# SYD - Sydney Airport



## el_ninj0 (22 February 2005)

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.


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## doctorj (22 February 2005)

*Re: Maquarie Airports*

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.


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## el_ninj0 (22 February 2005)

*Re: Maquarie Airports*

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?


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## doctorj (22 February 2005)

*Re: Maquarie Airports*

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.


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## el_ninj0 (22 February 2005)

*Re: Maquarie Airports*

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.


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## GreatPig (22 February 2005)

*Re: Maquarie Airports*

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

Cheers,
GP


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## el_ninj0 (22 February 2005)

*Re: Maquarie Airports*

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.


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## emily (22 February 2005)

*Re: Maquarie Airports*

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


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## el_ninj0 (22 February 2005)

*Re: Maquarie Airports*

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...


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## RichKid (23 February 2005)

*Re: Maquarie Airports*

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.


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## chicken (16 March 2005)

*Re: Macquarie Airports*

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....


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## el_ninj0 (16 March 2005)

*Re: Macquarie Airports*

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.


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## GreatPig (16 March 2005)

*Re: Macquarie Airports*

Current chart of MAP.

Cheers,
GP


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## chicken (31 March 2005)

*Re: Macquarie Airports*

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


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## chicken (31 March 2005)

*Re: Macquarie Airports*

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


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## mime (1 April 2005)

*Re: Macquarie Airports*

high oil prices?


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## el_ninj0 (1 April 2005)

*Re: Macquarie Airports*



			
				mime said:
			
		

> high oil prices?




Airlines pay for fuel, not airports.


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## chicken (4 April 2005)

*Re: Macquarie Airports*

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


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## el_ninj0 (4 April 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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.


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## son of baglimit (8 April 2005)

*Re: Macquarie Airports*

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


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## chicken (8 April 2005)

*Re: Macquarie Airports*

MAP..owns most of it.......


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## el_ninj0 (8 April 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> MAP..owns most of it.......




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.


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## DTM (8 April 2005)

*Re: Macquarie Airports*

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.


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## el_ninj0 (9 April 2005)

*Re: Macquarie Airports*



			
				DTM said:
			
		

> 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.




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.


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## Mofra (13 April 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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....




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


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## chicken (14 April 2005)

*Re: Macquarie Airports*

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


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## chicken (22 April 2005)

*Re: Macquarie Airports*

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


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## chicken (28 April 2005)

*Re: Macquarie Airports*

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


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## chicken (2 May 2005)

*Re: Macquarie Airports*

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


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## chicken (10 May 2005)

*Re: Macquarie Airports*

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


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## chicken (13 May 2005)

*Re: Macquarie Airports*

Well,its up should see $4..after june.....


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## chicken (16 May 2005)

*Re: Macquarie Airports*

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


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## chicken (24 May 2005)

*Re: Macquarie Airports*

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....


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## clowboy (24 May 2005)

*Re: Macquarie Airports*

Hey chicken,

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


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## DTM (24 May 2005)

*Re: Macquarie Airports*

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.    

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


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## ob1kenobi (25 May 2005)

*Re: Macquarie Airports*



			
				DTM said:
			
		

> 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.
> ...




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.


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## Aden_1 (25 May 2005)

*Re: Macquarie Airports*

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!


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## chicken (25 May 2005)

*Re: Macquarie Airports*

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...


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## el_ninj0 (25 May 2005)

*Re: Macquarie Airports*

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.


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## ob1kenobi (26 May 2005)

*Re: Macquarie Airports*

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.


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## chicken (26 May 2005)

*Re: Macquarie Airports*

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


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## el_ninj0 (26 May 2005)

*Re: Macquarie Airports*



			
				ob1kenobi said:
			
		

> 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.


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## el_ninj0 (27 July 2005)

*Re: Macquarie Airports*

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.


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## chicken (28 July 2005)

*Re: Macquarie Airports*

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....


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## el_ninj0 (28 July 2005)

*Re: Macquarie Airports*

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


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## Rockon2 (28 July 2005)

*Re: Macquarie Airports*

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.


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## chicken (28 July 2005)

*Re: Macquarie Airports*

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


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## Rockon2 (28 July 2005)

*Re: Macquarie Airports*

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.


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## Rockon2 (1 August 2005)

*Re: Macquarie Airports*

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


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## chicken (1 August 2005)

*Re: Macquarie Airports*



			
				Rockon2 said:
			
		

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



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...


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## Rockon2 (1 August 2005)

*Re: Macquarie Airports*

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


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## chicken (3 August 2005)

*Re: Macquarie Airports*



			
				Rockon2 said:
			
		

> 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.
> ...



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.......


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## TheAnalyst (3 August 2005)

*Re: Macquarie Airports*

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.


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## tdkx669 (20 September 2005)

*MAP worth keeping?*

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


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## el_ninj0 (15 October 2005)

*Re: Macquarie Airports (MAP)*

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?


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## chansw (15 October 2005)

*Re: Macquarie Airports (MAP)*



			
				el_ninj0 said:
			
		

> 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"

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


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## el_ninj0 (15 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## clowboy (18 October 2005)

*Re: Macquarie Airports (MAP)*

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


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## Zire (18 October 2005)

*Re: Macquarie Airports (MAP)*

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


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## mikeg (18 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## el_ninj0 (18 October 2005)

*Re: Macquarie Airports (MAP)*



			
				mikeg said:
			
		

> 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.


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## RichKid (18 October 2005)

*Re: Macquarie Airports (MAP)*



			
				el_ninj0 said:
			
		

> 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.


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## el_ninj0 (18 October 2005)

*Re: Macquarie Airports (MAP)*



			
				RichKid said:
			
		

> 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.


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## RichKid (18 October 2005)

*Re: Macquarie Airports (MAP)*



			
				el_ninj0 said:
			
		

> 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.


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## el_ninj0 (18 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## mikeg (19 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## chicken (28 October 2005)

*Re: Macquarie Airports (MAP)*



			
				mikeg said:
			
		

> 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.....


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## markrmau (28 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## Lachlan6 (28 October 2005)

*Re: Macquarie Airports (MAP)*

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.


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## Kauri (28 October 2005)

*Re: Macquarie Airports (MAP)*

On weekly chart..


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## chicken (28 October 2005)

*Re: Macquarie Airports (MAP)*



			
				markrmau said:
			
		

> 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


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## chicken (8 November 2005)

*Re: Macquarie Airports (MAP)*

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


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## chicken (10 November 2005)

*Re: Macquarie Airports (MAP)*



			
				chicken said:
			
		

> 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....


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## chicken (10 November 2005)

*Re: Macquarie Airports (MAP)*



			
				chicken said:
			
		

> 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 (7 December 2005)

*Re: Macquarie Airports (MAP)*



			
				chicken said:
			
		

> 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%.....


----------



## Nap (14 December 2005)

*MAP - Macquarie Airports*

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 (14 December 2005)

*Re: Macquarie Airports*



			
				Nap said:
			
		

> 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....


----------



## Lachlan6 (14 December 2005)

*Re: Macquarie Airports*

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 (14 December 2005)

*Re: Macquarie Airports*



			
				Lachlan6 said:
			
		

> 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 (14 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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 (14 December 2005)

*Re: Macquarie Airports*

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 (14 December 2005)

*Re: Macquarie Airports*

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 (14 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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 (14 December 2005)

*Re: Macquarie Airports*

If chicken is right (usually are arent ya little chicken  ) 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 .


----------



## wayneL (14 December 2005)

*Re: Macquarie Airports*

P.S.

FWIW

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

Cheers


----------



## Lachlan6 (14 December 2005)

*Re: Macquarie Airports*

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 (15 December 2005)

*Re: Macquarie Airports*

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


----------



## chicken (15 December 2005)

*Re: Macquarie Airports*



			
				Lachlan6 said:
			
		

> 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.....


----------



## chicken (15 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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.....



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.....


----------



## chicken (15 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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.....



Look at the buyers lining up....we are seeing a rerating of the stock.....


----------



## taurus (15 December 2005)

*Re: Macquarie Airports*

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 (15 December 2005)

*Re: Macquarie Airports*



			
				taurus said:
			
		

> 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 (16 December 2005)

*Re: Macquarie Airports*



			
				RichKid said:
			
		

> 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..


----------



## chicken (17 December 2005)

*Re: Macquarie Airports*

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


----------



## chicken (19 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> You should have posted this 2 days ago..Yesterday was an upday..it is now going through at over $3...so check your charts..



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


----------



## michael_selway (19 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

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




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

Thanks


----------



## chicken (19 December 2005)

*Re: Macquarie Airports*



			
				michael_selway said:
			
		

> 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 (20 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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.....


----------



## michael_selway (20 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> Looks as if the chicken was right again.....




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


----------



## chicken (21 December 2005)

*Re: Macquarie Airports*



			
				michael_selway said:
			
		

> 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 (21 December 2005)

*Re: Macquarie Airports*



			
				michael_selway said:
			
		

> 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


----------



## michael_selway (21 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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 (21 December 2005)

*Re: Macquarie Airports*

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....???   

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


----------



## chicken (21 December 2005)

*Re: Macquarie Airports*



			
				Barndat said:
			
		

> 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....???
> ...



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....


----------



## RichKid (21 December 2005)

*Re: Macquarie Airports*

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: https://www.aussiestockforums.com/forums/showthread.php?t=454


----------



## smrt-guy (21 December 2005)

*Re: Macquarie Airports MAP*

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 (21 December 2005)

*Re: Macquarie Airports MAP*



			
				smrt-guy said:
			
		

> 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


----------



## michael_selway (21 December 2005)

*Re: Macquarie Airports MAP*



			
				chicken said:
			
		

> 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




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 (22 December 2005)

*Re: Macquarie Airports MAP*



			
				michael_selway said:
			
		

> 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 (22 December 2005)

*Re: Macquarie Airports MAP*



			
				michael_selway said:
			
		

> 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...


----------



## wayneL (22 December 2005)

*Re: Macquarie Airports MAP*

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 (22 December 2005)

*Re: Macquarie Airports MAP*



			
				wayneL said:
			
		

> 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?
> 
> ...



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


----------



## chicken (22 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> 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


----------



## chicken (23 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> As I said sell off no a few pence yes..good sign stock will go higher



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


----------



## michael_selway (23 December 2005)

*Re: Macquarie Airports*



			
				chicken said:
			
		

> Stock going through at $3.18  well we have broken the downtrend....




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

Thanks


----------



## mikeg (23 December 2005)

*Re: Macquarie Airports MAP*

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 (24 December 2005)

*Re: Macquarie Airports MAP*



			
				mikeg said:
			
		

> 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..


----------



## tdkx669 (24 December 2005)

*Re: Macquarie Airports MAP*

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 (26 December 2005)

*Re: Macquarie Airports MAP*



			
				tdkx669 said:
			
		

> 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 (28 December 2005)

*Re: Macquarie Airports MAP*

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 (2 January 2006)

*Re: Macquarie Airports MAP*

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 (2 January 2006)

*Re: Macquarie Airports MAP*

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 (2 January 2006)

*Re: Macquarie Airports MAP*



			
				trader said:
			
		

> 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 (2 January 2006)

*Re: Macquarie Airports MAP*



			
				mikeg said:
			
		

> 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 (3 January 2006)

*Re: Macquarie Airports MAP*



			
				Ann said:
			
		

> 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


----------



## Ann (3 January 2006)

*Re: Macquarie Airports MAP*



			
				chicken said:
			
		

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




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 (3 January 2006)

*Re: Macquarie Airports MAP*



			
				Ann said:
			
		

> 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.
> 
> ...



Ann, check the announcement dated the 20.12.2005....Capital in fact bought not sold shares.....


----------



## Ann (3 January 2006)

*Re: Macquarie Airports MAP*

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 (4 January 2006)

*Re: Macquarie Airports MAP*

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 (4 January 2006)

*Re: Macquarie Airports MAP*

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


----------



## chicken (4 January 2006)

*Re: Macquarie Airports MAP*



			
				chicken said:
			
		

> now how many Airports does MAP own and has partnerships with? well this is what I know
> Denamark  2 airports
> Brussels
> Newcastle 49%
> ...



I understand Bristol needed to be mentioned as I left it out..ouch we all make mistakes.....


----------



## tdkx669 (11 January 2006)

*Re: Macquarie Airports MAP*

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 (17 January 2006)

*Re: Macquarie Airports MAP*

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


----------



## chicken (17 January 2006)

*Re: Macquarie Airports MAP*



			
				MAPfan said:
			
		

> 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


----------



## trader (17 January 2006)

*Re: Macquarie Airports MAP*

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 (17 January 2006)

*Re: Macquarie Airports MAP*

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


----------



## michael_selway (17 January 2006)

*Re: Macquarie Airports MAP*

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 (18 January 2006)

*Re: Macquarie Airports MAP*



			
				michael_selway said:
			
		

> Hi the thing about MAP im wondering about is on Commsec
> 
> Earnings and Dividends Forecast (cents per share)
> 2004 2005 2006 2007
> ...



Through the grapevine I hear MAP will be putting in for 10 Airports in Saudi Arabia...I wonder....


----------



## MAPfan (18 January 2006)

*Re: MAP - Macquarie Airports*

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 (18 January 2006)

*Re: MAP - Macquarie Airports*

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


----------



## MAPfan (23 January 2006)

*Re: MAP - Macquarie Airports*

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 (23 January 2006)

*Re: MAP - Macquarie Airports*

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 (24 January 2006)

*Re: MAP - Macquarie Airports*

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


----------



## tdkx669 (25 January 2006)

*Re: MAP - Macquarie Airports*

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


----------



## trader (25 January 2006)

*Re: MAP - Macquarie Airports*

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 (25 January 2006)

*Re: MAP - Macquarie Airports*



			
				trader said:
			
		

> 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 (25 January 2006)

*Re: MAP - Macquarie Airports*



			
				trader said:
			
		

> 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


----------



## TheAnalyst (25 January 2006)

*Re: MAP - Macquarie Airports*

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


----------



## chicken (26 January 2006)

*Re: MAP - Macquarie Airports*



			
				TheAnalyst said:
			
		

> 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 (26 January 2006)

*Re: MAP - Macquarie Airports*



			
				chicken said:
			
		

> 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 (1 February 2006)

*Re: MAP - Macquarie Airports*

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 (13 February 2006)

*Re: MAP - Macquarie Airports*

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 (13 February 2006)

*Re: MAP - Macquarie Airports*



			
				TheAnalyst said:
			
		

> 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 (13 February 2006)

*Re: MAP - Macquarie Airports*

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


----------



## justjohn (13 February 2006)

*Re: MAP - Macquarie Airports*

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.


----------



## tdkx669 (16 February 2006)

*Re: MAP - Macquarie Airports*

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 (16 February 2006)

*Re: MAP - Macquarie Airports*



			
				justjohn said:
			
		

> 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.




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 (19 February 2006)

*Re: MAP - Macquarie Airports*

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 (23 February 2006)

*Re: MAP - Macquarie Airports*

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.....


----------



## zoo (23 February 2006)

*Re: MAP - Macquarie Airports*

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 (23 February 2006)

*Re: MAP - Macquarie Airports*



			
				chicken said:
			
		

> 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.....



