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 原创：Talking about 風險越高﹐回報就越大: The stock for the day : |
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ceo/cfo
[博客]
[个人文集]
头衔: 海归中将
声望: 院士
性别: 
加入时间: 2004/11/05
文章: 12941
海归分: 491638
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Situated in Newport Beach, CA, Impac Mortgage Holdings (IMH), a REIT with a market cap of 0.7 billion heavily concentrated in California real estate marketplace, is in trouble. Its share price has ｄｒｏｐped from 52 weeks high of $23.50 in May 05 to $9 last month. Due to this price ｄｒｏｐ several class action lawsuits have been filed against the company (as long as the company mgt. never misled its investors, these lawsuits will be considered without merits.) The trailing 12 month FFO (so-called funds from operations) was $4.64 so its P/E was about 2 based on today's price of $9.70. With current yield of 8.57%, its dividend payout ratio is about 65%. I really don't worry too much about the lawsuits because every time any company stock ｄｒｏｐs to half of its value, the ambulance chaser lawyers will be behind its "arse", parden my French. What makes me toss in bed during the night is its interest coverage ratio of only 1.65 and its equity/LT debt ratio of 21.16. The worst scenario will be that company starts to sell some of its assets to pay down the debts to make the balance sheets healthier since its book value is about $15, well over its current stock price of below $10, its 4-year low. The things I like the most about the company are its low p/e, high yield, high book value, and its economically sound marketplace.
This stock is not suitable for the people with faint hearts, but ok for me who normally pulls the trigger first before asking questions anyway.  But its return could be very high. I look forward to its double in price within 52 weeks, or have to read the Chapter 11!
Signature: I am in haste to get its dividend TODAY! Tomorrow is its ex-day. Happy investing to everyone.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 原创：Talking about 風險越高﹐回報就越大: The stock for the day : -- ceo/cfo - (1720 Byte) 2006-1-12 周四, 04:54 (1227 reads)
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