Forum Archive Index - July 2000

["Warner Lamb" <cloud9@i4free.co.nz>]

Hi Brian, I just like the recovery potential from current levels, not
tomorrow but I am going to continue watching it find its level from sharp
declines this year.
The half year report was quite positive for the long term if you read into
it.
Cashflows increased substantually
Shareholder Equity increased
They are really trying to increase the quality of the portfolio by selling
off poorer ones (at a loss)
Program to reduce debt using $50m cash in bank.New building in Sydney 70+%
full.
Assets $1,362,300 vs Liabilities $677,600m gives a Debt/ Equity ratio of 51%
(not too bad)
The losses stem mostly from writedowns so the key is the comm property
turnaround .esp in NZ (have we seen the bottom)
Interest rates are levelling off Worldwide and here. Historically 8-9% is
still quite low.
120 new leases signed last year and an above avge Occ rate must be good.
Once the writedowns stop TTP could be back to profits very quickly.
Queenstown seems to be a good leader and indicator and often preempts the
market (up ave 18% in QTN in last year)
Its one that I would buy and put in the drawer for say 5 years.huge discount
to NTA.
regards
Warner


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