Member Info for theoldmansdoneit

I’m happy to buy more ASLI at this price which is yielding 7% and where 68% of their revenue is index linked. It certainly seems to offer better value for money than it’s peer group (BBOX, EBOX etc.).

Tend to agree that this is oversold. Given their recent presentation RNS, there still appears to be a decent chance of some significant commercial deals but the SP doesn’t reflect this. Edison’s latest update published on 7th December values Rene at 77p. So at this distressed price I’ve added a few more this morning to my existing holding.

The ex income NAV is 31.51 but the cum (with) income NAV is 31.21. How is it that by including income it reduces the NAV. This doesn’t make sense to me. Can anyone explain please?
Either way, the discount to NAV continues to be massive and so share buybacks should hopefully prove to be profitable in the long run.

Long term, I’m sure that trade will be in profit, and in the meantime you can content yourself with a dividend over 6%. Good luck!

Yes Pedro, apparently full indexation applies to 68% of their rentals which is comforting. Also their income is in Euros so will benefit UK holders if (when?!) the £ falls v the Euro. After posting a decent set of results today I was staggered to see the SP go down by another 7%! Fortunately the market seems to have woken up to the fact that ASLI is not so bad after all! Now up 2% on the day as I post this. Fingers crossed that this is not the end of the SP recovery.

Wow, only 76 pence at today’s close!
I bought a few more today to try and average down because on the face of it, this is a secure dividend paying IT which, given its European assets, will benefit from any £ drop against the euro. Their borrowing is at a fixed low interest rate, their warehouse products appear to be in high demand and in the last update, they reported they’d collected 100% of rent due but yet the discount to NAV is now well over 20%. Now I can understand why utility style dividend shares are less popular given the hike in bank rates but isn’t this fall overdone? Am I missing something?

According to Trustnet this morning, the yield is now 6.67% and the discount on NAV has widened from its 1 year average of 5% to 8.8%. Notwithstanding the risk that the world is going to hell in a handcart, I think this is worth a punt for long term income purposes.

Yes, very pleased to see the Directors making some chunky purchases which has reassured me there’s no significant underlying problem here.

Your prediction about the weather was very good! It’s quite likely that lots of people will be rehydrating themselves at CPC pubs. Surprised that the share price does not reflect this likelihood.

Dividend payment maintained with cover increasing slightly, and a very reassuring outlook being presented and so I’d expect the discount to NAV to narrow as it looks to be a bargain at this price.

http://citywire.com/funds-insider/news/hewitt-why-i-cut-scottish-mortgage-but-will-never-sell/a2391033
Just listened to this podcast by CMPI’s fund manager Peter Hewitt which I found very interesting. I now plan to invest here. Fingers crossed!

Thanks Sajy. Please could you explain the rationale behind your prediction?

Well a big dip today and that plus the large discount to NAV has tempted me to buy a few.
As a smaller companies investment trust, the main focus is probably growth but, at today's price, the yield (according to Trustnet) of 2.2% isn't too shabby either.

Your 'slam' terminology threw me - I was expecting to see a negative analysis but no, it was a positive recommendation for HSL. Now I know better - you were just referring to PIWorld's rather misleading Stock Slam branding. Anyway, thanks for the link.
I've bought a few HSL today and would certainly consider getting a few more if they drop any further.

Article in today’s Sunday Times recommended selling Kingfisher and buying Wickes.

I don’t think there will be any interest rate rises in the short term - perhaps the next 12 months - because our current inflation is not demand driven and because the B of E will not want to exacerbate the cost of living crisis.

In the last few days, 3 different directors have made some chunky share purchases (50,000, 50,000 and 10,000). Very reassuring to see them put their own cash in!

That doesn't appear to have bothered Heronbridge Investment Management LLP which, as advised in the RNS on 1st March, has taken a 4.98% stake in MONY. This significant purchase is presumably the reason for the robust share price performance over the last few days.

It's all because Hargreaves Lansdown today reported that their 1H pretax profit dropped 20% to GBP151.2 million from GBP188.4 million and revenue dropped from 299.5 million to 291.1 million.
As a result, their peers, AJ Bell and abrdn both fell (4.5% and 4.6% respectively).

Segro have today posted some excellent EOY results (which hopefully bodes well for ASLI!):
"Warehouse property investor Segro reported an adjusted net asset value per share of 1,137 pence at the end of 2021, up 40% from 814p a year before. This beat company-compiled consensus of 998p. Pretax profit for 2021 multiplied to GBP4.36 billion from GBP1.46 billion in 2020. "2021 was a highly successful year for Segro as reflected in our full year results which include a GBP4.1 billion portfolio valuation uplift and record levels of rental growth. Investor and occupier supply-demand dynamics in the industrial and logistics sector remain very favourable, led by the long-term trends of digitalisation, supply chain resilience and an increasing focus on sustainability," said Chief Executive David Sleath."