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AOG - AVEO Group

Discussion in 'Stocks 0-H' started by GreatPig, Jul 14, 2005.

  1. Julia

    Julia In Memoriam

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    Re: FKP - FKP Property Group

    Etrade is quoting 12.8% with 42.8% franking.
    I don't know how reliable Etrade is here.
    Even that yield wouldn't tempt me into such a downtrend.
     
  2. Ves

    Ves Beyond Good and Evil

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    Re: FKP - FKP Property Group

    I agree this company certainly is not investment grade in my book. I probably looked at the balance sheet for as long as you looked at the chart!
     
  3. skc

    skc Goldmember

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    Re: FKP - FKP Property Group

    That is wrong. Etrade taking last year's dividend in their yield calcuation. Shares on issue almost doubled since then.
     
  4. Julia

    Julia In Memoriam

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    Re: FKP - FKP Property Group

    Thanks for clarifying that, skc. I was dubious about it, but not having looked at FKP for years didn't know.
     
  5. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    While the annual report for year ending 30 June 2012 makes reference to the dividends for 2011-2012. I couldn't see any guidance for the financial year 2012-2013.

    I can't see a take over as it is very tightly held by the main shareholders and I believe SGP has dibs over the sale of any of the retirements assets. If you think about FKP's prospects, with a nta way higher than the current share price, it is worth more to the share holders (particularly those buying in at these levels) if it was broken up and sold off at book value.
     
  6. So_Cynical

    So_Cynical The Contrarian Averager

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    Re: FKP - FKP Property Group

    Closed at 20.5 today ..as i said "a screaming buy" 3 and 4 days ago, one of the easiest 10%+ opportunities i have seen this year.
     
  7. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    On page 14 of the FKP Annual Report 2012, "Financial Overview as at 30 June 2012" The following information is provided:

    1. Underlying earnings per security of $0.079c per security;
    2. Distribution of $0.028 cents per security (for the 2012 period);
    3. Net Tangible Assets (NTA) per stapled security of $0.90; and
    4. Gearing of 39.1%.

    On page 49 of the report, the Earnings per security (as distinct to the "underlying" earnings per security) is reported at minus $0.292 per security. The loss appears to be after the accounting for negative revaluations of assets.

    On page 71 of the report under "Earnings per security" it is disclosed in point (b) that the number of shares used to calculate earnings per share is 1,197,979,540 being the weighted average number of ordinary securities on issue as at 30 June 2012.

    On page 125 of the report it is reported under the Security Holders staement as at 3 October 2012 that the total number of securities on issue is 2,251,016,386.

    In the Financial Overiew information on page 14, the supporting notes at the foot of the page disclose that:

    a. Following the Entitlement offer of 28 August the revised NTA per stapled security is $0.58; and
    b. Following the Entitlement offer of 28 August the gearing is reduced to 32.1%.

    If the underlying earnings per security is maintained at the 2012 level in 2013 this would equate to an earnings per share (using the new share total) of aproximately $0.042 per stapled security.
    If FKP maintained the same distribution ratio of underlying earnings in 2013 as they did in 2012 ($0.028 of $0.079) they distribution of underlying earnings would be aproximately $0.0116.

    The REIT table would look something like this:

    [table="width: 500, class: outer_border"]

    Share: FKP Date: Closing 22-11-2012 Closing Price 0.205 Issued Shares 2,251,016,386 Capital 461,458,359 Earnings $ 0.0420 Dist $ 0.0116 ROE 20.49% Yield % 5.66% P/E 4.88 NTA $ 0.58 Discount to NTA 64.66%[/table]

    Disclaimer: The figures in the table in respect of earnings per share, return on equity, distributions and yield are speculative, based on the assumption of fkp maintaining underlying earnings and distributing earnings going forward in the same manner as they have in 2012. The may not earn as much due to soft conditions in real estate, retirements and a host of other factors. The figures should not be relied upon to make investment decisions. I recomend anyone interested in FKP contact the FKP investor realtions officer and ask them direct.

