Metro Holdings

[greengiraffe]

Singapore, 11 November 2015 – Main Board-listed Metro Holdings Limited (“Metro”
or the “Group”) (“美罗控股有限公司”), a property development and investment group
backed by established retail operations in the region, registered a net profit of
S$18.6 million for the three months ended 30 September 2015 (“2QFY2016”), as
compared to S$60.6 million in the previous corresponding period (“2QFY2015”).
Revenue increased 22.3% to S$38.3 million, up from S$31.3 million over the same
period. The rise was mainly due to a higher turnover driven by the Retail Division’s
new Metro Centrepoint store in Singapore which commenced operations in the third
quarter of FY2015, as well as higher contribution from existing stores. High costs of
the new store led to the Retail Division recording an operating loss of S$2.1 million in
2QFY2016 from an operating loss of S$1.2 million in 2QFY2015.
METRO HOLDINGS REPORTS NET PROFIT OF S$18.6 MILLION AND REVENUE OF S$38.3 MILLION FOR 2QFY2016

- Lower bottomline mainly due to recognition of significant gains in the

previous corresponding period – Top Spring and EC Mall, Beijing

- Net gain of S$4.3 million from disposal of Frontier Koishikawa, Tokyo

- Maintains strong balance sheet with cash holdings of S$570.2 million

and shareholders’ equity of S$1.4 billion as at 30 September 2015


Results generally in line with expectations. As expected, pretty much all the long term bank loans has been cleared with the divestment of Frontier Building. Metro is now very cash rich, and deploying all that cash into the Infrared Fund II

The $ is always there... apart from keeping holders happy with dividends, it is likely that Jopi is likely to bring the cash to the grave...

Odd Lots Vested
GG

[clogswork]

The group managing director of retailer and property firm Metro Holdings, Mr Jopie Ong Hie Koan, died last night.

Mr Ong, who was in his 70s, had helmed Metro Holdings since 1973.

He was the son of the late Ong Tjoe Kim, who founded the Metro chain of department stores. He was also a member of the nominating and investment committees.

[CityFarmer]

The group managing director of retailer and property firm Metro Holdings, Mr Jopie Ong Hie Koan, died last night.

Mr Ong, who was in his 70s, had helmed Metro Holdings since 1973.

He was the son of the late Ong Tjoe Kim, who founded the Metro chain of department stores. He was also a member of the nominating and investment committees.

RIP, Mr. Ong.

(not vested)

[GFG]

Singapore, 11 November 2015 – Main Board-listed Metro Holdings Limited (“Metro”
or the “Group”) (“美罗控股有限公司”), a property development and investment group
backed by established retail operations in the region, registered a net profit of
S$18.6 million for the three months ended 30 September 2015 (“2QFY2016”), as
compared to S$60.6 million in the previous corresponding period (“2QFY2015”).
Revenue increased 22.3% to S$38.3 million, up from S$31.3 million over the same
period. The rise was mainly due to a higher turnover driven by the Retail Division’s
new Metro Centrepoint store in Singapore which commenced operations in the third
quarter of FY2015, as well as higher contribution from existing stores. High costs of
the new store led to the Retail Division recording an operating loss of S$2.1 million in
2QFY2016 from an operating loss of S$1.2 million in 2QFY2015.
METRO HOLDINGS REPORTS NET PROFIT OF S$18.6 MILLION AND REVENUE OF S$38.3 MILLION FOR 2QFY2016

- Lower bottomline mainly due to recognition of significant gains in the

previous corresponding period – Top Spring and EC Mall, Beijing

- Net gain of S$4.3 million from disposal of Frontier Koishikawa, Tokyo

- Maintains strong balance sheet with cash holdings of S$570.2 million

and shareholders’ equity of S$1.4 billion as at 30 September 2015


Results generally in line with expectations. As expected, pretty much all the long term bank loans has been cleared with the divestment of Frontier Building. Metro is now very cash rich, and deploying all that cash into the Infrared Fund II

The $ is always there... apart from keeping holders happy with dividends, it is likely that Jopi is likely to bring the cash to the grave...

