Bought recently at prices between 328p and 340p. Net asset value from end of June finals was 445p and gearing below 10%. West Midlands based property developer/investor with good track record. Portfolio of (mainly) industrial and commercial properties looks modern and over 90% occupied.Gross rental incomes over 14M p.a cover all outgoings more than twice and whilst property capital values may well fall over next year or two (after strong rises in the last few) imo the fall in share price from peak around 540p early in 2007 is overdone. Only 17 employees, so main risk looks to be the economy suffering to the point where tenants fail in large numbers. Still an element of the falling knife about the sector, but at these levels I am prepared to buy and wait - believe this share should reward the patient investor. Always DYOR

Now trading substantially above net asset value, so can see some resistance at 400p. More transactions than usual of late - perhaps something special coming up with results to June 2012 being their 50th as a listed company?

Midlands-based property group A&J Mucklow will be announcing its final results on Wednesday this week. Analysts are expecting minimal earnings growth but a modest uplift of the dividend from 18.5p to 19p, giving a yield of just over 5% at the current share price of 370p.

This £222m small cap is one of the few REITs (real estate investment trusts) that came through the financial crisis with its dividend intact and without having to tap shareholders for cash to shore up its balance sheet.

Property companies typically trade at a discount to NAV (net asset value), but the market rates Mucklow highly on a premium of 20%. That's based on the last reported NAV at 31 December 2011, so I'll be looking to see if the NAV has increased in this week's finals. I'll also be looking to see if the mixed trading picture Mucklow presented in an interim management statement in May is any clearer. Two analysts currently cover Mucklow, one rating the shares a 'sell' and the other a 'strong sell'.

Preliminary Results for the year ended June 2012

Financial Summary

for the year ended 30 June 2012


Statement of comprehensive income Year ended Year ended
.......................................................30 June 2012 30 June 2011
------------------------------------- ------------- -----------
Underlying pre-tax profit (1)................GBP13.4m.....GBP12.2m
Gross rental income received...............GBP20.2m.....GBP18.3m
Basic EPS.......................................... 0.28p........22.43p
EPRA EPS (2).....................................22.59p........21.36p
Ordinary dividend per share...................19.07p........18.51p
----------------------------------- ------------- -----------

edit

Very solid set of numbers and recent planning gain on large site at Tyseley will hopefully underpin future growth. Voids down to 6.5% and modest uplift in dividend. Keeping mine, but always dyor.

Ex dividend this Wednesday 28th 10.55p (5.3%)

Half Yearly Report

Final Results

Now held for over 10 years and MKLW has been a very solid if unspectacular performer - which does for me. Market cap now approx £330M. Current yield well over 4% and small but regular dividend increases have been a feature. Recent half year results to Dec show big uplift in profit beacuse of enhanced property valuations, but underlying performance remains good. Vacancy rate 7.5% to reduce in second half. Two properties sold for total £20M were in the books at £10.7M, which gives comfort in balance sheet strength. "Optimistic" about the outcome for the full year. Not for traders, but the Mucklow family have managed it well for many years and still good imo for long term investors. Always dyor.

Smelling salts needed after very unusual recent share price movement! More volume than normal of late - perhaps a tip somewhere. Commonwealth Games come to Birmingham in 2022 and there might be opportunities looming there, but track record is first class and mine locked away in the ISA. Always dyor.