Forum Archive Index - February 2000

["hugh webber" <hugh.webber@clear.net.nz>]

First of all SHEEESH, I'm about to buy some more.
I think the main factor is that one has to pay 57cents
on 30 June 2000 as the second instalment and this is
BIGGER than the first instalment (apart from the tiddly
allocations on floating). I think that until say early July
there won't be much action.
There was an under-researched article on listed NZ property
companies in the 2nd to last NBR which ignored the second
instalment and had Cap Props with the 2nd greatest discount
to net assets, just above the confused state of play Trans-Tasman.
I think Cap Props has very good management apart from minor
quibbles on using the same accounting firm as both accountants
and auditors (maybe it saves money) and the silly mistake on
earnings per share the accountants made after the Shortland Props
takeover probably didn't help confidence.
If one wants maximum safe yield with some growth as I do then I 
think its hard to beat Cap Props. But until some time in July....well
most NZers are allergic to fronting up with cash payments on IR's.
As an NZ broker pointed out in the last day or two in the media, that
with the current silly climate any company reporting a decent profit
increase will get marked down and any dot com or e something reporting
a loss will get marked up. However that does create opportunities for the
few sensible investors left.
cheers,
Hugh

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