reductions made by the NDA coalition government in the years following 2001. Home Loan Rates fell to a (then) historical lows of 7.5% in early 2004. This prepared the basis for the massive increase in real estate property prices across India. Low interest rates triggered huge interest in individuals to borrow to own their own homes and this triggered an increase in demand for real estate across India.

The Indian Property Market has been growing fast since March 2005, when the current UPA government decided to open FDI in Real Estate. The market has been growing at a dizzying rate of 100%+,.[citation needed]

Real estate in Indian metropolises such as Delhi and Bangalore has sky rocketed to levels comparable with international cities like London.

However, speculations aside housing prices depend a lot on various factors such as the age of the property, facilities, surrounding area etc. Hence, the property bubble will burst for the places bought over priced with no stronghold value to it.

Some have suggested that given India's population density is closer to that of Europe than that of America the real value of Indian Real Estate should be close to European levels rather than American levels. When looked at in that way Indian real estate is still cheap. This argument assumes the rapid economic growth in India will have brought per capita income in India to European levels within the next 5 years in urban areas.

For example, an apartment of 1500 square foot in a Bangalore suburb will cost around USD 150,000,whereas in Europe similar size costs about USD 400,000. In a class A suburb of Chicago you can buy a large house for around same amount (400K). Per capita ratio is around 50:1 ($50,000 to $1100); this suggests the presence of a bubble.

Contra argument to this is US prices should ideally move with economy/inflation rate of 2-3% while Indian prices will gallop at the rate of 10% a year and probably more as the land distribution market is inefficient.

By its very definition a bubble is a short term phenomenon while Indian real estate market has continued on a secular upward trend, apart from periodic adjustments, in the last 10 years. Bear in mind that there are almost 400 million Indians waiting to hit the middle class group and they will exert additional pressure on the system. Affordability is the most important factor when it comes to housing prices and middle class housing is much levels of affordability in most of the major cities in India. People who compare India with developed European cities, forget the huge difference in affordability in both areas. Of course there is a huge demand for housing but they can only buy what they can afford.

One of the big problem of real-estate market is that supply lags behind demand by about 5 years (Plan-Approve-Finance-Construct time).

Lack of efficient signals to market participants means that there will be periods of mismatch between suppliers and buyers hence leading to cycles of booms and busts.

As of May 1st 2008, the Indian housing market has already started declining. Prices have started to drop drastically in some major cities.

The rents are all time low. A 60 Lakhs worth property gets a rent of 10 to 15 thousand ruppes per month.

[cascudi] 25/9/2008 18:25

HOUSING AND URBAN DEVELOPMENT CORPORATION LTD.
(A GOVT. OF INDIA UNDERTAKING)
REGISTERED OFFICE : HUDCO BHAWAN, INDIA HABITAT CENTRE, LODHI ROAD, NEW DELHI -110003
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.06.2008

[shroder] 23/9/2008 21:29

from the hrco thread:





Planning to buy a house now? Wait a little more. Real estate prices are expected to soften further as the current global financial turmoil would force cash-starved builders to offer hefty discounts. The collapse of financial powerhouses like Lehman Brothers and the consequent liquidity problems will stop the inflow of fresh investments into India's real estate sector.

According to analysts, the crisis, which comes at a time when the property market is facing a slump, could lead to major price correction in the next one-year. Prices in select markets are already down by more than 20 per cent and you should expect more.

The builders may find the going difficult and offer discounts as the slump is expected to continue for the next 18 to 24 months. Hopes of builders that Diwali would reverse the trend seem unlikely. How much would prices drop? "It's difficult to put a figure. But demand has come down drastically which is worrisome. It is not even 10 per cent of last year," said Pranay Vakil, Chairman, Knight Frank India, a global realty consultancy.

"The $14 billion FDI that was to come into Indian realty will not come now due to the financial problem back home in the US. Projects will be in problem and we will have a difficult year ahead. There will be lot of mergers, acquisitions and closures (of real estate firms)," Vakil added.

Will prices drop by 40 per cent in one year? "It is difficult to predict the fall. Developers are getting impacted," said Pankaj Jaju, senior VP (real estate), Enam, an investment bank.

Reputed developer Niranjan Hiranandani, MD, Hiranandani Construction and chairman Hirco, has a different take. "I see little softening of prices till April, 2009. But next Diwali prices would hit the roof. We will see the turnaround from May. Lehman is a temporary problem. Others will fill the vacuum. I don't think we are into big time trouble." Hiranandani said.

[nickgrant2] 18/9/2008 21:49

I revisit this thread every now and them to see whats happening and am horrified at what has happened. I looked early (see my posts in the 1-100 range) and came to what seemed to have been the right conclusion, this is a vehicle built for management fees.

I am glad (and surprised) that I figured it out but equally cannot understand the share drop so badly. For those of you in and suffering, I may have missed this but I have taken a hiding on others so the pain always appears somewhere.

[shroder] 18/9/2008 13:13

Mickey mouse valuations same as HRCO

[hectorp] 12/8/2008 21:00

- but why are they not rising now?
hmm !

[bisiboy] 01/8/2008 21:17

management seam to have bottomless pockets!