CPIF PNN — old new asset

24 сентября, 2021 от fake Выкл

«You can, only carefully»

(C) folk wisdom

Dividends came from Gazprom. Part spent on the acquisition of UPIF PNA shares (more well known as the Rental PNA).

What kind of beast is most likely everyone knows so (the guys have been aggressive advertising for a long time), but for those who do not know at all — this is the ZPIF warehouse and industrial real estate (the Russian analogue of Reit). Buy ready-made warehouses from the PNA group (immediately with long-term tenants). Get a rental stream. Make it among shareholders. Sometimes — also sell previously purchased warehouses. Profit is also distributed.

As usual — I will not force those who rush somewhere, read the whole article, right away from the answer: why call it an «old new asset?»

And immediately for several reasons.

First, about the Rental PNA itself, I have already made a small note in the telegram for several months ago. And then for himself and readers noted that the asset can become interesting after entering the stock exchange, and before that it seems that the liquidity of the benefits will be controversial, and pricing is generally incomprehensible.

And here, on July 8, this ZPIF began to bargain on the Mosbier. Accordingly, for me the reason why I did not want to acquire gone, and I returned to the purchase.

Secondly, nothing new in the very idea of Reit, in principle, not even in our zpiphs of real estate in Russia.

But abroad to invest, in my opinion, is now scary — due to political tensions they can begin to offend Russian investors. Yes, and it is not necessary to forget about 30% of tax on revenues in American report (they are not falling under the form of W8ben), and after such taxes, their reit are not so attractive for profitability.

And in Russia, there is still a lot of better in Russia — dangle in the area of 6% per annum for those CPIF, which were traded on the stock exchange (zpiphs from Alpha Capital or Sberbank) or the liquidity of fells looked incomprehensible (as in the zpiphs of the project as a asset).

So it turned out that from this point of view, the «old new asset» gave a «second breath» of the old good idea of investment in the Russian «paper» real estate.

Okay, with the title of the article and the «old new asset» figured out.

Now about why I look at him at all.

How permanent readers already know (and now new) — I do not really like bonds.

The problem is not at all that I do not like the idea to receive a permanent stable market on the market, but the low income is that the bond does not guarantee you income during galloping inflation.

That is, you can buy OFZ with a coupon of 5%, and inflation will be 8% and you actually lose money, and not earn.

But in the case of the CPIF of the real estate (if everything is done correctly — the managers bought the right object, in the right place, at the right price), then, theoretically, the real estate should be expected along with all other goods. And thus, the real estate pool belonging to your ZPIF will rise to the level of inflation (and maybe above — if your managers are well done and bought good objects), and all rental streams (an analogue of the coupon on the bond) is your real income above inflation.

From this point of view of the PAI of the CPIF of real estate, in my opinion, may be a kind of quasi-breed bond in the portfolio, creating a fairly stable cash flow protected by inflation.

What I liked the CPIF PNA — besides the fact that there is a real estate in the property of ZPIF (this can be said, provides the first level of insurance against inflation), rent payments on their contracts are indexed annually by 5%. This gives us a second level of insurance against inflation.

As you can see, it turns out quite an interesting thing.

And now, we turn to the cons of this asset — they are also not so little.

No accident predicted yield on it is at the level of high-yield bonds — that is, high -ighted tools. We remember that the risk and yield on the market go hand in hand.

The first and obvious minus is still not a bond.

Rental PNA is focused on 11.5% yield — this is a fairly high yield in itself. Moreover, for the first year, the total yield (the increase in the value of the share and the amount of payments produced) gave the actual yield of about 20%. But — once again focus on this attention readers —

With the first minus —

The second drawback —

There are difficult forecasts here, only life will show a real situation.

The benefit of the Developer Holding PNA from the possibility of promptly selling its objects «related» structure and receive money for new construction sites is obvious. Let’s hope that the PNK did the CPIF to solve long-term strategic tasks and will not spoil his story with any ugly operations.

With the second minus —

What else confuses in the asset? Why did I decide to enter it only gradually, for a small percentage of the portfolio?

In addition to the above two circumstances, there are still the following points.

Is the profitability sufficient?

The yield of 11.5% on which the CPIF PNN is focused. Now she looks very worthy. But the key rate of the Central Bank grows, as it is called «not by day, but by the hour.» There are forecasts that by the end of the year the key rate will be 7.5%.

Will there be a good yield of 11.5% per annum if the OFZ will give 7%? A difficult question, because this asset is still new and looks risky.

(Another thing is that the risk and profitability are always combined — from the moment of entering the exchange, the projected yield to the current price already drops to 11-10.5%. And when the people «tying» this product — yield can leave even lower as the cost of mutual ).

To conclusions.

CPIF PNK — an asset on the stock exchange and until the reputation has not had time to earn. If you justify the expectations — it will become good quasi-winign (especially for those who do not complain about those bonds) or pension asset.

Now it is possible to invest in it possible only with very great caution — because the minuses can outweigh the pros.

However, for myself it was possible to buy some «paper real estate» to diversify assets, in the future I plan to slowly accumulate PAI if the Foundation shows itself from the best side.

In the end — I am already more than a quarter of a century dream of becoming an explosion and rent a property. Let the dream come true in such a form. Let’s hope that it is still a step to bring me closer and to another dream — to become