Metro Holdings

Thread Rating:
  • 1 Vote(s) - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5
(21-08-2012, 10:05 PM)pianist Wrote:
(21-08-2012, 08:54 PM)thleong Wrote: Lived in Shanghai for 3 years. Metro Shanghai is always crowded on weekends.
But Metro Beijing is a lot less successful. Good that they sold it off.
It is a lot more difficult to identify nice assets for sales now unless some of the companies with nice assets are struggling.
Leong
nice to hear u lived in shanghai...when will some of the companies in china with nice assets struggle?
btw metro edges up 0.79 today..something is brewing?
sold my 3rd tranche at 0.79 today.

A bit unusual for Metro to be up especially after paying dividend...
Reply
Metro really go big into property development , now in Nanchang, this project will cost at least 200 m including construction costs. How to expect special dividend in near future ?
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Reply
They are trying very hard to reinvest their cash hoard hence 2 cents dividend is likely to be the norm in the absence of asset disposals.

In any event, Metro has sold what they can sell and there is little left that they can realise.

There is no doubt that they have a track record in China. However to keep going in China will justify the discount to book value with the risks associated there - just like any other China property counters.

(01-10-2012, 10:55 AM)cfa Wrote: Metro really go big into property development , now in Nanchang, this project will cost at least 200 m including construction costs. How to expect special dividend in near future ?

They are trying very hard to reinvest their cash hoard hence 2 cents dividend is likely to be the norm in the absence of asset disposals.

In any event, Metro has sold what they can sell and there is little left that they can realise.

There is no doubt that they have a track record in China. However to keep going in China will justify the discount to book value with the risks associated there - just like any other China property counters.

(01-10-2012, 10:55 AM)cfa Wrote: Metro really go big into property development , now in Nanchang, this project will cost at least 200 m including construction costs. How to expect special dividend in near future ?
Reply
From DMG&Partner Securities:

Metro announced this morning that it has, together with its JV partner Top Spring International, acquired a mixed development site in Nanchang, the capital of Jiangxi province for a total consideration of RMB 1.92bn (S$373m). The 795,000 sqm GFA site, sited in the new CBD area of Honggutan New District, will be developed into an upscale mixed development comprising commercial, office, residential and entertainment components. Metro’s contribution for its 30% stake amounted to $112m and will be financed by internal resources. The land cost of RMB 2400 psm appears reasonable and should result in further NAV uplift upon completion. This latest investment comes on the back of another investment in a leasehold site at Prince Charles Crescent, in a government land tender that it won jointly with partners Wing Tai and United Engineers. We see these new investments as further testament of the group’s ability to recycle capital successfully and generate NAV growth. Having successfully navigated the commercial real estate cycle in China, the group currently sits on net cash of $379m ($0.45/share) and a portfolio of prime commercial real estate in China worth $450m, among other assets. Ascribing a 30% discount to its RNAV of $1.29/share, we have a T.P. of $0.90/share. Maintain BUY (Goh Han Peng)
Reply
(01-10-2012, 11:56 AM)greengiraffe Wrote: There is no doubt that they have a track record in China. However to keep going in China will justify the discount to book value with the risks associated there - just like any other China property counters.

Please note that not every China property counter is trading below its book value. The closing price of Capital Retail China Trust (CRCT ) today was at $1.48 - which is above its book value of $1.38 per share.
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
Reply
(01-10-2012, 10:55 AM)cfa Wrote: Metro really go big into property development , now in Nanchang, this project will cost at least 200 m including construction costs. How to expect special dividend in near future ?

I view this as a positive development
Metro isn't meant to b distributing special dividends. U have the REITs to do that. I rather see some sensible use of the cash hoard, and this looks sensible to me. No gains to b reaped in the next 1 yr or so, but further down the road this JV should prove to b a wise step considering the softening property market in china now
Reply
(03-10-2012, 11:41 AM)GFG Wrote:
(01-10-2012, 10:55 AM)cfa Wrote: Metro really go big into property development , now in Nanchang, this project will cost at least 200 m including construction costs. How to expect special dividend in near future ?

I view this as a positive development
Metro isn't meant to b distributing special dividends. U have the REITs to do that. I rather see some sensible use of the cash hoard, and this looks sensible to me. No gains to b reaped in the next 1 yr or so, but further down the road this JV should prove to b a wise step considering the softening property market in china now

Always good for JO, head he wins, tail minorities lose.
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.
Reply
Wrong timing for Metro to go into JV property developmt project with Wing Tai. The JV project in China also seem not favourable.
Reply
(12-10-2012, 08:38 AM)valueinvestor Wrote: Wrong timing for Metro to go into JV property developmt project with Wing Tai. The JV project in China also seem not favourable.

Why?
Reply
Metro owns 40% of new JV, with wingtai owning 40% and Maxdin owning 20%
Reply


Forum Jump:


Users browsing this thread: 7 Guest(s)