Odd Lots Vested
GG

"The $ is always there... apart from keeping holders happy with dividends, it is likely that Jopi is likely to bring the cash to the grave..."

Wow.

[GFG]

METRO HOLDINGS REPORTS NET PROFIT OF S$55.9 MILLION FOR 3QFY2016

- Board, management and staff express deep sadness over passing of Group Managing Director, Mr Jopie Ong

- Appointment of Mr Lawrence Chiang as Acting Group Chief Executive Officer to ensure operational continuity

- Continues to recognise significant contributions from Nanchang project

- Maintains strong balance sheet with cash holdings of S$518.3 million and shareholders’ equity of S$1.4 billion as at 31 December 2015

[starcraft_76]

half year profit of 6.7cts.

It seems that 6cts dividend could still be maintained?

Metro holding had pay down its debt.. and thus free from interest risk

[ngcheeki]

half year profit of 6.7cts.

It seems that 6cts dividend could still be maintained?

Metro holding had pay down its debt.. and thus free from interest risk

If I am not wrong, the 6.7 cents is for the quarter in 3QFY2016. For 9MFY2016, the patmi is S$111.975 mil or EPS of 13.52 cents. As for dividend, 6 cents of dividend will probably maintain.

Jopie Ong was paid for S$8.146 mil in Fy2015 and with his demise there might be shareholders hopes for higher dividend paid out.

[GFG]

half year profit of 6.7cts.

It seems that 6cts dividend could still be maintained?

Metro holding had pay down its debt.. and thus free from interest risk

If I am not wrong, the 6.7 cents is for the quarter in 3QFY2016. For 9MFY2016, the patmi is S$111.975 mil or EPS of 13.52 cents. As for dividend, 6 cents of dividend will probably maintain.

Jopie Ong was paid for  S$8.146 mil in Fy2015 and with his demise there might be shareholders hopes for higher dividend paid out.

Yes, the earnings for 9mths is 13.52 cents
The dividend of 6 cents will likely be maintained as metro is currently very cash rich.
With the sale of the Frontier Building in japan, the bank loans are all wiped off.

Jopie Ong always paid himself very high, but now it remains to be seen if the new MD will be paid just as handsomely.
There is also a risk that metro might find future deals limited. I suspect JO was central to all the deals with his contacts, with his demise, it is a risk that the goodwill is lost too.

<Vested -350 lots>

[ngcheeki]

Jopie Ong has deemed interest of 285 mil shares or around 34% of metro total shareholding of metro. As he is the biggest shareholders in metro, he will probably have less resistance from the board. Lawrence Chiang was the COO and was paid around 1.5 mil to 1.75 mil and his name is not in the top 20 shareholders so the chances for him to ask for anything above 5 mil will be tough i think. Lawrence chiang is a very nice guy and is probably the main person running the show.

vested

[GFG]

Even after last week's sharp rise, metro's valuations are still pathetically low.
The markets seem to be discounting it a lot, probably because of the image Metro has as a retailer, and we all know how terrible the retailers are right now.
But >90% of the profits of Metro comes from the property segment, not the retail and it's getting smaller every quarter.
Assuming a 6 cent div, even at the current price, its still a cool 6.4% yield, payable probably sometime in July, which is 5 mths away.
Book value is now $1.71, which means that at the current price, one would be paying 54% of book value only.
Assuming a very conservative 15 cents EPS, (last FY was 17.3 cents, current YTD is 13.52 cents), the PER is still only 6.3
The markets are really discounting Metro heavily.

In addition, it does seem like Metro has again read the property markets rather accurately. They managed to divest EC mall, Frontier building at an opportune time, building up a >$500 mil cash hoard. Now the bulk will be reinvested in the china Infra fund, and they're also increasing their presence in the UK property markets.
With the current turmoil and sharp drop in property in China, they'd be able to find much more value for the money right now. It's fairly good timing, although this may take a long time to play out.
Also, it remains to be seen if without JO, Metro can still execute their long held strategy of buying, then either enchancing or holding, before divesting again for huge gains.