SYD - Sydney Airport

[el_ninj0]

Hello, I am looking for some information on MAP as listed on the ASX, I have been following them for a while now, and they have seemed to drop a substantial ammount in the past week. Can anyone give me an explanation as to why this might have happend?

Thanks.

[doctorj]

Could it be their 10% purchase of an airport in Copenhagen? Many suggest that they've bought a minority stake at the top of the price cycle for this particular airport without a large enough stake to bring in their management changes that have been successful elsewhere.

[el_ninj0]

While I looked at the 11.3% purchase of the Copenhagen airport, I beleive that this was a good strategy, as it increases their market capital and raises revenues. Which is what I think a good company should do. Also, If what you say was the case, then wouldn't you sugest that the directors of this company have been negligent in purchasing an asset for the company that will downgrade its share prices?

[doctorj]

10% close enough to 11.3% when going from memory, right? :)

Directors have a fidiciary duty to maximise shareholder VALUE, not the share price. If the market and the directors agree, then they move in the same direction. If not, there's a divergence. Though, with MAp's management history, you would think any divergence is only short term. I don't have the charts with me, but perhaps this is a buying opportunity.

[el_ninj0]

I would defintely say its a buying opportunity. MAPs management history looks pretty damn good to me, I just cant see why the market would react in the way it has towards a positive announcement.

Also, currently, its a sellers market, so why do people continue to sell at extremely low prices? when they could clearly be getting a much better price for their stock.

[GreatPig]

Here's a chart of MAP. Current price today is $3.15.

Cheers,
GP

[el_ninj0]

Thanks for the chart, Interesting information on it. This is the biggest fall MAP has had since it first floated. Thats why im cautious about it. I can really only see it going up from where it is at the moment.

[emily]

MAP sure has a good historical management, duno wot trigger the fall however it should go up... makes sense that the purchase of an asset is to increase revenue...
I'v been following MAP for a while now, and im hoping its not a negligence from the director, otherwise good game MAP


emily

[el_ninj0]

I agree emily, they have been going very well for the past 2 years. But I think it would be interesting to know what did trigger the hefty fall of the past 1-2 weeks. Im sure they will go back up, just when is the answere...

[RichKid]

That long candle down suggests panic overselling, I'm looking for another higher low for entry at about 45 degrees, may bounce off lower trend line but it looks ok.

[chicken]

I bought into this company 2 days ago...why...check their report..assets have increased ,to over 4 billion $$$ their earnings to 73c EPS...their PE is 4.5....Auckland airport shares were last year $3...now trading about $8...so this group much larger plus good management plus pays DIVIDENT..plus I say it will go MUCH higher because its a joke a company with PE4.5.... UNDERVALUED by the market..also reading SMH...they are saying that 19billion $ is going to hit the market next months..so fundmanagers will be looking at stocks such as MAP..I am on board and very comfortable with it..what is it worth $5 to $10.....you be the judge my target is at least $6 as even a PE of 9 is low.... :2twocents

[el_ninj0]

I agree chicken. I sold mine at 3.37 after buying at 3.16, So I made a lil, but nothing significant. But I can see a strong come back on MAP aswell. Couldn't say when, mabey in 2 days or 2 weeks. I need some graphs so i can post better, :), Like tech/a does.

[GreatPig]

Current chart of MAP.

Cheers,
GP

[chicken]

Did anyone go to the meeting....as I like to hear some comments....please?

[chicken]

Looks like the shareprice does the talking...should go a lot higher..... :2twocents

[mime]

high oil prices?

[el_ninj0]

high oil prices?

Airlines pay for fuel, not airports.

[chicken]

It seems to want to go higher...anny comments ?

[el_ninj0]

It seems to want to go higher...anny comments ?

Very high volume today, depending on the market conditions tommorow, i'd expect to see either a small increase or a very large increase.

Might be a good time to get back in.

Wish I had some spare cash, i'd definetely be backing it.

[son of baglimit]

apparently the inbound passengers & flights to rome have increased this week - who owns rome airport ??

[chicken]

MAP..owns most of it....... :2twocents

[el_ninj0]

MAP..owns most of it....... :2twocents

We wont see the results of that until the end of financial year report though. MAP is definetely great value at the moment. But is there any better options to put your money in?, i'd say so. However, long term this will be a great investment.

[DTM]

Seems like analysts have down graded the expected returns to be half of this year's. Revenue must be based on the amount of people travelling through the airports because they are predicting less people travelling next year. Must be because of the impact of expected rising oil prices.

Anyway, I bought 20 contracts of the June $3.00 call options @ $345 per contract for a total of $7,900. My reasoning behind this is that I only need the share price to go up to $3.45 to get my money back. ie it needs to get by 20 cents on by June 30 which is realistic. If it goes to $4, then profits would be $10k or if I dare dream, $5, then profit becomes 30k. Risk is bearable compared to the reward. The other reasons are (2) every year, analysts mark the value of the company revenue down, and each year its out performed analyst's expectation by a huge amount. (3) It is the northern hemisphere's summer so demand for oil will be less (heating oil etc). (4) None of the analysts have marked it down to sell. 2 say buy, 4 say hold. (5) And finally, on the chart, it looks like it has bottomed out.

:2twocents

[el_ninj0]

Seems like analysts have down graded the expected returns to be half of this year's. Revenue must be based on the amount of people travelling through the airports because they are predicting less people travelling next year. Must be because of the impact of expected rising oil prices.

Anyway, I bought 20 contracts of the June $3.00 call options @ $345 per contract for a total of $7,900. My reasoning behind this is that I only need the share price to go up to $3.45 to get my money back. ie it needs to get by 20 cents on by June 30 which is realistic. If it goes to $4, then profits would be $10k or if I dare dream, $5, then profit becomes 30k. Risk is bearable compared to the reward. The other reasons are (2) every year, analysts mark the value of the company revenue down, and each year its out performed analyst's expectation by a huge amount. (3) It is the northern hemisphere's summer so demand for oil will be less (heating oil etc). (4) None of the analysts have marked it down to sell. 2 say buy, 4 say hold. (5) And finally, on the chart, it looks like it has bottomed out.

:2twocents

I dont think its going to reach $5 by June, but i'd definetely think $4 is possible. Im thinking of getting some kind of margin loan to invest a large sum in MAP, as they are virtually assured to go up to atleast $4 in the next 6 months. I wouldn't put MAP past going to $8 this year though.

[Mofra]

I bought into this company 2 days ago...why...check their report..assets have increased ,to over 4 billion $$$ their earnings to 73c EPS...their PE is 4.5....Auckland airport shares were last year $3...now trading about $8...so this group much larger plus good management plus pays DIVIDENT..plus I say it will go MUCH higher because its a joke a company with PE4.5.... UNDERVALUED by the market..also reading SMH...they are saying that 19billion $ is going to hit the market next months..so fundmanagers will be looking at stocks such as MAP..I am on board and very comfortable with it..what is it worth $5 to $10.....you be the judge my target is at least $6 as even a PE of 9 is low.... :2twocents

I would disagree with the undervalued analysis, if you research MAP a little more thouroughly than just looking at the eps figures and breakdown their revenue you will soon discover that the management fees they have paid to MBL so far this year exceed their actual cash revenue - the majority of their revenue is in fact audited re-valuations of assets they currently hold. As many companies include depreciation of assets in their financials, MAP seem to include the appreciation.

Never let it be said that the millionaires factory (MBL) weren't a bunch of clever cookies

[chicken]

Funny..one of the stocks which gained today.....WHY??????

[chicken]

Looks as if this company is adding another airport to their portfolio....looks intresting any comments please

[chicken]

did anyone look at this stock...as I said its one to watch as airports are getting more intresting by the week...I am in at $3.24...a niece rise so far..better things to come :2twocents

[chicken]

Strong results in Brussels....read what they said a stock with hugh potential... :2twocents

[chicken]

Good results in Rome...read what they said...this is a good stock with good upside..make your research :2twocents

[chicken]

Well,its up should see $4..after june..... :2twocents

[chicken]

This stock seems to rise by a few cents everyday....see what they announced today positive for this stock :2twocents

[chicken]

Maquarie is heading north....good share with a lot of potential...make your research....this one will see $4 by june we are not to far away...and its gathering speed.....buyers are coming in thick and fast.... :2twocents

[clowboy]

Hey chicken,

Hope your right I now hold some stock and I'd love to see $4 by june :)

[DTM]

Personally I think that MAP has had its day and from the weekly charts, I can
only see one direction, and that's down. It also looks like its completed wave 5 in the elliot wave so I expect only down hill from here on in.

Just my 2 bob's worth and not meant as advice. :2twocents

I don't hold June call options on them any more as I've sold out. ;)

[ob1kenobi]

Personally I think that MAP has had its day and from the weekly charts, I can
only see one direction, and that's down. It also looks like its completed wave 5 in the elliot wave so I expect only down hill from here on in.

Just my 2 bob's worth and not meant as advice. :2twocents

I don't hold June call options on them any more as I've sold out. ;)

I agree DTM. Whilst visually the graph is moving upward, I'm not convinced that there is much more room for it to move. I suspect it is close to its peak, making it hard to profit from it in a trade. Further, MAP is 100% UNFRANKED, which given the fact that it is owned by MBL is a bit outrageous. Huntley's has an avoid recommendation on it, for the same reason I avoided it. the fundamentals aren't as solid as I would like them. I generally like my fundamental analysis and technical analysis to blend, kind of a ying and yang of investing. I don't get that with MAP. The same applies to their communications group MCG. Huntleys's have an avoid on this and recommend that you buy shares in the bank that own these: ie. MBL. That would make more sense. Of course I could be wrong and this is merely my view.

[Aden_1]

Hey thats a great analysis, ive been watching these for a while, and have stayed out, thinking the exact same! will revisit in a few months time. hopefully pick up a bargin!

[chicken]

Aden 1 I wish, I wish I could buy them cheap....well keep wishing..went down 7c today...but has not finished its clime jet.....too much going for it... :2twocents

[el_ninj0]

Well, I have to agree with the crazy chicken on this one I think. Wild statement I know, but I think its the right decision at this time. It very much depends on the rest of the market this stock does, and therefore, as a whole is hard to predict in today climate or fear and "bushism" crazyness.

However my reasons for this stock being one of the few I would place my money in at this time is that it can only be dependent on MBL for so long, and then the tides will turn. It is a very successful company so far, has great management, with only one exceptional circumstance to sugest otherwise(namely 3 months ago). I believe as a short term investment, this is a 6 on the scale of 1-10, 1 being an immediate sell and 10 being immediate buy. So, I think it rates at about a cautious buy.

