Daily Stock Opinions and Ratings

Opinions

Andy Nasr Hungtingdon Capital HNT-T HOLD Nov 15, 2012

(Market Call Minute) Management team is trying to spin out the stabilized portion of the real-estate into a REIT and keep remaining.

Andy Nasr

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$12.660

Stock price when the opinion was issued

REAL ESTATE

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SELL

Small-cap commercial diversified. Were never able to acquire properties accretively enough to backfill their distributions. Have recently suspended distributions. Asset quality level is very poor.

SELL

They are going to have exceptional difficulties refinancing their debt. There is very little internal capital.

COMMENT

Small cap REIT based in Winnipeg. Cut its distribution, which dropped the stock. They are selling assets. There are a couple of debenture issues outstanding with around 11% dividends. If you own the units, he would switch to the debentures because they are coming up for maturity and will probably be paid and is trading at about $.60 on the $1.

SELL

Good assets but too much debt. Trying to get refinancing for their assets in Winnipeg. It's in trouble and won't rush back no matter what happens. If you own, consider tax loss selling.

COMMENT

Has surprised him as to how much it has come around. Given the people that are running it and that it is in Manitoba it will probably be a survivor.

HOLD

Illiquid. Were selling assets but had no equity. Board are top quality people. Thinks they may try to take back all the stock. They are doing better now. Whatever they are doing it will be going on for some time. You may want to stay in the stock.

COMMENT

It is good value here. They've eliminated the distribution. Trading at a significant discount to NAV. Doesn't like their holdings of leased properties. Not a favourite.

COMMENT

Recently came out with a debenture. Very expensive money. Stock has come up because of this. This REIT has had a lot of trouble. Prime owner has committed a huge amount of his own money to it. Caveat emptor, but it is probably out of the woods.

WEAK BUY

Debenture. It is slightly under collateralized. No distribution. But this debenture offers pretty good security. It is far from a core holding. Would not go near the stock but debenture was ok.

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Andy Nasr Hungtingdon Capital HNT-T HOLD Nov 15, 2012

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