Alto Palermo S.A. (ADR) (APSA)

scoobamang (88.43) Submitted: 10/31/2009 2:44:31 AM : Start Price: $7.79 APSA Score: -22.51

This stock is laughable. Operates in 3 segments: Leasing out empty shopping centers, providing credit cards and credit to the few destitute souls who wander into these centers, and of course constructing more of these centers. All on the precipice of the largest economic downturn in history and toting a debt that's 170% of the market cap. Dumdy dumdy dum, it seems I've wandered to a 52 week high... I will ride this one all the way down.

APJ4RealHoldings (83.87) Submitted: 10/29/2009 1:43:44 AM : Start Price: $8.20 APSA Score: -20.19

real estate (international). sold short APSA in real life portfolio on 10/26/09 @$8.00/share.

DarthMaul09 (98.58) Submitted: 10/1/2009 1:40:14 AM : Start Price: $6.38 APSA Score: -51.99

Marked volatility and the current price spike up suggests a large amount of speculation, which is probably not going to be supported by earnings. Sell the rumor.

bucheron (58.69) Submitted: 9/15/2009 12:56:05 PM : Start Price: $5.05 APSA Score: +91.97

Dividend of around 5% per year over the last 6 years(Not sure if they will skip it this year or not). Plus a steady company growth of around 5% over the last 7 years.
Positive net income this year but low.

A price to Book of 0.55.

738 million assets over 458 liabilities, so not much leveraged.

GOOGLE DESCRIPTION
Alto Palermo S.A. (APSA) is real estate holding company primarily engaged in holding, leasing, managing, developing and acquiring operating shopping centers. The Company’s principal purpose consists in owning, developing, leasing, managing and operating shopping centers, and it is one of the owners and administrators of the shopping centers in Argentina. APSA owns and/or operates 10 shopping centers in Argentina, five of which are located in the Buenos Aires metropolitan area, one in Greater Buenos Aires and four are located in the provinces of Cordoba, Mendoza, Salta and Santa Fe. APSA is also the owner of certain properties for future developments in Buenos Aires and other cities in the provinces. APSA is also involved in the consumer financing business, through its subsidiary, Tarshop S.A. During the fiscal year ended June 30, 2008, it increased its interest in Mendoza Plaza Shopping S.A. from 85.4% to 100%.

MY OPINION
Company is well positioned in Argentina for its shopping centers and owns pretty much every single big shopping centers
in Buenos Aires.

The reason I can see the price is so low its that Argentina stock market has not yet recovered fully from its 2002 crash and are going through the credit crunch crash this year as well.

I Think this company is due for a full recovery but will probably take time for the market to realize it.

gunark (93.38) Submitted: 7/3/2008 5:05:00 PM : Start Price: $11.72 APSA Score: +4.60

Screen: 2-stars, little movement in last 26 weeks, P/E > 20.

kpedo2000 (< 20) Submitted: 9/4/2007 12:44:38 PM : Start Price: $13.87 APSA Score: -5.70

Alto Palermo SA owns an irreplicable retail-based real estate franchise in Argentina where the economy has been booming since the financial crisis of 2001. Alto Palermo owns most of the malls in and around the booming metropolis of Buenos Aires. APSA owns the land and collects rents plus a percentage of sales from its tenants. Occupancy is 99% and Retail sales gains have been running above 20% per annum over the last 4 years. The real estate is undervalued (vs current/potential sales prices). APSA borrowed at 8% in the U.S. before the recent credit retrenchment enough to fund expansion over the next several years. Real Estate prices are rising at 20% a year in Argentina...without borrower access to credit, i.e. buyers pay cash.