Interesting pieces about Malls in the FT and the Observer this weekend. Mostly US focussed but the decline in malls may happen over here too. My guess, for what its worth, is that some of the smaller, poorer malls will go first - there are a number in the south east like that. But I am nervous about the sector as a whole at the moment..
Read AlphaValue's note on INTU PROPERTIES PLC (INTU), out this morning, by visiting https://www.research-tree.com/company/GB0006834344
"The groups yoy footfall has increased by 1.4% and occupancy now stands at 95.3% from 94.3%. Momentum continues to be strong in Spain with footfall up 2% and retailers sales up 4% yoy. 43 new leases have been signed in the quarter at 10% above the previous passing rent or a contribution of £7m to rental income. Finally, cash stands at £750m with the leverage ratio at 41% from 45% at FY15. For the year, management maintains the target of an lfl income growth in the range of 2% to 3%..."
"The FTSE is looking a bit interesting as it need only better 6433 to signal an initial 6495 with secondary at a longer term 6605 points. This would be a good thing to see in the week ahead as, by bettering 6555 it would give the first signal ..."
Bookmark the links if you wish to 'pass the LINK/s on'.... or read later?
BE A PART OF IT
# The big problem with shorting is that THEY (the shorters) WOULD most likely lose most of their money IF they just 'bet' on the price going down without trying to 'help' it down?
So, there is the 'catch 22' scenario. No one would know of an RNS to be released that will contain BAD NEWS, if they did and then 'shorted' the stock, then they are guilty of 'insider trading'.
The only sure way to short a stock and WIN is to spread dis-information to defame the company with help from other posters that are in concert with them. To ENSURE that they don't lose the biggest part of their 'short', ironically, then, they must deramp with (seemingly) believable posts.
When the pro's do it, they simply get the media or well known 'crooked' tipsters, analysts or brokers to do it for them. (say no more). .They're all in cahoots with each other!
The campaign against shorting is for the benefit of the 'cheated' investors that cannot control their investments due to the dirty tricks played out by co-ordinated deramping in order to tank the sp to abnormally low levels.
When the campaign is complete, the results will be reviewed by Govt legislators re- further action! The branch of the FSA ie FCA will be asked by Davide Serra to conduct an investigation into short selling practices, with the view to either:- an outright ban on short selling, or at the very least to be better and more vigorously regulated !
The HMGovt epetition is a regulated and monitored site with legal authority that will NOT under any circumstances allow any auspicious individuals to prevent 'others' from casting their free votes. Discussions of which are freely entered into with individual viewpoints.
The trouble with INTU is its all about shopping centres. My experience of shopping centres is:
1) Empty units
2) Overpriced shops like Clinton's cards
3) Costs more to park than I spend
Now if they were building homes and offices it would be a different matter. Retailing is moving massively online; I don't see anything to drive the share price higher tbh. Once interest rates rise, the attraction of INTU as an income stock will decline.
"Martin Cholwill's FUND:NA02:Royal London UK Equity Income fund has returned almost 30% in the past year, putting it into the top quartile of the UK equity income sector.He told Holly Black which shares he is buying, holding and selling.BUY - Intu ..."
This does seem a good entry point: about 15% discount to NAV, near 5% yield and also an exciting pipeline of development projects and getting in more food courts and leisure facilities into the malls, etc.
In the long term, with inflation and population growth, the value of these properties can only rise.
However, maybe in the short term, they might have to cut the dividend or go in for a rights issue to fund their billion pound pipeline.
Property shares have had a brilliant year;even New River which owns high yield secondary shopping centres seems to be flavour of the week.
Anyone got anything good or even half decent to say about intu which owns some of the best centres?
Are they overvalued,too highly geared or what?
Intu Properties Deputy Chairman continues to build stake
John Whittaker, the Deputy Chairman of Intu Properties, has continued to show his support for the company after it was relegated to the FTSE 250 by boosting his stake in the group to 20 per cent.
In two separate transactions the well-known property mogul purchased 600,000 shares worth £1.98m and then a further 374,000 worth £1.24m.
These followed a more modest transaction the previous week, when the director, who joined the board after selling the company the well-known Trafford Centre shopping mall, bought a stake worth £196,950.
UBS says that investors should hold an 'equal-weight' position in the European real estate market, but has recommended to 'underweight the UK'.
The broker has upgraded both Hammerson and Capital Shopping Centres to 'buy', saying that both stocks are "pricing in lower returns, but missing the lower risk profile."
"We downgrade Land Securities and British Land to 'neutral' (valuation appropriate for their risk-return profiles). We downgrade SEGRO to 'neutral' (we like the dividend yield, but are cautious on net asset value)."
04-Sep-12 Capital Shopping Centres Group CSCG UBS Buy 339.00p 310.00p 365.00p Upgrade
I have been following JW's director dealings and we have pick up a few and will continue.
The Deputy Chairman of retail-focused real estate investment trust Capital Shopping Centres Group (CSCG) has today bought a quarter of a million shares in the firm, topping up his already sizeable stake.
John Whittaker, who took his position on the board in January of last year, purchased 250,000 ordinary shares at 328.79p for a total of £821,975.
This transaction, which accounts for less than 1% of the total issued share capital of CSCG, takes his total interest in ordinary shares to 173,930,564, equal to a 20.21% stake in the group.
John Whittaker, Deputy Chairman of Capital Shopping Centres, the FTSE 100 shopping centre operator, has taken 28,250 shares to the till.
His purchases, 324.80p each, cost him a total of £124,236.
Whittaker may have been making the most of the firm's share price, which is down 68p or 17.5% over the last year, and 24p or 7% the past month
Whittaker is also deputy chairman of Capital Shopping Centres (CSC) after Peel sold the Trafford Centre in Manchester to it in return for a 20% stake. CSC achieved 97% occupancy levels last year and core rental income rose 31% to £364m. It also has plans to extend malls and buy land. CSC has fallen from 390p to 322p since the Trafford Centre deal was completed in January 2011, but Whittaker clearly expects the price to rise from here as he recently spent £3.2m topping up his CSC stake. Midas in the Mail On Sunday reckons it could be worth following Whittaker's lead and buying a few shares.
Capital Shopping Centres Group Buy 12-Mar-12 £1,033,655.98 John Whittaker 300,000 @ 344.55p
Capital Shopping Centres Group Buy 13-Mar-12 £1,041,707.97 John Whittaker 300,000 @ 347.24p
John Whittaker, deputy chairman of Capital Shopping Centres Group, owner of the Trafford Centre, has done a spot of shopping himself.
Whittaker, who is also a non-executive of the firm, purchased 50,000 shares at 310.60p per share for a total of £155,300.
He joined the firm in January, as part of the deal in which CSC made the £1.65bn purchase of the Trafford Centre from Peel Group, of which Whittaker is chairman.
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