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Strategies & Market Trends : 50% Gains Investing

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To: Carl Worth who wrote (40680)	3/27/2005 9:02:44 AM
From: blankmind	Read Replies (3) of 118717

Here's 6 undervalued financial stocks that make BAC (Bk of Amer) look expensive: - 2 mortgage reits - the analysts are saying they're going to tank due to the Fed hikes - but the companies themselves are saying they're going to continue turning out profits & dividends - these are risky - but i think worth it - here goes: #1 - (IMH) Impac Mortgage - - they're behind on their Sarbanes & 10-K filings - but they're saying they're going to file unaudited 10K - won't effect their dividen payments - etc... I believe them. They pay $3 annual dividend - stock @ $16.42 - range: $16 - $27.91 #2 - NEW - New Century Financial Corp - $32.90 book value - dividends expected to rise from the current $6.20/share level - $9 eps projected in '05 - goal is to eventually distribute 100% of the reit’s taxable income - earned $8.29 in ’04 vs. $6.32 in ‘03 - confident they can increase dividends in future periods - at $44.456/share - i think the selling is way overdone - & 4 recently deumutualized thrifts in & around NJ: · #1 - CSBK - Clfiton Savings Bank - closed at $11.18 - net inc for latest quarter was $.10 diluted; about $.40/eps annualized - but earnings keep growing as ipo proceeds deployed - sitting on several branch offices acquired decades ago & now worth $millions more than reflected on balance sheet - Equity $202.9 mill/14 mill shs = $14.49 book value - but real book value much higher - pays a $.20/annual dividend or almost 2% - just announced a 5% share buyback · #2 - KRNY - Kearny Bank - closed at $11.13 - book value is $23.16 - just de-mutualized so real earnings and dividends not exactly clear but both should be good when they do come out · #3 - ABBC - Abbington Community Bank - closed at $13.08 - on track to do about $.79/eps for year but should be higher as ipo proceeds deployed - $17.34 in book value - actually - this bank is in Bucks County, PA - which borders NJ · #4 - OSHC - Ocean Shore Bank - closed at $10.81 - also too new to determine earnings - but book value is $15.97

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