# MCW - Macquarie Countrywide Trust



## Gurgler (7 April 2008)

Anyone have any information on this stock. Big spike in volume recently after suffering significant downside after Centro and sub-prime debacles.

Looking over its properties in Aus & US they seem to have a solid base and occupancy rate.

Anyone with specialised knowledge in this field (or in charting), your views would be appreciated.


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## Gurgler (7 April 2008)

It may be that BigCharts.com are having a problem with their volume calculator - just looking at other charts they have produced recently. Other threads have commented on  a multiple factor of 100 - for some reason.

Apart from that possible distortion, what are peoples' thoughts on MCW?


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## Tysonboss1 (16 July 2008)

Gurgler said:


> Apart from that possible distortion, what are peoples' thoughts on MCW?




I have bought some MCW, It's current dividend yeild and asset spread is pretty good.

I am not banking on a quick recovery but I think the share price will firm up over the coming 12months,


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## susu0303 (19 December 2008)

Hi all,

Just wondering how about this stock. At $0.24, Earning 13.3c, dividend 8c. No due debt in FY2009.

Seems quite solid and quite good dividend. I have a small stake now. Might get more. 

The Dividend yield is about 45%, compare to SGP, it's just about 10%.

Any one knows why?


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## robots (20 December 2008)

hello,

they have cut dividend from 15c/share to a forecast of 10c/share and now most recently to 8c/share for next year,

they have a ex-div day this week i think,

they WILL capital raise shortly, i have spoken to this company numerous times in the past 4 mths since it has been hammered,

they are caught up in the whole "debt" spin around the world with 51% gearing and have a lot of shopping centres in US

i cant believe they are selling properties in Australia and they are re-branding themselves as a pure rent collect trust

thankyou
robots


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## susu0303 (22 December 2008)

Hi Robots,

Thanks for the clarification. The rumor of the capital raising has been for a while. The effect of both this and the dividend cut was already released. That's why the price has been cut 50% by now.

As their debt status, I bet the earliest capital raising time will be March next year.

My point is, is the stock been undervalued? The dividend convert rate is about 35% now, PE ratio 2.09, even if it's cut down by 50% for any reason, it is still quite competible to other real estate stock.


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## robots (22 December 2008)

hello,

the thing is the dividend is no certainty, it went from 15c to 8.5c

if they dont sell prop in US, maybe they will cut even more of the dividend to reduce gearing

they having a lot of trouble selling "anything" in the US at the moment,

totally agree it is undervalued and the hysteria has smacked it, will probably be a 5 yr turn around at least maybe

thankyou
robots


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## susu0303 (5 January 2009)

Now it's jumping to 0.26, from 0.20.... So good. seems have another 10% to go.                  

Anyone got this stock as well?


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## Tysonboss1 (19 January 2009)

This stock makes up a about 25% of my share portfolio, I have been accumulating them since they were about $0.80 my average price / unit at the moment is 22c, I bought a heap at 20c before they went ex dividend which lowered my average right down,

The reason I bought such a large amount at 20c is because with a 4c div on it's way it was a 20% return on that one dividend alone, so I took the punt that the stock would atleast hold value at around 20c and I would be ahead, since then the stock has increased to 25c so with the div and cap gain I am ahead about 40%.

I am just holding this stock and collecting div's.


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## Tysonboss1 (24 February 2009)

MCW has been spanked smashed the last two days, Does anybody have any idea of what might be the reason.

The released the earning annoucement which I thought was quite good, but immeadiatly after the share price slumped 50%.

I am at a loss to explain why the market has reacted this way, Maybe I will just buy some more because I can't see anything except fantastic value.


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## Tysonboss1 (24 February 2009)

another interesting point is that macquarie group has increased their holding from 12% to over 14%.

So Macq group must have faith in mcw


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## robots (24 February 2009)

hello,

they will not pay a dividend soon i believe and will most likely be wound up Tyson,

debt levels still very high, dont worry i have been on the phone to them

flies in the face of "grocery-anchored" commercial property, maybe in US the "true" number of empty shops is not being reported to us properly

thankyou
robots


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## Tysonboss1 (24 February 2009)

robots said:


> hello,
> 
> they will not pay a dividend soon i believe and will most likely be wound up Tyson,
> 
> ...




Hi Robots,

What have MCW said when you have talked to them.

I don't think that they will be wound up, and I can't see why they couldn't maintain the 4c div.

