Forum Archive Index - February 2000

[richard hermans <r.m.hermans@xtra.co.nz>]

Hugh as you seem to be on the ball what is your opinion as to TWR which
I purchased on listing & have subsequently watched go down down down!!!
Thanks in advance Margie

hugh webber wrote:
> 
> 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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