LMP Real Estate Income Fund Inc Message Board

"Looking ahead, our company remains poised to achieve at least 40% production growth in 2013 to between 120,000 and 135,000 ounces of gold. Even at today's prices, this output will position us to generate net free cash flow in the fourth quarter. A key milestone in achieving our growth is completing our mill expansion. When complete, our mill will be capable of processing in excess of 3,000 tonnes per day, which will support both higher production and lower unit operating costs, with cash costs targeted for below US$700 per ounce by the fourth quarter. The Company has been reviewing all costs, particularly at this time of lower gold prices and when we are nearing completion of the heaviest phase of our capital program for the year"

Sentiment: Buy

that pretty well guarantees no more rate moves up - buy time for reits

Fed Hurdle of 4 Straight 200,000 Payrolls Sets Bernanke View
By Jeff Kearns - Jun 7, 2013 5:43 AM PT
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The Federal Reserve says it will keep buying bonds until the labor market has “improved substantially,” without defining the phrase. Officials may have adopted a threshold nevertheless, say two former Fed economists.
Chairman Ben S. Bernanke needs to see four months of job growth averaging at least 200,000 to justify reducing the pace of asset purchases, according to Vincent Reinhart, a former director of the Fed’s Division of Monetary Affairs. Roberto Perli, a former researcher in the division, said the central bank would need to see that pace “through the summer.”

TheStreet Ratings rates ARMOUR Residential REIT as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.

Highlights from the ratings report include:

ARR's very impressive revenue growth greatly exceeded the industry average of 9.6%. Since the same quarter one year prior, revenues leaped by 115.9%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Real Estate Investment Trusts (REITs) industry and the overall market on the basis of return on equity, ARMOUR RESIDENTIAL REIT INC has outperformed in comparison with the industry average, but has underperformed when compared to that of the S&P 500.
ARMOUR RESIDENTIAL REIT INC's earnings per share declined by 39.6% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, ARMOUR RESIDENTIAL REIT INC increased its bottom line by earning $0.97 versus $0.02 in the prior year. For the next year, the market is expecting a contraction of 14.4% in earnings ($0.83 versus $0.97).
The share price of ARMOUR RESIDENTIAL REIT INC has not done very well: it is down 9.55% and has underperformed the S&P 500, in part reflecting the company's sharply declining earnings per share when compared to the year-earlier quarter. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.

Sentiment: Buy

book value shown as 1.42 but imagine what the current replacement value of their assets is - more like $3-5/share

TheStreet Ratings rates Chimera Investment Corporation as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the ratings report include:

CIM's revenue growth has slightly outpaced the industry average of 10.1%. Since the same quarter one year prior, revenues rose by 10.3%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
Net operating cash flow has increased to $109.58 million or 36.72% when compared to the same quarter last year. In addition, CHIMERA INVESTMENT CORP has also vastly surpassed the industry average cash flow growth rate of -63.29%.
The gross profit margin for CHIMERA INVESTMENT CORP is currently very high, coming in at 88.80%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 25.51% trails the industry average.
Compared to where it was a year ago today, the stock is now trading at a higher level, regardless of the company's weak earnings results. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.

Sentiment: Buy

this stock is too cheap, a takeover target, nice hold with divvy

Market Fundamentals, Tax Rate Increases Combine to Strengthen Case for Closed-End Municipal Bond Funds
May 2nd, 2013Goto commentsLeave a comment


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A number of factors that came to the forefront in March continue to support a strong market for municipal bonds and closed-end funds (CEFs) investing in municipal bonds, according to Jim Colby, senior municipal strategist with Market Vectors ETFs.

“and we continue to see municipal bonds as offering the sort of stability and tax-exempt income generation capability that has been such a draw to investors continuing to search for yield.”

“The underlying market for municipal bonds continues to look favorable,” said Colby. “In my opinion, Federal spending cuts are not likely to affect municipal credits and the U.S. economy continues to grow at a moderate rate, which is also good for this asset class. In addition, this year’s tax rate increase for the wealthiest Americans and the potential for further rate hikes or losses of deductions helps support investor interest level in the municipal marketplace as well.”

Sentiment: Buy

Market Fundamentals, Tax Rate Increases Combine to Strengthen Case for Closed-End Municipal Bond Funds
Market Vectors CEF Municipal Income ETF (XMPT) announced its most recent distribution on April 30
Press Release: Market Vectors ETFs – Thu, May 2, 2013 10:23 AM EDT
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NEW YORK--(BUSINESS WIRE)--
A number of factors that came to the forefront in March continue to support a strong market for municipal bonds and closed-end funds (CEFs) investing in municipal bonds, according to Jim Colby, senior municipal strategist with Market Vectors ETFs.
“The underlying market for municipal bonds continues to look favorable,” said Colby. “In my opinion, Federal spending cuts are not likely to affect municipal credits and the U.S. economy continues to grow at a moderate rate, which is also good for this asset class. In addition, this year's tax rate increase for the wealthiest Americans and the potential for further rate hikes or losses of deductions helps support investor interest level in the municipal marketplace as well.”

