Hard to know what the future holds for either, but off the cuff...

Hard to know what the future holds for either, but off the cuff and based on dated and patchy research...

HDF:

My dodgy balance sheet gearing at 59%.
Reported gearing 50.8%, covenant 65%.
Underlying earnings around 25m?
Market cap 137m
Price 65c, NTA 2.05?, Divs 12c pa?
Upcoming refi of $60 in 200908?
TAPS Hybrid securities exist - havent followed recent developments there. I like the gas pipeline asset, but not wild about the UK electricity/water. Have you tasted the water over there? it ought to be free!

IOF:

My dodgy balance sheet gearing at 34% (better).
Reported gearing (LT) 35.2%, covenant unknown. (better)
TLR 43.5%, covenant 50%.
(can supposedly withstand a 15% devaluation)
Underlying earnings around 144m?
Market cap 740m.
(Above represent a similar ratio to HDF, but I guess HDF's income is supposed to be more stable as a utility)
Price 41.5c, NTA 1.30?, Divs 8.5c pa? (seems better than HDF but they might get trimmed further)
Upcoming refi of $570 in 201006?
I guess incomes and asset prices are subject to much wilder swings than HDF's, and I could never understand why HDF got such a good smacking considering a comparison to other Utilities. IOF also has a chance, IF the share price EVER recovers of being one of the REIT's to sweep up discounted assets of other failed REIT's. BUT this needs a SP recovery followed by a cap raising at much higher prices - maybe over a dollar. I thought this was a possibility some weeks back, but look at the chart! lol. Clearly no major shareholders are interested at the moment.

It's a tough choice, but I prefer IOF, having bailed on HDF for a small profit some weeks back. Why? - I guess the dividends, the NTA discount, gearing. Probably likely to have a better reaction to a economic recovery due to pricing power not available to utilities?

Tell us - which do you prefer, and why?