That said, as a long term investment, this is a great option. If your looking for somewhere to stick your money so it will go up and up, and are willing to leave it for a few years even a decade, this is the place to be. It will only continue to reep the benefits of its already owned airports, and as air traffic continues to increase(and it will), they will become more independent of MBL. Thus increasing their profit as a whole.

This is just my speculation on the matter, if anyone can give me any reasons to sugest otherwise, I am happy to acknowledge that.

[ob1kenobi]

MBL set out to establish MAP and Macquarie Infrastructure and Macquarie Communications Group to give investors, especially those in their managed funds a place to park money. They are not likely to become independent of MBL, since it is a core part of their merchant banking strategy.

[chicken]

Investigating why the SP fell by 10c...answer is locking in profits...by traders...stock still in uptrend..... :2twocents

[el_ninj0]

MBL set out to establish MAP and Macquarie Infrastructure and Macquarie Communications Group to give investors, especially those in their managed funds a place to park money. They are not likely to become independent of MBL, since it is a core part of their merchant banking strategy.

I dont believe I said fully independent. I probably should have said, less reliant on MBL for financing, leading to larger profit margins.

[el_ninj0]

Well, looks like you guys were right about this one, and chicken(suprise suprise) and myself were wrong.

Im thinking mabey a fall as low as 2.70 in the next 2 months.

[chicken]

This stock has made a U turn....on its way up though there are 6.5 million share short....the brokers are switting on their hands....action here soon....

[el_ninj0]

Not this time chicken, what your seeing is only an intermediary period. Its going to fall further.

[Rockon2]

Gday elninjo and chicken..
Just thought i would put in my two cents worth. re: MAP.
Charts attached. . first one 1 year , trend touching - support.
2 chart, rsi perfect position for buying, and macd ok. imo.
Stop loss set at previous lows, say 3.20.

[chicken]

You are right its trending down...closed my position at this stage...but will receive the Dividents...and will buy back when the stock has settled....gone boots and all into SBM....make your research

[Rockon2]

Chicken.. I believe its a buy, Ive taken aug calls (ETO's) on the stock.
Will see how they go.
Also 2 brokers in the last coupla days have put a buy recco on the stock.

[Rockon2]

High of 3.40 today... and trend still intact..

:D

[chicken]

High of 3.40 today... and trend still intact..

:D
Rockon,I do not get it right all the time but you are right looks like its going higher....should have listen to myself...Elnino got it wrong..I was right when I said its A U turn....must listen to myself...Rockon have a look at SBM..one with hugh potential...

[Rockon2]

Thats ok chicken,, I dont get it right at times either :)

This Rule apply's.
The 50-50-90 rule: Anytime you have a 50-50 chance of getting something right, there's a 90% probability you'll get it wrong.

And i will check out sbm , cheers :)

[chicken]

Thats ok chicken,, I dont get it right at times either :)

This Rule apply's.
The 50-50-90 rule: Anytime you have a 50-50 chance of getting something right, there's a 90% probability you'll get it wrong.

And i will check out sbm , cheers :)
Rockon..just got back today at $3.24....will go for another run now....so I sold at $3.35....and bought back today.....happy with my trading now......the report should be out on the 25th August....even should it fall lower....I will hold as I feel if they get Budapest may go for another good run....post those graphs.......

[TheAnalyst]

yer, i have been having a look at them to; a P/E of under 5 "wow" dont see that often and then you ask the question; why?

Well no one is buying them in big lots so i ask myself what do the big buyers the 80% of the market and why are they not selling...thats a n easy one they bought and accumulated them when they were a lot less so they have compounded dividends.

If they arnt going up risk must have been placed into the share price....the low P/E so what does the market see ahead? reduced earnings, reduced or restricted growth in airports.

Has anyone done a good analysis of the growth in airport infrastructure or knows of any good analyst reports in regards to MAP.

I would like to hear from researched information.

[tdkx669]

HI,
Technically MAP looks weak bcoz in short time it takes support at 20 dma after making temporary new high so might be some one clear their stock.
And i can see diverson in RSI for 21 days as well.
Another way its really great stock fundamentally and some analyst predict it can go up to $4.
Any one got any view on that pls let me know
Regards
Ankur

[el_ninj0]

Not looking good at the moment, on a sharp downturn. Has broken support and looking to go down further. No clear end in sight. Although a solid company with good prospects, seems their is something else going on. Anyone with better knowledge care to shed some light on the situation?

[chansw]

Not looking good at the moment, on a sharp downturn. Has broken support and looking to go down further. No clear end in sight. Although a solid company with good prospects, seems their is something else going on. Anyone with better knowledge care to shed some light on the situation?
Here is a news article on SMH today.

"Macquarie Airports lifts off for Prague" (http://www.smh.com.au/news/business/macquarie-airports-lifts-off-for-prague/2005/10/14/1128796705636.html)

Also, Shares magazine Nov Issue (which is the last issue) has an article "Airport stocks fly high" mentioned both MAP and AIX.

[el_ninj0]

Interesting article there on MAP from smh. Looks like they have alot on their plate to consider. Mabey they are stretching their resources thin? They keep on consuming these quite large airports like they are cheese and crackers. I wonder when the bank will decide to stop funding them, if they do...?

No doubt they are looking to gain some big ground, very profitable airports. Especially Prague as it becomes more central to air travel in europe.

[clowboy]

hey all,

Aside from the fact that it is trending down, what are peoples thoughts on MAP ATM?

It seems good value for money to me ATM but I am hesitant to buy any until it shows some sign of breaking the downtrend.

Thanks

[Zire]

Hi,
That was my thought as well, it's trending down and has been for a few months, I'm still on the side line watching for further price movements before making any commitments.
cheers :)

[mikeg]

The fact that they are an Interest sensitive stock, and the recent talk of rising interest rates has not helped them.

The buying of Prague will require a capital raising of some sort, hence more debt, more Shares = Lower Share price. But still worth watching.

[el_ninj0]

The fact that they are an Interest sensitive stock, and the recent talk of rising Interest retes has not helped them.

The buying of Prauge will require a Capital raising of some sort, hence more debt, more Shares = Lower Share price. But still worth watching.

I think its a bargain price too at the moment mikeg, but you know what they say, try to pick bottom and get smelly finger. I dont know where the bottom is going to be, but i'd say it'd be quite soon, as the doom and gloom of the past 2 weeks has vanished into history already. On the chart, i dont think it looks good for the moment, looking at probably down to $2.80 i think from an analysis of the chart.

Good company in my opinion, and looking to get better very soon, if your looking for a long term, you cant go wrong here imo.

[RichKid]

Good company in my opinion, and looking to get better very soon, if your looking for a long term, you cant go wrong here imo.

Famous last words? Just a reminder about giving advice, no matter how well meant it may be. I trust no one will consider this to be financial advice as only a ASIC licenced person can give such advice.

Please don't be offended El ninj0, we all have to be very careful about our posts.

[el_ninj0]

Famous last words? Just a reminder about giving advice, no matter how well meant it may be. I trust no one will consider this to be financial advice as only a ASIC licenced person can give such advice.

Please don't be offended El ninj0, we all have to be very careful about our posts.

It wasn't advice RichKid, and im not offended. I have a footer note if you havn't noticed that refers to this topic.

Just stating my opinion, thats all. No one should take it as advice.

[RichKid]

It wasn't advice RichKid, and im not offended. I have a footer note if you havn't noticed that refers to this topic.

Just stating my opinion, thats all. No one should take it as advice.

That's cool, it was just the phrasing that caught my eye.

MAP is at a crucial stage btw, some support appeared this week but it's got to hold. I see something that resembles a head and shoulders reversal pattern but it needs to be confirmed. If it isn't then this recent monthly price action is a consolidation phase before another powerful thrust up. Too early to call atm, nearing uptrend line.

[el_ninj0]

Im betting on the upthrust RK, i dont hold at the moment, but im thinking of getting in pretty soon. I think its still stuck in a range at the moment, so we'll see how far it has to go soon enough.

[mikeg]

I was also thinking Head and Shoulders, and has also bounced off the 38.2% retracement at $2.90.

Also wondering if all this talk about the "Bird Flu Epidemic", will start to have an effect on travel numbers in the near future.

[chicken]

I was also thinking Head and Shoulders, and has also bounced off the 38.2% retracement at $2.90.

Also wondering if all this talk about the "Bird Flu Epidemic", will start to have an effect on travel numbers in the near future.
Re travell in future anybodies guess....now that takover of the Copenhagen Airport is a much intresting situation...if anyone read what they own...just a few notes...During the period Copenhagen Airport was selected by the Bulgarian Goveerment as preferred concessionaire for the airport of Verna and Bourgas by the black sea Negotiation have been initiated between Copenhagen Airports and the Bulgairian Ministry of transport with a view of fivxing a term for 35 years consession agreement The parties expect to conclude a final agreement on the terms of the concession agreement in the 2nd half of 2005..It owns 15% of ASUR Mexico...which operates nine airports serving some 14 million passengers Copenhagen Airports also owns 49% of Newcastle AirportUK,and 20% of Hainan Meilan Airport China.....so these assets will be a mighty boost for MAP...when the takeover has been concluded....their valuation per share is $3.03 and good divs ....good longterm gain here...yes I am holding shares in this company....trading at Valuation at present..... :2twocents

[markrmau]

Good to see you back chicken. I didn't want to join another board to hear what other zfx/sbm tips you had.

One thing about map, there was an article in fin rev about 3 days ago saying S&P were considering downgrading their bonds close to junk status because of one of the recent takeovers. I may have the details wrong though.

[Lachlan6]

What about a double top pattern for this stock. Seems to me that it has broken through support this week at about $3.05. It seems to me that the next major support is the 50% retracement level at around $2.20. If so, this stock has a long way to fall. 30 week MA has crossed through the 21 week MA also, another negative sign. This stock may be a good short as a CFD. Another thing, look at the massive bearish divergence in the RSI from the two highs in early Feb this year and also June of this year. To me this stock has only got one way to go. Its only saving grace it would seem now, is a strong move back above now turned resistance at $3.05.

[Kauri]

On weekly chart..

[chicken]

Good to see you back chicken. I didn't want to join another board to hear what other zfx/sbm tips you had.

One thing about map, there was an article in fin rev about 3 days ago saying S&P were considering downgrading their bonds close to junk status because of one of the recent takeovers. I may have the details wrong though.
I think Maquarie are getting to large for the Australian market and may move overseas...thats what will happen I feel

[chicken]

Looks like MAP is becoming popular again....glad they did not buy Budapest..and the market did not like it..TOO DEAR...but Copenhagen now here we are talking great figures with large potential....looks as if the market likes it....as the SP is rising....own shares here and am in for the long haul to $4

[chicken]

Looks like MAP is becoming popular again....glad they did not buy Budapest..and the market did not like it..TOO DEAR...but Copenhagen now here we are talking great figures with large potential....looks as if the market likes it....as the SP is rising....own shares here and am in for the long haul to $4
Looks as if something important is happening..anyone its 10.17 am and no trade has taken place plus good orders are coming in....

