The update was really encouraging. Technical breakout today with a small pull back into the close. Next target around $1.02-03. This has been underpriced for ages now. Even that TA target is 21% discount to NTA.
Cheap as, for the long run.
Printable View
Had a look around the area of Sylvia Park and it has grown tremendously. The development for 3 te kehu way I would say is almost completed. I can see 2 levels are already built in their BTR apartment. I did ask a question myself, would I live in the BTR? I would say yes. Close to pretty much all the major grocery stores, movie cinema and office buildings. Just my 2 cents.
Disclaimer: a young adult trying to build a career.
I’m expecting these BTRs to have high occupancy and achieve above market rents.
Lots of renters will love the fact that the landlord is a professional with long term in mind. Nothing worse than being settled in with your family and then getting a notice that the owner is selling and you need to pack your stuff and move at great expense. Happened to me once back when we were renting, very annoying.
Being next to a mall that has literally everything means no car needed. The appeal is very strong
Kiwi Property portfolio valuation update
KPG
06/03/2023 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS Kiwi Property Group Limited
GENERAL: KPG: Kiwi Property portfolio valuation update
Kiwi Property today announced its draft valuations for the six months ended
31 March 2023, including a preliminary 4.1% or $134.7 million reduction in
the fair value of its property portfolio. The Company's mixed-use, office,
retail and other properties are expected to be worth $3.2 billion at the
close of the period.
Kiwi Property Chief Executive Officer, Clive Mackenzie said: "Our investment
portfolio continued to track well through the second half of the financial
year, posting sales growth and rental uplift, while maintaining almost 100%
occupancy.
"Despite this strong operational performance, the trend of rising interest
and capitalisation rates being felt in New Zealand, and around the world, has
caused valuations to decrease. By continuing to diversify our mixed-use asset
base at locations like Sylvia Park, LynnMall and The Base, we will help
mitigate the impact of these movements going forward."
Kiwi Property's draft asset valuations are subject to final independent
audit, finalisation of year-end book values and will be confirmed in the
Company's annual results for the year ended 31 March 2023, due to be released
on 22 May 2023.
Most important part of this update: "Our investment
portfolio continued to track well through the second half of the financial
year, posting sales growth and rental uplift, while maintaining almost 100%
occupancy.“
Great to hear, and is what matters from an actual operational perspective.
Portfolio valuation will rise & fall along with the interest rate environment, but operational cashflow is what pays the bills (and dividends).
I still of course continue to see the giant disconnect between NTA and share price as an opportunity, patiently waiting for the next dividend for reinvestment which should be announced shortly and paid before month end.
I like how the value of the portfolio isnt price sensitive