CIY - City Pacific
- Thread starter Ken
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michael_selway
Coal & Phosphate, thats it!
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Re: CIY-
PBD, looks interesting, never seen it before but.
thx
MS
Ken said:
PBD, looks interesting, never seen it before but.
thx
MS
Julia
In Memoriam
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Re: CIY-
Ken, I saw the same article, thought about buying some, but decided to hold off until the SP starts to move upwards.
Possibly sentiment is still somewhat against them after the 2005 downgrade of earnings.
I like the idea of their moving into high end retirement projects in view of the pending baby boomer retirees, but already have a stake in this market with FKP.
I've noticed for a long time their advertisements paying quite a bit above market rate for investments in their various funds and wonder (a) how, and (b) why they are paying so much to attract investors.
Julia
Ken said:
Ken, I saw the same article, thought about buying some, but decided to hold off until the SP starts to move upwards.
Possibly sentiment is still somewhat against them after the 2005 downgrade of earnings.
I like the idea of their moving into high end retirement projects in view of the pending baby boomer retirees, but already have a stake in this market with FKP.
I've noticed for a long time their advertisements paying quite a bit above market rate for investments in their various funds and wonder (a) how, and (b) why they are paying so much to attract investors.
Julia
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What's this nonsense with CIY --- 6 individual SELLS for 126 shares each at the moment and growing?
Cheers
Cheers
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Worked their way down from 4.90 to 3.70 in .05c incentives at lots of 126
Cheers
Cheers
According to this morning's company request, CIY has been in trading halt all day with trading to resume on/before Friday 02/02. Reason is share placement to "professional/sophisticated" investors - (I'm still waiting to be approached). regards YN.coyotte said:
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Looks like their at it again today ?
Are these "Sophisticated" Investors going to pay the Ave Price over the STOP period ?
Cheers
Are these "Sophisticated" Investors going to pay the Ave Price over the STOP period ?
Cheers
michael_selway
Coal & Phosphate, thats it!
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Anybody still like this stock?
Good Yield it appears
thx
MS
Good Yield it appears
thx
MS
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Michael, looks like I may be alone in this, but I still like City Pacific.
I'm definitely a lot more trader than I am investor, but CIY's dividend yield appealed to me. I bought in at $4.18 on 3 April 2007 and as I write this, the SP is sitting at $4.57, representing a capital gain of 9.3% in four weeks. Obviously not as attractive as many of our resource stocks, but for a stock I got into for it's dividends, I'm reasonably happy.
One of their subsidiaries recently acquired a 50% stake in Greenmount Beach Resort in Coolangatta (at the southern end of the Gold Coast). The property has been described as the best piece of beachfront land at that end of the Gold Coast and it is expected that a redevelopment of the property will offer some impressive returns for its owners.
Thought I'd throw a chart in (courtesy of BigCharts), it's the first I've posted on ASF
:
I'm definitely a lot more trader than I am investor, but CIY's dividend yield appealed to me. I bought in at $4.18 on 3 April 2007 and as I write this, the SP is sitting at $4.57, representing a capital gain of 9.3% in four weeks. Obviously not as attractive as many of our resource stocks, but for a stock I got into for it's dividends, I'm reasonably happy.
One of their subsidiaries recently acquired a 50% stake in Greenmount Beach Resort in Coolangatta (at the southern end of the Gold Coast). The property has been described as the best piece of beachfront land at that end of the Gold Coast and it is expected that a redevelopment of the property will offer some impressive returns for its owners.
Thought I'd throw a chart in (courtesy of BigCharts), it's the first I've posted on ASF
:Attachments
CIY
Announcement out re article in The Australian.
From this ann. all I can make out is that they are paying divvies from investments. So if the investments go pear shaped it may mean the company goes down the gurgler. Not clear for me to work out what they are doing in their financial engineering
Maybe Kennas might give his opinion on what sort of company this looks like (form their clarifications)
Announcement out re article in The Australian.
From this ann. all I can make out is that they are paying divvies from investments. So if the investments go pear shaped it may mean the company goes down the gurgler. Not clear for me to work out what they are doing in their financial engineering
Maybe Kennas might give his opinion on what sort of company this looks like (form their clarifications)
Re: CIY
The Company disputes the claims in the Australian and gives reasonable answers to all the allegations. If they, the company, are correct The Ausyralian will have to retract. It will be interesting to watch for further developments. Where there is smoke there may be fire.
Announcement out re article in The Australian.
From this ann. all I can make out is that they are paying divvies from investments. So if the investments go pear shaped it may mean the company goes down the gurgler. Not clear for me to work out what they are doing in their financial engineering
Maybe Kennas might give his opinion on what sort of company this looks like (form their clarifications)
The Company disputes the claims in the Australian and gives reasonable answers to all the allegations. If they, the company, are correct The Ausyralian will have to retract. It will be interesting to watch for further developments. Where there is smoke there may be fire.
doctorj
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Re: CIY
Take it the other way. If they originally spent $1m on an investment and at 30 June 2008 that same investment was worth $1, what should they disclose as the 'value' of that investment as? Clearly having it sit at $1mill would be misleading to the reader. Then where do you take recognise that $999,999 loss? You've got two choices - either equity (ie. retained earnings) or the P&L. Would it be fair that it doesn't reduce profit? Probably not...
I guess what you've hit on is the difference between cash and accrual accounting.
The interesting question, discussed by ducati on his blog is how people go about valuing stuff. How reasonable are their valuations...
