Argosy Property

[Basil]

Should have its own thread.
Highlights.
Stable income level.
6.65 cps dividends confirmed for the year.  6.65 / 121 = 5.496% yield net.  (Its a PIE so for 33% taxpayers that's 5.496 / 0.67 = 8.2% gross yield.
Minimal NTA reduction from $1.74 to $1.72 with higher cap rates, (I am pleased with that)
51 cents (~30%) discount to current NTA is quite significant considering buildings have just been revalued at higher cap rates.
Pretty boring stock but I have a few for the yield.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/ARG/402748/383890.pdf

[Raven]

Same here, keep a small % for yield.

[Gerald]

Looks cheap but why are the writedowns so light?

[Basil]

Their explanation is that rent review increases mostly offset the cap rate increase.
Valuation review was an Internal review that was reviewed by an external valuer...make of that what you will...
Mostly a yield story really...doubt the share price to NTA will love much in the foreseeable future.
Comes down to whether you're happy with (assuming you are on a 33% tax rate) an 8.2% gross return.
Gearing is modest and the discount to NTA of 51 cents gives pretty good downside protection I reckon.
Sound hold for yield in my opinion.

[Ithaka]

Shareclarity has revised the Argosy Property Limited DCF Valuation up 1.0% to NZD1.44. The share price is currently NZD1.20 and the value gap is 20.0%.

Shareclarity take: "Vanilla result. Net property income of $55.0m +3.6% on the pcp. Only minor tweaks were made to forecasts. Much higher interest expense should see underlying NPAT decline modestly for the full year"

[Waltzing]

ACC increasing holdings at these bargain Prices...

[Basil]

I've been adding a few too.

[Waltzing]

FED panics behind closed doors... war goes on for another 24 months ...

ARG 1.10 or less....  more bargains...

in case anyone doesnt understand whats going on... think IVAN T and the writtings of

https://en.wikipedia.org/wiki/Vladimir_Sorokin

you get the idea whats coming or has arrived...

and you will realise anything is possible now.....

under 1.10 not far away.

[Onemootpoint]

ARG 1.10 or less....  more bargains...

I see your bid..... 5 shares at 1.095 

[Waltzing]

 that is the SHAZ.....  we have automated processing for OMC accounts and have had since early 2010's

automation ... binary high speed ...

when we process its in BULK and it does a audit to what is unauditable.... the shear scale of the class and interface libraries have to be seen to be believed - oh the SHAZ...

[Waltzing]

BIG floor going in ... cant remember  numbers like these in a long time

[Waltzing]

with farther rate hikes likely in the US money could continue to flow out of bond proxies.

could we see 1.10 here sometime this year?  Probably not unless insto dump NZ com props but you never know.

https://www.cnbc.com/2023/02/15/us-treasury-yields-investors-digest-latest-inflation-data.html

[Waltzing]

More hot inflation numbers...

https://www.cnbc.com/2023/02/15/stock-market-today-live-updates.html

[Waltzing]

More intereest rate hikes coming...

https://www.stuff.co.nz/national/politics/131293114/pm-warns-of-tough-times-ahead-as-reserve-bank-expected-to-increase-official-cash-rate

[Waltzing]

Some rebalancing in the COMP Props....$$$$$$$$$$$$$$$$$$$$$$$$