Equity Research, Broker Reports, and media content on TR Property Investment Trust

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about TR Property Investment Trust
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
  • 20 Nov 19
Making the grade: Kepler's rated trusts report strong performance in 2019

In January 2019 we unveiled our new quant rating system for investment trusts, identifying both the top 20 trusts for capital growth and the top 20 trusts for income by using a quant screening system. We believe this is the first quant rating system for closed-ended funds to be based on NAV returns, which reflects the performance of the manager much more purely than the share price, which is a far noisier signal. We aimed to reward consistent long-term outperformers within the metrics we chose and the five-year time period over which we assessed them. In the New Year we will be rerunning our screens and rebalancing our ratings, but for now we are pleased to be able to report that in the first ten months since we revealed our selection, subsequent performance has been strong across both lists.

Companies: FEV TRY THRG IPU

  • 20 Nov 19
Making the grade: Kepler's rated trusts report strong performance in 2019

In January 2019 we unveiled our new quant rating system for investment trusts, identifying both the top 20 trusts for capital growth and the top 20 trusts for income by using a quant screening system. We believe this is the first quant rating system for closed-ended funds to be based on NAV returns, which reflects the performance of the manager much more purely than the share price, which is a far noisier signal. We aimed to reward consistent long-term outperformers within the metrics we chose and the five-year time period over which we assessed them. In the New Year we will be rerunning our screens and rebalancing our ratings, but for now we are pleased to be able to report that in the first ten months since we revealed our selection, subsequent performance has been strong across both lists.

Companies: FEV TRY THRG IPU

  • 18 Oct 19
TR Property - Overview

TR Property (TRY) aims to generate total returns from investing in the equity of UK and European listed property companies. It also owns a small portfolio of direct commercial property in the UK. Within the total return objective, the trust’s dividend is an important consideration for the board and managers. TRY’s management team is made up of commercial property specialists who invest in property securities across Europe. Underpinning the investment process is a desire to invest with management teams who have delivered successfully through cycles. Manager Marcus Phayre-Mudge also takes a top down view on economies and economic prospects believing this is the fundamental driver of property and rental values. The big top down (and successful) call that Marcus took after the Brexit referendum was that traditional UK property sectors would be ‘dead water’, and so he has re-allocated overseas, but also shifted focus in the UK to niches such as student property, medical property and long-lease properties. A unique feature of TRY is that it also owns a commercial property portfolio directly. In the managers’ view, this gives them a significant edge over peers, given the market intelligence that owning a direct property portfolio gives when evaluating listed property companies, and meeting with other managers. At 14%, gearing is broadly in line with the level employed over the last five years. It is worth noting that given the underlying gearing of the property companies that TRY owns, the ‘look-through’ gearing level (loan to total value), is in the order of 42% according to the managers, in-line with the benchmark. TRY has done well relative to the benchmark, having outperformed in ten out of the past 11 financial years. As we discuss in the Portfolio section, the company has exactly the same currency exposure as the benchmark, and so all of this outperformance has come through stock picking or asset allocation. Currently, the historic dividend yield on the shares is 3.2%. While not in the formal objective, we understand that the board sets a lot of store by the managers’ ability to continue to grow the dividend. Since the 2009 financial year the company has paid a covered dividend in all but two years and grown the dividend by a compound annual growth rate of 8.9%.

Companies: TR Property Investment Trust
  • 18 Oct 19
TR Property - Overview

TR Property (TRY) aims to generate total returns from investing in the equity of UK and European listed property companies. It also owns a small portfolio of direct commercial property in the UK. Within the total return objective, the trust’s dividend is an important consideration for the board and managers. TRY’s management team is made up of commercial property specialists who invest in property securities across Europe. Underpinning the investment process is a desire to invest with management teams who have delivered successfully through cycles. Manager Marcus Phayre-Mudge also takes a top down view on economies and economic prospects believing this is the fundamental driver of property and rental values. The big top down (and successful) call that Marcus took after the Brexit referendum was that traditional UK property sectors would be ‘dead water’, and so he has re-allocated overseas, but also shifted focus in the UK to niches such as student property, medical property and long-lease properties. A unique feature of TRY is that it also owns a commercial property portfolio directly. In the managers’ view, this gives them a significant edge over peers, given the market intelligence that owning a direct property portfolio gives when evaluating listed property companies, and meeting with other managers. At 14%, gearing is broadly in line with the level employed over the last five years. It is worth noting that given the underlying gearing of the property companies that TRY owns, the ‘look-through’ gearing level (loan to total value), is in the order of 42% according to the managers, in-line with the benchmark. TRY has done well relative to the benchmark, having outperformed in ten out of the past 11 financial years. As we discuss in the Portfolio section, the company has exactly the same currency exposure as the benchmark, and so all of this outperformance has come through stock picking or asset allocation. Currently, the historic dividend yield on the shares is 3.2%. While not in the formal objective, we understand that the board sets a lot of store by the managers’ ability to continue to grow the dividend. Since the 2009 financial year the company has paid a covered dividend in all but two years and grown the dividend by a compound annual growth rate of 8.9%.