I don't know the first thing about the company, but I dare say that paying dividends from unrealised gains on investments isn't uncommon at all. Investments are marked to market and any gains or losses are taken to the P&L. Companies then pay dividends from retained earnings (ie. profits).
Take it the other way. If they originally spent $1m on an investment and at 30 June 2008 that same investment was worth $1, what should they disclose as the 'value' of that investment as? Clearly having it sit at $1mill would be misleading to the reader. Then where do you take recognise that $999,999 loss? You've got two choices - either equity (ie. retained earnings) or the P&L. Would it be fair that it doesn't reduce profit? Probably not...
I guess what you've hit on is the difference between cash and accrual accounting.
Cash is king. I assume by your post that they're borrowing to pay dividends, in which case you're right. If their investments do fall a lot, they probably won't be able to meet their interest payments and they'll fold. However, given they're business is investing, if their investments do dive a heap, they're probably in trouble anyway.
The interesting question, discussed by ducati on his blog is how people go about valuing stuff. How reasonable are their valuations...
I have held this stock since October 2005 and have received attractive fully franked dividends since then.
Recent dividend history is as follows:
Type Cents per share Dividend Pay Date
Final 30.00 31 Oct, 07
Interim 15.00 30 Mar, 07
Final 34.00 31 Oct, 06
Interim 11.00 31 Mar, 06
Final 30.00 30 Sep, 05
Interim 15.00 28 Feb, 05
Final 23.00 30 Sep, 04.
At the current price of $3.94 (which is no doubt depressed somewhat today by the "Australian" article), the ff dividend yield is an impressive 11.42%.
Reading CIY's reply to the article, the "Australian" may have to revise or retract its report on CIY.
As I recall, this is not the first time the press has tried to publish critical reports on CIY.
In the time I've been a shareholder, I've received regular updates from CIY on their projects which indicate a diversified portfolio of earning assets in a number of Australian real estate projects.
This company is one of the top ASX companies with a market capitalisation of nearly $600 million.
In comparison, Port Bouvard, PBD, which is mentioned above, has its assets concentrated in only one city, Perth, and has a market cap less than half of CIY. PBD's recent share price performance has been woeful compared to CIY.
Based on the above, I see no reason to sell my holdings in CIY at present.
Recent dividend history is as follows:
Type Cents per share Dividend Pay Date
Final 30.00 31 Oct, 07
Interim 15.00 30 Mar, 07
Final 34.00 31 Oct, 06
Interim 11.00 31 Mar, 06
Final 30.00 30 Sep, 05
Interim 15.00 28 Feb, 05
Final 23.00 30 Sep, 04.
At the current price of $3.94 (which is no doubt depressed somewhat today by the "Australian" article), the ff dividend yield is an impressive 11.42%.
Reading CIY's reply to the article, the "Australian" may have to revise or retract its report on CIY.
As I recall, this is not the first time the press has tried to publish critical reports on CIY.
In the time I've been a shareholder, I've received regular updates from CIY on their projects which indicate a diversified portfolio of earning assets in a number of Australian real estate projects.
This company is one of the top ASX companies with a market capitalisation of nearly $600 million.
In comparison, Port Bouvard, PBD, which is mentioned above, has its assets concentrated in only one city, Perth, and has a market cap less than half of CIY. PBD's recent share price performance has been woeful compared to CIY.
Based on the above, I see no reason to sell my holdings in CIY at present.
Re: CIY
Usually they get an independent valuer to do it and explain their valuation methodology in their annual report. However its not uncommon for these valuations to be optimistic (wine stocks come to mind).
What is truly scary is companies that have wild valuations on intangible assets..
Usually they get an independent valuer to do it and explain their valuation methodology in their annual report. However its not uncommon for these valuations to be optimistic
(wine stocks come to mind).What is truly scary is companies that have wild valuations on intangible assets..
michael_selway
Coal & Phosphate, thats it!
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I have held this stock since October 2005 and have received attractive fully franked dividends since then.
Recent dividend history is as follows:
Type Cents per share Dividend Pay Date
Final 30.00 31 Oct, 07
Interim 15.00 30 Mar, 07
Final 34.00 31 Oct, 06
Interim 11.00 31 Mar, 06
Final 30.00 30 Sep, 05
Interim 15.00 28 Feb, 05
Final 23.00 30 Sep, 04.
At the current price of $3.94 (which is no doubt depressed somewhat today by the "Australian" article), the ff dividend yield is an impressive 11.42%.
Reading CIY's reply to the article, the "Australian" may have to revise or retract its report on CIY.
As I recall, this is not the first time the press has tried to publish critical reports on CIY.
In the time I've been a shareholder, I've received regular updates from CIY on their projects which indicate a diversified portfolio of earning assets in a number of Australian real estate projects.
This company is one of the top ASX companies with a market capitalisation of nearly $600 million.
In comparison, Port Bouvard, PBD, which is mentioned above, has its assets concentrated in only one city, Perth, and has a market cap less than half of CIY. PBD's recent share price performance has been woeful compared to CIY.
Based on the above, I see no reason to sell my holdings in CIY at present.
Do they really pay dividends out of borrowing monies?
Also whats the forecast EPS next FY year?
thanks
MS
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Hi CIY holders. I've been browsing around for top dividend yielders and CIY certainly stands out. The last Shareholder Newsletter was quite inspiring and very upbeat.
The SP has suffered - not unlike most others in the property game. There is very little volume in the stock today - is this normal?
Would appreciate some feedback and thoughts on CIY.
The SP has suffered - not unlike most others in the property game. There is very little volume in the stock today - is this normal?
Would appreciate some feedback and thoughts on CIY.
