CNP 0.00% 4.0¢ cnpr group

:.write downs dpf and dpfi

  1. 3,292 Posts.
    DPF at 30/6/2007 had 2.9% of its portfolio in CER & 1.8% in CNP & another 0.9% in other Listed Property Trusts. If DPF have written these assets down to their market value at 31/12/2007 they will have a write-down of approximately $79.6million. DPFI held $44.9m of CER on 30/6/2007 & another $3.8m other Listed Property Trusts so would expect their write downs could be in the order of $23.59m. based on CER being about 90 cents at 31/12/2007.
    It should be noted write downs for CNP & CER are based on 31/12/2007 share prices so they could well have further write downs this half year if no share price rebound. Believe CNP were around the $1 & CER around 90 cents when making my rough calculations i.e. 31/12/2007. Only used rough figures to get general picture.
    In terms of Thursdays Report roughly expect DPF to show write downs of $79.6m. & DPFI $23.59m.
    Haven't bother calculate rental revenues because suspect they would have at least held & most likely show a slight increase i.e.2-3%. Could also be some minor expense increases i.e. interest rates & some corporate expenses regarding refinance but the full impact of these expenses are more likely to show up in this half year?
    Whilst these calculations are back of the envelope type estimates I suspect Report will be reported in a negative way by the press due to the write downs.
    Please do how research on CNP. Centro website provides relevant reports on DPF & DPFI to study.
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