[chicken]

Looks as if something important is happening..anyone its 10.17 am and no trade has taken place plus good orders are coming in....
It finaly traded..just results out for Rome,Copenhagen...both good performing results...I wonder when this stock will be upgraded...Copenhagen once the takover has been completed...MAP will be one of the largest in the world...this share is getting more intresting by the week..I think as soon as Copenhagen is in the fold we may see a good upgrade by the brokers.....I am glad Budapest went by the wayside...too dear and the eastern block is allways suspect...stick to Europe Mexico and China.....after all Copenhagen is involved in these countries..and good management.....in Copenhagen Airport...may become a good thing for MAP as Copenhagen management are good performers....and will bring new blood into the equasion

[chicken]

It finaly traded..just results out for Rome,Copenhagen...both good performing results...I wonder when this stock will be upgraded...Copenhagen once the takover has been completed...MAP will be one of the largest in the world...this share is getting more intresting by the week..I think as soon as Copenhagen is in the fold we may see a good upgrade by the brokers.....I am glad Budapest went by the wayside...too dear and the eastern block is allways suspect...stick to Europe Mexico and China.....after all Copenhagen is involved in these countries..and good management.....in Copenhagen Airport...may become a good thing for MAP as Copenhagen management are good performers....and will bring new blood into the equasion
Looks as if Copenhagen is in the bag..once that is all clear a rerating of MAP WILL OCCOURE..I am holding also December the books will close and Div is paid....$4 will then be in sight....looks to go a lot higher....PE of 5 we will get 49% of Newcastle in England...plus Mexico 10 airports I think Copenhagen owned 10%..... :2twocents

[Nap]

Can anyone shed some light on where they think Macquarie Airports is headed. Has had a stella 18 months but is now starting to slip. NAP

[chicken]

Can anyone shed some light on where they think Macquarie Airports is headed. Has had a stella 18 months but is now starting to slip. NAP
This is great stock...will go higher as soon as Copenhagen Airport is absorbed...GOOD dividend stock...good longterm investment...I am holding for longterm gain...my target is $5 on this.... :2twocents

[Lachlan6]

Well from a technical point of view, there is no doubt that MAP looks shaky currently. A double top pattern was confirmed in mid October, and although the stock rallied back, it seems that a down trend is now on the cards. Huge negative divergence in RSI and if important support is broken at $2.90, watch out. MAP is not a stock I would want in my portfolio.

[chicken]

Well from a technical point of view, there is no doubt that MAP looks shaky currently. A double top pattern was confirmed in mid October, and although the stock rallied back, it seems that a down trend is now on the cards. Huge negative divergence in RSI and if important support is broken at $2.90, watch out. MAP is not a stock I would want in my portfolio.
we are talking of what the company does the money they are making...you are only looking at the graph...well even the graph is wrong..i made a search of what they got and where they are heading..<edited> ...I am holding and if you understood what Copenhagen has got etc then you would know, <edited>..they are with Copenhagen now the largest Airport owners,...and are making fistfull of money...show me a stock which is making money such as MAP the stock is manipulated like hell...their PE is 5 and next year they be paying 23cents div....not to have it in your portfolio...<edited>...they are the largest infrastracture Airport owners in the world..with Copenhagen they have over 25 million people going through their doors..and last year thety made over 57 cents per share profit.....aND 2005/2006 IT WILL EVEN BE HIGHER

[mit]

we are talking of what the company does the money they are making...you are only looking at the graph...

Chicken,

lachlan is not saying that he would never buy it just that currently the technicals look bad. If the technicals start looking better then he may buy into it. Even though you may not get in at the bottom, buying shares when the technicals are good increases the probability of a profit. Also, it means you money is employed when the market agrees that the company is worth buying.

MIT

[Barndat]

Wow, consider yourself told off Lachlan6…
MAP has been coming down for the last 6 months though prior to June it had a good run up since May 04. I held back buying in last week until the end of the very bullish day on Dec 7 when it looked like closing above Nov 22 high so I entered the trade. I was a disappointed when two days later it dived after the Sydney Airport news but held on to test the double bottom 2.92 on Oct 14. I was a little happier with its close today. MAP is a good stock but I will monitor it closely and will be out if 2.91 trades……

[happytrader]

Hi Chicken

Is this one of the Macquarie Bank 'millionaires club' portfolio or am I mistaken? Savy bunch. If it is, it looks nice at this price at this time (hmm, down for almost 2 quarters - interesting).

As always this is merely my opinion and nothing else.

Cheers
Happytrader

[wayneL]

we are talking of what the company does the money they are making...you are only looking at the graph...

Tone down the insults chicken. Lachlan6 is entitled to his view without you jumping all over him.

Tech traders and Fundamental traders are two different animals.

Most Tech traders couldn't give a fat rat's about p/e etc.

[Milk Man]

If chicken is right (usually are arent ya little chicken :D ) then we have come across the true driving force in markets. Sentiment. Fundamentals can be wrong (or ignored) and technicals can be wrong, but at the end of the day it is sentiment that makes things happen. By looking at price action this would seem to be "its going down; im not buying it". Please correct me if im wrong and do read below message. Make own research :D.

[wayneL]

P.S.

FWIW

I think it looks very interesting technically...lots of support @~$2.90

Cheers

[Lachlan6]

Chicken, the above post was upon looking at the weekly graph since MAP was listed. The stock probably does have excellent credentials fundamentally speaking. I mean, take one glance at the PE ratio of a measly 5.7 and a healthy dividend at 6.4%! However I am primarily a techy and therefore charts take precedence. They show the overall sentiment of the market and have on many occasion pre empted company announcements. MAP may rally back and reach new highs, a definite possibility. However all I am saying is purely from a technical perspective, this chart is undeniably shaky and I would definently prefer my money elsewhere (like SEN, LFE and EMI). Anyway lets see what happens :).

[Kauri]

Are they financing the Copenhagen deal with a SPP and DRP, it may account for some of the recent weakness?

[chicken]

Chicken, the above post was upon looking at the weekly graph since MAP was listed. The stock probably does have excellent credentials fundamentally speaking. I mean, take one glance at the PE ratio of a measly 5.7 and a healthy dividend at 6.4%! However I am primarily a techy and therefore charts take precedence. They show the overall sentiment of the market and have on many occasion pre empted company announcements. MAP may rally back and reach new highs, a definite possibility. However all I am saying is purely from a technical perspective, this chart is undeniably shaky and I would definently prefer my money elsewhere (like SEN, LFE and EMI). Anyway lets see what happens :).
My apology what I was trying to say people not only getting rid of the water but the baby as well....this company is the largest Airport owner in the world..hugh cashflow....reason they are out of Budapest...the PRICE WAS TO HIGH....I think they were talkin $3 billion $$$ as far as Copenhagen there is Newcastle and 10 airports in Mexico a hugh operation..and should MAP keep up the listing on the danish stock exchange new money will flow into the company...what happened in October is of no consequence as all shares went down...I understood the hedgefund sold some MAP..this is good liquid stock with great potential...and will eventually go higher as thje PE5.6 is lower than most stocks.....and their earnings are even higher....good longterm investment..I am holding as present price is below asset backing of $3 a share..... :2twocents

[chicken]

My apology what I was trying to say people not only getting rid of the water but the baby as well....this company is the largest Airport owner in the world..hugh cashflow....reason they are out of Budapest...the PRICE WAS TO HIGH....I think they were talkin $3 billion $$$ as far as Copenhagen there is Newcastle and 10 airports in Mexico a hugh operation..and should MAP keep up the listing on the danish stock exchange new money will flow into the company...what happened in October is of no consequence as all shares went down...I understood the hedgefund sold some MAP..this is good liquid stock with great potential...and will eventually go higher as thje PE5.6 is lower than most stocks.....and their earnings are even higher....good longterm investment..I am holding as present price is below asset backing of $3 a share..... :2twocents
looks as if MAP got copenhagen....that means they own 49% of Newcasle in th UK, 2 airports in Denamark and own a 10% share of the Mexican operation with 10 airports....a hugh increase of operation...now what is the share worth now......?????? Perhaps a listing on the Danish stockmarket..lots of old money there..... :2twocents

[chicken]

looks as if MAP got copenhagen....that means they own 49% of Newcasle in th UK, 2 airports in Denamark and own a 10% share of the Mexican operation with 10 airports....a hugh increase of operation...now what is the share worth now......?????? Perhaps a listing on the Danish stockmarket..lots of old money there..... :2twocents
Look at the buyers lining up....we are seeing a rerating of the stock..... :2twocents

[taurus]

Seems I've missed this boat bigtime...I was planning to buy in soon but didn't have substantial enough cash at hand. Shares jumped 12c or so today didn't they? I've been working crazy hours so I haven't been watching as closely as I'd like to.

Cheers,
T.

[RichKid]

Seems I've missed this boat bigtime...I was planning to buy in soon but didn't have substantial enough cash at hand. Shares jumped 12c or so today didn't they? I've been working crazy hours so I haven't been watching as closely as I'd like to.

Cheers,
T.

Not quite. In fact, not a good day at all, down day on solid volume. See the chart, has broken trendline support and is approaching a recent low, I'm very wary, could easily retest that recent low around 2.91. End of the dream run for MAP? or is this downtrend going to continue before another leg up?

[chicken]

Not quite. In fact, not a good day at all, down day on solid volume. See the chart, has broken trendline support and is approaching a recent low, I'm very wary, could easily retest that recent low around 2.91. End of the dream run for MAP? or is this downtrend going to continue before another leg up?
You should have posted this 2 days ago..Yesterday was an upday..it is now going through at over $3...so check your charts.. :2twocents

[chicken]

Just reading the latest...Macqurie Bank...just are negotiating with Taiwan for their main AIRPORT...MAP wanting to grow even quicker..no wonder the sellers are drying up....read on another webside the div. payout will be released on sunday..could be as high..dont quote me,as 12 cents...with a higher payout next year....also only $3.6 Billion are involved for Taiwans airport...big deal this :2twocents

[chicken]

You should have posted this 2 days ago..Yesterday was an upday..it is now going through at over $3...so check your charts.. :2twocents
Rich KID...I think looking at your chart MAP had formed a double bottom...meanig things are getting better..UP from here :2twocents

[michael_selway]

Rich KID...I think looking at your chart MAP had formed a double bottom...meanig things are getting better..UP from here :2twocents

hi does a double bottom generally mean a higher chance of a triple bottom (or more) or higher chance of an uptrend?

Thanks

[chicken]

hi does a double bottom generally mean a higher chance of a triple bottom (or more) or higher chance of an uptrend?

