An exotic sounding play lumped in with the usually, urban-centric commercial real estate managers, is Maui Land & Pineapple(MLP), the holding company of subsidiaries that engage in agriculture, community development and resort operations in Hawaii. Its shares are up 10% so far this year.
The company, founded in 1909, operates through two segments: an agricultural unit, Maui Pineapple Co. with extensive land holdings; and the developer of the exclusive destination resort property, the Kapalua Resort in Maui, Hawaii.
According to TheStreet’s ratings summary, the one analyst who follows it has a “strong sell.”
After disclosing severe financial constraints at the end of 2009, the company has been in turnaround mode. In the first nine months of 2010, it reported net income of $1.23 per share, compared with a net loss of $92.9 million, or a loss of $11.57 per share, for the first nine months of 2009.
