Friday, July 3, 2009

Stock of the Week: Sky City Entertainment Group



This Stock of the Week is all about self interest, no not really, well maybe, nah, you be the judge.

Sky City Entertainment Group [SKC.NZ] makes up a large part of my portfolio by far but my main reason for including it this week is that the stock price has fallen below the recent capital raising price of NZ$2.61.

The share price closed at $2.58 yesterday, close to the multi-year low of $2.54.

It could go lower and that is the hard thing to pick, just when to buy on weakness. As I have said before I am interested in buying more because I got my shareholding diluted in the capital raising.

The stock is currently paying a gross dividend of over 12%, subject to a 20% lower dividend payout come full year profit announcement late August but that represents good value considering profits are holding up well to last years figures -a rarity in profit results and company health over the last year of the current economic crises. They are also likely to perform well over the medium term.

As I said there could be some more downwards pressure on the SKC share price to come (I haven't seen anything material for the recent drop) so best if you are interested in buying take a close look at what is happening before you pounce.

I hold the stock at a cost of below $1.90 per share.

Good Luck!

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Sky City Entertainment Group @ Share Investor


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Sky City Convention Centre @ Share Investor

Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
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SKC Convention Centre power-point slide illustrations & SKC submission to Auckland City Council

Discuss SKC @ Share Investor Forum

Download SKC Company Reports

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c Share Investor 2009