Thanks
Any chartist will tell you a double bottom is a reversal meaning there is buying support as you have seen in the last 3 days for MAP....

[chicken]

Any chartist will tell you a double bottom is a reversal meaning there is buying support as you have seen in the last 3 days for MAP....
Looks as if the chicken was right again..... :2twocents

[michael_selway]

Looks as if the chicken was right again..... :2twocents

can this be applied to BSL or any other similar stocks?

[chicken]

can this be applied to BSL or any other similar stocks?
No look at the fundamentals, look what MAP has got ,look how much money they make ,and ,look at a PE 6.5 and look how the company is progressing and ,look at management ,do I have to say more....this can go all the way to $6 as it would only have a PE of 13 ...the market norm is PE17....So how much is the share worth...a lot more than being paid for at present...your return is 6.7% aT PRESENT SP

[chicken]

can this be applied to BSL or any other similar stocks?
aS far as charting ,the expert tell me YES..ask some on this board....re my last post its showing up, it has bounced off its low or double bottom...a tripple bottom can also happen but them its different altogether :2twocents

[michael_selway]

No look at the fundamentals, look what MAP has got ,look how much money they make ,and ,look at a PE 6.5 and look how the company is progressing and ,look at management ,do I have to say more....this can go all the way to $6 as it would only have a PE of 13 ...the market norm is PE17....So how much is the share worth...a lot more than being paid for at present...your return is 6.7% aT PRESENT SP

Hi if u look at Comsec:

Earnings and Dividends Forecast (cents per share)
2004 2005 2006 2007
EPS 73.3 61.1 14.4 40.4
DPS 12.0 20.0 23.0 25.0

FORECAST EARNINGS Last Analyst Update 20 December, 2005
EPS(c) PE Growth
Year Ending 30-12-05 61.1 5.1 -16.6%
Year Ending 30-12-06 14.4 21.5 -76.4%

The 31/12/06 forecast EPS is 14.4 and at current SP, PE will be 21. However the 31/12/07 forecast EPS is 40.4 and at current SP, PE will be 7.6. Atm doesnt have 2008 forecasts, but yeah i see your points for an upside

[Barndat]

Hello Chicken

Ok I need to know how far MAP will fall when it goes Ex Div 9 cents 22 Dec 05...
Will 3.02 hold up....??? :confused:

Waiting to see if MAP can clear 3.13 today or will it be dumped late in the day. :mad:

[chicken]

Hello Chicken

Ok I need to know how far MAP will fall when it goes Ex Div 9 cents 22 Dec 05...
Will 3.02 hold up....??? :confused:

Waiting to see if MAP can clear 3.13 today or will it be dumped late in the day. :mad:
NO SELL OFF..infact the market wanted more.....last sale at 4pm $3.13.....as I said before buying Copenhagen has given this stock a new lease of life see it go higher jet....there is a BIG BUYER of this stock......and they want more.... :2twocents

[RichKid]

If ex-Div date is tomorrow (22Dec) then that'll usually be when it gets sold down by the amount of the div plus the value of franking credits (as there is no franking at all that value is zero).

So we should see a fall of about 9c but that doesn't always happen and it could even climb higher or fall more or less than the div amount. I'm also watching a longer term trendline which is very near the current price action. The recent minor basing formation is encouraging. Guess I'm looking for confirmation of the correcton ending now....nothing convincing yet but it's looking favourable.

See this Ex-Dividend thread by Rozella for more in-depth discussion of the ex-div drop phenomenon: http://www.aussiestockforums.com/forums/showthread.php?t=454

[smrt-guy]

Personally I've found stocks that are trending usually only retrace by the dividend amount and rarely include the franking credit, but of course that is liable going to change with each payout.

As for MAP, I'm liking it. As WayneL said there is some pretty strong support at $2.90 and I can't see it going below that. There may be some weakness tomorrow given we are coming into christmas and it is going ex-div, but hopefully it can test resistance around the $3.17/$3.19 level by the new year.

Time will tell

[chicken]

Personally I've found stocks that are trending usually only retrace by the dividend amount and rarely include the franking credit, but of course that is liable going to change with each payout.

As for MAP, I'm liking it. As WayneL said there is some pretty strong support at $2.90 and I can't see it going below that. There may be some weakness tomorrow given we are coming into christmas and it is going ex-div, but hopefully it can test resistance around the $3.17/$3.19 level by the new year.

Time will tell
I THINK YOU WILL FIND $3.17 will easily be achievable..Capital Investments are still buying big..as I mentioned on the board before this stock will get a rerating in the new year and $3.18 will only be a cheap entry point..look what I said about ZFX..and no one beliefed me its hittin $6.50 just a feel I have, as Copenhagen was a great buy..and I read they are negotiating for Taiwan...after all MAP is now the largest single operator in Airports..Mexico might also be in the picture..they own 10% of a company which operates 10 Airports there....good longterm stock this..my price target is now $6...look at the low PE they got and the eaernings per share :2twocents

[michael_selway]

I THINK YOU WILL FIND $3.17 will easily be achievable..Capital Investments are still buying big..as I mentioned on the board before this stock will get a rerating in the new year and $3.18 will only be a cheap entry point..look what I said about ZFX..and no one beliefed me its hittin $6.50 just a feel I have, as Copenhagen was a great buy..and I read they are negotiating for Taiwan...after all MAP is now the largest single operator in Airports..Mexico might also be in the picture..they own 10% of a company which operates 10 Airports there....good longterm stock this..my price target is now $6...look at the low PE they got and the eaernings per share :2twocents

hi if u use 31/12/06 forecast EPS, PE is 21 according to Comsec at current SP?

Also how far do u think ZFX can go? MAP you said target price of $6

Thanks

[chicken]

hi if u use 31/12/06 forecast EPS, PE is 21 according to Comsec at current SP?

Also how far do u think ZFX can go? MAP you said target price of $6

Thanks
....ZFX...$8 or could go even higher due to Zinc price improvement....

[chicken]

hi if u use 31/12/06 forecast EPS, PE is 21 according to Comsec at current SP?

Also how far do u think ZFX can go? MAP you said target price of $6

Thanks
Sorry by posting again but these forecasts are out of date why....COPENHAGEN and Subsidaries..eg. NEWCASTLE airport are all not included..so dont take too much notice of what the forecasters said the picture has changed....check it out... :2twocents

[wayneL]

Chicken,

In the current investment climate, where p/e's of > 14 are considered cheap, how do you explain the extremely low p/e of MAP?

Why haven't investors bid this up to the absurd multiples of other stocks?

(This is a genuine question as I'm no expert in f/a)

Cheers

[chicken]

Chicken,

In the current investment climate, where p/e's of > 14 are considered cheap, how do you explain the extremely low p/e of MAP?

Why haven't investors bid this up to the absurd multiples of other stocks?

(This is a genuine question as I'm no expert in f/a)

Cheers
I whish I could give you an answer...what is happening with this stock the European are starting to see it on their radar screen and that means a much wider investment group is buying the stock..I can see it go higher..Also one stage MAP was on credit watch but this has now been lifted and its a stock which is getting bigger by the year...that is why I bought as I can see good upside.....and it will get arerating in 2006..you will see :2twocents

[chicken]

No look at the fundamentals, look what MAP has got ,look how much money they make ,and ,look at a PE 6.5 and look how the company is progressing and ,look at management ,do I have to say more....this can go all the way to $6 as it would only have a PE of 13 ...the market norm is PE17....So how much is the share worth...a lot more than being paid for at present...your return is 6.7% aT PRESENT SP
As I said sell off no a few pence yes..good sign stock will go higher :2twocents

[chicken]

As I said sell off no a few pence yes..good sign stock will go higher :2twocents
Stock going through at $3.18 well we have broken the downtrend.... :2twocents

[michael_selway]

Stock going through at $3.18 well we have broken the downtrend.... :2twocents

Well is this uptrend goi0gn to continue or drop back down like it has been for the past 12 months?

Thanks

[mikeg]

It has broken up through the 200MA again. The last two times which were the 26/10 and 7/12 it fell back through hard for the next 4 to 5 trading days.
If it can stay above this time then I think things are looking good. :)

[chicken]

It has broken up through the 200MA again. The last two times which were the 26/10 and 7/12 it fell back through hard for the next 4 to 5 trading days.
If it can stay above this time then I think things are looking good. :)
It has stayed above with heavy volume...I suspect that the danes are buying at present as their PE is relatively cheap to the rest of the market I expect it to continue as a rerating of this stock is imminent...good Div I got.. :2twocents

[tdkx669]

hi
It looks life MAP ready to go but i didn't understand one thing in balancesheet whats finance cost bcoz that one drive eps down.
cheers
tdkx669

[chicken]

hi
It looks life MAP ready to go but i didn't understand one thing in balancesheet whats finance cost bcoz that one drive eps down.
cheers
tdkx669
At present the future funds are buying again...you need that sort of money to drive the share price either way..before they were selling now they are buying see the amount of money going through everyday..or hedge funds as one would say..and where else will this share be listed NY perhaps

[mikeg]

A lot of sellers in the market seem to be holding it back again. Every time that it starts to look good, in come the sellers. What's going on.

[chicken]

now how many Airports does MAP own and has partnerships with? well this is what I know
Denamark 2 airports
Brussels
Newcastle 49%
Birmingham
Rome
Mexico 10 Airports ownership 15%
Sydney
China a 20% stake in 1 airport
if there are any others please post....passengers through their doors..near the 50 millions a year....what a profitable industry...after all they are still growing and looking to buy Taipia Airport......one to watch as they grow..hugh cashflow

[trader]

The problem with any of the mbl entities is that they carry huge debts and
don't pay them down instead just refinance, a normal business will borrow
for expansion but with their extra profit will pay down their debt at least
to a reasonable level , map on the other hand pays out more in dividends and fees ( mainly to mbl ) than it actually earns and doesn't reduce its debt which is leveraged at nearly 90 % , this is bad business practise and dangerous.

[michael_selway]

The problem with any of the mbl entities is that they carry huge debts and
don't pay them down instead just refinance, a normal business will borrow
for expansion but with their extra profit will pay down their debt at least
to a reasonable level , map on the other hand pays out more in dividends and fees ( mainly to mbl ) than it actually earns and doesn't reduce its debt which is leveraged at nearly 90 % , this is bad business practise and dangerous.

yeah the double management sucks, just get rid of the "macquaire" in MAP and be an independant company with a new name maybe, so dont have to pay fees to MBL

[Ann]

A lot of sellers in the market seem to be holding it back again. Every time that it starts to look good, in come the sellers. What's going on.

Well spotted Miked,

From the 24thMay to the 17th October Capital Group Companies have been selling 14,664,213 shares.

The price is now back above the 200dEMA and both market and trader sentiment appears to be returning......an interesting one to watch.

