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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Town Centre Securities

April 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TOWN
  • Price:
  • 218p
Commercial property REIT Town Centre’s first half performance was resilient in the face of Brexit uncertainty with its portfolio value falling 3% (2.2% like-for-like) while H1 NAV per share was down 6% to 361p. However, overall occupancy increased to 96% (from 95% last time). Although insolvencies have impacted eight tenancies over 12 months (chopping 2.5% off the rent roll), six have been re-let, with the controlling Ziff family showing their skill at quickly finding new tenants.In truth, we bought into this because of 1) its deep value – the shares trade at a 40% discount to NAV; 2) generous dividend - the interim was held at 3.25p giving a current yield of c. 5.5%; 3) conservative balance sheet with loan to value 46. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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