Ann: FY23 Results Presentation, page-22

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gerling

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30/08/23

17:43

Post #: 69644057
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Originally posted by timbowls: ↑

This is what I sent through:

My questions are as follows:

1. The minority stake in Home HQ Artamon has been listed as non core and up for sale for a significant period of time now (as far back as 2020 from what I can see). Could you please shed some light on why this has been so difficult to sell and how also how confident management is of eventually achieving a sale around it's currently listed book value?

2. Could you please elaborate on the quote used in last weeks company presentation that TOT plans to "work with private capital on core investment opportunities"? (this was actually in the TGP presentation but in reference to TOT) as this statement is a little bit unclear

3. It was stated in last weeks presentation that the strategy for TOT is to increase scale, improve investor appetite and provide diversification. These are all understandable goals but I find it difficult to see how this can be achieved while the company is already sitting at a debt to equity ratio of 35% (with a stated goal of staying between 30 and 40 percent) and facing the strong possibility of at least one more round of asset devaluations which is likely to lift this ratio further. TOT also reported operating earnings of 5 cents per share while paying out 6 cents per share in dividends so it seems to me that it will be difficult to maintain the current dividend and there is not the financial scope to increase scale or make further acquisitions. Could you please elaborate further on this statement?

4. I notice that there has been a buyback announcement this morning. Again I would ask how does TOT intend to fund this considering the issues that I listed in point 3? 5. In the last three years (from August 2020 to August 2023) the TOT NTA has unfortunately fallen very significantly from $1.13 at the time of the August 2020 report to the report last week which had it currently sitting at 91 cents. This is also likely to fall further as office cap rates continue to expand. Do you now consider the move into holding direct office property assets to have been poorly time considering these results and will TOT continue to focus on the direct office area going forward or look to make another strategic change?

Thank you for reading and I look forward to hearing back from you.

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Thanks Tim.
Points 3 & 4 are great reading! And good to call them out on their spin.

TOT Price at posting: 61.5¢ Sentiment: None Disclosure: Held
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Ann: FY23 Results Presentation, page-22

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Ann: FY23 Results Presentation, page-22

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