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And a bit of ROFL. The market is realising that its underpriced. Spread has closed up tremendously BID ASK 3130 3135 Be interesting to see where things are by the end of week.
I've only got a few, but still reckon theres a profit to be made
way out of my price range lol
Expect this one to make more ground northwards now.
3067.....hmmmmm
Been mucking about with the graphs, with the emphasis on mucking about.....however, I had settled on 3077 being a resistance, next stop down 2790.7, and last but least....2550.4 Any other chartists like to throw something in....???
If only the country was run as prudently as this outfit ! In a year where revaluations were down hence reducing reportable profit by a half, the dividend can be increased to 76p and yet is still over 3 times covered. The company has ploughed a further £25 million into aquisitions and develpment ( including Africa House in the West End) thus creating potential future growth, and rental income is up by 5%. Despite this investment ,borrowings are slightly down (gearing is under 20%) and with an upswing in the extensive American portfolio in prospect allied to the strong dollar, a tailwind is blowing. . Asset value is stated at around twice the share price . With the high visibility of rental income , mostly in the London residential,market together with the massive shareholding of the Board this stock gives us loyal shareholders every reason for confidence.
FTSE 250 property business Daejan more than halved its pre-tax profits for the year ended March 31st but kept investors on side with a total dividend of 76p per share, up 1p on last year's payout. Pre-tax profit declined from £84.4m to £41.8m, gross rental income for the year came in at £92.96m (2011: £88.6m), total rental and related income from investment property was £107.1m (2011: £102.7m), while property operating expenses rose from £60.7m to £68.0m. Net valuation gains on investment property plunged from £52.0m to £15.7m. Earnings per share were 221p, compared to 416p the previous year, while equity shareholder's funds per share were 5,290p, compared to 5,143p in 2011. Cash and cash equivalents at the end of the period was £32.3m compared to £75.3m the same date the previous year.
look good....carefully managed by safe pair of hands and grinding out the profits, PLUS the divi...bought last night and will add to on the dips- GL out there.
Thanks, I found this company after reading Benjamin Grahams book, im pretty sure this is what he would refer to as a value share.
In reply to GRDT, Daejan is over 50% owned by a 'teaparty' of the Freshwater family and associates. It is astutely managed by family members. An anomaly of the market is that because a takeover is unlikely in such a situation the stock is spurned by the institutions. As a very satisfied shareholder for over 25 years this suits me fine. The Board is backing the company with its 'shirt' and has built up an excellent asset base (very) conservatively valued a year ago at £46 a share with increasing and generous dividends. A visit to the AGM would convince you of the shrewdness of the small but effective management team. Borrowings are minimal, and costs are carefully constrained. Together with Mountview they are in my view a great play , at a huge discount, on the London rental property market where, with the dearth of Mortgage availability, 9 applicants chase each property at present. Hope this helps.
Can someone shed light on why this appears to be so undervalued?
Daejan is a neglected stock. The management has adroitly steered the path to solid assets of £46 a share with a consistant ever increasing dividend, low borrowings and an increasing dollar return on well chosen US properties in Florida and New York with stable values. The market has missed this one but those of us long standing holders simply wait for the value to be realised by the market.
True to form the Daejan management has used its strong financial position to pick up distressed assets at a considerable discount. This time it's Nursing Homes from Southern Cross yielding over 8%. In effect a guaranteed 100% occupation with little management imput and no doubt development opportunities when the time is right. These guys rarely miss a trick and have delivered in all cycles-sell at your peril!
Downwithtax, I was fortunate to have done my watching a while back and bought an adequate amount at around 900p. As you can imagine, despite all the market turmoil, what a joy it is to have such a solid investment. "Another gin and tonic Jeeves!"
There are in fact three Directors, not two, the Freshwater brothers, Denzion and Soloman and their uncle Mr Davies. Their large shareholding does indeed say a lot about the commitment they have to the business their Father started from nothing after escaping from Germany at the onset of war. They stated at the last AGM that they have as many shares as they want ,tempted though they were by the fall in value , to avoid further illiquidity. They have pursued a winning formula of gradually building the business taking advantage of the swings in value-making sure they, unlike many unitised funds, they are never forced sellers,more astute buyers, hence using the swings to their advantage, and that of us grateful long-term shareholders.
with only about 25% of the company in public hands the rest lying with the only 2 directors of this co.(what does that say about them and the way they want to run the co.) and an average volume about 12,000. In the past week theres been around 5000 shares baught in one go reported after hoursconsistently in the past week. 5000 representing aprox. 0.3% of the outstanding shares. With sp falling by about 50% in the past year it would seem like a diecent time for the directors to buy it back if thats what they want. thats what i wreckon. i will be watching very closely!
' DEJA-VIEW' At a p/e of under 4 ,with a 45p div. imminent and at a 50%discount to prime property assets mainly around London Daejan is waiting for sanity to return. Despite the superb record of the Management over many years this has happened once or twice before and they always storm back-I'm stocking up and waiting for the inevitable re-run of history.
Daejan have delivered another stunning set of results that the market has missed. They now trade on a historic p/e ratio of under 4.5 and at a discount of around 45% to prime property assets with minimal borrowings and a committed management with a winning track record going back forty years , a true gem selling for the price of a dog.
Sage words indeed Bev88. I have already taken the opportunity presented by the lull in the share price. A quality stock built on solid foundations.
Daejan has been sold down for no good reason as forthcoming results will prove. A solid growth stock ,superbly managed with prime assets and little borrowings.