    If I have made any errors in my reading of the report, posting of figures and calculations, I am happy to be corrected.

    As always Do Your Own Research and good luck. :)
     
  8. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    FKP to do a one (1) for seven (7) consolidation following todays agm.
     
  9. Julia

    Julia In Memoriam

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    Re: FKP - FKP Property Group

    Even in this week's newspaper reports and "Smart Investor" the yield is still being quoted as over 12%.
    Two emails to Etrade on this have resulted in "oh, thank you, we'll look into it" but nothing is changed.
    Very misleading for anyone who hasn't been following the stock.
     
  10. skc

    skc Goldmember

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    Re: FKP - FKP Property Group

    I think you'd find that the heading says "historical yield". It's not possible for the magazine or etrade to predict what each company will pay in dividend per share.

    In fact I don't know even Iress, which adjusts the share price charts for major capital raisings, would adjust historical dividends and work out the prospective yield.
     
  11. Julia

    Julia In Memoriam

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    Re: FKP - FKP Property Group

    No, the heading is just "Dividend Yield". I suppose, however, the 'historical' should be a given.
     
  12. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    The attached chart from "IncredibleCharts" has been adjusted to reflect the consolidation of 7 shares to 1. The chart covers a period of 2 years. This would have to be the worst performing share in the A-REIT sector since November 2010 coming off a high of the equivelent of $5.25 and dropping to yesterdays close of $1.14 (~$0.16 pre consolidation).

    fkp 2012-12-19.png

    You'd almost be tempted to buy it on the chance that they would elect to sell off all the assets and return capital to the share holders, claimed nta per share being significantly higher than the share price. Then again, the bulk of the shares are so tightly held by a handfull of investors, the risk is they decide to de-list from the ASX and go private.

    As of close of business yesterday there had not been any announcement as to whether or not they intend to do an interim dividend for the period ending 31 December 2012. It will be interesting to see if there is a distribution announcement or whether they decide not to do a distribution given they just did a capital raising at $0.20 followed by the consolidation. As always, do your own research and good luck. :)
     
  13. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

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    Re: FKP - FKP Property Group

    This is still on my watchlist as seeming to be way oversold but as others have said i dont want to get in too early. If they dont give a distribution one would assume the stock would drop even further
     
  14. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    Rallied $0.08 or 7% so far today, moderate volumes. Still on my watch list also.
     
  15. skc

    skc Goldmember

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    Re: FKP - FKP Property Group

    They already said no dividend at the AGM. See chairman address on 30 Nov

     
  16. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    Thanks for that. I read FY13 as no interim div end of December and no final div end of June 2013. Bummer, I'll adjust my tables accordingly.
     
  17. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

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    Re: FKP - FKP Property Group

    A base forming for a push higher or just waiting for another leg down? Without a dividend it is hard to see what will entice buyers back, although there is always persistent takeover talk i just cant see that being enough on its own to force the turnaround
     
  18. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

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    Re: FKP - FKP Property Group

    Up 24% since my last post, has certainly taken off. If it can close on the highs today then there is a big case for the downtrend having been broken
     
  19. nulla nulla

    nulla nulla Positive Expectancy

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    Re: FKP - FKP Property Group

    There is a write up in todays "Money" section of the Sydney Morning Herald that Infrastructure shares are the way to go in 2013. It probably isn't the reason for the jump, but a bounce has been way overdue for a long time.

    The share price has now rallied past the equivelent of $0.20 (7 x $0.20 = $1.40) from the capital raising which is a really positive sign, imo. Be good to see it close the gap to nta a bit further. Wonder if they have unloaded any further non core assets/paid down more debt?
     
  20. white_goodman

    white_goodman BOC

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    Re: FKP - FKP Property Group

    im happy to have been overweight FKP :)
     
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