As I said before should go higher from here


----------



## Kipp (23 February 2006)

*Re: MAP - Macquarie Airports*

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 (23 February 2006)

*Re: MAP - Macquarie Airports*

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 (23 February 2006)

*Re: MAP - Macquarie Airports*

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


----------



## michael_selway (24 February 2006)

*Re: MAP - Macquarie Airports*



			
				MAPfan said:
			
		

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




yeild is unfranked though so needs to be taxed


----------



## MAPfan (24 February 2006)

*Re: MAP - Macquarie Airports*

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 (24 February 2006)

*Re: MAP - Macquarie Airports*

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


----------



## kariba (27 February 2006)

*Re: MAP - Macquarie Airports*

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 (4 March 2006)

*Re: MAP - Macquarie Airports*

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 (4 March 2006)

*Re: MAP - Macquarie Airports*

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 (17 March 2006)

*Re: MAP - Macquarie Airports*

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


----------



## michael_selway (17 March 2006)

*Re: MAP - Macquarie Airports*



			
				MAPfan said:
			
		

> 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 (17 March 2006)

*Re: MAP - Macquarie Airports*



			
				michael_selway said:
			
		

> 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 (18 March 2006)

*Re: MAP - Macquarie Airports*



			
				nizar said:
			
		

> 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 (18 March 2006)

*Re: MAP - Macquarie Airports*

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 (20 March 2006)

*Re: MAP - Macquarie Airports*

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 (3 April 2006)

*Re: MAP - Macquarie Airports*

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 (3 April 2006)

*Re: MAP - Macquarie Airports*

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 (22 April 2006)

*Re: MAP - Macquarie Airports*

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 (3 May 2006)

*Re: MAP - Macquarie Airports*

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 (5 May 2006)

*Re: MAP - Macquarie Airports*

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 (6 June 2006)

*Re: MAP - Macquarie Airports*

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 (6 June 2006)

*Re: MAP - Macquarie Airports*



			
				nizar said:
			
		

> 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 (10 June 2006)

*Re: MAP - Macquarie Airports*

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


----------



## shinobi346 (12 June 2006)

*Re: MAP - Macquarie Airports*

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

looking good! Up, up and away from here!


----------



## Kipp (12 July 2006)

*Re: MAP - Macquarie Airports*

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 (12 July 2006)

*Re: MAP - Macquarie Airports*



			
				Kipp said:
			
		

> 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 (12 July 2006)

*Re: MAP - Macquarie Airports*



			
				Kipp said:
			
		

> 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 (20 July 2006)

*Re: MAP - Macquarie Airports*

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 (20 July 2006)

*Re: MAP - Macquarie Airports*



			
				noirua said:
			
		

> 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 (25 July 2006)

*Re: MAP - Macquarie Airports*

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 (14 August 2006)

*Re: MAP - Macquarie Airports*

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 (29 November 2006)

*Re: MAP - Macquarie Airports*

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 (29 November 2006)

*Re: MAP - Macquarie Airports*

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


----------



## marc1 (29 November 2006)

*Re: MAP - Macquarie Airports*



			
				justjohn said:
			
		

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



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 (29 November 2006)

*Re: MAP - Macquarie Airports*

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 (21 December 2006)

*Re: MAP - Macquarie Airports*

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 (16 June 2007)

*Re: MAP - Macquarie Airports*

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 (16 June 2007)

*Re: MAP - Macquarie Airports*

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


----------



## MAPfan (18 June 2007)

*Re: MAP - Macquarie Airports*

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


----------



## mikepretty (16 August 2007)

*Re: MAP - Macquarie Airports*

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 (16 August 2007)

*Re: MAP - Macquarie Airports*

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 (16 August 2007)

*Re: MAP - Macquarie Airports*

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 (12 November 2007)

*Re: MAP - Macquarie Airports*

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 (12 November 2007)

*Re: MAP - Macquarie Airports*

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 (16 November 2007)

*Re: MAP - Macquarie Airports*

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


----------



## shinobi346 (16 November 2007)

*Re: MAP - Macquarie Airports*

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 (20 November 2007)

*Re: MAP - Macquarie Airports*

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 (22 November 2007)

*Re: MAP - Macquarie Airports*

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 (1 December 2007)

*Re: MAP - Macquarie Airports*

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 (15 January 2008)

*Re: MAP - Macquarie Airports*

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 (22 July 2008)

*Re: MAP - Macquarie Airports*

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). 

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 

*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.


----------



## countryboy (22 July 2008)

*Re: MAP - Macquarie Airports*

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 (22 March 2009)

*Re: MAP - Macquarie Airports*

smh.com.au
Business Day
http://business.smh.com.au/business...ces-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 (22 March 2009)

*Re: MAP - Macquarie Airports*



Macquack said:


> smh.com.au
> Business Day
> http://business.smh.com.au/business...ces-after-slump-in-traffic-20090320-94e6.html
> 
> ...




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 (2 June 2009)

*Re: MAP - Macquarie Airports*

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 (3 June 2009)

*Re: MAP - Macquarie Airports*



Mitsimonsta said:


> 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 (3 June 2009)

*Re: MAP - Macquarie Airports*

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


----------



## Mitsimonsta (23 July 2009)

*Re: MAP - Macquarie Airports*

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 (23 July 2009)

*Re: MAP - Macquarie Airports*

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


----------



## Mitsimonsta (23 July 2009)

*Re: MAP - Macquarie Airports*

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 (23 July 2009)

*Re: MAP - Macquarie Airports*

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


----------



## Mitsimonsta (23 July 2009)

*Re: MAP - Macquarie Airports*



skyQuake said:


> 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




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

No real info on Business Spectator yet.


----------



## skc (23 July 2009)

*Re: MAP - Macquarie Airports*



Mitsimonsta said:


> 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?
> 
> ...




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 (23 July 2009)

*Re: MAP - Macquarie Airports*

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 (24 July 2009)

*Re: MAP - Macquarie Airports*

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 

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 (25 July 2009)

*Re: MAP - Macquarie Airports*

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 (25 July 2009)

*Re: MAP - Macquarie Airports*

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 (26 July 2009)

*Re: MAP - Macquarie Airports*



drsmith said:


> 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 (19 October 2009)

*Re: MAP - Macquarie Airports*

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 (19 October 2009)

*Re: MAP - Macquarie Airports*



Mitsimonsta said:


> 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.
> 
> ...




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 (19 October 2009)

*Re: MAP - Macquarie Airports*

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 (20 October 2009)

*Re: MAP - Macquarie Airports*

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 (20 October 2009)

*Re: MAP - Macquarie Airports*



Mitsimonsta said:


> 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 (20 October 2009)

*Re: MAP - Macquarie Airports*

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 (22 October 2009)

*Re: MAP - Macquarie Airports*

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 (9 November 2009)

*Re: MAP - Macquarie Airports*

Entitled to 64. Got 68 

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 (31 December 2009)

*Re: MAP - Macquarie Airports*

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 (15 August 2010)

*Re: MAP - Macquarie Airports*

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 (12 September 2010)

*Re: MAP - Macquarie Airports*

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 (17 September 2010)

*Re: MAP - Macquarie Airports*

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





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




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


----------



## BrightGreenGlow (17 September 2010)

*Re: MAP - Macquarie Airports*

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 (20 September 2010)

*Re: MAP - Macquarie Airports*

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/bus...openhagen-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 (29 September 2010)

*Re: MAP - Macquarie Airports*

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 (29 September 2010)

*Re: MAP - Macquarie Airports*

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


----------



## Unnamed User (29 September 2010)

*Re: MAP - Macquarie Airports*



snowking said:


> 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 (29 September 2010)

*Re: MAP - Macquarie Airports*

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 (29 September 2010)

*Re: MAP - Macquarie Airports*



Unnamed User said:


> 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 (29 September 2010)

*Re: MAP - Macquarie Airports*



Unnamed User said:


> 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 (29 September 2010)

*Re: MAP - Macquarie Airports*



snowking said:


> 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.


----------



## nulla nulla (1 October 2010)

*Re: MAP - Macquarie Airports*

After going exdiv, map has plunged from $3.11 to $2.87. The div was on 12.5 and the traffic figures have all been good. The report on refinancing for 2011 and 2012 was good, so why the drop in excess of the value of the div?


----------



## nulla nulla (9 October 2010)

*Re: MAP - Macquarie Airports*

With interday lows touching $2.86 and $2.85, an entry at $2.88 or $2.87 if you were quick enough would have seen you in the money with the quick jump to $2.95. 
It would appear this is a correction of the oversell when map went exdiv. It remains to be seen whether map can break through the resistance at $2.86 and continue to $2.99+.


----------



## nulla nulla (16 October 2010)

*Re: MAP - Macquarie Airports*

Showed good support all week off $2.91 on low volumes after a brief dip to $2.87 late last week. Good surge on Thursday and Friday with improved volumes and looks capable of testing the resistance levels of $3.05. 

Another dividend ($0.10) will be due for announcement in December. I would not be surprised to see the price sneak up, particularly if the traffic figures continue to improve. 

On the downside, the appreciation of the Aud$ against the green back could impact negitively on income conversion rates when it comes to reporting.


----------



## nulla nulla (30 October 2010)

*Re: MAP - Macquarie Airports*

Going against the trend of some shares at the moment, map jumped through the resistance levels of $3.05 to take on a new (recent) high before falling back to close on Friday at $3.05. 
Whether it can maintain the momentum on the back of good 3rd quarter reporting and use this level as a support level remains to be seen.


----------



## BrightGreenGlow (8 December 2010)

*Re: MAP - Macquarie Airports*

Just announced today the exdiv date of 23rd Dec and at 10c... bit low thought would be atleast 11c and now the market is down 6c today on that news. I think MAP will rise towards 3.15 by the div date though.


----------



## nulla nulla (28 January 2011)

*Re: MAP - Macquarie Airports*

Fell back today to low $3.00's. I wouldn't be surprised if the traffic reports for Bristol are comming out, and with England being snowbound for winter, the reports probably aren't the best. If it drops back a little further it may provide an opportunity to top up? DYOR


----------



## nulla nulla (6 June 2011)

*Re: MAP - Macquarie Airports*

Been a while. Traded a few lows and highs but didn't expect todays run up until closer to the Exdiv date. Todays action was even more remarkable as it went against the trend of all the other falling stocks. 

Would be good if it could push higher but hard to see a reason for it to break the most recent high of $3.17, particularly with the current economic gloom.


----------



## nulla nulla (10 June 2011)

*Re: MAP - Macquarie Airports*



nulla nulla said:


> Been a while. Traded a few lows and highs but didn't expect todays run up until closer to the Exdiv date. Todays action was even more remarkable as it went against the trend of all the other falling stocks.
> 
> Would be good if it could push higher but hard to see a reason for it to break the most recent high of $3.17, particularly with the current economic gloom.




Well map found a reason, the ceo of map, Kerry Mather, will take on the dual role of ceo for Sydney Airport. cpa surged to $3.22. If you look at the chart, it appears the map has set an new high for the last 24 months and broken through resistance levels and is now set to go higher.  

I hold one small parcel which I have held since October 2002. I am happy to hold this for the div and or the pospects of it going higher. However I am mindful that the share price is well and truly at the top of the established trading range and that hope and optimisim are not a good basis for hanging on in the current economic environment.





As always do your own research & good luck. (The second chart below is an accidental repost of last weeks chart and is an error for which I apologise).


----------



## nulla nulla (16 June 2011)

*Re: MAP - Macquarie Airports*

Today map hit $3.33. Yep thats right $3.33 before falling back to close at $3.27. Another 4c and I was ready to unload the parcel that has been a corner-stone of my share market portfolio since 2002. 

Hard to justify holding on for any longer when it has paid for itself many times over and owes me nothing. However, while the dividend of $0.22pa ($0.11 x 2) on the original outlay of $0.86 is greater than 25%pa, on $3.37 (the target exit) it is only 6.5%. 

Time to cash out and put the capital back to work..if I can get $3.37


----------



## toocool (16 June 2011)

*Re: MAP - Macquarie Airports*

A gentelman on CNBC cash flow from australia (i think) was really positive about this stock today, saying how it was selling off some other assets to only have and concentrate on the monopoly that is Sydney airport.

I dont hold.


----------



## snowking (22 June 2011)

*Re: MAP - Macquarie Airports*

hey nulla, have enjoyed your updates on the MAp thread, much appreciated.
now the price has reached 3.38 are you out? or has the news regarding the potential swap of their European assets for the Ontario Teachers Plan Board 11% stake in Sydney airport made you reconsider

New article here;
http://www.businessspectator.com.au...ts-swap-pd20110622-J2UL8?opendocument&src=rss


----------



## nulla nulla (23 June 2011)

*Re: MAP - Macquarie Airports*



snowking said:


> hey nulla, have enjoyed your updates on the MAp thread, much appreciated.
> now the price has reached 3.38 are you out? or has the news regarding the potential swap of their European assets for the Ontario Teachers Plan Board 11% stake in Sydney airport made you reconsider
> 
> New article here;
> http://www.businessspectator.com.au...ts-swap-pd20110622-J2UL8?opendocument&src=rss




Yesterday when the share Price started to spike I put an ambitious sell in at $3.49. After reading an article this morning, implying that the Canadians were undervaluing the Bristol and Copenhagen assets and might need to increase the cash offer to get it over the line, I pulled the sell. Will take the div and see what unravels re the swap etc. 

I calculated that the cash could represent as much as $0.45 capital return per share if MAP passes it all on. I read that 88% of the earnings per share making up the div comes from Sydney Airport. If Map are going to focus on the one airport, the income after any capital return (and resultant share price adjustment) could improve the price earnings ratio and make it more attractive.

Map went ex-div tonight (trades ex-div tomorrow) and will most likely drop by $0.11, could be a trade there for the quick. The missus put me in a xmas hold and made me buy another small parcel for the div and as a holder just in case.  The missus considers MAP to be seriously undervalued at present levels.


----------



## nulla nulla (2 July 2011)

*Re: MAP - Macquarie Airports*

Dropped from $3.35 to $3.18 after going exdiv, fluttered arround in the mid $3.20's then rebounded to test $3.34 - $3.35, all in the space of a week. Should have topped up when it dropped to $3.20 (should have, would have, could have but didn't  





And the missus proves right yet again.


----------



## nulla nulla (15 July 2011)

*Re: MAP - Macquarie Airports*

While the rest of the share market was sliding, the MAP share price held ground then rallied today to hit $3.47 interday and managed to close on the previous (recent) high of $3.45.




I guess when your income depends on people through the airports and numbers of take off's and landings the carbon tax impact is absorbed by the traffic without impairing earnings. The share price activity did make me wonder whether someone had some info on the proposed asset swap and likely capital return but that can't happen, eh? That would be insider trading wouldn't it? I think map should be worth holding onto until at least the next announcement.


----------



## nulla nulla (21 July 2011)

*Re: MAP - Macquarie Airports*

The Asset swap to go ahead, subject to regulatory approval in the respective countries. Map to do an $0.80c special div in the fourth quarter of 2011. Map to try to increase it's holding of Sydney Airport above the 85% it would control after the swap. 

Coincidently the German construction company Hochtief (Wal Kings mates that own a big chunk of Leightons) have put their international airport holding up for sale which includes a 12% interest in Sydney Airport. 

Ms Maher also indicated that Map would continue to maintain a div of $0.21pa going forward. If the price drops after payment of the special div, the ongoing yield would be up arround the 8% p.a.


----------



## nulla nulla (22 July 2011)

*Re: MAP - Macquarie Airports*

Someone poured cold water on Ms Mathers plans to swap the Brussels/Copenhagen component with the Canadians on the basis that Hochtief and/or MTAA have first right of refusal to acquire the parcel from the Canadians.

Hochtief is selling so they shouldn't be a problem. MTAA probably need to be cleared with as to whether they want to acquire the Canadian interest or are happy to pass at this time. Hopefully there will be some clarifiaction in the very near future. I kinda like the idea of an $0.80c div.




