Forum Archive Index - July 2003

["david.gibson" <david.gibson@k.co.nz>]

I must confess ... I like the look of Trans Tasman Properties.

Accepting the fact that the CBD property sector seems to be nearing the end
of a 15 year decline ... the company has done well to restructure the
balance sheet and preserve the cash flow from property rentals.

The company has had a stated direction of being a prudent developer of
properties, as long as I have been an equity holder.  This fact seems to be
misunderstood by investors.  They have been successful in anticipating the
Viaduct Basin boom and the latest Airport property seems to have been
developed successfully.  Pity they missed out on Britomart.

With the sale of the major Australian properties - they have significant
quantities of cash (over 40% of assets by my reckoning).

At a current price of $0.31 - they are trading at 56% of NTA.  Further, they
have significant tax losses so that future profitability should be
unencumbered by tax payments for many years.

The failure to win the Britomart redevelopment may actually be a boon.  They
certainly have the cash to recommence dividend payments.

Be kind ... this is my first post on forum.

Best Rgds
David Gibson


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