Monday, July 19, 2010

Long Term View: Kiwi Income Property Trust Ltd



In this series of posts I am going to be looking at stocks listed on the NZX in relation to their returns to shareholders over the life of their listing -what shareholders would now see in their back pockets if they had invested in the company IPO. The calculation of returns includes dividends and tax credits.

Kiwi Income Property Trust Ltd [KIP.NZ] has been a poorly performing stock since its December 1993 listing at $1.03. KIP shareholders have not done well. With 76c in net dividends* and 30% more in tax credits (see chart above) and numerous dilutions in shareholder capital** gives KIP a 90% return (see chart below for the share price percentage gain against the average of all NZX indexes - does not include dividends, tax credits and the share split in its calculation) and over the nearly 17 year listing*** of KIP an approximate annual net return of just under 5.3%.

This is approximately a 100% worse return when compared to the average of all NZX indexes.


Dividend data range: 2000 - 2010* - So actual returns will be higher.
A 2009 capital raising and various calls to the market for funds estimated at a 10% dilution for shareholders**
Available share price data***





Disc I own KIP shares in the Share Investor Portfolio

Long Term View Series

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Michael Hill International Ltd
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Ryman Healthcare Ltd
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Sky City Entertainment Group Ltd
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Steel & Tube Ltd
Telecom NZ Ltd
Telstra Corp Ltd
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The Warehouse Group Ltd

Kiwi Income Property @ Share Investor

Kiwi Income Property debt levels should be a worry to shareholders
Why did you buy that stock? [Kiwi Income Property Trust Ltd]

Download KIP Company Reports

Discuss KIP @ Share Investor Forum


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The Intelligent Investor: The Definitive Book on Value Investing. A   Book of Practical Counsel (Revised Edition)
The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) by Benjamin Graham
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