centros turning point..., page-35

I can see three possible negative things that could happen:

1. The budgeted costs for advisers etc will blow out. This I dont think would be that detrimental, because in the grand scheme of things it probably wouldnt be that huge

2. asset value.......I guess they could go down. To a large extent though I feel that the market has probably factored this in.

3. The third one is that when I have been in my local centro (which is an MCS owned one)....i have noticed a lot of shops being empty.....although admittedly they are quickly being replaced with new tenants. This worries me because if it is at all indicative of the other centres (and apparently in the US it is even worse) it cannot be good. Although they may get new tenants there must be costs associated with it (ie no rent for set up period etc).

Apart from all this I still feel it is an undervalued stock and will rebound when they sell some assets.