You are currently browsing the daily archive for February 8, 2008.

Richard Peskin clearly believes that the Real Estate sector in the UK remains good value. On the sixth of February he committed a further £689,000 to buying 150,000 shares in his baby Great Portland Estates (GPOR, 456p), at 460p.

As Questor says (24/1/08), this isn’t a ‘value’ stock, but one with low exposure to financial tenants, and above sector portfolio performance. That, and Peskins huge experience in the sector mean that for me, Great Portland remains on the buy list.

See previous posts on GPOR of November 19 2007 and also November 25th 2007.

High Street Store

It’s interesting to see over the last week or so directors at Halfords (HFD), Woolworths (WLW),  N Brown (BWNG), Instore (INST) and Kingfisher (KGF) add to their holdings.

Buys in the General Retailers sector over the last month took place at 14 companies (net 1 month, over £50k, source digitallook), with no companies reporting director sales. This compares with data showing, over the last twelve months (same criteria over total of twelve months), 32 companies with net buys, and 14 with net sells. I believe this to be a significant indicator for the sector, however when looking at individual companies the ‘value’ of this signal is not so clear.

In analysing directors dealings I look for a change of attitude (ie from buy to sell or vice versa) and a historically successful track record in dealing by directors of the company.

Kingfisher (KGF, 133p) Ian Cheshire, CEO, added to his holding this week by buying 268,000 shares at 148p. But he also bought stock in October ’06 at 256p. Is he averaging down, or is this a vote for himself, having taken on the CEO position on January 28th?

N Brown (BWNG, 243p) shows the CEO buying 150k at 240p, but the CFO selling 56k shares at the same price. So in my mind they cancel each other out.

However at Halfords (HFD, 276p), two non execs bought a smallish amount of shares at 269p.  This is Wilsons first foray, and Pym, Halfords Chairman, increased his position by about 50%. What is interesting is that Pym bought  stock in June 2006 at 289p, also 10,000 shares. Halfords share price then ran to 411p in July 2007, which incidentally is where CEO Mcleod sold a significant block of stock.

I’d like to see more buying from Halfords directors before throwing myself into this one. But Halfords should be added to the watchlist.

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February 2008