Forum Archive Index - March 2000

[Michael Sprott <MSPROTT@clear.co.nz>]

Hi

Does anyone have a view on the non-performance of St Lukes shares (apart
from the obvious one - that it is listed in the NZ market).

The fundamentals of this company seem very sound:
> Reasonably low debt level
> Strong earnings and strong earnings growth over the last few years
> High dividend yield (11.5% at current price)
> NTA of 1.5x current price
> Extremely low PE
> Expansion plans
> Strong retail sales indicators

Expectations of interest rates hikes would obviously be a negative but not
to the extent that the price has slid over the last 4 months.

Is it because they are the traditional bricks and mortar and that people
feel that malls are dead? Is it because the management of the company are
not well liked? Is it because it is a hybrid property stock.

I can't work this one out.

Any thoughts people have would be appreciated.

ms

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