Understanderbly, today, the share price fell, rose, then fell away again into the close of $3.38. (Sorry, posted wrong chart). If it drops any further, i may consider topping up.


----------



## nulla nulla (29 July 2011)

*Re: MAP - Macquarie Airports*

$3.30 on Thursday looked like a good point to top up, so i did. Then the share price fell to $3.25. Today the map share price tested $3.22 before recovering to close on $3.27. 




Map released the Brussels figures showing further improvement. Seems the Canadians haven't done too badly out of the swap deal, assuming it goes ahead.


----------



## nulla nulla (13 August 2011)

*Re: MAP - Macquarie Airports*

The saying goes "A week in the share market is a long time" so it makes sense two weeks is a very long time. Since the last post MAP dropped to close on Friday 04-08-2011 at $3.15. I figured it was way oversold given the special div of $0.80 coming up so I grabbed a small parcel in the auction for my SMSF a/c.




Naturaly I wasn't to happy when the brinkmanship/sovereign debt issue played out on Monday/Tuesday last week and MAP got caught up in the panic sell of to drop to $2.89.

White knuckles for a while but the special div seems to have brought a few buyers back in with the price rallying by close Friday 12/8. Only problem was I didn't have any spare cash to grab some more under $3.00.


----------



## nulla nulla (2 September 2011)

*Re: MAP - Macquarie Airports*

The indecision in regard the means of returning capital to unit holders appears to have taken some of the gloss of map in the last couple of weeks. 

The prospect of a share buy back was raised by map, however I see this as a problem in that the international shareholders would see their proportion go above the statutory 40% if they don't sell. Then map would need to exercise its' right to force sell the shares most recently purchased by international holders. Litigation anyone?




Personaly I would prefer a return of capital. Meanwhile the share continues to show volitality presenting opportunites for the stout hearted and insane.


----------



## nulla nulla (4 September 2011)

*Re: MAP - Macquarie Airports*

This article in Sydney Morning Herald 22 July 2011 is worth a read if you are interested in MAp.

http://www.smh.com.au/business/maps-mather-ready-to-spread-her-wings-20110721-1hqse.html

I found it while I was looking for the article published over the weekend in the "Weekend Business". They ran a piece by "Nathan Bell" of the Intelligent Investor titled "Up and away for MAp Group". In it Mr Bell states "_On a prospective yield of 6.6%, plus an 80c a share special distribution, thanks to the sale of European assets, MAp is a buy below $3.50 for up to 5 per cent of an inteligently diversified portfolio_".

The 80c return to investors hasn't been decided yet as to how it will be returned to investors. Also the settlements from the European asset sales are not expected to be finalised before the end of December. Maybe he is looking at MAp from a long term buy and hold perspective rather then a shorter term trade opportunity.


----------



## notting (4 September 2011)

*Re: MAP - Macquarie Airports*

It's hardly a vote of confidence for the Eurozone by the big Macs!
They should pay off debt before buying back or returning - No brainer.


----------



## skc (4 September 2011)

*Re: MAP - Macquarie Airports*



notting said:


> It's hardly a vote of confidence for the Eurozone by the big Macs!
> They should pay off debt before buying back or returning - No brainer.




Why? Surely an airport can sustain some debt. I would say a fully equity-funded infrastructure stock would be very un-attractive. If I was a holder I would rather them return my capital and remain geared. They can borrow a lot cheaper than I could.


----------



## nulla nulla (5 September 2011)

*Re: MAP - Macquarie Airports*



skc said:


> Why? Surely an airport can sustain some debt. I would say a fully equity-funded infrastructure stock would be very un-attractive. If I was a holder I would rather them return my capital and remain geared. They can borrow a lot cheaper than I could.




If I read the last Annual Report correctly MAp is already holding close to $1billion in cash, for opportunities?  The recent swap/sale of European assets for an increased stake in Sydney Airport and cash, means they will have surplus cash greater then the cash component being stumped up by the Canadians. 

If I read correctly, the resultant cash holdings (current and from asset sales) is being used to reduce debt *and* return 80c to unit holders. Also it is intended that the ongoing dividend of 21c per stapled security will paid wholey from earnings.


----------



## nulla nulla (29 October 2011)

*Re: MAP - Macquarie Airports*

Looks like Map will pay out $0.80 per share on 19 December 2011. Just in time for xmas. Then to top that off, Map will pay a dividend of $0.10 per share (Going exdiv before xmas and paying in February 2012)

The market seems to have taken the news on board and the share price jumped on Fridays close to $3.41. After the capital return the share should drop to arround $2.50 - $2.60. The ongoing dividend at $0.21pa will be even more attractive for those seeking good yields on long term holds.

Oddly enough the future fund chose to sell off their 4 million shares rather than take the capital return and ongoing dividends. I hope Mr Murray made a profit on his short term hold.


----------



## nulla nulla (4 December 2011)

*Re: MAP - Macquarie Airports*

MAP went up and down in November closing on $3.35 on Friday 25th. For some reason Incredible Charts and Big Charts seem to indicate that MAP track sideways at $3.35 as if it was suspended last week when in fact it trraded and rallied to close on Friday 02/12/11 at $3.50.






The published timetable for the return of capital follows:

5 December (Monday) - Effective date of  the scheme;
6 December (Tuesday) - Trading of Group Securities commences on a deferred settlement basis;
12 December (7:00pm) - Record Date for determining Entitlement;
19 Decemnber - Implementation date, Cash consideration payment date;
20 December - Group Securities recommence trading on a normal settlement basis; and
22 December - "MAP" begins trading as "SYD"

Interestingly, while there is no mention of it in the timetable released on 23 November 2011, MAP have previously confirmed that they will pay a total dividend for 2011 of $0.21. This means there should be an announcement for a further $0.10 distribution in December payable in February 2012. With the security commencing on a normal settlement basis on 20 December 2011, there may be only a small window of opportunity for those traders looking to jump in for the dividend.

I am uncertain as to whether MAP trades ex entitlement on Monday or Tuesday and whether or not Friday last week was the last day you could buy into the scheme. From the surge of the share price up to $3.50 before close I suspect Friday may have been the last day you could buy in. It will be interesting to see whether or not MAP drops the full $0.80 to $2.70 when trading re-opens on Monday.


----------



## nulla nulla (10 December 2011)

*Re: MAP - Macquarie Airports*

MAP went ex entitlement at close of trading on Monday and the share price finished up another 5c to close on $3.55. With the return of capital of $0.80 locked in, you would reasonably expect MAPDA to open on Tuesday arround $2.75.

However MAPDA opened at $2.83 (representing a new recent high equivilent to $3.63) then traded between $2.74 and $2.85 closing on Friday at $2.78. With the undertaking by map to pay an annual distribution of $0.21c per unit, unit holders will receive an unfranked yield on their $2.78 of 7.55%. Not bad for these times.

On Wednesday MAP announced the timetable for the December second half distribution:

Distribution:                   $0.10c per security;
Trade Ex-entitlement:      22 December 2011; 
Record Date:                  30 December 2011; and
Payment date:                Around 16 February 2012.     

On $2.78 this represents a quick gain of 3.6%. With the return of capital the nta per unit will drop from low $4.00,s to mid $3.00's. This means the share price at $2.78 is trading at a larger discount to nta than it was before the capital return. It will be interesting to see if the market factors this in and pushes the share price any higher.

On 21 December *MAP* will relisted on the ASX as *SYD*.  DYOR and good luck if you hold.


----------



## snowking (10 December 2011)

*Re: MAP - Macquarie Airports*

in relation to the change of ticker and name, I have been wondering if future dividends will be fully franked. I have searched through the most recent announcements concerning the company restructure but I have not been able to find anything. It doesn't worry me either way but thought it might be on the cards with future earnings coming from Australia. 

Does anyone know the answer to this?


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## nulla nulla (11 December 2011)

*Re: MAP - Macquarie Airports*



snowking said:


> in relation to the change of ticker and name, I have been wondering if future dividends will be fully franked. I have searched through the most recent announcements concerning the company restructure but I have not been able to find anything. It doesn't worry me either way but thought it might be on the cards with future earnings coming from Australia.
> 
> Does anyone know the answer to this?




Not sure on future franking. I haven't seen anything either. Franking credits relate to company profits and tax paid. Without intending to be cheeky, Macquairie originated companies seem to have a patern/history of tax minimisiation which isn't condusive to accumulating franking credits for the distributions to unit holders.


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## nulla nulla (17 December 2011)

*Re: MAP - Macquarie Airports*

Having traded ex-entitlement since December 7th as MAPDA (with the return of $0.80c due to be paid on Monday 19th) I have added back the $0.80 to the current share price to track the overall worth of MAP on the chart (due to trade as SYD on Wednesday next week).




The close on Friday at $2.80 is a further $0.05c higher than the ex-entitlement close of $2.75. It is probable that the forthcoming dividends of $0.10 is propping the price up a little however, imo, it cannot detract from the performance of MAP over the last 3 years. MAP has consistantly improved where the most of the market has stalled and fallen back. It would not surprise me to see MAP stabilise and continue to improve from this level going forward. The discount to nta has been increased by the capital return and the yield ratio improved. If the share price retraces after it goes ex-div I would expect MAP to look even more attractive to the hedge funds and portfolio builders.


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## System (22 December 2011)

*Re: MAP - MAp Group*

MAp Group (MAP) is now known as Sydney Airport (SYD).


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## nulla nulla (3 January 2012)

Many thanks Joe for merging the information from the old "MAP" thread to the new trading ticker "SYD".


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## mikeg (5 January 2012)

I have heard news of another airport opening in Sydney, which would have a big impact on the price of SYD.

At this stage it is only been muted, with no time frame given.


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## nulla nulla (5 January 2012)

It is an old chestnut that gets dragged out from time to time. NSW state government admit it would be a logistics/infrastructure nightmare and will not happen. No-one wants one in their area, it would be a vote loser.


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## nulla nulla (9 January 2012)

I am pleased to be able to advise that IncredibleCharts.Com has also updated the "SYD" chart to include the previous data of "MAP" and "MAPDA". 

Copy chart as at 11:00am today attached.





syd has tracked sideways and down a little since the capital return, however allowing for the recent capital return of $0.80 and distribution of $0.10, syd is in very good shape (imo). With the expectation of continuing to pay an anual distribution of $0.21 per unit (from earnings) this equates to a yield of 7.8% on the present price of $2.68.  The present price of $2.68 also represents a discount to nta of approximately 20% (adjusted for the capital return).


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## nulla nulla (21 January 2012)

Since the last post, syd spiked up to $2.80 then plunged back to $2.65 following the release of December traffic figures for Sydney Airport, combined with a broker rating amendment from "Hold" to "Neutral" because of "recent price activity?" (must have wanted to generate some brokerages).




Once again syd is back at $2.68 with discounts to nta and yield better than bank rates. Hopefully (for holders, me included) this will prove to be a support level


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## Joel1st (24 January 2012)

bought 2000 @ 2.62, it'll be interesting to see how they progress in the next few weeks.


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## notting (24 January 2012)

I'm long it and short AIX, happy so far


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## nulla nulla (25 January 2012)

Another factor for the recent tightening in the share price could be an exodus of foreign ownership. Recent announcement regarding foreign ownership by "syd" was that the level had dropped to arround 35% from the usual 39%.

It is possible foreign owners are taking advantage of the high Aud$ against the U.S $ and the Euro. The better exchange rate combined with the recent price highs have probably put "syd" in the category of "*reduce holdings, lock in some profits and come back in when the price and the aud$ retrace a little*".

Closing on $2.62 after tapping $2.61, the share price may get worse before it gets better. Notwithstanding, imo, the share price is still at a significant discount to nta and the ongoing dividend of $0.21pa provides an excellent and reliable yield. I expect the price to recover and improve, reducing the discount to nta.

Disclaimer: I may be biased as I have a small holding in "syd" as a cornerstone of my investment portfolio and have traded in and out of "map/syd" many times over the last three (3) years.


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## nulla nulla (6 March 2012)

From the end of May 2011 SYD (formerly MAP) started a run up that saw the share price lift from $2.94 to a peak of $3.55 on 5 December 2011. At this point SYD went ex entitlement (to the $0.80 cent per unit capital return) and then dropped to $2.76. In the next few days SYD rallied to $2.85 (equivilent to $3.65 pre cap return) however since then SYD has tracked sideways and steadily down.




The long term chart is not encouraging. If the pre December 2011 was adjusted for the capital return it would be even more apparent that SYD has come off a peak. Hopefully the recent low of $2.54 is the nadir. However this only equates to $3.34 (pre capital return) and the channel from September 2010 to May 2011 shows SYD traded in a range (adjusted) between $2.10 and $2.35. 

With the off-loading of the international airports and consolidation of ownership of Sydney Airport, SYD now has all its eggs in one basket. Negative movement in traffic figures for Sydney Airport can no longer be countered by positive figures for the International Airports. It would be interesting to know the impact of the collapse of Air Australia on SYD.

Meanwhile, there haven't been any negative announcements. The drop in share price means SYD has an even bigger discount to NTA and a better yield on investment with the ongoing annual div of $0.21.

I hold and will look to add if SYD gets any lower.


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## notting (6 March 2012)

nulla nulla said:


> Meanwhile, there haven't been any negative announcements. .



I bought a small amount yesterday, because I felt the recent weakness was due to an official report by some official body that Sydney 'definitely' needs another airport and that unless something is done about it quickly there is going to be a significant enough economic impact.
Obviously this could effect SYDs monopoly  on massive car park fees etc.  Hence the weakness in the share price.  This would be short term as you'd imagine because there is still no where designated for the second airport and it will take a while to get planned let alone constructed.
How smart Lindsy Fox was buying Avalon,  In Melbourne when Jetstar was born.  However Tullamarine still manages to charge monopolistic car parking prices and has no train station!  SYDs seems pretty well priced where it is for the moment IMHO.


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## nulla nulla (6 March 2012)

notting said:


> I bought a small amount yesterday, because I felt the recent weakness was due to an official report by some official body that Sydney 'definitely' needs another airport and that unless something is done about it quickly there is going to be a significant enough economic impact.
> Obviously this could effect SYDs monopoly  on massive car park fees etc.  Hence the weakness in the share price.  This would be short term as you'd imagine because there is still no where designated for the second airport and it will take a while to get planned let alone constructed.
> How smart Lindsy Fox was buying Avalon,  In Melbourne when Jetstar was born.  However Tullamarine still manages to charge monopolistic car parking prices and has no train station!  SYDs seems pretty well priced where it is for the moment IMHO.




The second airport for sydney is a vote winner for the noise effected suburbs and a vote looser for any of the suburbs where an airport might be proposed. Being a no-win situation it will never happen.


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## nulla nulla (17 March 2012)

Good to see a break out above the upper channel line. A long way to go to get back to the recent $2.85 highs. I will be watching to see what sort of trading paterns syd settles into now that they are back to one airport and have finalised the capital return.




syd is still generating a competitive yield and trading at a discount to nta. Any improved market optimism will likely see the syd share price improve as p/e multiples lift.


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## nulla nulla (1 April 2012)

SYD issued the annual report and the share price surged to new (recent & capital adjusted) highs. Bit of a surprise considering the share price fell on the release of the latest traffic figures.




Still holding the original SMSF parcel and waiting for another entry. DYOR


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## nulla nulla (27 July 2012)

As a matter of interest, I attach for anyone and everyones perusal a copy of the ten (10) year chart sourced from "IncredibleCharts.com" for syd.  If I understand the history correctly, this share was introduced to the market by our good friends at Macquarie Bank in approx July/August 2002. It was set up as a $2.00 share (pay $1.00 up front and the other $1.00 in twelve months).
Surprisingly the liability for the second $1.00 remained with the original purchaser. It did not transfer if the original purchaser decided to jump ship and sell. Effectively anyone buying in that first 12 Months was buying a heavily discounted $2.00 share.
It originally opened arround the $1.38 in July/August 2002, fell to arround $0.80 in the next few months, then slowly climbed over the next five years to reach its pre gfc peak of $4.36 (interday) on 18/10/2007. 





