Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Interesting level here
Wonder which way next, possibly big break one way or another
Month for the real estate giant. Goldman Sachs going Landsec bullish for'24 has acted as a shot in the arm for our venerable blue chip. I wlll hold tight as the generous quarterly divis make this a confirmed keeper. Gl all.
any port in an inflationary storm play imv
Nice little uptick in the NAV and a bigger one in the dividend. Perhaps the best news is that rent collection rates have improved markedly.
Back in profit so going to move on from this share - gla
Andy Brough mentions Land Securities #LAND in the latest PIWORLD interview at 13m11s
Watch the video here: https://www.piworld.co.uk/education-videos/piworld-interview-with-andy-brough-markets-lessons-learned-in-2021/
Or listen to the Podcast here: https://piworld.podbean.com/e/piworld-interview-with-andy-brough-markets-lessons-learned-in-2021/
Brave New World Certainly a stepway out of their comfort zone .They must have chewed this one through long & hard .Having had to reasses their commercial portfolios for alternative use why not go the whole hog and bring in a new team with expertise
"Alex Savvides added Land Securities (LAND) to his JOHCM UK Dynamic fund in the third quarter as he believes the property investor is more ‘revolutionary’ than the market thinks."
https://citywire.co.uk/funds-insider/news/expert-view-land-securities-candc-foxtons-virgin-wines-and-rps/a1575229?ref=citywire-money-latest-news-list#i=2
Is he right?
Have been luck to buy in at 679 and 681 today and this will definitely be back above 700p next week. This is definitely a computer and MM’s causing a loss computer triggers with 5p, 10p and 15p below normal sp of 705p causing triggers and sell off’s and a domino effect yesterday, crazy computer stop losses!!!
Anyone know why the sudden drop on LAND yesterday?
Then the obvious computer sells, from people’s stop / loss triggers!!!
Computers caused the drop every 3p, dropped triggered more, was this a computer generated drop, or MM’s clearing out small sellers?
Amazing to think these were 20 quid in Feb 2007. God what a shocking investment. Ftse 100 at Dec 1999 levels and sterling down 11 years in a row against USD and worse against euro. Terminal. Stick to US and developed asia, fat wheezing boris and brexit basket case tories are probably going to juice UK’s decline even more. Just cant see how any of this commercial property has any real future as an investment, as for the work from home, a huge number of those jobs will stay work from home, but not home in U.K., employers will switch the jobs to asia where it costs a fifth to employ people to do the same job. Watch this space. All of it looks pretty dire when reality soon hits. Get prepared for high taxes and them depreciating sterling ( to stay competitive) even more.
I suspect it’s a matter of how easily pleased you are by the PR.
The last statement I saw from the CEO seemed to focus on getting “ clients “ to pay their full rent which some feel is out of touch with the reality of the changed environment most are experiencing and if you are out of touch and not willing to understand the new world it may seriously damage relationships . Clients do have a choice!
I suggest you read the last couple of trading updates and results. You'll see there what they are doing.
So an ok dividend is one thing but what is this once “trail blazer “of a developer really doing to catch the imagination?
Hoping that office and retail occupiers return to normal isn’t enough and making occupiers pay their rent for not occupying their space is just out and out bullying!
The CEO really needs to start earning their pay and start to understand the new normal .
Let me know what you think
https://www.investorschronicle.co.uk/ideas/2021/03/23/exploit-an-undervalued-property-play/
Janito
I don’t think the market believes it’s going to be a good year for LAND or many other property companies and probably sees the recover as some way off.
Good luck though
Hi All,
Just started doing some research into LAND, seems like a decent recovery play, anyone have any views on how the year might progress for the company?
Seems like a quiet board over here!
ATB
It says something when you report as good news the letting of 48,000sf of retail space.
Jolly
Looks like your views on WFH are proving correct!
Distraction and lack of productivity and creativity have certainly hit LS whilst all the hierarchy are WFH on full pay !
we'll see soon enough...
mounting evidence that (for most) WFH = distraction and lack of creativity/productivity
Most need office culture to stay on the case
Offices are dead !
perhaps now?
the 470 odd looks like a JMB
if offices ain't dead
there (may) be (plenty of) value
Or a very dead cat bounce
Or a large consolidation about to happen with BLND???
I've known this plc since the 1960's. Beautifully run & sensibly financed (30% LTV). Held the stock constantly since 2005 (In at £6.62). & doubled holding in 2018 (at £8.38). Biggest mistake was not selling half, or more, during Brown's time as PM, when it hit £24.
After this week's results several city brokers turned v. negative, especially with cancelled dividend. I realised that all positive emotions needed to be ignored & a long, cold look taken. Conclusion; while I've been v. realistic since 2017 over the existence of far too many shops, nationwide & worldwide, all getting creamed by online trade, this Covid epidemic might be a real turning point for both shops and offices. It was time for a "Let's throw the Kitchen-Sink and Armageddon at LAND" exercise.
So, assuming that Covid & Online will cripple shopping centres, even good ones and that Home-Working plus Recession for next few years will cause many tenants to vacate skyscrapers, I'll hammer the Book Values.
Offices at 31/03 are £6 billion. Retail £5.7b: Kitchen-Sink the offices by 1/3rd to £4b and halve the retail to £2.9b. Total debt today is £3.9b, reducing net Asset Value to £3, or £4 per share. Is that a floor to the SP?
What about cash-flow? Today it's £400 million pa. from Net rental Income of £583m, less £98m of interest on debt and £85m of management expenses. Let's hammer the rents by 40% down to £350m pa., leaving a cash-flow of £167m. Thus, even in what is, hopefully, a very worst-case analysis, the company maintains good positive cash-flow.
Are there any reasons for optimism? Yes. I think so. This plc has always been very well & conservatively run, from the founder, Lord Samuel to today. It has low, cheap, debt and its' cash flow will stabilise at a lower, but still over £100m pa. level. Plus, there are going to be some stonking opportunities to pick up, once-in-a-generation, prime assets from distressed owners and/or their lenders - See Intu & Hammerson definitely. British Land possibly - during the next two years. This may be a very real opportunity to go bottom fishing for assets that could be worth multiples more on a 5/10/15 year view.
My decision? Caution is the watchword. This was a major holding, and I don't want to be left holding the best Galleon Builder on the south coast, just as we move from the Age of Sail to Ironclad Steamships in the North East. I just don't know.
So yesterday I sold 60% of the holding and took advantage of the depressed market to buy 3i investment trust. It's well run but has spent much of it's recent life priced at a premium, sometimes up to 40%, over net assets, which I wasn't willing to pay. As 3i is now at a small discount to updated NAV, it seemed a relative bargain.
If there are any other old West End regulars of the Guinea, with opinions/forecasts on where Land stands today & is maybe going, I'd love to read them here.