Do you hold this stock


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## robots (25 February 2009)

hello Tyson,

i rang them and said: hello its Robots here can i speak with someone about MCW

see PM regarding Macquarie Countrywide Trust

thankyou
robots


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## JTLP (25 February 2009)

Tyson lets do a bit of word association here:

Cow - Milk
Mother - Father
Macquarie - Shady :

No but seriously...anything with that big M thrown in the mix is being thrown under zi microscope...as per MQG's fall from grace...


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## Tysonboss1 (7 March 2009)

Key results:
•
Net property income of A$188.61 million up 10.4% on the prior corresponding period
•
Core earnings of A$90.7 million up 6.6% on the prior corresponding period
•
Distribution of four cents per unit for the half year ended 31 December 2008
•
Net tangible assets at A$1.48 per unit down from A$1.79 per unit as at 30 June 2008
•
Seven asset sales, with a value of A$120.5 million completed and a further A$427.6 million contracted post balance date – all proceeds will be used to repay debt


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## Tysonboss1 (2 April 2009)

MCW has showed some real strength latly, after dropping back long enough for me to pick up some more parcels at under 15c.

I struggle to see anything except value in this one.

It's weird how people call WOOLWORTHS a great defensive stock, but call the company that leases them the building a risky stock... Oh well I will just soak up these stocks at this level and collect the dividends into  the future, did someone say early retirement.


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## robots (2 April 2009)

Tysonboss1 said:


> MCW has showed some real strength latly, after dropping back long enough for me to pick up some more parcels at under 15c.
> 
> I struggle to see anything except value in this one.
> 
> It's weird how people call WOOLWORTHS a great defensive stock, but call the company that leases them the building a risky stock... Oh well I will just soak up these stocks at this level and collect the dividends into  the future, did someone say early retirement.




hello,

top effort man, couldnt agree more with your sentiment

and as MCW has openly informed us its proceding as a pure rent roll play then defensive all the way

my concern is the US portfolio which makes up a large part of trust has tenants which may not be the quality of woolworths or coles and they are selling properties here in Aus which are leased to the defensive players

good work man you coming from a different play to me

thankyou
robots


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## Tysonboss1 (20 April 2009)

Wow,...

This stock has been showing some real strenghth latly. It has pushed up passed the 30c mark and is currently sitting at 34.5 cents.

The market depth is really strong with buy orders out numbering sell orders by 10 to 1.

I have been waiting for a retracement back under 30cents so I can buy some more, but I think it is going to stick over 30cents this time.


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## Tysonboss1 (1 June 2009)

Tysonboss1 said:


> MCW has showed some real strength latly, after dropping back long enough for me to pick up some more parcels at under 15c.
> 
> I struggle to see anything except value in this one.
> 
> It's weird how people call WOOLWORTHS a great defensive stock, but call the company that leases them the building a risky stock... Oh well I will just soak up these stocks at this level and collect the dividends into  the future, did someone say early retirement.




Wow, I knew MCW's recovery was bound to happen but I didn't think it would be this fast, 

the stock is currently sitting at around 46.5 cents although I am holding for dividends, I am certainly happy with the cap gain.

I am now tossing up whether I should be looking at selling some of my position because I am over weight in this stock, or should I just hold on for a $1 a share( possilbly 2 years away)


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## boff (1 June 2009)

I've been long on this for a few weeks, picked up some at 30c. Does anyone know the expectation for dividends? Presumeably if they come, it'll be this month.


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## Tysonboss1 (1 June 2009)

boff said:


> I've been long on this for a few weeks, picked up some at 30c. Does anyone know the expectation for dividends? Presumeably if they come, it'll be this month.




next div is 4c I believe, last div was paid in feb, so we still got a couple of months before the next payment.


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## boff (3 June 2009)

Tysonboss1 said:


> Wow, I knew MCW's recovery was bound to happen but I didn't think it would be this fast,
> 
> the stock is currently sitting at around 46.5 cents although I am holding for dividends, I am certainly happy with the cap gain.
> 
> I am now tossing up whether I should be looking at selling some of my position because I am over weight in this stock, or should I just hold on for a $1 a share( possilbly 2 years away)




I sold out yesterday at 47.5c. Great ride up from 30c, and it was case of being  overweight on that stock and needing the cash 

Does anyone have their eye on any other undervalued property stocks at the moment?


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## Tysonboss1 (15 June 2009)

boff said:


> I sold out yesterday at 47.5c. Great ride up from 30c, and it was case of being  overweight on that stock and needing the cash
> 
> Does anyone have their eye on any other undervalued property stocks at the moment?




I still hold, they are .56c now and I am still wondering if I should sell some.

based on its div's I think the stock should beable to support a price of 60c, but who knows we might re test 40c and I will be wishing I sold out.

