Forum Archive Index - February 2000

["Mike Hudson" <mikehudson@clear.net.nz>]

According to the broker comment below which date from last year (so I don't
think I am breaking any rules in posting It) TTP is selling at a huge
discount to NTA compared to the rest of the property sector. I don't think
that the fundamentals have changed since. Could be a good punt but not for
day traders.

Trans Tasman Properties TTP


Sector:   Property
Last Closing Price:   0.25
Fair Value:   0.34
Market Cap ($m):   191


Recommendation: HOLD

Investment View

 Last Updated: 11 Oct 99

TTP is currently trading at a hefty discount to NTA. It has a fully diluted
price to NTA ratio of 39% against the sector average of 86%. There will be
no full year dividend paid. In our view, TTP is at a significant discount.
We value the ords at $0.34. However, our current recommendation is HOLD due
to the potential six-month overhang created by the conversion process.



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