Sentiment: Buy

Book value shows as $1.61, and 49 mil in caah - go figure on this low stock price. looks like incredible value here to me.

FEEC already doubled from .045 to .09 - back to .30 cents or so - look like it finally getting into production - see website and latest pr.

Since the last Operations Update call on April 18, 2013 , the number of wells being drilled has increased from five to ten wells, and two of the five wells that were drilling 17 days ago have now reached total depth and finished drilling. The two rigs that were drilling these recently completed wells have moved or are now moving to new locations; and thus twelve rigs will soon be drilling (10 drilling now, plus these 2 existing rigs moved/moving to new locations), representing an increase of seven rigs over and above the five rigs that were drilling on April 18 . Additionally, new pads for drilling are being constructed on a continuous basis, with nine either currently awaiting rigs, or being completed, and more to be commenced in the near future. It is believed that nine additional rigs will be drilling in the next 15 days, bringing the total at that time to twenty-one.
"The 2013 Drilling program is close to hitting full stride now, after a deliberate slowing of the early pace to allow time for both internal and external analysis to optimize well location, frac design, cementing process and quality, and well spacing," commented Mike McElwrath, President and CEO of Far East Energy. "We are drilling at a more rapid pace than ever before, with the advantage of more data and analysis than heretofore available, and currently target drilling approximately 70 new production wells this year and 25 or more appraisal wells."

A solid year of preparation and performance in 2012
Met production guidance – set base for future growth
Achieved development and expansion objectives – production capacity up 25%
Effectively managed spending and costs
Poised for strong growth in 2013 and again in 2014(1)
At least 40% growth in production in 2013, more growth in 2014
Capital spending and operating costs to decline as production increases
Positive free cash flow by late 2013
Solid financial position entering 2013
Approx. $96 million of cash and bullion at beginning of 2013(2)
No additional external capital required(1)(3)
Disciplined approach to capital deployment
Full pipeline of wholly owned projects & properties
Key competition strength capable of taking Company even higher

looking at the projects and joint ventures, this company is a steal! easy double soon

The updated RISC report indicates that the net total proved reserves under PRMS standards are now approximately 303.7 billion cubic feet (Bcf), with estimated future net cash flow, on an NPV10 basis, of approximately US$1.1 billion. In addition, the updated RISC report estimates the net total proved and probable reserves under PRMS standards are now approximately 440.8 Bcf, with estimated future net cash flow, on an NPV10 basis, of approximately US$2.0 billion. And the updated RISC report estimates the net total proved, probable and possible reserves to be approximately 552.3 Bcf, with an estimated NPV10 of US$2.8 billion.

CEO Michael R. McElwrath said "Our appraisal well drilling and testing is reflected in the increased 1P, 2P and 3P numbers contained in this updated RISC report on PRMS reserves, compared to the same study at year-end 2011. We are pleased that the report once again underscores the strength of our Shouyang project."
McElwrath added "The updated RISC report supports FEEC's confidence in this project. With funding in place, we are moving ahead with our 2013 drilling program and will provide an update on the status of the drilling program in Thursday's update call."

Sentiment: Strong Buy

BK 29.31 - dont know how accurate this figure is but its a long wat from today's stock price

Mcelwrath
Far East Energy Corp
FEEC $0.08 477,300 Director 3,488,183 2013-03-04

"Our strategy to increase near-term value includes achieving at least 40% growth in production in 2013, to between 120,000 ounces and 135,000 ounces of gold, improving cash operating costs, reducing capital spending and, by the second half of this year, beginning to generate positive free cash flow."

Company’s estimated
gold production in 2013
320,000 – 350,000 oz

way undervalued after turnaround

see presentation on site - way oversold

Sentiment: Strong Buy

Fourth Quarter Highlights (Compared to Fourth Quarter 2011)
Metal production increased by 23% to 672,690 Ag eq oz;

Silver production increased by 28% to 453,934 Ag oz; and

Ore processed increased by 30% to 67,659 tonnes.

"We are pleased to report a strong fourth quarter to finish the year with several quarterly and annual production records at both operations," stated Robert Archer, CEO. "We have made, and continue to make, improvements and changes at both mines that we believe will continue to have a positive impact going forward. As we concentrate on improving efficiencies at the operations, our focus for 2013 is to reduce costs and prepare for the development and production of San Ignacio in 2014."

Sentiment: Strong Buy