As history has shown, with the advent of the Global Financial Crisis map/syd dropped like a plane falling out of the sky from the October 2007 high of $4.36 to the March 2009 low of $1.24. Then it began a slow but consistant recovery to $3.59 in December 2011. 

In December 2011, the current management did a capital return to shareholders of $0.80 per share. Today syd closed at $3.13 after hitting $3.15 (interday) yesterday and today. If you add back the capital return, syd has recovered to $3.93 (just $0.43 short of its previous all time high).  If you were to compare map/syd with the XAO you would see that map/syd has outperformed the xao (and probably every other share in the xao) since March 2009. 

It is realy hard for me to beleive that syd can continue to climb at this rate. Yes, it is trading at a discount to nta, it does pay a div of $0.22c p.a. and the div is mostly funded from earnings and not borrowings. However as the share price rises, the yield rate drops and the price earnings ratio climbs. At some point it has to plateau unless of course earnings continue to climb and the dividends rise accordingly.  Some of the recent rise could be the influx of investors seeking the security of annual return rather than growth. It is possible when this settles down, the share price could retrace to more rational levels. Then again i could be totally wrong and the price will keep rising. In the meantime, the volitility is our friend.

For now I continue to hold my SMSF Parcel purchased in 2002 and trade the swings when the tea leaves are right and the stars align. As always, d.y.o.r. & good luck.


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## notting (27 July 2012)

nulla nulla said:


> Some of the recent rise could be the influx of investors seeking the security of annual return rather than growth. .



Buy growth if you want to make a long fortune.


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## nulla nulla (27 July 2012)

notting said:


> Buy growth if you want to make a long fortune.




We are told that historical paterns are no guarantee of the future. Notwithstanding the returns on shares purchased in December 2002 at $0.86 (and held since) are:


	Ex div Date		Pay Date		Div	   	23-Dec-02		19-Feb-03		0.090		24-Jun-03		18-Aug-03		0.050		23-Dec-03		18-Feb-04		0.030		24-Jun-04		18-Aug-04		0.040		23-Dec-04		18-Feb-05		0.080		24-Jun-05		18-Aug-05		0.110		22-Dec-05		20-Feb-06		0.090		26-Jun-06		18-Aug-06		0.130		21-Dec-06		20-Feb-07		0.120		25-Jun-07		20-Aug-07		0.130		21-Dec-07		19-Feb-08		0.180		24-Jun-08		19-Aug-08		0.130		23-Dec-08		19-Feb-09		0.140		24-Jun-09		19-Aug-09		0.130		23-Dec-09		18-Feb-10		0.080		24-Jun-10		18-Aug-10		0.110		29-Sep-10		21-Oct-10		0.125		23-Dec-10		17-Feb-11		0.100		24-Jun-11		18-Aug-11		0.110		22-Dec-11		16-Feb-12		0.100		25-Jun-12		16-Aug-12		0.110	     	2.1850	   	19-Dec-11		Cap Return		0.80	

And of course the capital gain From $0.06 (Purchase price $0.86 less Capital return $0.80) to todays close $3.13 = $3.07. It goes to show that sometimes it is worth buying and holding in the manner of Mr Buffet.


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## nulla nulla (19 August 2012)

Sydney Airport took a breather since the last post, dropping from the interday high of $3.22 on 1/8/12 to an interday low of $2.99 on 9/8/12. Since then, syd has resumed its' upward climb recovering to close at $3.15 on Friday 17/8/12.

Finishing on a high point for the day, with good closing volume, was a bit of a surprise given that through the day syd was struggling to make any impression on the sellers at $3.14. Seems some investors may be accumulating in the lead up to the results due out on 23/8/12, expecting a good result to further boost the share price.




Good luck.


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## nulla nulla (24 August 2012)

There I was minding my own business, ready to take an entry if SYD dropped back to the $3.12 - $3.13. Tuesday and Wednesday SYD was testing lower lows ahead of the half yearly report due on Thursday and I was ready to get back on board. I thought the report on Thursday was okay, nothing to get excited about, the div would continue at $0.21pa and would be paid mostly out of income (mostly meaning they will top it up out of borrowings if they need to?).

Then this morning "The Australian" ran this article:

http://www.theaustralian.com.au/bus...t-sydney-airport/story-e6frg95x-1226456972662

SYD opened higher at $3.19 and rocketed up to $3.31 within 15 minutes of opening. Good volumes of turnover, however I reckon the shorters would have finished the day in front as the price retreated to close the day at $3.23. Still a good outcome for holders and fantastic for anyone selling into the spike. As always D.Y.O.R and good luck.


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## nulla nulla (9 September 2012)

Sydney Airport is still trading at a hefty discount to the nta of $3.55. The chart continues to climb but at some time you have to wonder how far it can go?




Did the Qantas Emirates tie up last week prompt a tightening or is it just another lull (profit taking) before the next jump?


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## nulla nulla (20 September 2012)

SYD fell through $3.17 (as far as $3.12) but appears to be rallying. Mind you it is hard to be confident in a reversal as todays figures were influence by the monthly options close outs. Not-with-standing it looks like $3.17 is currently a resistance level, although in fairness the lows have been getting higher. SYD could even break out above $3.17????




The traffic figures were very positive and the forecast for future flight plans etc was also positive. Good luck and d.y.o.r.


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## nulla nulla (29 September 2012)

Not the best two (2) weeks as syd struggled to make any impression on the $3.19 resistance. Fortunately syd found support at the $3.12 level.





The statistics still show syd in a favourable light.


	Share:		SYD	  	Date:		Closing 28-09-12	  	Closing Price		3.16		Issued Shares		1,861,210,782		Capital		5,881,426,071		Earnings $		0.1827		Dist $		0.21		Yield %		6.65%		P/E		17.30		NTA $		3.55		Discount to NTA		10.99%	



[/td]
[/tr]


It will be interesting to see whether syd can rally from here and continue a north bound journey. 
as always D.Y.O.R. and good luck


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## nulla nulla (27 November 2012)

SYD bounced off the $3.12 support level, pushed through the resistance at $3.19 and continued to climb like a boeing 747 lifting off the runway at Kingsford Smith Airport. Peaking at $3.48 the share price drifted down to $3.31 (must have been a refueling stopover) then rallied again to $3.46. SYD traffic figures released for October 2012 were "best ever" for an October. It would appear that there are plenty of people traveling and Sydney Airport has worked out a few angles to maximise the revenue they can extract from the Airlines and the through traffic.


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## nulla nulla (8 December 2012)

On 5 November 2011 Sydney Airport (SYD), (then known as Macqaurie Airport - MAP) hit an interday high of $3.59. In December 2011 they undertook a capital return to holders of $0.80 per unit. In addition they also declared an end of year dividend of $0.10 per unit (to be paid in February 2012). When the share went ex-div the price dropped to $2.54 per unit. 
On Friday, 7 December 2012, one (1) year and one (1) month later, SYD reached $3.55 and is due to release a further $0.10 distribution per unit held, going ex entitlement on 21 December 2012, taking the 2012 return to shareholders to $0.21.






I must remember to send Mr Moore & Ms Livingstone Christmas cards this year.  

ps: It is worth noting that at $3.55 the share price has reached parity to the claimed net tangible assets per share. The question going forward is: Is syd worth a premium to NTA?


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## nulla nulla (12 January 2013)

It would seem that some elements of the market have determined that SYD is not worth a premium to the claimed nta. I have recently read where one analyst considered that SYD had a target of $3.44 (before the spike) and  another in the last few days nominating SYD as a sell with a target value of $3.29. This week SYD got dumped pushing down from the support level of $3.38 on Tuesday/Wednesday to close out Thursday at $3.26, then the flood gates opened on Friday, opening at $3.22 sinking to close on the days low of $3.08. 

A Commonwealth Bank analyst issued a report that Sydney Airport* may *hit capacity in another 12-14 years approximately 20 years earlier than the expectations of Sydney Airport Directors etc. Sydney Airport issued a release to the effect that the analysis was based on false data/assumtions and pointed out why it was wrong (in their opinion anyway). The market as always made up it's own mind.

The volumes early in the week were relatively normal arround 3-4 million per day, but Thursday saw the turnover double to 7.9 million shares and Friday leapt to 27.4 million shares sold. The volume weighted average share price for Friday was $3.12 with the bulk of turnover going through around $3.10. The close was a little anticlimatic. In recent weeks the volume in the closing auctions has been between 20-30% and as much as 50% of the days turnover. Fridays close only had aproximately 1.2 million turnover in the auction. 

The turnover for Thursday/Friday, to me, suggests that one of the major share holders decided to unwind or reduce their position. Assuming that they bought prior to the share price run up from March lows of $2.45 or even July 2012 sub $2.90, they were well in front at $3.44 and probably thought it a good time to lock in profits and diversify their portfolios. If it were the Abu Dhabi Investment Authority reducing their holding, they would have the added benefit of the Aud$ improving from US$0.98 to this weeks spike above US$1.05.

The sell down probably caught a few day traders up in the torrent as well. Once their stop losses were hit their sells probably triggered a few more sell offs' as they closed out their positions, in turn triggering a few more. The bargain hunters stepped in when it hit $3.08 and some large cross trades went through at $3.10 as well. 

The six month chart says it all, the next support level (if it does not rally from here) is $3.02 :




The RSI chart suggests that the sell off has well and truly pushed SYD into oversold territory:




The table in respect of REO, Earnings, Distribution, Yield and Discount to NTA follows:


*Share:*  *SYD*    *Date:	* *Closing 11-01-13	*   *Closing Price* 	3.08	 *Issued Shares* 	1,861,210,782	 *Capital* 	5,732,529,209	 *Earnings $* 	0.1827	 *ROE* 	5.93%	 *Dist $* 	0.21	 *Yield %* 	6.82%	 *P/E* 	16.86	 *NTA $* 	3.55	 *Discount to NTA* 	13.24%	

Personally I consider SYD to be way over sold at this level but what would I know. The market is never wrong. As always do your own research and good luck.


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## PointBlank (13 January 2013)

Very interesting theory nulla nulla. It's great for first time traders like myself to learn from people like you.

I've been watching SYD for a few months now and will most likely buy in some time over the next day or two.

I wonder if the major player reducing their position can be attributed to the ATO tax audit? It makes sense for them to dump stocks and earn a healthy profit and AUD at the same time while escaping even a minor risk of trouble with the ATO.


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## Garpal Gumnut (13 January 2013)

Thanks nulla

SYD was on my watchlist.

Next support is at $3.00 though with the vigour of the selloff, it may continue it's descent to stabilise at $2.75.






For what it's worth, brokers seem to be suggesting, in the popular press,  to sell stocks from all sectors down.

Very unusual for them.

Maybe it's time to buy !!

gg


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## nulla nulla (13 January 2013)

PointBlank said:


> Very interesting theory nulla nulla. It's great for first time traders like myself to learn from people like you.
> 
> I've been watching SYD for a few months now and will most likely buy in some time over the next day or two.
> 
> I wonder if the major player reducing their position can be attributed to the ATO tax audit? It makes sense for them to dump stocks and earn a healthy profit and AUD at the same time while escaping even a minor risk of trouble with the ATO.




Please note, in no way am I recommending anyone buy SYD on the basis of my ramblings. While SYD could conceivably bounce from this area it could also drop further. As you point out there is an issue of a tax audit. SYD have advised that they are working with the ATO. I understand there was a ruling from the ATO that SYD were applying and that the ATO subsequently changed the ruling. No doubt there will be a resolution down the road. 

Some parties have interpreted the disclosure to market by SYD of the ATO audit as a profit warning. My understanding is that it relates to the payments on preference shares and whether SYD is entitled to treat the payments as deductable interest or whether in fact they are distributions of profit and hence non deductable. No doubt the legal fraternity will make a good earner out of this.

If it is a profit warning, I expect the share price will go the way of SGP (which also had a profit warning), down then steadily back. After all, their income stream is constantly growing alongside traffic and passsenger numbers. This could be a wave of sellers following broker sell recommendations trying to beat any further sell down if the ruling goes against SYD, but I feel the volumes point more to a substantial share holder reducing holdings more than holders following broker recommendations. As GG points out, the next support level is arround $3.02 then it drops to arround $2.82. That would be overkill imo. The other point GG makes is "Often when everyone says buy, it may be time to sell. And when everybody says sell, it may be time to buy" ?????:1zhelp:

The big risk as I see it, is that the sell off is someone like the Future Fund. The Future Fund was a large holder but Murray reduced the holdings before the $0.80 capital return. I don't know whether he reduced it below 5% or sold it down completely. However the Future Fund (Murray has since left) is making a bid for the assets of AIX (Tullamarine Airport and a few smaller ones) and if they retained any shares they may be cashing out in a hurry to fund the deal. A need to exit in a hurry could push the price even lower.

What really surprises me is that there was nothing about the price fall of SYD in this weekend papers?  

As always, Do Your Own Research and Good Luck.


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## sydboy007 (13 January 2013)

the SYD 2030 IBLs offer quite a tasty yield - 6.9% if inflation is 2.5%

Not a bad yield in the "new normal" era


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## nulla nulla (14 January 2013)

Reduced volumes today, while still higher than recent average daily volumes. The tickle down to $3.09 from $3.13 after the market opened looked like the downward journey may be going to continue. However buyers came in and the share price rallied to the $3.15-$3.16 area with good support at $3.15. Touched $3.17 just before close and held $3.16 in the auction with arround $1.4million shares turned over. At least it wasn't a sell off today.  

I'm looking for a recovery to arround $3.31+ but I'm not expecting it any day soon. As always d.o.y.r and good luck


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## nulla nulla (20 January 2013)

Since going Ex-div on 21/12/2012 SYD has fallen from the closing price of $3.56 on 20/12/12 to close out on 18/1/13 at $3.05. Some $0.51 (or 14.33%) has been wiped off the share price. Almost $1 billion has been wiped off the capital value.


*SYD*       *Date:*  *20-December-2012*  *18-January-2013*     *Closing Price*  *3.56*  *3.05*  *Issued Shares* 	1,861,210,782		1,861,210,782	 *Capital* 	6,625,910,384		5,676,692,885	 *Earnings $* 	0.1827		0.1827	*	ROE	*	5.13%		5.99%	 *Dist $* 	0.21		0.21	 *Yield %* 	5.90%	*	6.89%*  *P/E* 	19.49		16.69	 *NTA $* 	3.55		3.55	 *Discount to NTA* 	-0.28%		14.08%	

The next support level is still $3.01 followed by $2.80. Surprisingly the only recent publicity, since the price fall gathered steam, has been the articles about the Future Fund getting approval from the AIX shareholders for the Future Fund to acquire the assets of AIX; and the December traffic figures for SYD being a new record. 

Even the growth in traffic was not enough to stem the share price fall. A short moderate volume rally on Monday was followed the rest of the week by the sell off of larger volumes. I suspect that my suspicion that the Future Fund is divesting shares to raise capital may have some grounds. There have been no recent updates to foreign ownership divestment that would explain such a large sell down or any recent notices of substantial share holding changes.