Companies: TR Property Investment Trust
  • 30 Jan 19
Best in class

Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantitative-based system for investment trusts that is available to the average investor. While we cannot identify trusts which will perform well in the future – past outperformance is no guide to future out-performance – we hope these ratings will highlight the outstanding performers in the closed-ended universe and those managers who have best used the advantages of investment trusts to generate alpha. We are trying to reward consistent and long-term outperformance, and so we have decided to look over a five-year period. All data is as of the end of December 2018, sourced from Morningstar and JPMorgan Cazenove. We have looked at NAV total return performance and discount value has not been considered: the aim is to identify those trusts which have performed the best rather than highlight bargains.

Companies: IPU FAS ATR JEO FEV FGT THRG SEC PAC BRSC IAT HNE MIGO TRY JMG DIVI SLS BGS SDP JETI SOI BCI MRC TIGT EDIN JAI BEE SDV BRIG AAIF HFEL SCF SIGT BRFI IVPG CTY HINT JCH NAIT

  • 30 Jan 19
Best in class

Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantitative-based system for investment trusts that is available to the average investor. While we cannot identify trusts which will perform well in the future – past outperformance is no guide to future out-performance – we hope these ratings will highlight the outstanding performers in the closed-ended universe and those managers who have best used the advantages of investment trusts to generate alpha. We are trying to reward consistent and long-term outperformance, and so we have decided to look over a five-year period. All data is as of the end of December 2018, sourced from Morningstar and JPMorgan Cazenove. We have looked at NAV total return performance and discount value has not been considered: the aim is to identify those trusts which have performed the best rather than highlight bargains.

Companies: IPU FAS ATR JEO FEV FGT THRG SEC PAC BRSC IAT HNE MIGO TRY JMG DIVI SLS BGS SDP JETI SOI BCI MRC TIGT EDIN JAI BEE SDV BRIG AAIF HFEL SCF SIGT BRFI IVPG CTY HINT JCH NAIT

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on TR Property Investment Trust. We currently have 8 research reports from 3 professional analysts.

Open
484p
Range Today
477/484p
52 Week
377/492p
Daily Volume
402.6k
# Shares
317.4m
Daily Liquidity
(0.13%)
Pension Liability
£0m
Enterprise Value
£1,293m
Market Cap
£1,514m
Latest PE (hist)
29.07
Div Yield
3.18

Latest News/RNS

(more news)
Date Source Announcement
28Nov19 18:10 RNS Replacement Half-year Report
28Nov19 07:00 RNS Half-year Report
31Oct19 07:00 RNS Appointment of Joint Corporate Broker
29Oct19 07:00 RNS Compliance with Market Abuse Regulation
07Oct19 16:49 RNS Director/PDMR Shareholding
09Sep19 12:21 RNS Holding(s) in Company
23Jul19 17:09 RNS Result of AGM
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    TR Property Investment Trust

  • Providers covering

    TR Property Investment Trust

  • 27 Jan 20
Cenkos: Equals Group Plc -- Strong growth confirmed with B2B pivot

Today's update confirms Equals has delivered a second straight year of material revenue and profit growth, despite difficult market conditions, with a significant shift in the revenue profile towards more profitable B2B customers. Given profit delivery has been slightly lower than expected, we rebase our forecasts to take a more prudent view of trading in years FY21E and FY22E, but we are confident Equals has now assembled the products, infrastructure and management it needs for strong growth.

Companies: Equals Group
  • 20 Jan 20
LIBERUM: AFH Financial Group* - Impressive growth and positive outlook

In FY19 AFH delivered 8% organic net flows and revenues are up 47% yoy. The revenue model change in Protection responds to investor concerns and leads to significantly increased cash conversion.

Companies: AFH Financial Group
  • 22 Jan 20
LIBERUM: NewRiver* - A resilient operating performance shows not all retail is the same

NewRiver's Q3 update confirms a resilient operating performance in a tough market overall, which should provide reassurance. Retail occupancy increased through Q3 to 96.1%, with lettings agreed 3% ahead of ERV.

Companies: Newriver Reit
  • 22 Jan 20
Asset Owner, asset manager

The demerger of Prudential has given birth to the third largest UK asset manager, M&G plc. With an important book of Life insurance products, mainly in its Heritage business unit, M&G should be able to cope with the low interest rates context. However, the company should benefit from the slow run-off profile of its business to generate stable operating earnings and cash flows. The focus will be given to Asian and US growth. We begin our coverage with an Add opinion.

