Polski Holding Nieruchomosci $PHN – Polish Property 1/4 book

Bought a small portfolio weight in PHN at 11.63 PLN, a 3.4% portfolio weight.  I somewhat tempered the weight as the price was a little more than I wanted to pay.  I will add if it falls back to sub 10 PLN.

I have watched this one for quite a while.  It is a Polish office developer / trust.  A stake was floated by the Polish government in 2013 at 25 PLN per share and it’s fallen ever since.  They have little debt – approximately 710m PLN liabilities vs 2748m worth of assets.  Or a book value of 41 PLN per share.

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DUPD – beginning to realise but price not rising.

Good news – time to post on another of my holdings – DUPD.

This is a highly undervalued Ukrainian property developer.  I have traded in and out over the years luckily getting some of the big rise to 2010 and missing the fall.  My  main entry was 28p back in September 2012. I have added more today at 36p giving me an average price of 31.4p.