Shopping Malls

Quick glance at the three larger shopping malls in Ibovespa.
None of them is attractive right now.
Multiplan is my favorite for the future.

EURO11 - Europar

I sold my EURO11 today because:

• Since 2008 it has been distributing the same amount (that is, there is no correction due to inflation, so the yield you got is not a real one);
• If you look to the 2010 financial statements, you will see strange stuffs there: other expenses of BRL 700 thousands and there was cash consumption just to pay the same 1.36 they are paying (since 2008);
• I mailed them about these issues a moth ago and no answer was offered.

So CDB it's far a better pick.

Cash is king

Valor Econômico: Perda de caixa preocupa a indústria da construção

Now analysts realized that those companies consume more than generate cash.

Since 2008:
Profit: 8,5B
Cash generated: -20B

Real Estates Funds

CSHG Logística FII
New release of HGLG11 explains its main assets. Worth note that now rents earned are taxed, but the process of transfers, so that the fund obtains direct ownership of the property is underway and as soon as them end, real estate revenues will be exempt.

CSHG Recebíveis Imobiliários BC FII
What you think about this fund?
It's currently yielding more than 10%.