Companies: M&G
  • 22 Jan 20
Record - Positive AUME flows and performance fees

Record’s Q320 update was positive, with a 4% inflow of assets under management equivalent (AUME) and the crystallisation of a performance fee in the period. AUME flows have now been positive since Q120, totalling $4.5bn (+8%) over nine months. The performance fees in this quarter follow on from a material contribution during FY19, reflecting value added for clients. Record continues to innovate and invest to counter competitive pressure, which has contributed to broadly stable management fee rates.

Companies: Record
  • 08 Jan 20
UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

  • 21 Jan 20
LIBERUM: Harworth* - Solid operational performance in H2

Harworth reports a period of a solid operational performance in H2 2019, which together with the indicative independent valuation means the principal performance measure NNNAV is expected to be in line with expectations. Progress has been made across each business area, but planning headwinds remain a key challenge.

Companies: Harworth Group
  • 21 Jan 20
Cenkos: MJ Hudson Group Plc -- The Best Alternative

MJ Hudson (MJH) is a financial services infrastructure platform business. The company is capitalising on the shift in the asset management industry to alternative investments, and filling a vacuum left by banks withdrawing their support for the sector in the aftermath of the global financial crisis. We estimate MJH's fair value to be up to c30% higher than its current share price, noting that the peer group has performed strongly since the company's IPO. We initiate with a Buy recommendation.

Companies: MJ Hudson Group
  • 24 Jan 20
European Assets Trust - Long-term capital growth and income

European Assets Trust (EAT) aims to generate long-term capital growth through investing in quoted small- to medium-sized companies in Europe, excluding the UK. Over the past 10 years, EAT’s NAV total return (TR) has generated an annualised return of 12.9%. The board has a high payout policy and a 17.2% increase in the declared FY20 dividend results in a forward yield of 6.6%. Previously dual-listed in Amsterdam and London, EAT completed its legal migration to the UK in March 2019. The board believes a premium listing on the London Stock Exchange and becoming a constituent of the FTSE SmallCap and FTSE All-Share indices could broaden EAT’s appeal and help close the trust’s NAV discount over time.

Companies: European Assets Trust
  • 27 Jan 20
Capital Access' Hot Off The Wires - The Day Ahead

Our Hot Off The Wires daily newsletter takes a look at the morning's market movements, news stories and company announcements. Don't forget to have a go at our daily trivia! Companies mentioned in this edition include:AstraZeneca, Halma, TI Fluid Systems, ITM Power, Gresham House, *Randall & Quilter, Shield Therapeutics, H&T Group, Begbies Traynor and the potential upcoming IPO of Cabot Square Alternatives. If you would like to be subscribed, please email us at info@capitalaccessgroup.co.uk. *Capital Access represents Randall & Quilter - if you would like more information or access to the Management team of this company, please get in touch.

Companies: Randall & Quilter Investment
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 17 Jan 20
LIBERUM: Non-Standard Finance - CMD: Business as usual, but with less expensive funding

In December, NSF reduced its loan book growth targets for all three divisions. We believe that anyone who attended the Capital Markets Day will now be certain that this was a discretionary choice taken in order to allow profitability and returns to rise, and so, logically, to correct a very low valuation.

Companies: Non-Standard Finance
  • 17 Jan 20
Cenkos: Record Plc -- Upgrades arising from a positive update

Record achieved +8% growth in AUME to $65bn over Q3/20E. Favourable FX movements, further Passive inflows and a temporary inflow in the higher margin, multi-product strategy all underpinned the rise. These, combined with the delivery of the year's first performance fee of £1.8m, ahead of expectations, leads to material EPS upgrades in FY20E & FY21E.

Companies: Record
  • 20 Jan 20
Well placed to benefit from changing attitudes across the venture capital industry

The venture capital Company investing in high-growth technology companies has updated on developments in its portfolio since the publication of its HY June 2019 results in September, a period which saw the Company post a record 6-month NAV/share increase of 18.45%.

Companies: TMT Investments
  • 20 Jan 20
Henderson International Income Trust - Overseas income fund with attractive total returns

Henderson International Income Trust (HINT) was launched in 2011 with the aim of enabling UK-based investors to diversify their sources of income by investing overseas. As shown in the chart below, the UK market suffers a high degree of dividend concentration, with the top 10 dividend payers accounting for 55% of total UK dividends in 2018 compared with 9% for the top 10 payers globally. Since launch, HINT’s investors have enjoyed total returns of c 10% a year, supported by well-covered dividends that have grown at a compound annual rate of 5.2%. While manager Ben Lofthouse’s value-oriented investment approach has been somewhat at odds with growth- and momentum-driven markets recently, he is finding plenty of attractive investment opportunities.

Companies: Henderson International Income Trust