For every seller there has been a buyer. There have been some large cross trades and a lot of smaller retail sized parcels changing hands. No doubt day traders having to quit their holdings when stop losses levels have been hit has also contributed to the fall. As the market embraces the rest of the infrastructure shares and REIT's some one is eventually going to point the finger to SYD as being favourably priced atm, imo. As always do your own research and good luck. I hold.


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## nulla nulla (27 January 2013)

Sydney Airport appears to have pulled out of the dive and may have averted a crash landing, lifting up from the support area of $3.01. The next support area is $3.18 (hopefully not a resistance level now) followed by $3.31.




The RSI shows the moving average has dropped to $3.21 and SYD is still in the oversold area at Fridays close of $3.14. Interestingly, over the last nine (9) trading days the average daily turnover has risen from Five (5) million shares per day to over Ten (10) million shares per day.




Maybe someone pointed the finger and said SYD is now a buy. Probably more likely that yield investors see SYD as a better return and less risk than bonds and bank rates. I continue to hold looking for $3.31 - $3.42 plus. As always do your own research and good luck.


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## willstor (28 January 2013)

considered it when it was cd, however the price had everything built in.

at current levels it's decent for long term dividend returns,but it wont fly over 3.50 any time soon.


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## notting (28 January 2013)

nulla nulla said:


> Maybe someone pointed the finger and said SYD is now a buy.




Julia Lee from Bell Direct has selected it as her pick for the week. This gets run daily on Sky Business.
I kind of agree with her.
But it's not a great growth story.
It's just a sensible alternative to a bank account with a chance of a rise with the tide.


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## nulla nulla (3 February 2013)

nulla nulla said:


> Since going Ex-div on 21/12/2012 SYD has fallen from the closing price of $3.56 on 20/12/12 to close out on 18/1/13 at $3.05. Some $0.51 (or 14.33%) has been wiped off the share price. Almost $1 billion has been wiped off the capital value.
> 
> ............ There have been no recent updates to foreign ownership divestment that would explain such a large sell down or any recent notices of substantial share holding changes.




A double check on recent anouncements show my post above was wrong as a notice of "change of substantial holding" had been lodged on 17 January 2013, some two days previousy.

To correct my oversight I point out that FMR LLC and FIL advised the market on 17 January 2013, that since their last advice of 16 July 2012 they had purchased 8,344,861 shares and sold 32,711,377 shares reducing their holding from 8.37% to 7.06%. Since then FMR LLC and FIL advised the market again on 28 January 2013 that they have reduced their holding from 7.06% to 6.02% by selling off a further  19,318,280 shares. Their posting for 17 January provides 25 pages of buys and sells. Their posting of  28 January doesn't provide a break up of the buy sells in the intervening 11 days. 

Sydney Airport advised on 7 january 2013 that foreign ownership had reduced from 36.7% to 35.8% and on 29 January 2013 Sydney Airport again advised that foreign ownership had reduced from 35.8% to 34.1%. There will probably be another anouncement next week to reflect the further reduction by FMR LLC and FIL.

On a positive note, Unisuper anounced on 29 January 2013 that they had become a substantial share holder with a holding of 5.05% of shares on issue. During the same period that overseas investors were selling down (yes there was another one, the Capital Group, more on it shortly) Unisuper lifter their holding from 60,113,564 to 93,929,847 by acquiring a further 33,816,283 shares.

The Capital Group filed a "Ceasing to be a substantial holder Notice" on 28 January 2013, they have now dropped below the 5% threshold so do not need to file any further notices in respect of any further sell downs. The Capital Group did supply details of the buys and sells undertaken in the period since they lodged their previous notice. I obviously have too much time on my hands as I decided to put together an Excel Spreadsheet of the buy/sells to see if they were trading long or short and to see if I can work out what sort of returns they were getting. So I put the information in an here is the spread sheet in a table:


*Date*  *buy*  *sell*  *price*  *buy value*  *sell value*  *holding*  *%*       	104,875,548		5.63%		6-Oct-11	 	266,466		3.3000		0		879,338		104,609,082		5.62%		7-Oct-11	 	1,500,000		3.3137		0		4,970,550		103,109,082		5.54%		10-Oct-11	 	1,734,009		3.3128		0		5,744,425		101,375,073		5.45%		23-Mar-12		1,165,519	 	2.7271		3,178,487		0		102,540,592		5.51%		26-Mar-12		4,937,384	 	2.7685		13,669,148		0		107,477,976		5.77%		27-Mar-12		190,744	 	2.7800		530,268		0		107,668,720		5.78%		28-Mar-12		2,000,000	 	2.8150		5,630,000		0		109,668,720		5.89%		28-Mar-13		4,000,000	 	2.8291		11,316,400		0		113,668,720		6.11%		3-Apr-12		1,024,200	 	2.7965		2,864,175		0		114,692,920		6.16%		11-Apr-12		1,142,153	 	2.7800		3,175,185		0		115,835,073		6.22%		12-Apr-12		220,237	 	2.7800		612,259		0		116,055,310		6.24%		13-Apr-12		90,437	 	2.7800		251,415		0		116,145,747		6.24%		16-Apr-12		143,213	 	2.7791		398,003		0		116,288,960		6.25%		2-May-12		1,490,884	 	2.8200		4,204,293		0		117,779,844		6.33%		21-May-12		308,800	 	2.8200		870,816		0		118,088,644		6.34%		21-May-12		1,500,000	 	2.8250		4,237,500		0		119,588,644		6.43%		22-May-12		685,291	 	2.8200		1,932,521		0		120,273,935		6.46%		24-May-12		40,000	 	2.8000		112,000		0		120,313,935		6.46%		25-May-13		40,000	 	2.8000		112,000		0		120,353,935		6.47%		28-May-12		441,000	 	2.7750		1,223,775		0		120,794,935		6.49%		28-May-12		75,000	 	2.7868		209,010		0		120,869,935		6.49%		29-May-12		65,138	 	2.8135		183,266		0		120,935,073		6.50%		11-Jan-13	 	4,162,646		3.1158		0		12,969,972		116,772,427		6.27%		11-Jan-13	 	3,859,227		3.1174		0		12,030,754		112,913,200		6.07%		11-Jan-13	 	250,000		3.1600		0		790,000		112,663,200		6.05%		11-Jan-13	 	12,916		3.1723		0		40,973		112,650,284		6.05%		14-Jan-13	 	845,529		3.1488		0		2,662,402		111,804,755		6.01%		14-Jan-13	 	500,000		3.1550		0		1,577,500		111,304,755		5.98%		14-Jan-13	 	145,445		3.1600		0		459,606		111,159,310		5.97%		15-Jan-13	 	2,486,380		3.1570		0		7,849,502		108,672,930		5.84%		16-Jan-13	 	1,003,825		3.1139		0		3,125,811		107,669,105		5.78%		17-Jan-13	 	168,182		3.0926		0		520,120		107,500,923		5.78%		17-Jan-13	 	63,299		3.1000		0		196,227		107,437,624		5.77%		18-Jan-13	 	3,750,000		3.0597		0		11,473,875		103,687,624		5.57%		18-Jan-13	 	105,678		3.0841		0		325,922		103,581,946		5.57%		18-Jan-13	 	1,252,466		3.0857		0		3,864,734		102,329,480		5.50%		21-Jan-13	 	1,587,561		3.0700		0		4,873,812		100,741,919		5.41%		22-Jan-13	 	4,763,787		3.0934		0		14,736,299		95,978,132		5.16%		22-Jan-13	 	1,387,197		3.0950		0		4,293,375		94,590,935		5.08%		23-Jan-13	 	300,000		3.0600		0		918,000		94,290,935		5.07%		23-Jan-13	 	646,515		3.0670		0		1,982,862		93,644,420		5.03%		24-Jan-13	 	5,025,332		3.0760		0		15,457,921		88,619,088		4.76%		24-Jan-13	 	142,695		3.0810		0		439,643		88,476,393		4.75%	         	19,560,000		35,959,155	 	54,710,521		112,183,622	              	2.797		3.120		0.323	  	0.323	      	Cap Return		6,311,816		11.54%	             	Div		0.21	       	4,107,600		7.51%	             	Gross 		10,419,416		19.04%	     

On the basis that the 19 million shares purchased in the period covered were included in the almost 36 million shares sold, using the average cost of shares bought deducted from the average realisation per share sold they made $6.3 million capital gain on these shares alon. Additional they realised dividends of $4.1 million on these share alone for the period invovled. A total return of 19.04% on the shares bought. Probably as much again or more on the other 17 million of shares sold.

Not a bad return by anyones perspective.

The chart shows SYD has bounced off the lows of $3.04 and the next level of resistance/support is the $3.31/$3.32 area:




Lets hope that there isn't any more major sell downs by international shareholders in the forthcoming weeks. I'm still not convinced that that the Future Fund wasn't selling off residual holdings at the same time. Their need to cashup to settle the AIX asset acquisition is too much of a coincidence in my opinion. The international holders sell down alone was not enough to account for the volume of sales in this period. As always, do your own research and good luck. I hold .


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## snowking (8 February 2013)

Excellent research as usual Nulla. I suspect the sell down has finished for the time being as there seems to be strong support for the stock, which is understandable given the underlying fundamentals. 

I sold my personal holdings after the strong run up to $3.50-$3.60 region as I believe the upside from there is limited, there were a few other reasons as well. However, I added some more to the SMSF holdings at $3.08 as its a great long term hold IMO


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## nulla nulla (25 February 2013)

I was hoping that $3.17 would be a support level and SYD would start to climb back up over the $3.31 mark. Not to be. SYD dropped back to $3.11 on a bit of a sell off again and has struggled to climb back even though strong buying in Fridays auction pushed the price up to $3.18. Today saw a retreat back to the $3.15 area.




The only negative at the moment appears to be the ATO issue. The market appears to be waiting to see the report due out on 27/2 to see how the exposure is dealt with even though the position of SYD was outlined fairly well when the market was updated.

Like everyone else I will have to wait and watch. Mind you I have some funds ready if there is another retrace to the low $3.05 area. As always do your own research and good luck. 

PS: This is Friday's chart.


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## nulla nulla (2 March 2013)

The report came out on wednesday and I thought it was pretty good. This years div paid entirely out of earnings; a bigger profit than last year; finance arrangements in place for the next few years at lower cost; and confidence of further growth next year and going ahead.

The market seemed to like it on Wednesday as well, with the market pushing the share price up (after the audio presentation) to close out the day at $3.20. The next day opened even better at $3.22 however the share price then worked gradualy down to $3.17 where SYD finally seemed to find some support. Friday saw SYD try to climb again, reaching $3.20 in a short burst but some determined sellers pushed SYD back to the $3.17 - $3.18 range again with SYD closing out the day in the auction on $3.18. 




SYD may have found support for now at the $3.17 level but still seems to be struggling to recover from the December/January sell down. At this point the yield and price/earnings is better for long term holders although it will suffer from compression if the share price rallies. With the growth going forward it will be interesting to see if the yield keeps pace with any share price gains. As always do your own research and good luck.


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## nulla nulla (9 March 2013)

A fickle market saw syd pushed down earlier in the week. It seemed that syd would revisit the $3.10 - $3.11 level but it managed to close out at $3.12. I was strarting to think the support levels were getting higher and considered topping up. Thursday saw 14 million share change hands with solid support at the $3.14 - $3.15 levels. Then on Friday the buyers stepped up the pace with determination pushing the price up to $3.22 with over 33 million share turning over. 




No news releases, nothing in respect of the ATO issue, so purely speculative this is what I reckon might be happening:

1. There is a takeover offer for SYD from Chinese investors;
2. Someone knows that the ATO has decided not to pursue it's claim against Sydney Airport and is buying;
3. Shorters decided to close out their positions;
4. International investors are taking advantage of the dip in the AUD$ and are buying in;
5. The expectation of growth in earnings combined with divs fully funded from earnings means higher divs; and
6. None of the above. 

Mind you I will pay close attention to any announcements in regard changes in foreign ownership levels. The volumes could be the start of another large dividend/capital gain play like the one closed out in January. As always do your own research and good luck.


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## notting (9 March 2013)

7. Most of the other bank beating safe ish interest rate paying stocks with a bit of growth potential are fully priced.
So investors are turning to other things with better returns even though they have almost zero growth potential?


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## nulla nulla (10 March 2013)

I suspect it is a combination of points:

7. Most of the other bank beating safe ish interest rate paying stocks with a bit of growth potential are fully priced. So investors are turning to other things with better returns even though they have almost zero growth potential? (which makes SYD look attractive in a bullish market);
3. Shorters decided to close out their positions (because buying per 7 above will lift the share price);
4. International investors are taking advantage of the dip in the AUD$ and are buying in; and
8. The volumes could be the start of another large dividend/capital gain play like the one closed out in January.

The player that closed out in January took capital gains and two distributions on the shares sold alone in excess of 19% of capital invested. Obviously they also took two divs as well on the capital they still hold. So I'm curious to see if they try it again.


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## notting (10 March 2013)

Buy low sell high repeat till rich.

I have no doubt that the second air port is going to start happening.
You'd need to careful of largely unjustified aggressive selling when that news arises.
Larger players need to be able to get out, so may not be getting back in with that news coming.


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## nulla nulla (10 March 2013)

Political Footballs make for lots of volitility. It is unlikely that any NSW State Government or Federal Government is going to disenchant the voters in Western Sydney by inflicting a second airport on them without first coming up with some magical solution to the traffic/transport/infrastructure problems that currently exist.

Even when Tony Abbott gets in at the next federal election, Barry isn't gong to let him stuff up his own state re-election prospects. I expect that Sydney Airport will be arround for a long time and buying low, selling high will be a recurring theme for some time in the future. At least I hope so. Not rich yet though.


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## notting (10 March 2013)

Sydney airport will still exist but there is going to be a second one.
It may have been a political hot potato up until now, however, simple demand is going to *dictate * its necessity.
As long as Sydney airport can continue to attract with its dividend whilst serving it's massive debt it should be a nice playable side winder.


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## bellamy83 (13 March 2013)

any new thoughts on SYD, I see that they have the licence (or whatever it is called) to build and own the 2nd airport if thats the way they want to go?


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## nulla nulla (13 March 2013)

bellamy83 said:


> any new thoughts on SYD, I see that they have the licence (or whatever it is called) to build and own the 2nd airport if thats the way they want to go?




G'day,

Where did you see that?  I would have thought that was positive news but the share price action doesn't seem to reflect it.


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## nulla nulla (6 April 2013)

I understand Sydney Airport has first option to develop any second airport (announced arround July 2012). When SYD came off their highs in December 2012/January 2013 I purchased parcels at $3.26, $3.21, $3.20, $3.11 and $3.10. I did not buy any more at $3.05 as I consider that I was already close to overweight and it might be worth holding back in case the share price fell below $3.00. 





The quick, innitial, recovery to test $3.26 gave me confidence that SYD would recover above $3.31, possibly even $3.42 so I held on to all parcels.  Naturaly SYD then plunged again to $3.12 and began a slow tortuous trip sideways and tenuously upward. For every three steps upward there were two steps (or more) backward. Where I would normally look to close out a trade in less than 21 days the holds ran into months. Eventualy I was able to trade out the share purchased at $3.10 and $3.11 for solid profits at $3.19 and the parcels bought at $3.20 and $3.21 again for reasonable profits at $3.26. However the parcels purchased $3.26 are setting records for longest holds having now gone past 75 days.

The yield on the share price from the low of $3.05 has probably encouraged buyers seeking security in yield to get on board. While I believe SYD is going to recover above $3.31 (there is a div again in June and SYD normaly experience a bit of a run up before it goes ex-div) I now have a quandry as to whether I should sell, if & when it hits the original target of $3.31 or having held the remaining two parcels for so long, should I continue to hold on the prospects of a better return in any run up or combo Div and capital gain? 