Beppa is my next biggest holding, I think there will be some positive movement early next month, it's currently 12.4c, if the annoucement is positve it should atleast hit 18c.

I also hold a few FKP, I think they are totally under valued, But it could be a while before movement there, I have been buying a few at around 82c.


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## boff (15 June 2009)

Tysonboss1 said:


> Beppa is my next biggest holding, I think there will be some positive movement early next month, it's currently 12.4c, if the annoucement is positve it should atleast hit 18c.
> 
> I also hold a few FKP, I think they are totally under valued, But it could be a while before movement there, I have been buying a few at around 82c.




BBI was my largest, until I sold out a few weeks back at 10c. Thanks for the pointer to FKP. The baby boomers are going need to somewhere to rest up at....


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## dirkdiggler444 (15 June 2009)

Hi all, I contacted MCW today (15-06-09) and was advised an announcement will be made to the market by the end of the week.  

So I think right now is a good time to top up, especially tomorrow as the DOW has just openned and is down about 120points, so may highlight some eakness tomorrow, and some oppurtunities.  Will probably find a few people taking profits, but I think MCW should confirm a nice DIV in this announcement, and it should boost the SP another 10% at least.

good luck


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## GumbyLearner (15 June 2009)

dirkdiggler444 said:


> Hi all, I contacted MCW today (15-06-09) and was advised an announcement will be made to the market by the end of the week.
> 
> So I think right now is a good time to top up, especially tomorrow as the DOW has just openned and is down about 120points, so may highlight some eakness tomorrow, and some oppurtunities.  Will probably find a few people taking profits, but I think MCW should confirm a nice DIV in this announcement, and it should boost the SP another 10% at least.
> 
> good luck




Cheers I'm on the outside but it's great to "know" the inside running.  

BLAH BLAH BLAH BLAH BLAH BLAH BLAH


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## Tysonboss1 (18 June 2009)

Some one is buying up large parcels of this stock, every time there is a slight dip such as yesterday the enter the market with orders for in excess of 1M shares.

This is what has been pushing up the price from the lows of 14c, their current bid is 57c so we should open strongly from yesterdays close of 51c


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## awg (18 June 2009)

Has made good gains for me since I bought in recently at 44c

Came up as a Pair trade yesterday as a Short, entered & closed out the short CFD for a nice 1 day ( 7%) profit

Still holding the shares longer term

wish things like that would happen more often


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## boff (18 June 2009)

dirkdiggler444 said:


> Hi all, I contacted MCW today (15-06-09) and was advised an announcement will be made to the market by the end of the week.
> 
> So I think right now is a good time to top up, especially tomorrow as the DOW has just openned and is down about 120points, so may highlight some eakness tomorrow, and some oppurtunities.  Will probably find a few people taking profits, but I think MCW should confirm a nice DIV in this announcement, and it should boost the SP another 10% at least.
> 
> good luck




Hi DD,
Was today's announcement to the market the one you were expecting? No DIV, but strange the price drops on a re-financing announcement. I guess it is just following general, fairly gloomy market sentiment at the moment.
Cheers.


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## Tysonboss1 (18 June 2009)

Tysonboss1 said:


> their current bid is 57c so we should open strongly from yesterdays close of 51c




Very strange, Those large bids seem to have been pulled just before opening. maybe I should have sold some stock after all. The main reason I bought this stock is for divs though and with an average buy price of less than a 20c I shouldn't be complaining, (yet)


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## dirkdiggler444 (18 June 2009)

As there seems to be a bit of confuction with MCW, the distribution was confirmed in Monday afternoons newsletter, 4c for this half.  I think 8% return at current SP for only a half year distribution is a great return.

I think the newsletter may have said something like "barring any unforseen circumstances", as like many trusts, the distrubutuion announcements seem to be treated like a guidance figure until the end of finacial year results are in, and they can then 100% confirm it.  But it was re-stated as 4c per security in mondays newsletter.  MCW info is buried in there amongst all the other Macquarie trust data, you have to have a read.


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## Tysonboss1 (17 July 2009)

The markets response was very positive to MCW's announcement that they have signed a contract to sell 80% of their USA holdings over the next 2years for $1.3 Billion.

This deal has put MCW in very good shape with the sale bringing $220 million profit, and basically eliminating any refinancing risk.

While it will lower earnings per share due to the reduced rental income after the sale, MCW will soon be sitting on a pile of excess cash that they can use to boost earnings though new investment in the future.

I must say I am very happy with the stocks performance in recent months.


