A member posting showing wrong SET numbers.
Here is a member posting on April 19,2008, at our active member forum:
Dear Paul, really satisfied investors in TFUND & also expect capital appreciation sometime.... At present calculating I get 2007 P/E of 12; and dividend yield 7.6% (0.82 bt with shares at 10.8 baht.) Beats money in the bank in Thailand, and this property fund has no debt!
I am a little mystified why the SET & newspapers posted EPS never seems to reflect the good story; presently I guess because they include in assets the recent TFUND capital raising of 2007. (P/E stated at 16 & dividend 5.59%-see link below.) Additionally dividends are only posted on Mondays in the Thai English newspapers (I guess most 'punters' are only interested in capital gains.)
These 2 factors certainly don't make it easy for investors to see the results of the company, and will be continuing if TICON keep selling factories annually (looks like it from TICON's accounts.) I don't think TFUND deserves to be a wallflower!
Isn't a marketing positive. Now with last capital raising and depreciating USD TFUND's market cap is approaching 200 million USD. Must be a matter of time before this unnoticed gem gets discovered. I guess raising funds to buy next tranch of TICON properties should be OK even in view global money jitters. TICON's diversification into the logistic warehouse is looking inspired.
Thanks in advance for any comments.
Regards,
B...
http://www.set.or.th/set/companyprofile.do?symbol=TFUND&language=en&coun...
TFUND : TICON PROPERTY FUND
Company/Securities Search
Website - Financial Statement Yearly/2007
Trading Statistics (As of 18 Apr 2008)
P/E 16.38 Dvd. Yield(%) 5.59
P/BV - Market Cap. (M. Baht) 6,102.00
My posted answer on that day:
You are absolutely right-on with this comment, as many of us have often over the years noticed all kinds of such silly mistakes; not the least in the local Business newspapers.
I used to write and complain, then gave up. Its all a bit pathetic and yet so more reasons to be a member here.... I just send this error in reporting to the MAI president, lets see how they answer back.
Most serious investors check on their own, as they should, after they hear what at first seems like a good investment theme.
But then only to see the numbers as they were told are different when checking on the SET or say BKK Post business news paper. So confusion reigns, which discourages investing and so indirectly promotes short term trading.
Beware, in the future the SET will be charging for all kinds of public SET information and nobody including is allowed to publish its raw data here. As its copyrighted.
Of course analysis or opinions are a different story as that they can't own.
To date (May 8th), I have not received any answer back except that they are having their staff check this and I should be patient.
While p/e ratio's can be calculated differently (say past 4 reported quarters, or say last year only etc.) its difficult for me to see how the current dividend yield can be off by so much on a security which had its dividend amount paid the same, for some years.
Paul A. Renaud.
Note:
May 10 2008, I receive an answer back from the SET/MAI but am not satisfied, as their methology results in reporting wrong dividends yields. For members, I show their answer back and respond accordingly. Sorry SET/MAI, the numbers are simply not reflecting reality.