*SYD*           *Date:*  *20-December-2012*  *18-January-2013*  *22-March-2013*  *05-April-2013*       *Closing Price* 	3.56		3.05		3.20		3.28	 *Issued Sh*ares		1,861,210,782		1,861,210,782		1,861,210,782		1,861,210,782	 *Capital* 	6,625,910,384		5,676,692,885		5,955,874,502		6,104,771,365	 *Earnings $* 	0.1827		0.1827		0.1827		0.1827	 *ROE* 	5.13%		5.99%		5.71%		5.57%	 *Dist $* 	0.21		0.21		0.21		0.21	 *Yield %* 	5.90%		6.89%		6.56%		6.40%	 *P/E* 	19.49		16.69		17.52		17.95	 *NTA $* 	3.55		3.55		3.55		3.55	 *Discount to NTA* 	-0.28%		14.08%		9.86%		7.61%	


Decisions, decisions. If SYD hits my exit target and I sell, the share rprice will likely continue a slow sideways recovery of sorts before it goes ex-div. If it hits my exit target and I don't sell, then it may fall again as it has in the recent past. Problem is, would I be better off getting out and putting the capital to work on another share where the paterns are generating returns of 1-2% every few weeks. I may have just answered my own problem. As always do your own research and good luck.  

p.s. Don't get emotionaly attached to your shares regardless of how kind they have been to you in the past.


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## nulla nulla (16 April 2013)

I elected to cash out the last two parcels at $3.31 and $3.35 last week. Naturaly SYD surged up to test $3.38 after I sold, before settling back to hold $3.35 in the closes for Friday and Monday.  




The Boston Bombings triggered a sell down after open, however solid buying saw SYD hold the $3.30 level on large volumes then rally to close out at $3.34. I'm back in at $3.30 looking for a run up into the high $3.30's+.

As always, do oyur own research and good luck.


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## nulla nulla (27 April 2013)

I thought $3.88 & $3.89 were good exit points and cashed out looking for another retrance and re-entry. However the pat on the back faded from memory quickly when SYD kept going to the low $3.40's then rallied higher through the week. The auction on Friday was spirited to say the least with SYD reaching an interday high and new high for the year closing on $3.47 (Fortunately I still have my small long term parcel in the SMSF).




The price movement pattern on the chart looks simmilar to late last year. It wouldn't surprise me if large fund managers were buying up for the June yield and a potential capital gain as well. SYD is still trading at a discount to NTA and the yield is still above 6%. With the inflow of funds to Australia seeking yield it would not surprise me to see SYD test last years highs and even push above the NTA value. 


*	SYD	*             *	Date:	*  *	20-Dec-12	*  *	18-Jan-13	*  *	01-Feb-13	*  *	22-Mar-13	*  *	26-Apr-13	*        *	Closing Price	*  *	3.56	*  *	3.05	*  *	3.23	*  *	3.20	*  *	3.47	*  *	Issued Shares	*  *	1,861,210,782	*  *	1,861,210,782	*  *	1,861,210,782	*  *	1,861,210,782	*  *	1,861,210,782	*  *	Capital	*  *	6,625,910,384	*  *	5,676,692,885	*  *	6,011,710,826	*  *	5,955,874,502	*  *	6,458,401,414	*  *	Earnings $	*  *	0.1827	*  *	0.1827	*  *	0.1827	*  *	0.1827	*  *	0.1827	*  *	ROE	*  *	5.13%	*  *	5.99%	*  *	5.66%	*  *	5.71%	*  *	5.27%	*  *	Dist $	*  *	0.21	*  *	0.21	*  *	0.21	*  *	0.21	*  *	0.21	*  *	Yield %	*  *	5.90%	*  *	6.89%	*  *	6.50%	*  *	6.56%	*  *	6.05%	*  *	P/E	*  *	19.49	*  *	16.69	*  *	17.68	*  *	17.52	*  *	18.99	*  *	NTA $	*  *	3.55	*  *	3.55	*  *	3.55	*  *	3.55	*  *	3.55	*  *	Discount to NTA	*  *	-0.28%	*  *	14.08%	*  *	9.01%	*  *	9.86%	*  *	2.25%	* 


Then again, one of the international fundmanagers might elect to cash out their capital gain and currency rate improvement, pushing the price down like what happened in January of this year and take their money home :1zhelp:.

As always do your own research and good luck  .


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## coolcup (2 July 2013)

I'm a bit confused about this chart:




Do you think it is bullish or bearish?

On the one hand I see higher peaks and higher troughs, but the troughs are moving upwards faster than the peaks. It has respected the lower upward sloping line. The higher peaks mean sellers are only overwhelming buyers at higher and higher prices which is positive. And the troughs are higher at a faster rate, meaning buyers are moving in quicker to buy the dips. I can only think this is positive?

However, the chart also looks like a rising wedge pattern http://en.wikipedia.org/wiki/Wedge_pattern which is considered a bearish indicator... Or is this too long term a chart to be seeing the pattern as a rising wedge?

Anyone better at reading charts than me care to try and explain? It would be much appreciated.


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## skc (2 July 2013)

coolcup said:


> I'm a bit confused about this chart:
> 
> Anyone better at reading charts than me care to try and explain? It would be much appreciated.




SYD went returned a large chunk of capital late 2011 and that was captured in your chart. If you make adjustment for that you'd see the trend much more cleanly.


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## nulla nulla (2 July 2013)

In December 2011 Sydney Airport did a capital return of $0.80 per share in respect of one of the stapled units. Naturaly the share price dropped by $0.80 immediately after. Then SYD began a long slow climb over almost 12 months reaching the NTA value of $3.55+ before it went ex-div in December 2012. Then it was sold down mercilessly in January 2013 by an international holder that had been one of the principal buyers in 2012. An exercise using the information provided in their "change of substantial holding notice" revealed that they averaged a higher price during the sell down than their average purchase price and made several million dollars out of the process.

Subsequently the share price climbed from $3.05 to $3.60+ then gold and the Aud$ were sold down. The exodus of international funds from the All Ords has also impacted on SYD. I'm surprised it hasn't crashed more than it has. The chart in respect of the last six months or so of trading suggests it may be trying to  recover.




Than again.....

As always do your own research and good luck.


----------



## coolcup (2 July 2013)

skc said:


> SYD went returned a large chunk of capital late 2011 and that was captured in your chart. If you make adjustment for that you'd see the trend much more cleanly.
> 
> View attachment 53138




It looks like the wedge I am seeing is coming about as a result of the capital return inflating the pre-capital return prices on my chart. Thanks for the heads up.

On another note, if the SYD chart actually looked the way I showed it (ie there was no capital return and the price just tanked on that day for other reasons) would you see the chart as being a rising wedge and thereby bearish (as I had drawn it above)?

Thanks to you also nulla nulla.


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## nulla nulla (3 July 2013)

I think that the falling Aud$ will eventualy make SYD attractive to foreign investors again and the foreign investment level will increase again closer to the 40% limit. At some point SYD must reach a level where the share price plateau's as it trys to find a balance as increases driven by growth prospects taper off and yields drop.

As a short term investor trading the share price volitility in SYD, the risk I am more mindful of is that any of the off shore large investors could elect to take large profits down the track and cash out the combo of an increased capital gain and any improvement in the Aud$ versus the US$. 

The sudden drop is painful when you are holding , painfull when you jump in at a low point looking for a bounce that doesn't come and only slowly erased when you are able to trade any subsequent (slow) price rebound.


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## piggybank (16 August 2013)

Did they strike oil or Gold at Sydney airport yesterday with over 134m shares changing hands? No actually Abu Dhabi used UBS AG (as underwriter) to sell 104m for not less than $3.60.

ASX-listed Sydney Airport (SYD) is pleased to announce the successful completion of its placement of approximately 86 million stapled securities to professional and sophisticated investors and institutions, issued at a price of $3.60 per stapled security raising approximately $308 million. The issue price is equal to the previous close and represents a 2% premium to the 5-day VWAP. As outlined in releases to the ASX on 14 August 2013, the net proceeds raised through the placement will be used to finance the acquisition of the monetising minority interests in Sydney Airport.


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## nulla nulla (17 August 2013)

The buy out of the minority Sydney Airport owners by Sydney Airport through the issue of script at $3.60 and cash appears to have appealed to the market. With the price roaring up after open on Thursday to peak arround $3.80 before settling back to the low $3.70's. It climbed even higher on Friday closing arround $3.85.

Andrew White, of the Australian on August 15, 2013, reports that UBS is beleived to have scooped up the Abu Dhabi Investment Authority (ADIA) stake of 103 million shares (representing 5.3% of shares on issue) at $3.67 per share. This sale will reduce foreign ownership levels to arround 24.3%. With the application for foreign ownership levels to be allowed to increase to 49% from the current 40%, the alleged sell off by ADIA will open up the share register to acquisition by foreign investors. The Aud$ is probably working in their favour at the present level. 

I say alleged at this point as the ADIA hasn't filed a notice of ceasing to be a substantial holder at this point of time. This in itself is not surprising. A quick check of notices in respect of change of shareholding shows that ADIA filed an inital notice on 1 June 2011 acquiring 94,553,945 shares representing 5.0802% of shares on issue and haven't filed any notices since in respect of lifting their holding to the 5.3% level.

UBS filed a "Notice of initial Substanial Holder" on 16 August 2013 showing that they have acquired 130,382,938 shares representing 7.01% of shares on issue (this appears to be significantly more than the alleged 103 million shares sold by ADIA) I'm not sure as to whether or not this constitutes foreign ownership. 

The share price is currently at a new high (allowing for the capital return in December 2011). Hard to see it having scope for huge growth in the current economy and the question of a second Sydney Airport hanging over their heads. Then again what would I know. As always do your own research and good luck.


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## nulla nulla (17 August 2013)

Out of curiousity I worked out the return that the Abu Dhabi Investment Authority (ADIA) made on their initial purchase of 94,553,945 shares at arround $2.96ea.


*	Date	*  *	Shares	*  *	Price	*  *	$	*  *	%	*      		21-Jun-11				94553945		 *	2.96	* 		279,879,677.20		 		14-Aug-13				94553945		 *	3.67	* 		347,012,978.15		       *	Capital Gain	*    *	67,133,300.95	*  *	23.99%	*       *	Distributions	*               		24-Jun-11				94553945		 *	0.11	* 		10,400,933.95				3.72%				19-Dec-11				94553945		 *	0.80	* 		75,643,156.00				27.03%				22-Dec-11				94553945		 *	0.10	* 		9,455,394.50				3.38%				25-Jun-12				94553945		 *	0.11	* 		10,400,933.95				3.72%				21-Dec-12				94553945		 *	0.10	* 		9,455,394.50				3.38%				24-Jun-12				94553945		 *	0.11	* 		10,400,933.95				3.72%		           *	Gross Return $	*    *	192,890,047.80	*  *	68.92%	* 


A chart of the share price movement in the same period:




Not a bad return on your investment for a two year hold.


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## Muschu (1 November 2013)

A question ---

Did anyone notice if the SYD SP dropped significantly today before the market sensitive announcement was released ?


----------



## Ves (1 November 2013)

Muschu said:


> A question ---
> 
> Did anyone notice if the SYD SP dropped significantly today before the market sensitive announcement was released ?




Macquarie announced their intentions of distributing their Sydney Airport stake (within their results presentations) before the market opened.  Not that I agree that a 2.5% drop is significant.


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## Muschu (1 November 2013)

Ves said:


> Macquarie announced their intentions of distributing their Sydney Airport stake (within their results presentations) before the market opened.  Not that I agree that a 2.5% drop is significant.




Many thanks Vespuria.


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## coolcup (1 November 2013)

Muschu said:


> Many thanks Vespuria.




Macquarie block traded the residual stake in SYD which they are not distributing in specie this morning. Stocks usually underperform on the day of a block trade.


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## nulla nulla (2 November 2013)

coolcup said:


> Macquarie block traded the residual stake in SYD which they are not distributing in specie this morning. Stocks usually underperform on the day of a block trade.




Todays papers indicate that Macquarie Bank will distribute its' entire holding in Sydney Airport to the Macquarie Bank share holders on the basis of one Sydney Airport share for every Macquarie Bank share held. 

The release from Sydney Airport yesterday welcomed the move noting that this would mean an influx of a large number of small share holders to the share registry (you'd have to wonder if that was tongue in cheek). I suspect that some foreign investors in Macquarie Bank may have to unload their SYD holding to keep SYD inside the contraints of foreign ownership limitations. I also suspect suggestions that this could make SYD a takeover opportunity are a furphy due to the presence of foreign investors and those same limitations.

No doubt the influx of small share holders to the registry will also contribute to some future volitility as they work out whether they want to hold, sell or add to their holdings. 

Probably a clever move Macquarie Bank. The original issue price was $2.00, however they have had several capital returns over the years and would likely be looking at a significant capital gains tax if they sold at the present share price $4.07. I would not be surprised if they have obtained a tax ruling that the capital gains will be the responsibility of their share holders at such time as the share holders sell the Sydney Airport shares received.

Then again I could be completely wrong (I don't hold Macquarie Bank shares). As always do your own research and good luck.


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## coolcup (2 November 2013)

nulla nulla said:


> Todays papers indicate that Macquarie Bank will distribute its' entire holding in Sydney Airport to the Macquarie Bank share holders on the basis of one Sydney Airport share for every Macquarie Bank share held.




Correct. They still had about 25-50m SYD shares after allowing for the 1 for 1 in specie distribution which they block traded on Friday.




nulla nulla said:


> I also suspect suggestions that this could make SYD a takeover opportunity are a furphy due to the presence of foreign investors and those same limitations.




MQG would have been working on any potential takeover and the in specie distribution would indicate that there is nothing in the works.


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## notting (17 April 2014)

Badgerys Creek is a lose lose situation for SYD.  
It loses it's monopoly or it runs the thing with a fairly large capital outlay to get it going whilst it already carries a massive debt load.
No wonder MQG gave away it's holdings wouldn't want that dragging on you.


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## notting (18 July 2014)

> “Malaysia (+22.5%), Hong Kong (+17.0%), China (+15.8%), India (+15.4%) and Singapore
> (+9.3%) were our strongest performing nationalities over the half
> , showing the continued benefit of strong demand from our Asian neighbours.




Well that's weird.  Malaysia that is.
Think I'll go to Sydney air port and jump on a Malaysian plane to Moscow. SYD opens flat :sleeping:


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## nulla nulla (23 December 2014)

A little over a year since my last post (at which time the share price was $4.05) the share price has climbed to $4.95.








Go figure.


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## notting (23 December 2014)

I've been short it twice and got out with teeny profits.
Then went long.

Is doing well out of international travel coming in on lower dollar.
Didn't think of that!
Still think it's a peace of crap for having too much debt and under threat from the second airport when ever that will be built.


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## piggybank (21 January 2015)

The wife and I traveled back to Melbourne from Sydney the other day. Given that we were going to be there for 4 hours we went and got our lunches from different outlets. Coincidentally we had bought the same make and size of water bottle only to find out that one had charged $3.50, whilst the other one cost $4.95. On trying each others water we didn't noticed any difference (in taste, etc)!!

​


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## skc (21 January 2015)

piggybank said:


> The wife and I traveled back to Melbourne from Sydney the other day. Given that we were going to be there for 4 hours we went and got our lunches from different outlets. Coincidentally we had bought the same make and size of water bottle only to find out that one had charged $3.50, whilst the other one cost $4.95. On trying each others water we didn't noticed any difference (in taste, etc)!!




