Two Directors at Hotel Property Investments bought 17,400 shares at 3.470AUD. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The recent steep fall in interest rates, which supports property values through lower capitalisation rates and interest costs, prompts an increase in no-moat Hotel Property Investments’ fair value estimate to AUD 3.15 per security from AUD 3.05. Notwithstanding, the key near-term driver of Hotel Property’s fair value estimate will be the attitude of Australian Venue Company, or AVC, and Coles to investing in Hotel Property’s pubs and exercising lease options. Coles have now completed the r...
The recent steep fall in interest rates, which supports property values through lower capitalisation rates and interest costs, prompts an increase in no-moat Hotel Property Investments’ fair value estimate to AUD 3.15 per security from AUD 3.05. Notwithstanding, the key near-term driver of Hotel Property’s fair value estimate will be the attitude of Australian Venue Company, or AVC, and Coles to investing in Hotel Property’s pubs and exercising lease options. Coles have now completed the r...
The recent steep fall in interest rates, which supports property values through lower capitalisation rates and interest costs, prompts an increase in no-moat Hotel Property Investments’ fair value estimate to AUD 3.15 per security from AUD 3.05. Notwithstanding, the key near-term driver of Hotel Property’s fair value estimate will be the attitude of Australian Venue Company, or AVC, and Coles to investing in Hotel Property’s pubs and exercising lease options. Coles have now completed the r...
Broadly in line first-half fiscal 2019 results see no change to no-moat Hotel Property Investments’ fair value estimate of AUD 3.05 per share. Highlights include a 4.1% increase in rental revenue primarily driven by annual rent increases and the rental uplift from the Quest Griffith acquisition in fiscal 2018, partly offset by the rental loss from the sale of the Wickham hotel in the first half of fiscal 2019. Management also guided to a fiscal 2019 dividend of AUD 19.9 cents per security, or ...
Hotel Property Investments’ portfolio of freehold pub properties primarily in Queensland, leased almost exclusively to subsidiaries of supermarket giant Coles generates a defensive and predictable income stream. Most of the long-term triple-net leases provide for annual rental growth at the lower of 4% and 2 times the previous 5-year average CPI. It also benefits from no material lease expiries until 2021, strong population growth and restrictive liquor licensing laws in Queensland. However, t...
Broadly in line first-half fiscal 2019 results see no change to no-moat Hotel Property Investments’ fair value estimate of AUD 3.05 per share. Highlights include a 4.1% increase in rental revenue primarily driven by annual rent increases and the rental uplift from the Quest Griffith acquisition in fiscal 2018, partly offset by the rental loss from the sale of the Wickham hotel in the first half of fiscal 2019. Management also guided to a fiscal 2019 dividend of AUD 19.9 cents per security, or ...
Uncertainty as to Coles’ long-term strategy with respect to its pub business prompts a reduction in Hotel Property Investments' moat rating to none from narrow, but its fair value estimate is unchanged at AUD 3.05 per security. We believe Coles would prefer not to be in the business of operating pubs due to their reliance on poker machine revenue. Nonetheless, Coles will need to retain these pubs in order to maintain its liquor retailing business under Queensland’s restrictive regulations, w...
Uncertainty as to Coles’ long-term strategy with respect to its pub business prompts a reduction in Hotel Property Investments' moat rating to none from narrow, but its fair value estimate is unchanged at AUD 3.05 per security. We believe Coles would prefer not to be in the business of operating pubs due to their reliance on poker machine revenue. Nonetheless, Coles will need to retain these pubs in order to maintain its liquor retailing business under Queensland’s restrictive regulations, w...
Hotel Property Investments’ portfolio of freehold pub properties primarily in Queensland, leased almost exclusively to subsidiaries of supermarket giant Coles generates a defensive and predictable income stream. Most of the long-term triple-net leases provide for annual rental growth at the lower of 4% and 2 times the previous 5-year average CPI. It also benefits from no material lease expiries until 2021, strong population growth and restrictive liquor licensing laws in Queensland. However, t...
Uncertainty as to Coles’ long-term strategy with respect to its pub business prompts a reduction in Hotel Property Investments' moat rating to none from narrow, but its fair value estimate is unchanged at AUD 3.05 per security. We believe Coles would prefer not to be in the business of operating pubs due to their reliance on poker machine revenue. Nonetheless, Coles will need to retain these pubs in order to maintain its liquor retailing business under Queensland’s restrictive regulations, w...
A change in analyst prompts a reduction in narrow-moat Hotel Property Investment’s fair value estimate to AUD 3.05 per stapled security from AUD 3.40. The reduction is driven by the risk that Coles will circumvent Queensland’s restrictive liquor licensing legislation, enabling it to exit its pub business. The defensive characteristics of inflation linked rents, restrictive liquor licensing laws, and investment-grade tenant in Coles are the main reasons to invest in Hotel Property. However, t...
A change in analyst prompts a reduction in narrow-moat Hotel Property Investment’s fair value estimate to AUD 3.05 per stapled security from AUD 3.40. The reduction is driven by the risk that Coles will circumvent Queensland’s restrictive liquor licensing legislation, enabling it to exit its pub business. The defensive characteristics of inflation linked rents, restrictive liquor licensing laws, and investment-grade tenant in Coles are the main reasons to invest in Hotel Property. However, t...
A change in analyst prompts a reduction in narrow-moat Hotel Property Investment’s fair value estimate to AUD 3.05 per stapled security from AUD 3.40. The reduction is driven by the risk that Coles will circumvent Queensland’s restrictive liquor licensing legislation, enabling it to exit its pub business. The defensive characteristics of inflation linked rents, restrictive liquor licensing laws, and investment-grade tenant in Coles are the main reasons to invest in Hotel Property. However, t...
A change in analyst prompts a reduction in narrow-moat Hotel Property Investment’s fair value estimate to AUD 3.05 per stapled security from AUD 3.40. The reduction is driven by the risk that Coles will circumvent Queensland’s restrictive liquor licensing legislation, enabling it to exit its pub business. The defensive characteristics of inflation linked rents, restrictive liquor licensing laws, and investment-grade tenant in Coles are the main reasons to invest in Hotel Property. However, t...
Narrow-moat-rated Hotel Property Investments reported distributable income of AUD 28.6 million, 10% higher than our AUD 26.0 million forecast, despite slightly lower than expected average rental growth across the group’s pub portfolio. We had forecast higher maintenance costs and greater interest expenses in fiscal 2018. We expect maintenance expenditures to tick up again, and the hike in Queensland property tax is a AUD 0.5 million headwind from fiscal 2019 onwards. We maintain our fair valu...
Hotel Property Investments is a small Australian REIT with a portfolio of pub properties primarily in Queensland, currently leased almost exclusively to subsidiaries of supermarket giant Coles. Earnings are highly secure, with strong tenants and no material lease expiries until 2021. Unlike most Australian REITs, the majority of the portfolio realises robust rent growth of about 4% per year. It is assured by contracted rental increases of twice the consumer price index, or at a fixed amount. Sol...
Narrow-moat-rated Hotel Property Investments reported distributable income of AUD 28.6 million, 10% higher than our AUD 26.0 million forecast, despite slightly lower than expected average rental growth across the group’s pub portfolio. We had forecast higher maintenance costs and greater interest expenses in fiscal 2018. We expect maintenance expenditures to tick up again, and the hike in Queensland property tax is a AUD 0.5 million headwind from fiscal 2019 onwards. We maintain our fair value...
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