[chicken]

Well spotted Miked,

From the 24thMay to the 17th October Capital Group Companies have been selling 14,664,213 shares.

The price is now back above the 200dEMA and both market and trader sentiment appears to be returning......an interesting one to watch.
I understood they have just been buying up again since the takeover of Copenhagen Airport..Ann comments please :2twocents

[Ann]

I understood they have just been buying up again since the takeover of Copenhagen Airport..Ann comments please :2twocents

That's very interesting Chicken, you obviously have some good sources. I generally only get it from the ASX notices.

If they are maintaining a regular buy in, they may hold off putting in a change in holding notice until the buy is completed.

I think it is better if they are buying than selling though. If it is the case, this will filter through to the traders pretty quickly and build confidence.

Time will give us the answer but I would be watching to see if the 200dEMA will support the price.

[chicken]

That's very interesting Chicken, you obviously have some good sources. I generally only get it from the ASX notices.

If they are maintaining a regular buy in, they may hold off putting in a change in holding notice until the buy is completed.

I think it is better if they are buying than selling though. If it is the case, this will filter through to the traders pretty quickly and build confidence.

Time will give us the answer but I would be watching to see if the 200dEMA will support the price.
Ann, check the announcement dated the 20.12.2005....Capital in fact bought not sold shares..... :2twocents

[Ann]

Drunk again Chicken!

I missed that. Getting old and slow...

OK Now let's try that again.....

From the 18th October to the 16th December they bought 16,234,457 shares. Now wonder the indicators were kickin' up a bit.

EDIT. What's that old saying...sell high buy low. Well I guess they did just that. How can you compete Chicken?

[mikeg]

Things starting to look better now. Hopefully this time it will break through resistance. Still got a bit to do as shown on the Weekly Chart attatched.

[chicken]

Steady as she goes.....will go another 3-6 cents higher....tomorrow.... :2twocents

[chicken]

now how many Airports does MAP own and has partnerships with? well this is what I know
Denamark 2 airports
Brussels
Newcastle 49%
Birmingham
Rome
Mexico 10 Airports ownership 15%
Sydney
China a 20% stake in 1 airport
if there are any others please post....passengers through their doors..near the 50 millions a year....what a profitable industry...after all they are still growing and looking to buy Taipia Airport......one to watch as they grow..hugh cashflow
I understand Bristol needed to be mentioned as I left it out..ouch we all make mistakes..... :2twocents

[tdkx669]

hi
Any one got idea whats happen with MAP bcoz yesterday its gone upto 3.31 and again come back to 3.25. It looks like it make another triangle pattern.Any one got suggestion?

[MAPfan]

Not sure, but it looks good, am holding long term, yield plus growth

[chicken]

Not sure, but it looks good, am holding long term, yield plus growth
Mapfan....yes its looking A LOT BETTER....I think the Europeans are seeing a huge upside here...Accumulation taking place..hold on to your shares $4 not far away could go quickly to that price.... wooooosh :2twocents

[trader]

Anyone thats interested , if you have digital TV macquarie have got a channel
on there and they have the boss from MAP actually talking about copenhagen airport and other strategies, I think they repeat these segments all the time.

[MAPfan]

Thanks trader, but cant get that on my tv, what are they saying, anything of particular interest?

[michael_selway]

Hi the thing about MAP im wondering about is on Commsec

Earnings and Dividends Forecast (cents per share)
2004 2005 2006 2007
EPS 73.3 61.1 12.8 38.2
DPS 12.0 20.0 23.0 25.0

in 2006 their forecast is very low but in 2007 it recovers a bit to eps 38.2c, but not as high as it was in 2005 eps 61.1c. So in 2008 (forecast) is it going up? stable? down?

[chicken]

Hi the thing about MAP im wondering about is on Commsec

Earnings and Dividends Forecast (cents per share)
2004 2005 2006 2007
EPS 73.3 61.1 12.8 38.2
DPS 12.0 20.0 23.0 25.0

in 2006 their forecast is very low but in 2007 it recovers a bit to eps 38.2c, but not as high as it was in 2005 eps 61.1c. So in 2008 (forecast) is it going up? stable? down?
Through the grapevine I hear MAP will be putting in for 10 Airports in Saudi Arabia...I wonder.... :2twocents

[MAPfan]

I hope you are right Chicken, as more airports drive share growth for map

Aegis have a $3.91 12 month target and rate as a buy
Investor web also rate as buy

In response to the eps comment, with infrastructure stocks, given non cash expenses such as depreciation, in my opinion it is important to look at operating cash flow and that has been rising for Map; thats driving share price and divs I believe :goodnight

[slimtrader]

Bloomberg broker consensus target at 3.70. 7 out of 9 analysts rate stock a buy (other 2 - hold).

[MAPfan]

Chicken, just heard from investorweb

MAP May Sell Rome Airport Stake - Citigroup

1108 [Dow Jones] STOCK CALL: Citigroup suggests periodical review of assets could see Macquarie Airports (MAP.AU) put non-controlling interest in underperforming Rome airport on block. "With a potential catalyst in the stock in the form of a likely 50 cents per share capital return from the sale of its interest in Rome Airport, and attractive distribution yield of 7.1%pa, we view MAP as an attractive investment," broker says. Keeps stock at buy, raises target to A$4.00 from A$3.90. MAP down 2 cents at A$3.23. (LMF) :goodnight

[nizar]

on fnarena.com

out of 8 brokers: 5 say buy or outperform, 2 say neutral and 1 avoid..

average price target is $3.72..

good yield, good growth prospects, this one seems a winner, i only wish i got some when it was under $3... maybe it will get there again this month with the volatility we're seeing..

[MAPfan]

thanks nizar, Ive been buying them for 20 months and still like their med- long term :goodnight propects

[tdkx669]

HI
I am suprise why its going down with every good news? Any one got idea.
cheers

[trader]

They carry to much debt and pay all their profits out in fees to MBL or in
dividends , I think they even had to borrow more last time just to do that.
MIG does the same. This is like a personal invester buying one house after
enough , paying ever only the interest and sometime even getting the house
revalued just to borrow a bit more to spend.

[nizar]

They carry to much debt and pay all their profits out in fees to MBL or in
dividends , I think they even had to borrow more last time just to do that.
MIG does the same. This is like a personal invester buying one house after
enough , paying ever only the interest and sometime even getting the house
revalued just to borrow a bit more to spend.

In theory u are right, except look at the cut-and-paste from westpac broking iv put below...

earnings is more than dividends in all cases except this yr... which is why? i dunno...

and yeh fundamentals say they have too much debt, i mean they paid like $100m+ in fees to MBL in 2005, but investors would have doubled their money... do u really care about fees if ur doubling ur money??

borrowing to invest means the business is growing, all this borrowing now is for an investment, the payoff will come...

MAP since it floated was always structured in this way, and the market has always supported it with high volumes and high sp growth...

Earnings and Dividends Forecast (cents per share)
Curr 2005 2006 2007
EPS 73.3 59.7 14.7 40.2
DPS 12.0 20.0 23.0 25.0

Just my view.... and analysts say... they like it too... 7% yield is nice...
remember wat warren buffet said, by for yield and the capital growth will come...

[chicken]

They carry to much debt and pay all their profits out in fees to MBL or in
dividends , I think they even had to borrow more last time just to do that.
MIG does the same. This is like a personal invester buying one house after
enough , paying ever only the interest and sometime even getting the house
revalued just to borrow a bit more to spend.
Trader NO FEES WERE paid to Macquarie for the first half as the SP was up the shute...now perhaps they will earn some fees the 2nd quater..right the reason the sp is falling because the brokers are shorting this stock unbelievable..they are selling stock and have no script..all the brokers are doing it check the shortsells at the ASX....this is good stock but will take a little longer to come right....the broker are shorten this stock all the time..someone will pay in the end......looks as if some brokers or dealers are deep in the shute with this one...time will tell :2twocents

[TheAnalyst]

I have been looking at the map installment warrants and think i like the leverage any opinions??

[chicken]

I have been looking at the map installment warrants and think i like the leverage any opinions??
I heared you are a gun in this department.....installment warrants...Brussel report was great....

[TheAnalyst]

I heared you are a gun in this department.....installment warrants...Brussel report was great....

Have you tried installment warrants Chicken?? if you need a hand i am happy to help

[TheAnalyst]

I picked up my installments today.....at 45.5 cent...this things p/e is to low and deutsch bank have them as a buy in todays financial review

[chicken]

check...www.asx.com.au/data/shortsell.txt now what is going on MAP has now the largest NO of shortsold shares on the market...$100million$$ worth..anyone could shed some light on that...its been going up everyday...anyone with an idea..or 32million shares..check it

[michael_selway]

I picked up my installments today.....at 45.5 cent...this things p/e is to low and deutsch bank have them as a buy in todays financial review

I checked comsec forecasts

Earnings and Dividends Forecast (cents per share)
004 2005 2006 2007
EPS 73.3 59.7 15.1 46.9
DPS 12.0 20.0 23.8 25.0

I like it, the only thing that worries me is the 2006 EPS, for soem reason its very low, compared to the other years

[tdkx669]

I didn't see such a worst performing share in market. Any one got idea whats going on with that?????????

[justjohn]

2005 full year report due out 22/2. This will tell us more, but still a great yielding stock of around 7.5%. A good long termer. :xyxthumbs

[tdkx669]

ITs very hard to believe MAP is keep going down. Next support looks like near 2.93. Any one got any suggestion
cheers

[michael_selway]

2005 full year report due out 22/2 this will tell us more , but still a great yielding stock of around 7.5% a good long termer. :xyxthumbs

Dude its not all about dividend yield, its more about EPS.

You can see on comsec that EPS is forecast to decrease the next few years.

Although their DPS is increasing? Increased debt maybe?

Earnings and Dividends Forecast (cents per share)
......2004 2005 2006 2007
EPS 73.3 59.7 15.1 46.9
DPS 12.0 20.0 23.8 25.0

thx

MS

[cubsfan]

The bird flu is still present and spreading, I'm hoping that will hit Map's stock so I can get in cheaper. I love owning monopolies :)

Anyone know why comsec has forecast MAP's EPS at 15.1 cents?
Would it be because of the dilution of earnings due to a larger number of shares outstanding?

[chicken]

Looks as if the shorts are nearly ALL gone just 2 million left which had a position of 34 million...must have cost that dealer a LOT OF MONEY...good show hope he lost plenty...from here on we should see better prices....great stock this..... :2twocents

[zoo]

Gotta love the assets...25c 07 distribution gives a nice earning stock. Land bank a goldmine for future growth.Will continue to hold and enjoy the growth, would like some more under $3 tho...lol

[chicken]

Looks as if the shorts are nearly ALL gone just 2 million left witch had a position of 34million...must have cost that dealer a LOT OF MONEY..good show hope he lost plenty,,from here on we should see better prices....great stock this..... :2twocents
As I said before should go higher from here :2twocents

[Kipp]

well commsec can sucks eggs. EPS a little more like 45c according to their annual report.
Bought me a small chunk at $3.03, and good to see SP is slowly creeping up after the hammering it took in Jan/Feb...

