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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (52720)11/7/2013 4:32:54 PM
From: E_K_S  Read Replies (1) of 78704
 
With the DOW off over 152 pts (S&P off 1.32%) I made only one small buy and one small sale.

Norcraft Companies Inc (NYSE:NCFT) - New IPO priced at $16.00/share
OCI Partners LP (OCIP) - Sold out my high priced shares for small gain and will re-enter position at $21.50 or lower.

I started a small position in NCFT at $15.75/share. Seems like a good way to play the real estate recovery. I have used their furnishings in several remodel projects and like their quality. Seems like a pure play too.

Norcraft Companies, a leading manufacturer of kitchen and bathroom cabinetry in the US and Canada, raised $102 million by offering 6.4 million shares (all primary) at $16, the low end of the $16 to $18 range. The company had previously filed to sell 5.9 million shares, with an original deal size of $100 million assuming the midpoint. Norcraft Companies, which initially filed confidentially on 7/30/2013, plans to list on the NYSE under the symbol "NCFT". Citi and UBS acted as the lead managers on the deal.
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The value proposition for me is it was selling below their IPO price of $16.00/share. Other more knowledgeable investors sees this as a good long term hold and is positive on their future revenue growth. Proceeds of the IPO will be used to pay down debt (that's always good). My position is small a 0.25% portfolio buy. This buy fits my real estate recovery theme.

I continue to watch your recent MDC pick for an entry buy. LGIH had a good IPO debut today and closed at it's high at $12.90/share. I like their overall bundled approach for selling their starter homes and like where their their selected regional foorprint but am skeptical about their stated 50% sales growth projection for 2013. I passed on any buys today but may enter a small position in the future just because I like their overall sales concept but for me, it's not a value buy at the current price.

EKS
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