Forum Archive Index - September 1999

["Mark Hubbard" <mhubbard@es.co.nz>]

You all might have noticed that I'm currently examining property stocks.

Newmarket properties, at current share price, has a gross dividend yield
over 16%, even after tax, and allowing for no capital gain, that is pretty
good.

So, opinions please on:

1) Why is the share so cheap (in terms of yield and net asset backing)?
2) More importantly, what are the future prospects for this firm, especially
regarding keeping up this level of dividend payout, over say, the next five
years. (I realise rising interest rates will hurt, but what are the quality
of its properties and tenants?).


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