I believe the $4.95 bottle of water was priced in sync with SYD's share price.


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## notting (21 January 2015)

skc said:


> I believe the $4.95 bottle of water was priced in sync with SYD's share price.




LOL 

This is a classic stock that I hate and want to short with every bone in my body.
But it's going up so I'm long it.
The reason I'm long it is because I hate it so much because it has huge debts, is full of financial engineering, pays consistent dividends out of earnings that are all over the place for a business that should be consistent. Brokers seem to like the idea that a second airport will be potentially a part of SYD, I don't for all the above will be exacerbated.

So I stay long to get a feel for when it's going to start turning, I don't know, when banks don't want to roll over over leveraged plays or second airport build costs blow out, what ever.  Meanwhile>>>>


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## nulla nulla (23 December 2016)

Two years since my last post and the share price is currently $6.02 having come off a high in excess of $7.50. Getting knocked around at present mostly because of their trying to buy time in assessing whether or not they want to exercise their right of first refusal in the development of Sydney's proposed second airport at Badgerys Creek.


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## skc (7 March 2017)

This could be interesting if it gets any leg.



> The ACCC, which monitors airports but does not regulate them, will push for regulatory powers to limit price increases when the Productivity Commission next reviews airport regulation in 2018.
> 
> The ACCC's annual monitoring report, released on Monday, found airports were charging airlines more – boosting aeronautical revenues by about $1.57 billion over the past decade – and earning high profit margins on car parking fees. Sydney Airport's parking margins run at 73.1 per cent, while Brisbane Airport's are 66.1 per cent.




http://www.afr.com/business/disturb...ect-accc-calls-for-regulation-20170307-gus88s


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## galumay (7 March 2017)

I am not a shareholder so no self interest from a shareholder perspective, like many things Howard and others privatised, the public pay a high price in the long run. Hopefully the ACCC will act on the price gouging, although I wont be holding my breath!


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## PZ99 (2 May 2017)

SYD won't run the second airport citing risk - a good thing IMO given they are already heavily indebted as far I know?

http://www.abc.net.au/news/2017-05-02/sydney-airport-declines-to-run-badgerys-creek-airport/8488616


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## skc (2 May 2017)

PZ99 said:


> SYD won't run the second airport citing risk - a good thing IMO given they are already heavily indebted as far I know?
> 
> http://www.abc.net.au/news/2017-05-02/sydney-airport-declines-to-run-badgerys-creek-airport/8488616




3 months ago, the commentary was all about the negatives of a second Sydney airport for the current airport owner.

If they build it themselves they are exposed to lots of risks and poorer free cashflows for the next 10-15 years. If they don't build it than they will be subjected to competition from a new market entry.

Today's decision isn't unexpected. SYD doesn't have the financial clout or appetite to take on building the 2nd airport. It remains to be seen when the second airport is built, how rational a competitor it would be to SYD. It's not quite NBN vs TLS situation as the first airport is not being replaced and chances are it's not really going have significantly less traffic.


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## luutzu (2 May 2017)

skc said:


> 3 months ago, the commentary was all about the negatives of a second Sydney airport for the current airport owner.
> 
> If they build it themselves they are exposed to lots of risks and poorer free cashflows for the next 10-15 years. If they don't build it than they will be subjected to competition from a new market entry.
> 
> Today's decision isn't unexpected. SYD doesn't have the financial clout or appetite to take on building the 2nd airport. It remains to be seen when the second airport is built, how rational a competitor it would be to SYD. It's not quite NBN vs TLS situation as the first airport is not being replaced and chances are it's not really going have significantly less traffic.




Of course it's expected. How will we see the benefit of privatisation if the gov't does not first foot the bill then offload it the moment it's profitable to own.

So that $2B (read $5B) investment by taxpayers for all the infrastructure works you don't see or care for; all that currently cheap land with massive asphalt parking spaces will soon enough be written down to nothing - trick is to put some cheap structure on it so you can write it off; can't leave it as land as you can't write those off. They will all be flogged off about a decade after the built, at a great discount to the initial risk and investment taxpayers have to deal with.

Then who's better, more experienced to run an airport than another airport operator, like SYD? More efficient and so on and so forth.

Gotta love these kind of capitalism.


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## coolcup (2 May 2017)

So... my take on this is:

1. SYD has always said that for it to participate, a large interest free loan would be required from government. Indeed discussions over a number of years has always envisaged this but that assumption had only been dropped by government recently. This made it an NPV negative proposition for SYD and I for one am glad they haven't chased it.

2. It makes much more sense for govt to fund these types of risky ventures. Their cost of funding is the lowest in the land (risk free rates) and the airport is a public necessity (those living in Sydney will understand this). Once it is stabilised and earning a return that private capital is comfortable with, they can extract maximum value through a privatisation. This is a better strategy in my view than giving a private greenfield development rights and an interest free loan to fund the development.

3. Once the airport is stabilised and the government can privatise it (who knows when) SYD will still be in prime position to acquire the asset. Like TCL, they have the most to lose from the asset falling into a competitor's hands so will naturally have a lower cost of capital than most to compete as they will be the only party in the process to potentially have a monopoly in Sydney.


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## Value Collector (21 July 2018)

I have found these few videos helpful in understanding some of the economics of airlines and airports that has helped me work through some of the Pros and cons of Sydney Airport, I found them helpful in making my investment decision.

So I will leave them here incase anyone else can get value from them also, the videos explain multiple points that are relevant to the Sydney airport and the future western Sydney airport.


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## Value Collector (25 July 2018)

This one can help you understand a bit about freight movements.


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## greggles (10 February 2019)

Someone asked me about SYD but I'm not too sure what to make of it at the moment. Looks like a double bottom at $6.40ish in the last few weeks followed by a quick run up to $6.80 where it looks to be consolidating.

Not much news flow recently aside from a 18 January announcement detailing Sydney Airport Traffic Performance for December 2018. The year-to-date figures were positive with growth of 1.2% in domestic traffic, 4.7% growth in international traffic and 2.5% growth overall.

Without a catalyst I imagine it will probably continue to consolidate for a while between $6.80 and $7.00.


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## Miner (11 February 2019)

greggles said:


> Someone asked me about SYD but I'm not too sure what to make of it at the moment. Looks like a double bottom at $6.40ish in the last few weeks followed by a quick run up to $6.80 where it looks to be consolidating.
> 
> Not much news flow recently aside from a 18 January announcement detailing Sydney Airport Traffic Performance for December 2018. The year-to-date figures were positive with growth of 1.2% in domestic traffic, 4.7% growth in international traffic and 2.5% growth overall.
> 
> ...



thanks Greggles


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## jjbinks (10 March 2019)

breaking out testing old high after period of consolidation


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## Ann (10 March 2019)

On a longer time frame of three years $7.60 has been a top for it many times from August 2016. It will be interesting to see if it can break above. Looking at an EquiVolume chart, there appears to be little or no selling pressure coming from large volumes at any level. In a buoyant market there should be no reason it is held back other than psychological of being at regularly tested resistance line.


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## sptrawler (10 March 2019)

Jeez Ann, I was at Sydney airport on Friday, they know how to charge.
Will the second airport have an effective? Or will the same company pick it up?


----------



## HelloU (10 March 2019)

sptrawler said:


> Jeez Ann, I was at Sydney airport on Friday, they know how to charge.
> Will the second airport have an effective? Or will the same company pick it up?



syd declined    (so far anyway) think NBN at the moment


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## Knobby22 (11 March 2019)

HelloU said:


> syd declined    (so far anyway) think NBN at the moment



NBN??


----------



## HelloU (11 March 2019)

Knobby22 said:


> NBN??



soz mate, what i mean is that capex has started with tax $.


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## Ann (11 March 2019)

sptrawler said:


> Jeez Ann, I was at Sydney airport on Friday, they know how to charge.






sptrawler said:


> Will the second airport have an effective? Or will the same company pick it up?




It may certainly be impacting on further price rises sptrawler. It seems to be ranging up to a certain level, top value? I wouldn't like to guess what would happen to SYD even if the same company picked it up. It may still range. As you said, they know how to charge so perhaps there is not a lot more upside for them. NZs AIA appears to be traveling better although it is now about to hit a double top. I will put up a chart soon.



HelloU said:


> soz mate, what i mean is that capex has started with tax $.



What does this mean HelloU, I have no idea about FA but keep trying to grasp it, always appreciate a bit more in depth if you have time.


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## HelloU (11 March 2019)

Ann said:


> It may certainly be impacting on further price rises sptrawler. It seems to be ranging up to a certain level, top value? I wouldn't like to guess what would happen to SYD even if the same company picked it up. It may still range. As you said, they know how to charge so perhaps there is not a lot more upside for them. NZs AIA appears to be traveling better although it is now about to hit a double top. I will put up a chart soon.
> 
> 
> What does this mean HelloU, I have no idea about FA but keep trying to grasp it, always appreciate a bit more in depth if you have time.



the second sydney airport build has started - so both planning and earthworks are happening - at a cost - so capital expenditure has commenced - being funded from tax $ - and would bet nobody has a true capex figure. SYD had mgt dibs but declined 1st offer ( i think) but years off anyway.


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## Ann (4 June 2019)

*Loans That Can Help Save the World Finally Gain Ground in Asia*
_
A region that’s lagged behind the rest of the world when it comes to socially-responsible financing is beginning to catch up.

Companies in the Asia-Pacific area are riding a global groundswell in demand for environmental, social and governance (ESG) loans and other feel-good investments, with Sydney Airport last month securing the largest syndicated ESG financing in the region. More...
_
Still being knocked down at the $7.60 level at its fifth attempt but it managed to stay above the line better than the past. Perhaps it has a fighting chance the next time it tackles that level.





_
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## Miner (11 March 2020)

Ann said:


> *Loans That Can Help Save the World Finally Gain Ground in Asia*
> _
> A region that’s lagged behind the rest of the world when it comes to socially-responsible financing is beginning to catch up.
> 
> ...



Tried to have a sneak preview of SYD thread and found last message was from @Ann . Hope Ann you are well and looks like you have left ASF now.
Any way SYD is behaving aligning with rest excepting today's steroid to most of the stocks did not inject well into SYD. Tomorrow will be far worse with DJ and FTSE is still southwards.
Do not hold nor have any blood left after hemorrhage over last two days, waiting for last nail on the coffin tomorrow 
https://www.asx.com.au/asx/share-price-research/company/SYD

https://www.asx.com.au/asxpdf/20200310/pdf/44fx95rdhgwg7l.pdf


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## Dona Ferentes (11 March 2020)

what's the old joke: "_An airport is a shopping mall where you leave by a different door than the one you came in_" ?

through their two main business units, Aviation (Sydney Airport) and Leasing & Advertising Opportunities, and like most airports, SYD is getting hit on multiple fronts: Aeronautical, retail, property, car rental and parking and ground transport services


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## Cam019 (15 March 2020)

Hey all,

Just thought I'd get some perspective going regarding SYD. Now, fundamentals/valuations are not really in my wheel house but I do my best to understand things where I can. Firstly, a chart.






As we can see, data on this platform goes back approximately 18 years. 4 zones are marked where I believed there could be some resistance encountered. From high to low through the GFC, SYD fell 71.4%. What we are experiencing now, I believe, is only the beginning of something that will be much worse than what happened back in '07/'08. Therefore, if we use the most recent high of $9.30 and factor in a minimum decline of 71.4% - we come up with a target of $2.66. At a price of $2.66, SYD would be trading at a just under 15x current earnings. Current prices reflect a 6.71% dividend (assumes no cut), with no franking credits. Anyone else think that a sub $3 price is probable considering the current state of the COVID-19 black swan event, global economies and the global financial markets?


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## levin123 (15 March 2020)

Cam019 said:


> Hey all,
> 
> Just thought I'd get some perspective going regarding SYD. Now, fundamentals/valuations are not really in my wheel house but I do my best to understand things where I can. Firstly, a chart.
> 
> ...





I definitely think sub $3 is probable/ likely. Govt just announced a 2 week compulsory self isolation period for international arrivals, there goes the international tourism trade in one blow.

Next step is a full border lock down, which I think is still not likely but imagine if by May/June the infection rate gradually reaches 100,000 with 3,000+ deaths, you'd think drastic action would be taken


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## galumay (15 March 2020)

Its a shopping mall with no free parking. Massive debt. Agree, sub $3 quite possible. I never understood the love for it.


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## sptrawler (15 March 2020)

Miner said:


> Tried to have a sneak preview of SYD thread and found last message was from @Ann . Hope Ann you are well and looks like you have left ASF now.
> Any way SYD is behaving aligning with rest excepting today's steroid to most of the stocks did not inject well into SYD. Tomorrow will be far worse with DJ and FTSE is still southwards.
> Do not hold nor have any blood left after hemorrhage over last two days, waiting for last nail on the coffin tomorrow
> https://www.asx.com.au/asx/share-price-research/company/SYD
> ...



I miss Anne, she was a bit of a breath of fresh air.
Just my opinion.


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## Cam019 (15 March 2020)

galumay said:


> Its a shopping mall with no free parking. Massive debt. Agree, sub $3 quite possible. I never understood the love for it.



Me either. Someone asked me about it and I just wanted to see what others opinions were, in addition to my own.


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## Dona Ferentes (15 March 2020)

SYD - its a bond proxy. That party is over.

I have direct exposure to one of their debt issues SYDAIR-ILB-3.12%-20Nov30. . Long dated inflation linked, pays good quarterly income rising with inflation PLUS rising capital value. Still nervous after last few days/ weeks.


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## sptrawler (15 March 2020)

Cam019 said:


> Me either. Someone asked me about it and I just wanted to see what others opinions were, in addition to my own.



I have looked at them lots of times, as they are always on the 'must have' advisers list, I have never been able to get excited about them.
Just my opinion.


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## aus_trader (15 March 2020)

sptrawler said:


> I have looked at them lots of times, as they are always on the 'must have' advisers list, I have never been able to get excited about them.
> Just my opinion.




Agree, a market darling for yield but if the revenues dry up how sustainable will that yield be?

Airline and travel agencies seems to be taking the brunt of the hit at the moment...





https://www.theage.com.au/business/...-takes-a-coronavirus-hit-20200313-p549r6.html

So the impact on airports like Auckland International Airport Limited (AIA) and
Sydney Airport Holdings Pty Ltd (SYD) should not be underestimated.


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## Miner (16 March 2020)

Cam019 said:


> Hey all,
> 
> Just thought I'd get some perspective going regarding SYD. Now, fundamentals/valuations are not really in my wheel house but I do my best to understand things where I can. Firstly, a chart.
> 
> ...



Good one and thanks @Cam019.
One question I have: It is expected that there would be considerable financial losses for SYD, QAN, VAH and lots of travel companies, how the assumption of having the same dividend without any cut is sustainable?
Just my thought and mindful of possibility to payout a dividend from the reserve. Should they do as all investors will accept the losses from Corona and that could be an opportunity to keep the reserve and instead lower the dividend (if any) for FY 20.
DNH


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## rederob (16 March 2020)

All CEOs have the opportunity to request that all non-essential staff take leave as a first step, because that cost should have been reserved.  Managing leave rosters for 7 day a week operations is a pain in the neck, so here's a chance to reduce their leave balances and tidy the slate.
The next step that any travel and tourism industries should be taking is to carry out essential maintenance as it can now be done without bothering guests.
In the case of SYD I would try to bring forward as much major refurbishing of the international terminal as is possible because the continuous traffic stream at airports make this both slow and costly in normal times.
It might sound a bit counterintuitive, but if I were their CEO I would be getting all staff together to brainstorm ideas for operational and systems enhancements in order to improve ongoing efficiency and reduce costs once the lockdown is lifted. 
This is a chance for SYD, and similarly affected operators, to now get things done that were constrained by their actual business - ie, their customers got in the way of nimbly effecting change.  So I would have everyone not directly involved in passenger services working flat out so that when things were back to normal the entire operation was running smoothly, and more profitably.