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## awg (17 July 2009)

Tysonboss1 said:


> The markets response was very positive to MCW's announcement that they have signed a contract to sell 80% of their USA holdings over the next 2years for $1.3 Billion.
> 
> This deal has put MCW in very good shape with the sale bringing $220 million profit, and basically eliminating any refinancing risk.
> 
> ...




Very well done Tyson, you have had the conviction to post on this one, so I am glad you are still holding



dirkdiggler444 said:


> As there seems to be a bit of confuction with MCW, the distribution was confirmed in Monday afternoons newsletter, 4c for this half.  I think 8% return at current SP for only a half year distribution is a great return.




Excellent, this was mainly a div play for me, at the time of purchase, as I got in later than Tyson, ( at 44c), but todays news should hopefully ensure the div.


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## Helmie10 (19 August 2009)

So I decided to buy into shares earlier this year and MCW was one of them buying in during April. I understand the dividend is due tomorrow however i haven't filled out any of the paperwork they have sent to me.

Does anyone know what will happen to my dividend pay out?


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## awg (19 August 2009)

Helmie10 said:


> So I decided to buy into shares earlier this year and MCW was one of them buying in during April. I understand the dividend is due tomorrow however i haven't filled out any of the paperwork they have sent to me.
> 
> Does anyone know what will happen to my dividend pay out?




two things may happen

1) they will send the dividend by cheque

or 2) they hold your dividend till you provide direct credit details

ring the share registry, they will tell you

https://www.linkmarketservices.com.au/public/investors/login.html


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## Tysonboss1 (8 September 2009)

Helmie10 said:


> So I decided to buy into shares earlier this year and MCW was one of them buying in during April. I understand the dividend is due tomorrow however i haven't filled out any of the paperwork they have sent to me.
> 
> Does anyone know what will happen to my dividend pay out?




you'll be charged with holding tax too. so make sure you claim it back at tax time.

It's been a good run, this stock has made my year. Where do people think it's heading from here. I am thinking about selling some.


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## So_Cynical (15 April 2010)

Tysonboss1 said:


> It's been a good run, this stock has made my year. Where do people think it's heading from here. I am thinking about selling some.




You still holding Tyson??? 

MCW - Macquarie Countrywide Trust has had a name and management change (even thou many of the old management decided to come over) to CQR - Charter Hall Retail REIT.

http://www.asx.com.au/asxpdf/20100415/pdf/31psf7fg5rgfnw.pdf

According to there recent half year (above) update, distribution guidance is between 4.9 to 5.5 cents per share, so at the current SP even the bottom end of the guidance is a healthy return of around 9.2% , looking at the chart over the last 10 months or so there would seem to be potential for the SP to get to the NAT of 0.72 or better over the short/mid term...even a more conservative target of 64 cents would seem to be only a matter of time. :dunno:
~


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## nulla nulla (16 April 2010)

I agree that the yield at the present share price level is very attractive for someone simply looking to park some spare funds. However, in my opinion the share price is likely to remain volitile for some time, until some real signs of recovery occur in the USA in respect of a lowering unemployment and an increase in home building/financing.
Macquarie Country Wide property portfolio is predominantly the smaller shopping malls the likes of which Westfield and Centro considered too small to invest in. 

These malls have been hardest hit by shop vacancies and incentives to existing tennants due to the economic downturn and the resultant drop in retail spending by the US citizens. 
However, when the US starts to show recovery in this area the share price will rise acordingly. In the meantime the share price is likely to rise and fall and provide some trading opportunities as well as lower entry prices for the investor looking to maximise their yield returns.


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## robots (17 April 2010)

hello,

they have sold a heap of the US properties though Nulla,

they held them far too long, also continued to sell aussie assets 

pathetic that the staff have simply moved over to charter hall, yes i have told them

thankyou
robots


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## nulla nulla (18 April 2010)

robots said:


> hello,
> 
> they have sold a heap of the US properties though Nulla,
> 
> ...




The recent $0.535 - $0.54 level is starting to look like a level of support. It could be worth testing with a modest buy to see if it can trade up to the February March resistance level of  $0.59. Maybe $0.565 - $0.57 would be more realistic as it appears to be breaking out of the oversold area. 

It seems odd that Charter Hall released an update in April for the period ending 31 December 2009 (As they did with CQO). I would have expected they would have provided an update for the quarter ending 31/03/2010.


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## Joe Blow (22 April 2010)

Macquarie Countrywide Trust (MCW) is now known as Charter Hall Retail REIT (CQR).

Discussion of this company now continues in the CQR thread, which can be found here: https://www.aussiestockforums.com/forums/showthread.php?t=19384

This thread has now been closed.


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