Hi Michaelirish i also agree with your points but I am still not understanding how GMG is only surviving. If you take out revaluations of assets and one off capex on new developments which have now stopped work, halve the WIP outlays, general operational expenses cut,HK investments are lowered, isn't the company making money? IE. they can pay their bills from cash revenue.(except for loan repayments coming up in two years)
Rents should be quite stable as clients are locked in on average 4 - 8 years. 98% occupancy if I remember rightly.
management fees are flowing (except for bonuses)
The losses from last years balance sheet resulted from unrealized losses on property valuations. thats not a loss until you sell it is it? if you have to sell it that is. (465 mill)
there was an impairment of 150 million also.
I understood the main fear and risk is that GMG can't refinance due to banking lending issues (insolvency), not that GMG don't have enough cashflow to stay alive. Banks are reluctant to lend in this environment especially if you are too leaveraged due to asset depreciation.
I also don't believe that the RIO issue is going to cause any trouble between CIC and GMG.
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2 | 696 | 33.010 |
4 | 1559 | 33.000 |
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1 | 145 | 32.950 |
Price($) | Vol. | No. |
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33.160 | 2974 | 1 |
33.220 | 696 | 4 |
33.240 | 23711 | 1 |
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