Forum Archive Index - February 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi winner69,

>
>Published PE ratios are notorious for their variability - use with
>care.
> 
>However I hope the PEs used by Snoopy aren't right - else the NZ
>market is way overheated and due for a collapse of major
>proportions.
>
>

Yes some of those figures did not look at all right, did they 
winner69?  I took the P/E figures from here:

http://www.globalregister.co.nz/share2.asp

> 
> For Bill's exercise and using Datex numbers four stocks pick
> themselves on both the lowest PEs and highest dividend yields - FBU
> (PE 9.4 and Div 7.2%) FPH (13.5 and 7.3%) SKC (18.0 and 6.8%) and
> TEL (12.8 and 6.6%). All these four are in both the 5 lowest PEs and
> 5 highest dividend yield.
> 

Yes, those figures seem more sensible.  I have a higher yield for 
SKC, but perhaps that includes the special 'extra' dividend they paid 
last year?  That TEL P/E of 12.8 sounds about right if you discount 
the near billion dollar write down of AAPT.

>
> The 5th selection either CAH (17.1 and 4.1%) being the other low PE
> contender or CEN (25.0 and 7.6%) being the other dividend yield
> contender.
> 
> As the theory seems more value (or dog) biased have to go for CAH
> 
> Bills portfolio would then have to be FBU FPH SKC TEL and CAH
> 

As opposed to what I suggested:

CEN, FPH, SKC, TEL and CAH

Not a huge difference after all that!  

> 
> Snoopy - NGC seems to have fallen off the NZ10 sometime. FBU is now
> on
> 

I was going off the latest TENZ annual report as found on the web, so 
yes I accept it may be out of date.   FBU has certainly had a 
spectacular rise over the last year, so it could easily have knocked 
NGC off the top ten.  I wonder how much of the rise in the share 
price of FBU is due to index fund buying?

SNOOPY



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