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APF at 45 cents is pricing in serious distress. The property sector's been hammered by empty offices and weak rental demand, so unless there's a meaningful capital raise or asset sale that actually moves the needle, I'm struggling to see what catalyst pulls this out of the doldru
APF's holding pattern reminds me of Bafana waiting for a penalty kick.
APF sitting at R0.50 is criminal imo, property plays have been getting hammered but the development pipeline here is solid once the economy actually moves. Compare this to Redefine and Growthpoint, they trade way higher on way less upside. Book it, this bounces hard when sentiment shifts.
interesting numbers on the last set of results, NAV per share holding up better than i expected given the load-shedding mess hitting retail portfolios. thing is though, valuations in dev reits are all over the shop right now, so at R0.50 you're not getting a screaming bargain but the yield on distributions if they stick is decent. fwiw if they can actually unlock some of those stalled projects the upside is there, but property recovery in this cycle is glacial.
APF sitting at R0.50 is cheap on book but the real story is whether they can actually close deals on the land bank they're holding. Development REITs live or die on execution, not just asset value. Need to see some actual construction kicks off or institutional buyers stepping in before this moves. Otherwise it's just dead money in the portfolio.
been through the latest MD&A and ngl the asset base erosion is real, sitting with vacant properties that should've turned by now and the distributions getting squeezed. compare that to Redefine or Hyprop and you see the gap, they're actively trading out of dead weight while APF's just holding. long term the thesis only works if they actually execute on new acquisitions but balance sheet's not exactly roaring for it.
APF sitting at R0.55 after that rough stretch, ngl the distribution yield is still decent if they can hold the portfolio together through this property cycle. problem is the dev pipeline feels stuck and competing REITs are trading way healthier. long game depends on whether management can actually move some of those assets or if we're just bag holding here.
Good Morning Everyone. APF closing at R0.55 means market cap sitting around R220m on issued share base of 400m. Compare that to Stor and Hyprop both trading north of R5, development angle here is the real wildcard, if they can turn those land holdings into income streams the upside math changes completely.
APF's nav per unit keeps getting battered but the underlying property plays are still there, just slower to realise. long-term view hasn't changed, these devcos always take time to extract value. reckon it's closer to fair value now than it was at R1.20, come back in 6 months.
APF at 51c is basically giving away the nav if half their portfolio actually trades at book. problem is the dev pipeline moves slow and rate hikes killed a lot of the upside thesis. but if they can actually complete and sell some of those projects without dumping them, could be interesting on a 3yr view. nice seeing someone still believe in it.
Been digging into the AFS, balance sheet holding up decent given rates where they are
APF sitting at 0.51 is looking pretty cheap compared to where it was trading two years back. Development REITs have been getting hammered but the underlying assets haven't disappeared, just waiting for the right cycle. Long-term view hasn't changed for me, property fundamentals matter more than daily sentiment.
eish apf sitting at r0.51 is basically giving away the development pipeline. check the last sens, they've got decent land holdings but equity got hammered by those writedowns. ngl if they can actually execute on the mixed use stuff without more dilution this could be a proper recovery play over 3-4 years.
APF bouncing 1.85% to 55 cents while the broader property sector remains under pressure. Curious if this is just mean reversion or actual demand returning - worth comparing the dividend yield here against Hyprop or Redefine to see if there's genuine value emerging.
APF popping 3.85% on what looks like positive sentiment in property, but the fund's still trading at distressed levels. Is this a genuine recovery play or just noise before the next leg down given the office vacancy crisis?
Margin compression is the real issue here, momentum. Revenue means nothing if you're not making money on it. Need to see them either cut costs or land a proper contract that brings scale, that's when the unit economics flip. Until then it's just a waiting game at R0.52.
APF at 52c is cheap if they can scale revenue without bleeding cash. Capitec did it, PSG did it, this could be the same setup. Margins will improve once they hit critical mass, thats when it runs. Mark it.
APF at R0.52 is a steal if you actually look at the revenue trajectory and where they're headed with unit economics. These guys are still pre-revenue company phase but the fundamentals are there, look at what Capitec was doing at this stage. Market's sleeping on the margin story once they scale, that's when this thing moves proper.
Current R 0,45 — 50% of range
Fundamentals sourced from JSE disclosures. Updated quarterly.