[tdkx669]

I am more confident in stock when Nicholas Moore buy bcoz he is founder of MIG as well.I don't understand their structure or how it works but I found its good yield stock.

[MAPfan]

On its way up, yield too high at this SP :goodnight

[michael_selway]

On its way up, yield too high at this SP :goodnight

yeild is unfranked though so needs to be taxed

[MAPfan]

Only part of the yield is taxed, mostly tax free distributions but reduces the CGT cost base when you sell..tax deferral at its best

[justjohn]

up 8-9%this week from a low of $2.98 hope everyone topped up, recieved dividend also :D .Happy days

[kariba]

Hi guys

I dont wish to bag MAP, but I sold out late last year for a 5% profit after holding for over 1 year. Got sick of the sideways pattern thru 2005. Sold early October & moved into OXR & made 80% in 2 months. Stocks are cyclical & map had a fabulous ride upto 3.50, but has traded in a range for some time now.

Interest in infrastructure stocks are low ATM, so I will wait for the market to 'fall in love' with MAP again before I get back in. Also that 3.32 mark is the one to watch! If it breaks thru that then I am in.

All the best

[Kipp]

Have any MAP fans been following the articles in the AFR this week Re: Rome Airport? There is speculation that Gemina and Save [other Airport owners] will merge and possibly put a bid on MAPs Rome stake. MAP is saying it has no intention of selling which has me baffled because it is underperforming relative to their other assets. Sorry I can't attach the articles cause I don't have an online subcription to AFR.
SP has retreated a little bit but this sounded like pretty positive news to me. [Plus Macquarie equities claims that the actual value of Rome Airport may be closer to 4.3 bill, rather than 2.4 bill as valued by MAP at 31 Dec.]
Any thoughts?

[MAPfan]

Its all good news, shows the potential of map, if they can sell or take over Rome. Other articles on the BAA takeover as well show more potential for map. Could be a great year for map.

[MAPfan]

up 9c , mbl increased holding and Finally its broken through 3.30..where to now?

[michael_selway]

up 9c , mbl increased holding and Finally its broken through 3.30..where to now?

Do u reckon at 340 woudl be a good sell price?

thx

MS

[nizar]

Do u reckon at 340 woudl be a good sell price?

thx

MS

for me personally, this is one of those stocks where u buy on the dips, hold for years and collect divvies along the way.

this will be a $10 share in a few years time... all those acquisitions will pay off...

[michael_selway]

for me personally, this is one of those stocks where u buy on the dips, hold for years and collect divvies along the way.

this will be a $10 share in a few years time... all those acquisitions will pay off...

the thing is the price they paid for the assets were to high, and have now dropped in value i think?

Earnings and Dividends Forecast (cents per share)
2005 2006 2007 2008
EPS 68.8 34.6 53.4 17.8
DPS 20.0 25.0 27.5 30.0

Tim Poole Interview
One of the biggest players in the listed infrastructure market has warned that the sector is heading for a fall. In a video interview with Alan Kohler, Tim Poole, the managing director of the Hastings Funds Management group, also tells why he believes that Macquarie Bank's exceptional fee arrangements are a “cause for concern”.

http://www.sharecafe.com.au (video at the bottom of site or here below)

http://www.eurekareport.com.au/iis/iis.nsf/pages/A1EC2853801D3AE0CA257128007E1FD4/$file/060301 TPOOLEAK VIDEO.wmv

[justjohn]

Dont get to paranoid about MAPs EPS for 2007 because the way they trade there assets its going to change from year to year

[MAPfan]

Hi MS

I have no idea what a good sell price is for you...its up to you...I'm patient and waiting to see Maps next move re BAA

[Kipp]

Well... MAP forum has been pretty quiet lately amid the commodities boom, but the SP is still trickling along nicely- a crazy rush at close of trade today to 3.44- sweet.

Has anyone else been following the AFR lately about MAP having the option to buy Ferreo (em, not sure on spelling there) stake in Sydney or Bristol due to competition laws? Why would MAP want to own a greater (i.e. 80%) stake of Sydney compared to its European airports it looks pretty awful in terms of growth rate in traffic and revenue.
It does not look like a good option to take. Bristol maybe.

[MAPfan]

I think that shows that Sydney has great growth prospects..so am happy Map will pick up more..commentators say that the major hub airports like Syd will do well in the future

[MAPfan]

Looks good after AGM..hopefully will be rerated in view of bids for BAA
Yield is great too

CEU is cheap too, could be another Hills?

Hope so just love such infrastructure stocks good yield and great growth

[Kipp]

All threads seem to go quiet when the bear steps in... is anyone hear taking part in the Security Purchase Plan? I am racking my brain trying to calculate/estimate the average Price/Share will be (given that it is calcluated on a weighted average for this weeks trading (discounted 2.5%). 1st MAY High-Low 3.28-3.22, 2nd MAy 3.25-3.21 Today 3.20-3.12. So roughly... that makes the average SP this week $3.21 (not including any weighting but vols roughly 4.8mill each day), which isn't so great given that MAP closed at $3.15 today... (and could possibly lose more ground on Thurs and Fri at this rate).

However, the discount alone + no brokerage is really incentive enough for me to take the SPP, but the current downhill trend isn't so promising....

Just flicked through ASX annoucements, very positive news for Copenhagen's 1st QTR (operating profit up 11% and NPAT up 32%). So maybe the downtrend will flatten out. On 6month chart support looks like it should be around $3.15. But conversely, reading off the 3 month chart, MAP has just breached support of ~$3.22. (But I'm no Techie).

Chicken, MAPfan, your thoughts would be appreciated.

[Kipp]

Well, decided to take the plunge on the SPP. The downtrend looks like it is reversing (or at least plateauing) and on Thurs there was "the hammer" candle. (Small body long downwards tail) which I've read can spell the reversal of a trend - confirmed by the next day of trading moving up.

Be nice if there was a breakout over the next couple of weeks, so by the time those share were issued MAP was back at $3.40 (my guess is weighted average for the week was around $3.18)

[Profitseeker]

Goldman bids $25.9b for UK airport group
June 6, 2006 - 9:04AM

A consortium led by US investment bank Goldman Sachs Group Inc has offered to pay 10.3 billion pounds ($A25.9 billion) for UK airports group BAA Plc.

This trumps a previous offer from Spain's Grupo Ferrovial SA, a source familiar with the situation said.

The group is offering 940 pence per BAA share. BAA investors would also get a final dividend of 15.25 pence per share, giving the offer a total value of 955.25 pence a share, the source said.

The consortium includes US insurer AIG, Canadian investment fund Borealis, Commonwealth Bank of Australia's Colonial First State, Abu Dhabi-based investment company Mubadala and Ontario Teachers Pension Fund, the source said.

It was still awaiting a response from BAA.

Financing for the bid would be provided by banks, including Credit Suisse, Dresdner Kleinwort Wasserstein, Lloyds TSB and West LB.

A BAA spokesman declined to comment.

BAA said earlier on Monday it was in talks with Ferrovial and a second party.

The shares of the UK-based airports operator had jumped 2.7 per cent to 929-1/2 pence by 1519 GMT (0019 AEST), well above Ferrovial's current 900p a share offer. BAA has said it is worth at least 940p a share.

Ferrovial was earlier working towards a 2300 GMT (midnight UK time) deadline on Monday to lodge its final bid for BAA. Sources familiar with matter said it was considering raising its offer if it could secure the backing of BAA's board.

Ferrovial was not immediately available for comment.

Goldman Sachs, which made an informal approach to BAA earlier this year, had been widely expected to make an approach. Commonwealth Bank of Australia said earlier on Monday that it had joined a consortium led by the US bank.

"There is interest coming in from Goldman Sachs, who are well funded and appear to be very serious in terms of their intent," Euan Stirling, investment director at Standard Life Investments, earlier told BBC Radio. Standard Life owns about one per cent of BAA.

Last week, Ferrovial's hostile offer of 900 pence a share was rejected by BAA, which owns London's Heathrow, Gatwick and Stansted airports.

Airports are drawing investors attracted by a highly visible, long-term outlook, with traffic in Europe expected to double by 2020 to two billion passengers.

Higher traffic will boost revenues from landing fees and airport businesses such as leases for shops and restaurants.

Opportunities to buy major European airports are also few.

CBA, Australia's second-biggest bank by assets, said its Colonial First State Global Asset Management unit would have an equity interest of more than $1 billion in the Goldman consortium if it went ahead with an offer and was successful.

Last week, bankers acting for Ferrovial launched a failed raid on BAA shares in the market in a bid to fend off the Goldman consortium.

BAA, which also owns Glasgow and Edinburgh airports and has interests in several Australian airports, has sought to keep shareholder support by boosting its dividend and offering to buy back shares.

[michael_selway]

for me personally, this is one of those stocks where u buy on the dips, hold for years and collect divvies along the way.

this will be a $10 share in a few years time... all those acquisitions will pay off...

Earnings and Dividends Forecast (cents per share)
2005 2006 2007 2008
EPS 68.8 37.6 46.5 18.5
DPS 20.0 25.0 27.5 30.0

Was before

Earnings and Dividends Forecast (cents per share)
2005 2006 2007 2008
EPS 68.8 34.6 53.4 17.8
DPS 20.0 25.0 27.5 30.0

thx

MS

[MAPfan]

BAA takeover wrapped up now Map should enjoy a good run and more airports

[shinobi346]

http://couriermail.news.com.au/story/0,20797,19438580-3122,00.html

looking good! Up, up and away from here!

[Kipp]

Given the receent announcement by Mac Bank that it will not chrage fees on its underperforming infrastructure groups (MIG and MAP) for this year... what sort of windfall will that mean for MAP's bottom line?

[Kipp]

Given the receent announcement by Mac Bank that it will not chrage fees on its underperforming infrastructure groups (MIG and MAP) for this year... what sort of windfall will that mean for MAP's bottom line?
Looks like about 60mill in 2005 going by their annuall report....

[Kipp]

Looks like about 60mill in 2005 going by their annuall report....
oops found it.

MAp quizzed on Mac's $90m fee
Steve Creedy
April 21, 2006 "The Australian"

In 2005, Macquarie Bank was paid a $54 million base fee, representing 1.1 per cent of MAp's net investment value, and a $37 million performance fee, based on beating a certain benchmark.

