I have recently trimmed down our Nokia position as it has skyrocketed in value. That was a turn-around bet worth taking! I have routed money from Nokia to my other holdings in Finland (Helsinki stock exchange). I also took a new position in Citycon (Helsinki: CTY1S) that has been popping up constantly in my screens (see earlier post: Helsinki Top 20). I have bit altered my screen, but still all three Finnish property investment companies are in Top 10.
Citycon is specialised in retail properties, especially in shopping centres, in Finland, Sweden and in the Baltic countries. It was founded in 1988 by several large Finnish Corporations and initially invested in office premises.
At the time of writing last trade with Citycon was made at 2,43 euros. It has roughly traded between 2,1 and 3,3 euros last three years. My main expectation with this one is stable dividend. Valuatum screening tool that I use puts both 2013 and 2014 yeild at 6,2%. Price per book is below 1 at 0,94. P/E estimation for 2014 is 11,3. This looks like a solid value play should.
Our portfolio has been tilting very heavily to IT and Telecommunications so these latest moves reduce our exposure to those sectors. However, our exposure still remains to be very high.