From a share price perspective SYD is like QAN and will most likely keep tumbling until the lockdown is lifted and international travel has resumed globally.  It's mostly a case of watching this space rather than attempting to "*value*" SYD and punt on a buying price.


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## So_Cynical (16 March 2020)

Good discussion, thanks all.

Sub 3 is not out of the question, there is emerging evidence of seasonal influences with COVID19 thus our winter will be the infection peak 
for us so a full shutdown is more likely than not and that will be the time to buy SYD, the world is not ending - just getting a little sick.


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## Dona Ferentes (11 August 2020)

Sydney Airport will raise $2 billion in equity to stay liquid through the COVID 19 pandemic after reporting a $51.8 million interim loss, and will not pay dividends in 2020. It made an interim profit of $199.8 million a year earlier.

Total revenue in the first half was $511 million, down 36 per cent. Its results include a $40.9 million _doubtful debt_ provision, of which more than half was owed by Virgin Australia before it went into administration.

The airport's income was also hit by $52.9 million in rent relief for retail and property tenants (only one third of airport stores were open in July). Aeronautical revenues tumbled 52 per cent to $173 million, while parking revenues fell 51 per cent to $38.1 million.

Before rent abatements, retail revenues fell 20 per cent over the half to $147.2 million, and property and car rental revenues were down 9.5 per cent to $108.9 million. Occupancy of the airport's hotels was running at 44 per cent in the six months to June. 

More than 44 million passengers passed through Sydney Airport in 2019, but in the six months to June, it had only 9.4 million passengers.

The airport plans to cut operating costs by one third by March 2021 and it has scrapped planned spending on some projects including bathroom upgrades.

The *equity raising *will slash the airports pro forma net debt to $7.1 billion at the end of June from $9.1 billion, giving it liquidity of $4.6 billion including $1 billion of cash. The fully renounceable* 1 for 5.15 *offer is priced at $4.56 per share, a 15 per cent discount to the closing price of $5.39 on Monday.

_- there is a SydAir 2020 Inflation-linked Bond than matures this month. Can't remember how much needs to go towards this. I hold a 2030 ILB from them; nice little instrument with coupon plus growth running at 7% or so.. Am liking the idea of fresh equity underneath._


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## IFocus (12 March 2021)

Bought some SYD today (longer term outlook) for the super fund will be interesting to see how far out current pricing is.


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## samuilk (20 March 2021)

IFocus said:


> Bought some SYD today (longer term outlook) for the super fund will be interesting to see how far out current pricing is.



Also looking at buying some SYD soon, decent yield. But I need to look at their fundamentals first but I think might be a good position to add to my portfolio


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## Value Collector (20 March 2021)

samuilk said:


> Also looking at buying some SYD soon, decent yield.



The dividend is suspended at the moment, but I imagine it will be reinstated as soon as profitability returns.


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## joeno (11 May 2021)

Can someone explain how Syd airport can pay 6-7% dividends usually when they have a historical PE of around 40?


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## Value Collector (11 May 2021)

joeno said:


> Can someone explain how Syd airport can pay 6-7% dividends usually when they have a historical PE of around 40?



The reported profit has always been much lower than actual free cash flows, for a number of reasons.

for example because they paid $5 Billion upfront to lease the airport on a 99 year lease from the government, they write down the value of that lease each year which reduces their reported profit, but is not a cash cost.

Same with all the buildings and equipment they have installed, they depreciate them on the books at a faster rate than they actually depreciate, which means they are being written down in value more each year than what it actually costs to maintain them which again means actual cashflow is higher than reported earnings.

The best figure to look at is operating income, but before the pandemic, SYD was basically paying out 100% of operating income as a dividend, if they continue this strategy once dividends resume, then you can use the dividend amount as its net profit figure.


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## rederob (11 May 2021)

Value Collector said:


> The reported profit has always been much lower than actual free cash flows, for a number of reasons.
> 
> for example because they paid $5 Billion upfront to lease the airport on a 99 year lease from the government, they write down the value of that lease each year which reduces their reported profit, but is not a cash cost.
> 
> ...



It will be interesting to see the FY21 results.  
In 2026 Western Sydney Airport is going to open, and it clearly will impact on SYD thereafter.  Maybe the feds will have sold it off by then, or beforehand, and SYD pick it up?
Anyhow, I too had looked at SYD for the superfund prior to covid, but added TCL and AMC instead.
I can't say any are better than the other, although without much international flying being done I can't see SYD's lot returning to pre-covid glory days until 2023.  And when it does happen there is currently a strong case for flying to take tens of millions away from cruises, so the return to profit could have an extra bite.


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## Value Collector (11 May 2021)

rederob said:


> It will be interesting to see the FY21 results.
> In 2026 Western Sydney Airport is going to open, and it clearly will impact on SYD thereafter.  Maybe the feds will have sold it off by then, or beforehand, and SYD pick it up?
> Anyhow, I too had looked at SYD for the superfund prior to covid, but added TCL and AMC instead.
> I can't say any are better than the other, although without much international flying being done I can't see SYD's lot returning to pre-covid glory days until 2023.  And when it does happen there is currently a strong case for flying to take tens of millions away from cruises, so the return to profit could have an extra bite.



I am pretty Bullish on SYD, before Covid the Airport was already reaching its practical capacity, with all peak time slots fully booked, I expect by 2026 SYD airport will be busier than it was pre covid, so the Western Sydney airport will provide extra capacity and allow some of the low profit margin traffic to move there freeing up slots at SYD for more profitable traffic.

eg. A full flight of international passengers flying from the UK into SYD is more profitable than Fed ex freighter, so moving the fed ex flight and some lower margin domestic etc out to western Sydney is good.

Also, remember that 70% of traffic pre covid was domestic travel, that will make a full recovery even with the international travel restrictions.

secondly, a large number of the international travel was Australians holidaying overseas, a decent portion of this will still exist but just be redirected into the travel bubbles. (Eg I person that was planning to ski in Canada normally might now choose NZ)

thirdly, New Zealanders that would have normally traveled to the USA, UK etc might now choose to visit australia.

Keep an eye on the traffic numbers, they are recovering super fast, compare 2019, 2020 and 2021 when April figures are released shortly and I think you will be surprised at how fast traffic is returning.

I also think there will be long term benefit to the cost reduction this shock has caused, they will be a leaner more efficient organisation on the other side, and I think that will stay around for a while.


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## galumay (11 May 2021)

Some good 2nd level thinking there, VC!


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## Dona Ferentes (11 May 2021)

also Western Sydney airport is likely to be the major *freight *hub


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## rederob (11 May 2021)

Dona Ferentes said:


> also Western Sydney airport is likely to be the major *freight *hub



Curfews are a big issue at Kingsford Smith so while freight might be an initial focus, the longer term might see it a better fit for international passengers.


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## Value Collector (11 May 2021)

rederob said:


> Curfews are a big issue at Kingsford Smith so while freight might be an initial focus, the longer term might see it a better fit for international passengers.



The convenient hours for international flight to arrive and depart Sydney for international flights based on the arrival and departure of their destinations fit inside the curfew pretty well, and many of the international carriers are probably not going to want to operate out of two airports, So I think SYD will still be the main destination for most of the high value international traffic.

I believe it will be a bit like London, where you have most of the High Value international traffic passing through Heathrow, and the other 5 airports.

This also means that a lot of the domestic travel will be through SYD also, because of connecting flights.

----------------------------------
Let me explain what I meant above above convenient flight times fitting inside the curfew.

If you want to fly to the USA, the most convenient times for planes to leave Sydney is around 10.30am, because that means you will arrive in LA at around 6am which is when the immigration opens, so there is no benefit to leaving earlier during curfew.

Also, on the return flight from LA to Sydney, the flights can't leave LA until night time anyway because about half of the passengers are connecting from other cities in the USA or South America , so the planes wait in LA until around 9pm - 11pm and will arrive back in Sydney between 7am - 9am, again no real benefit to an airport without a curfew.

and the same is true for various reasons on other routes

-----------------
This is how qantas runs the USA service, Planes work in groups of 3

eg. 3 planes depart Australia at around 10am, 1 from each city of Brisbane, Sydney and Melbourne, All three planes arrive in LA at around 6am, 1 of the planes is parked up and gets routine maintenance done for the day the other 2 get loaded up with all the connecting passengers of the 3 planes and 1 plane flies to Dallas and one New York, they then unload there and pick up passengers returning to Australia, the arrive back at LA at around 7pm all passengers shuffle back to the planes going back to Brisbane, Sydney Melbourne and the flights leave LA at 9am-11pm and return to their home city by 6 am ready to get reloaded and leave by 10am back to the USA.

It fits perfectly in the curfew, there is very little benefit to extending the curfew hours except to be able to fit in more flights.

this cycle takes 2 days, so they have 2 sets of planes services the route for each flight code.


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## rederob (11 May 2021)

Value Collector said:


> The convenient hours for international flight to arrive and depart Sydney for international flights based on the arrival and departure of their destinations fit inside the curfew pretty well, and many of the international carriers are probably not going to want to operate out of two airports, So I think SYD will still be the main destination for most of the high value international traffic.
> 
> I believe it will be a bit like London, where you have most of the High Value international traffic passing through Heathrow, and the other 5 airports.
> 
> ...



Who and what type of aircraft fly out of Western Sydney won't be particularly clear for a good few years.  They do answer a few questions though:





Given Qantas and Virgin are our principal domestic carriers, and domestic is a big slice of SYD's revenue stream, I am not going to be jumping to any conclusions about the extent that Western Sydney will impact SYD's profits.
As our super fund has long term stock in it, currently SYD is not the fit I would prefer.  That might change down the track.


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## Value Collector (11 May 2021)

rederob said:


> Who and what type of aircraft fly out of Western Sydney won't be particularly clear for a good few years.  They do answer a few questions though:
> View attachment 124081
> 
> Given Qantas and Virgin are our principal domestic carriers, and domestic is a big slice of SYD's revenue stream, I am not going to be jumping to any conclusions about the extent that Western Sydney will impact SYD's profits.
> As our super fund has long term stock in it, currently SYD is not the fit I would prefer.  That might change down the track.




You can look at many other examples around the world, and even in Australia, eg Melbourne has a second airport, its no big deal, London has 6, New York has at least 3. 

Ofcourse Qantas and Virgin will operate out of both, it will take some Domestic market share but as I said thats not an overly bad thing, because SYD had no more slots anyway, Domestic travel makes up 70% of passengers, but a lot of that is low profit stuff, International travellers is where the big profits are international travellers produce almost 2.5 times more revenue, and that will be mainly through SYD.  

I expect Western Sydney to take pretty much all the freighters, but significant amounts of freight travels in the belly of passenger aircraft, so SYD will still be moving a lot of freight.


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## Value Collector (11 May 2021)

Check out this video about Heathrow, I believe SYD will become Sydneys version of Heathrow, while Western Sydney will become more like the secondary London airports.


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## Value Collector (20 May 2021)

SYD's traffic numbers are growing strongly so far this year, today it was announced that 1.5 Million passengers passed through the airport in April, this up up from 1.1 Million in March, 623 Thousand in February, and only 230 Thousand in January.

This great result for April was also achieved with the NZ travel bubble only being open for a week of April, So I am expecting May numbers to be even better.


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## sptrawler (21 May 2021)

Value Collector said:


> SYD's traffic numbers are growing strongly so far this year, today it was announced that 1.5 Million passengers passed through the airport in April, this up up from 1.1 Million in March, 623 Thousand in February, and only 230 Thousand in January.
> 
> This great result for April was also achieved with the NZ travel bubble only being open for a week of April, So I am expecting May numbers to be even better.



At the moment there is no compelling reason to buy, but as you say long term there is a case for income investors, the question is are there better opportunities at the moment?


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## Value Collector (21 May 2021)

sptrawler said:


> At the moment there is no compelling reason to buy,



I disagree, I think that from todays share price we could easily be looking at a capital gain of 15% per year compounded for the next 3 year, and about 12 - 18 months from now dividends could easily be 30cents per share which is about a 5% return.

To me thats a pretty compelling reason to buy.


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## sptrawler (21 May 2021)

It all depends on the virus, but I do tend to agree with the sentiment, that regarding the virus the only way is up. So you may well be right.
Reading today's Qantas announcement, SYD attracts a lot of Qantas revenue, therefore it obviously is a major Australian hub.


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## Value Collector (21 May 2021)

sptrawler said:


> SYD attracts a lot of Qantas revenue, therefore it obviously is a major Australian hub.



It sits on an Island, inside a city with a population of 5,300,000 people, and that population contains a lot of immigrants that want to visit and be visited by friends and family from over seas and interstate where for most people the only practical transport method between other cities is air travel, not to mention the other half of the population love to travel, and its also the largest city in Australia which creates and attracts a lot of business travel.

Airports connect people, even the basics of human life being Births, deaths and marriages are destined to create a lot of travel around Australia, New Zealand and as we re open to the world.

Everyone I know if gagging for an international holiday, the pent up demand is real.


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## peter2 (5 July 2021)

After losing this years State of Origin RL series QLD has hatched a bold plan for revenge.
QSuper as part of a consortium have announced an offer to buy Sydney Airport!


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## Dona Ferentes (5 July 2021)

drat... They'll probably buy out the bond I hold, and issue cheaper debt:

SYDAIR-ILB-3.12%-20Nov30 (AU3AB0000085)

IRR numbers to 30 June: 12 months .. 6.44%; 3 years .. 8.15%pa; 5 years .. 7.80%pa; Since inception .. 7.92%pa


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## IFocus (5 July 2021)

Dona Ferentes said:


> drat... They'll probably buy out the bond I hold, and issue cheaper debt:
> 
> SYDAIR-ILB-3.12%-20Nov30 (AU3AB0000085)
> 
> IRR numbers to 30 June: 12 months .. 6.44%; 3 years .. 8.15%pa; 5 years .. 7.80%pa; Since inception .. 7.92%pa





Nice bond, would have looked good in my super fund, I bought SYD for the super fund on weakness thinking longer term might get a take over wind fall if it gets up instead.


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## dyna (12 July 2021)

The $22 billion takeover proposal of Sydney Airport will  further the biggest ( $225 Billion ) super fund, AustralianSuper, into private markets and away from listed equities, to an extent. Along with the possible $10 Billion sale of its West Connex holding, this will raise their Balanced Fund's present 12 % infrastructure allocation to 15% , or $60Billion in 3 years time.


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## divs4ever (16 August 2021)

Sydney Airport rejects improved $16.8 billion buyout bid, open to higher offer​








						Sydney Airport rejects improved $16.8 billion buyout bid, open to higher offer
					

SYDNEY (Reuters) -Sydney Airport Holdings Pty Ltd on Monday rejected an improved A$22.80 billion ($16.81 billion) bid from a group of infrastructure investors, saying that it undervalued the airport operator, but that it was open to a higher offer.  The new offer valued Sydney Airport at A$8.45...




					au.finance.yahoo.com
				




 DYOR

 i am GONE from here MQG were nice enough  to give me a slab of SYD , at i took the $8 on offer when this  offer was first  announced a while back


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## System (10 June 2022)

On March 10th, 2022, Sydney Airport (SYD) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between SYD and its shareholders in connection with the acquisition of all the issued capital in SYD by Sydney Aviation Alliance Pty Ltd.


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