"I wonder if the time hasn't come to look at costs and, of course, one of the obvious costs is the management and performance fees that last year totalled $92 million," Mr Matthews said.

[noirua]

Short and sweet is the radio report from Macquarie Airports, as Ms Kerrie Mather, CEO reports on increased growth, and then it's, let's get the hell out of here before I'm asked some more questions: http://www.brr.com.au/event/MAP/1651/12494

[Kipp]

Short and sweet is the radio report from Macquarie Airports, as Ms Kerrie Mather, CEO reports on increased growth, and then it's, let's get the hell out of here before I'm asked some more questions: http://www.brr.com.au/event/MAP/1651/12494
Not much substance to her little speech, eh? Nothing that wasn't in the ASX release, and spread in every paper since...

[noirua]

In comes Ms Kerrie Mather, CEO, with the First Half Report for Brussels Airport. Even quicker and very short report. Was Cameron thinking of asking another question, no chance, she's out of there : http://www.brr.com.au/event/MAP/1651/12705

[Kipp]

Hmmm... so the terroist plot. What do you think the short-long term effects will be?
I'm predicting in the long run people will get used to new security measures and it won't really alter demand for air travel too much. I mean, what other choice is there for business? And no-one want to spend 2 weeks getting a boat to the US (well... unless you're on a cruise!) But in the short term, traffic is most likely down... but how much?

On another spin, mightn't be so bad for MAP, as none of their airports are based in the US.

THe AFR hinted today that MAP is possibly sniffing around Auckland airport as the next acquistion. I wouldn't mind it if they held off a bit (maybe even sell off Roma?) not the greatest time in the world to be taking on more debt...

Other thoughts welcome.

[marc1]

Afternoon all
has anyone else noticed the 10% jump in map in the last few weeks ????
along time coming i must say, any possible connection in sp and macquarie
bid for qantas ?
time for a wine
cheers

[justjohn]

Up 20% since late August should be running out of steam soon :confused: but what would I know got out at $3.34 left plenty on the table :banghead:

[marc1]

Up 20% since late August should be running out of steam soon :confused: but what would I know got out at $3.34 left plenty on the table :banghead:
Certainly agree justjohn retracement overdue , hopeing for bit more { famous last words} i jumped in @ $3.15 but the finger is on the trigger.
cheers

[36590]

Hi all,

Going long term on this one. I have held for just over a year although the SP hasn't gone up that much the Dividend isn't too bad.

I'm sure the Macquarie interest in Qantas has sparked some movement in the SP.

Lets hope it keeps going for a while.

[marc1]

Map strong performance today trading ex dividend @ .12 per share.
down .05 @ the moment to $3.60 after a very strong run.
also noticed axa pacific topped up to 10.83% from 9.64% on 15/12/06.
All good news for map holders. :)

[mikepretty]

Any ideas on the trading halt anyone? Possibility of a buy into AIA in the media. What effect could this have on SP? There have been no posts on MAP for a while.

[ozambersand]

Trading halt probably relates to the sell off of the Rome Airports. They are at odds with their partners in that venture.

[MAPfan]

A great result, now hope for $1.30 distribution of capital or another airport acquisition well done map:banghead:

[mikepretty]

MAP seems to be holding up fairly well through the bumpy patches. some gains early on during xao down days and flat on some days with larger down moves. (sorry cant post a chart) Could this mean MAP will see some buying when people start to enter the mrket again due to its strength? any comments on this stock would be good. Cheers

[shinobi346]

Old news but nobody else has mentioned it. MAP went and bought almost 10% of a Japanese airport with the money they had built up.

I kinda wish the price would go down because then the buying price in the DRP will be lower. ;)

[DionM]

It slid pretty hard during the middle of today, finished up okay. I bought in on Tuesday as yeah it had looked good during the bumpiness. Today it took a bit of a hammering but still finished up not to far down (13c / share cheaper than when I bought in though).

Here's hoping it gets dragged up with everything else if/when a recovery happens ...

[DionM]

I'm a bit confused by the sudden back tracking of this share ..

- In the MAP investor briefings, they quote an Asset backing per security of $4.92.
- They have issued distribution guidance of 26cps for 07
- They have over a billion in cash for future investments
- MBL just increased it shareholdings

So why the retrace on the SP?

[josh_in_a_box]

No clue, but I am watching the situation closely. Might buy myself a cheap xmas present if it drops even more.

[josh_in_a_box]

another big drop today! should I be worried?
whats happening with mac airport? anyone heard anything about it?

[shinobi346]

Yesterday they announced they had increased their shareholding of Brussels airport to >60%. Since they had a controlling stake in that airport already, people may have been disappointed it wasn't a entry into a new airport or a greater slice into one they don't have a controlling stake in yet. I know I wasn't too fussed by the news. but then it was old to meand partly announced when they lifted there stake in Japan Airport Terminal back in October.

In one article I read today, a spokesperson for JAT claimed that MAP was not intending to buy more of it.

The rest is a puzzle.

[DionM]

Announcement out today showing passenger numbers up. Probably would have been good news if it wasn't for the general market downtrend which MAP appears to be caught up in again?

[DionM]

Noticed a broker upgrade to BUY this morning for MAP in the update that Commsec emails out each day (was previously OUTPERFORM).

Seems to have some support around $4.00 based on the last few days, and longer term chart indicates support around $3.90.

[shinobi346]

Interesting to know, if not humourous editorial piece concerning MAP and the new Fed transport minister, whos electorate is under the airport fly zone.

http://business.smh.com.au/guess-whos-got-the-airport/20071129-1dru.html

[shinobi346]

http://www.news.com.au/couriermail/story/0,23739,23057986-952,00.html

Not Sydney but Brisbane which I believe is privately owned. If BAC can get away with doing this imagine if Sydney did the same.. or are they doing it already?

I'll stay as a investor/trader here so I'm not going to get upset at the article. I am from Brisbane. :EEK!:

[subaru69]

No one has posted any interest in MAP recently.

I jumped on the day pre-dividend. It's been my star performer in the time period (TPI has had some ups/downs but is actually doing better at the close today). :D

Some 'bad' news about less volume at Sydney but other than that IMHO it seems it was massively oversold when VBA and QAN started cost-cutting. I don't think that people realised that NO AIRLINE ON EARTH would start cutting flights to Sydney, urgh :banghead:

Sydney Airport today announced a 9.5 percent increase in earnings (excluding specific non-recurring expenses) for the half year to 30 June 2008.

Capital Expenditure

Total capital expenditure increased 79.4 per cent on pcp to $A157.9 million (HY CY2007: $A88.0 million). Capital expenditure comprised maintenance expenditure of $A7.2 million and $A150.7 million in growth expenditure. Major items of spend for the quarter included the T1 Multistorey Car Park, T1 Redevelopment Project, A380 related pavement works and T1 Arrivals Works.

I know that Sydney isn't the only infrastructure of MAP, but news on it is the main driver of SP in Oz. :2twocents

[countryboy]

gotta hand it to mac ,,only 7 million on maintenance and a whopping 150 million on making more dough ! Expect to see fees for crossing at the zebra crossing, arrivals departures screens will now be coin /time driven and a slot for using credit cards if you want a better quality toilet paper in the loo.

maybe its time i bought shares in companies that continue to rip people off...city link ,any bank,telstra etc

the only airport in sydney they can do want they want. present price reflects imho oil prices and not its monoploy position

[Macquack]

smh.com.au
Business Day
http://business.smh.com.au/business/macquarie-airports-braces-after-slump-in-traffic-20090320-94e6.html

Macquarie Airports braces after slump in traffic


MAp blamed the poor figures partly on the timing of Chinese New Year - which fell on January 26 - and the previous year being a leap year.

Talk about "clutching at straws". One less day in 2009 explains traffic slump.

[nulla nulla]

smh.com.au
Business Day
http://business.smh.com.au/business/macquarie-airports-braces-after-slump-in-traffic-20090320-94e6.html

Macquarie Airports braces after slump in traffic



Talk about "clutching at straws". One less day in 2009 explains traffic slump.

A simple example for comparison is your power bill for this month versus last month and the same period last year. February with 28 days is less than January with 31 days and February last year with 29 days. Sorry but that reduction in the bill was not a result of you going arround switching off appliances and trying to cut power use and costs, it was simply because there was one less day in the time periods being compared.

Similarily when comparing traffic figures for February versus January and the same period last year, if traffic per day is constant, a 28 day month would reasonably be expected to have less traffic than a 29 day month. Additionaly it could be reasonable to factor in a decrease for the reduced flights attributable to the ecobomic downturn. Expectations of which should already be factored into the share price which has fallen to current levels.

I don't see it as MAP clutching at straws, however my perspective may be biased as I hold map shares.

[Mitsimonsta]

Bought into MAP a few months ago at $1.645, currently +43% on them.

Seems like I got in cheap, but wondering if it is merely JAT buyback participation and slightly better passenger numbers driving the recent SP growth?

[skc]

Bought into MAP a few months ago at $1.645, currently +43% on them.

Seems like I got in cheap, but wondering if it is merely JAT buyback participation and slightly better passenger numbers driving the recent SP growth?

MAP was under massive short attack a few months back. As shorting on MQG the mothership was banned, this was one way shorters could force MQG to launch a heavily discounted capital raising - or so says some financial press.

The sharp rises recently could be some short covering. But better passenger numbers and a massive dividend yield certainly help.

[Mitsimonsta]

I am kind of upset I did not get more of them under $2/unit, only holding a small parcel of 310 ($500).

It's my second highest increase on average buy. The top 4:
BEPPA: +55.5%
MAP: +46.5%
CBA: +41.4%
SHL: +14.4%

Hopefully it continues to rise. I thought MAP best to be exposed to the Aviation sector as it was not tied to any one airline. That said, VBA dropped to 17c not long after I bought MAP, would have had a much better CG on it.

Oh well :cool:

[Mitsimonsta]

Up 23c today and then called a trading halt in order to make an announcement to the market.

I suggest that this will be reinvesting the the money in the JAT buyback into another property - possibly a stake in a local international airport.

Now my biggest gainer in the portfolio, +59.3%.

[skyQuake]

Absolutely ridiculous how they can halt MAP, and then let MQG trade for another 30min before realizing they have to halt MQG too.

[Mitsimonsta]

Shouldn't have been an issue unless it will have a material impact on MQG. Obviously it is a big buy of something with MQG advising for some big fees or running a capital raising.

Are we taking bets on what the announcement is going to be?

BNE is obviously the biggest takeover target for MAP as the projected growth out of it is simply phenomenal. However MEL would also be helpful. A380 capability at MEL, second biggest domestic passenger numbers. Perth could also be on the radar.

Otherwise I would imagine it will be a much larger stake in ASUR and their 9 Mexican airports.

