Glimpse of three stocks

I spend some time looking into one old stock, AustraLand Property Group, and two new stock, K-Green and Treasury China Trusts. Actually, I did not spend much time on these because my criteria are simple as I stated in my Strategy page.

Let's look at AustraLand first. From it's 2010 half year presentation, we know it's gearing is about 27.1% (pg. 6) and it's operating profit is same as 2009 half year result (pg. 5), but dividend was decreased by A$0.05cent (pg. 6). With last done price at A$2.6, it's annualized dividend yield is at 7.7%, just shy of my 8%. All in all, it looks like a good one to collect, but I don't like decreasing dividend and it's quite illiquid (not many tradings done). Therefore, I need more time to look into why the dividend was cut before I invest into this. So for now, I'll pass.

In it's introductory document, the management of K-Green is forecasting 3.91 cents for 2010 (July~Dec) and 7.82 cents for 2011 (pg. 35). With its current price at 1.10, the yield is 7.1% for 2011. Since it has no debt (pg 39), the gearing is zero so assets could be added easily which will be yield accretive. Also the Management is projecting good profit in 2011 (pg. 41). All seems good, but it got no past performance to compare with. Anyway, I'll definitely add this after I read what assets they are holding which need a bit time.

From TCT's introductory document, I noticed it is not making any money in the past few years (pg. 30) and it's forecasting net loss for 2010 (pg. 33) so their performance is in question. TCT also forecast 5 cents of dividend for 2010 and with last done price at 1.53, yield is meagerly 3.3%. Debt is 712.88 millions and total asset is 2,116.7 millions (pg. 31) so gearing is 33.7% which is ok. TCT just make one of my three criteria so I'll pass.