I hold a fair chunk of FKP, and its stock price performance has...

I hold a fair chunk of FKP, and its stock price performance has been woeful.

Last reported NTA was $1.24... so trading at 5.8 P/E compared to 11 for its sector!

They are reporting higher profits than FY10, and they have some very heavy hitters on the registry with the Charman owning 30% of the company, and OOH and AMP consistently increasing their positions month on month.

I think its exposure to residential and commercial is the main driver of share performance.

SGP: don't wait for a bid from them... They have made it clear they will not be investing in residential. However they may be forced to make a bid if another suitor comes along as it has long been held that SGP wants FKP's retirement assets.

The question is, who else would possibly make a bid? I don't see any players going on an acquisition spree at the moment, particularly given the current climate we are in with interest rate uncertainly, and softening housing market.

The only chance would be id PE came storming through looking to pick up cheap assets and split and sell down the FKP portfolio.