[skyQuake]

Not released on ASX but you can read about it on reuters or something - Inclusion into portfolio and some analyst stuff. Also macq raking in big fees :P

[Mitsimonsta]

Not released on ASX but you can read about it on reuters or something - Inclusion into portfolio and some analyst stuff. Also macq raking in big fees :P

Not anywhere I can find on Reuters..... just the two trading halts.

No real info on Business Spectator yet.

[skc]

Shouldn't have been an issue unless it will have a material impact on MQG. Obviously it is a big buy of something with MQG advising for some big fees or running a capital raising.

Are we taking bets on what the announcement is going to be?

BNE is obviously the biggest takeover target for MAP as the projected growth out of it is simply phenomenal. However MEL would also be helpful. A380 capability at MEL, second biggest domestic passenger numbers. Perth could also be on the radar.

Otherwise I would imagine it will be a much larger stake in ASUR and their 9 Mexican airports.

I serious doubt MAP is buying anything... the announcement says "strategic options to enhance security holder value". It is either internalisation of management, privatisation / delisting or someone taking a strategic stake in MAP.

If it was cap raising, they would just say capital management initiatives. And MQG doesn't need to be halted as well.

Regardless should be good for holders.

[sdmartin10]

Could be a capital raising to buy out the management agreement. Given the gearing they probably wouldn't want to use all their cash.

[Mitsimonsta]

Well, the announcement is ****.

11 years worth of management fees to break the deal. Why would MAP directors ever consider a deal like that? Some saving. Lets shaft the shareholders in the fund even more :rolleyes:

Seems that 50.1% of votes can terminate the management rights for no reason. Might be a better way to go. Need to get enough holders to force a vote.

[joewolf]

I will vote No. Only winner big time is MQG. They lock in 2008 magnt fess net of costs with 150m units. This year the interim suggests that the fees are down by at least 12m.

Bad deal for Map holders.

I hold Map units

Do your own research before any investment decisions I have been wrong many times in the past and will be wrong many times in the future.

[drsmith]

What exactly does MQG do for the management fees it extracts from MAP ?

Put another way, Will MAP's corporate overheads be any less after MQG gets the additional units ?

[oldblue]

What exactly does MQG do for the management fees it extracts from MAP ?

Put another way, Will MAP's corporate overheads be any less after MQG gets the additional units ?

I suspect that the answer to the first question is, "Very little" and to the second, "Not really".

The issue is that MQG have the contractual rights to the fees at present and unitholders have to weigh up what it's worth to get them to re-negotiate that contract. Unfortunately, MQG hold most of the cards and unitholders will need to organise "the machinery" to take them on.

I held MAP, and MIG in past times but sold out when I came to realise how much the field was tilted in management's favour.

[Mitsimonsta]

Okay, might be time to revisit MAP.

Hold units myself, averaged in at $2.18 & I get a (small) allocation in the current SPP @ $2.30 - less than $200 worth. My parcel is so small that I feel like not participating - almost like it is hardly worth the effort.

Obviously any SPP discounted to trading value is worth a look at. It's a fairly serious discount (~21%) on current SP of $2.79 and we have had a higher SP of late. So on the face of the discount, plus the long-term SP and also taking into account a fairly decent dividend return, I think it is attractive to me.

My other choice other than not participating is to apply for more shares than I am entitled to, possibly by a factor of 3 or 4 and bring it up to closer to a $500-$600 parcel. While this would be helpful, I run the risk of being scaled back in the SPP. Funds would also need to come from Margin to support the buy (I get 50% LVR on MAP).

[skyQuake]

Okay, might be time to revisit MAP.

Hold units myself, averaged in at $2.18 & I get a (small) allocation in the current SPP @ $2.30 - less than $200 worth. My parcel is so small that I feel like not participating - almost like it is hardly worth the effort.

Obviously any SPP discounted to trading value is worth a look at. It's a fairly serious discount (~21%) on current SP of $2.79 and we have had a higher SP of late. So on the face of the discount, plus the long-term SP and also taking into account a fairly decent dividend return, I think it is attractive to me.

My other choice other than not participating is to apply for more shares than I am entitled to, possibly by a factor of 3 or 4 and bring it up to closer to a $500-$600 parcel. While this would be helpful, I run the risk of being scaled back in the SPP. Funds would also need to come from Margin to support the buy (I get 50% LVR on MAP).

MAP shortfall policy had a line in there about how you won't get more shortfall than your current holding. ie I don't think they will allocate you more than your current entitlement x2

[Mitsimonsta]

I have only just got the mailout today and am yet to read it... got a page reference for that?

The way you mention 'more than current holding' - well I hold 640, so if that's my maximum then I am okay with that.

If they specifically say 'double your entitlement' then that is bad.

[Mitsimonsta]

I have read through the offer document, and I could not find anything like what you mention skyQuake.

The only thing I could find was that if there is a shortfall of takeup of the offer, then Additional New Securities (in excess of entitlement) will be available and will be distributed PRO-RATA based on your entitlement amount.

So yes, it might be difficult to get more than your allocation on that basis. It all depends on how many people do not take up their allocations. But at a 20% discount I think it should be reasonably well supported.

[skyQuake]

I have read through the offer document, and I could not find anything like what you mention skyQuake.

The only thing I could find was that if there is a shortfall of takeup of the offer, then Additional New Securities (in excess of entitlement) will be available and will be distributed PRO-RATA based on your entitlement amount.

So yes, it might be difficult to get more than your allocation on that basis. It all depends on how many people do not take up their allocations. But at a 20% discount I think it should be reasonably well supported.

Yeah the 2x allottment is more of a guess really. The 2nd part of 5.1.2 read in conjunction with 'pro-rata allottment based on your entitlement' would more than likely mean you will be allocated a set multiple of your entitlement. (eg Like Amcor)
I wouldn't be surprised if its incredibly oversubscribed and they will only offer a small part in the SF.

Cheers

[Mitsimonsta]

I think you are right about oversubscription - mainly due to the way it has been structured with MQG agreeing to take part, underwriting & then with options to take additional units.

I have an entitlement of 58 units.... I've got $1K from the margin loan ready to fire at it. For me, MAP is a share I want to continue to hold - I get decent margin from it (it's back up to 75% LVR now) and gives a healthy dividend return.

The biggest carrot is not paying brokerage, and although it will push my average buy price up, it will not be to the extent of purchasing on-market. I'd like to hold 1K units of these, so I need 360 in the SPP to achieve that.

The only hope I have is that they really scale back the 'Foreign Persons' in order to keep the foreign ownership levels in check and give the Additional New Shares to the smaller locals, AND MQG scales back their extra units - of which I think they will only sell immediately after allocation anyway. As I read it, they have underwritten the offer, but they have the option of not taking up Additional Shares if there is demand.

I did well with the FXJ offer, I had just over $600 worth of entitlement and I could have got $50K worth! I threw $1800 at it and got my average down to something I liked, then as the price went up I got out with a small overall loss.

[Mitsimonsta]

Have put through a 4x entitlement payment. The worst that can happen is that I get less than that and they return the money to me in a few weeks.

[Mitsimonsta]

Entitled to 64. Got 68 :rolleyes:

Waiting for the money to come back. Anyone got their back yet? I'm with Commsec, nothing in mine as of this afternoon.

[nulla nulla]

At todays close of $3.03 map is looking better for anyone that topped up in the SPP at $2.30. Pity it is on thin volumes while the big traders are most noticable for their absence.
Traffic volumes appear to be improving. I guess we will see where map is going early in the new year when the "professional traders" return from their xmas new year holidays.

[nulla nulla]

Since 31 December 2009 map has climbed to the heady heights of $3.35 then slid to a recent low of $2.55. Plenty of movement in the channel for trade opportunities. Appears to have hit resistance at $3.10 and now heading back under $3.00?

[nulla nulla]

Dropped down to $2.86 then lurched and staggered back up to the $3.00 - $3.10 level. News of the sale of the stake in the Mexicain airport and the proposed return to shareholders of $0.125 per share has underpinned the current price, pushing it up to $3.20 before drifting back down to $3.08. There have been some big volumes days since the last post.
I expect it to drop back quickly (after the announcement of the timing and structure of the return) when it goes ex entitlement.

[nulla nulla]

Is this shaping up for an upward breakout or headbutting resistance levels and ready to plumb new depths?

38907

Tha MACD chart shows the current price might be about to break downward through the moving average.

38908

The RSI shows the price is hovering just above the line between overbought and oversold.

38909

[BrightGreenGlow]

A very recent Eureka Report had MAP as a future massive yield share. Not really comparable with TLS especially with MAP not being 100% franked. Im 2 months away from a year holding MAP and hopefully Ill be able to sell them around the $3.25+ range again! :)

[BrightGreenGlow]

Passengers are on the UP...

PASSENGER numbers at Sydney and Copenhagen airports hit a record in August, MAp said, as Kingsford-Smith managed 3 million people.
http://www.theaustralian.com.au/business/aviation/passengers-hit-record-at-airports-in-copenhagen-sydney/story-e6frg95x-1225926627063

Record high rate of passengers at Sydney and Copenhagen. Good news for MAp, that volcanic dust problem weighed the SP down a bit but it was marginally up today ($0.01) in a lower day on the ASX.

[Unnamed User]

Special dividend of .125 cents announced today but the market doesn't seem happy as it is down .10 as i type this.

Record date is 06.10.2010 so does that make today the last day of entitlement to this dividend?

[snowking]

Today is the ex-dividend date. The SP usually drops by the dividend amount on this day, nothing unusual.

[Unnamed User]

Today is the ex-dividend date. The SP usually drops by the dividend amount on this day, nothing unusual.

But isn't the ex date 4 days prior to the record date?

That would make it tomorrow?

[BrightGreenGlow]

If you wanted the special dividend you would have had to have bought MAP shares yesterday. Being 10c down is a good result if we all collect an additional 12.5c in under a months time. I would guess they will rise 5c+ tomorrow too.

[YELNATS]

Special dividend of .125 cents announced today but the market doesn't seem happy as it is down .10 as i type this.



Actually, it was announced to the market last Friday Sept 24th. I guess it will be an unfranked dividend like their regular scheduled dividends, and it is a dividend and not a capital return.

[snowking]

But isn't the ex date 4 days prior to the record date?

That would make it tomorrow?

It is business days that count towards the 4 days, whilst the ASX is open on Monday for trading it is not considered a business day on their calendar, which is why today is the ex-dividend date

http://www.asx.com.au/about/operational/trading_calendar/asx/2010.htm

[Unnamed User]

It is business days that count towards the 4 days, whilst the ASX is open on Monday for trading it is not considered a business day on their calendar, which is why today is the ex-dividend date

http://www.asx.com.au/about/operational/trading_calendar/asx/2010.htm

Now it makes sense as by my count it should have been tomorrow.

Thanks for that.