personally, I think it is still possible for Metro to close its sale of Metro City, Beijing, just when only. There was some development in Q3. e.g. the loan of Metro City, Beijing was repaid by a company associated to the buyer, though, certain amount actually coming from the deposit the buyer paid earlier to Metro City, Beijing. but there is no guarantee.
Daily share-buy back is a rare feat for Metro notwithstanding its strong cash position and steep discount to book value of around S$1.30/share.
Previous buybacks were rare as well back in 2009:
1 Dec 09:
http://info.sgx.com/webcorannc.nsf/Annou...endocument
20 Aug 09:
http://info.sgx.com/webcorannc.nsf/Annou...endocument
5 more between Nov - Dec 08
Perhaps with Metro's focus on China, cash is very important to pounce on opportunities. A recent example is the repeated tapping of the listed bond market by HK Listed Shui On Land 272.HK. One of Metro's investee, Shui On came to Singapore to tap S$ bonds at 8% pa followed quickly another US$ bond at 9.75%pa. The high yield on both 3 year bond issues is indicative of how tight funding can be in China.
Hence, do not be hopeful.
Freedom is right that Metro City Beijing sales may still go through. The supporting facts are clear. However, one must understand that in China, rules and regulations are in the hands of red army. Hence until we cross the line, one should never assume that its a done deal.
The crux is has the share price discounted or priced in this sale ?
The crux is has the share price discounted or priced in this sale ?
Expecting good dividend this year...Let's hope...
(03-03-2012, 03:49 PM)chaosdiablo Wrote: [ -> ]Expecting good dividend this year...Let's hope...
Dun have too high hopes. Based dividends 2 cents, special dependent on asset sales which is nil todate.
Cash on the books = strategic reserves for future asset acquisition that will generate future returns.
Last year is 3 cents and bonus issue, I think....anyways, just see......no issue with this one as I think joint venture with tecso will be very good in years to come......
(03-03-2012, 08:23 PM)greengiraffe Wrote: [ -> ] (03-03-2012, 03:49 PM)chaosdiablo Wrote: [ -> ]Expecting good dividend this year...Let's hope...
Dun have too high hopes. Based dividends 2 cents, special dependent on asset sales which is nil todate.
Cash on the books = strategic reserves for future asset acquisition that will generate future returns.
FYI Metro's stake in Tesco related ventures is 10.7%. Overall due to the lack of new projects and collateral asset investments, Metro's real earnings capability and cashflow generated from existing properties holdings will become clearer since the last few financial years' results are clouded by one-off lucrative assets sales.
While Metro has a solid cash back balance sheet, its policies to return to shareholders and hence unlocking the real value remains to be seen. Historically, special dividends are linked to asset sales and also the huge bonuses paid to Jopie Ong.
With tesco, it is in a lot of cities in 2, 3,4 tier cities if I am right....so, effective, it is a huge investment??? Do enlighten me......
I have a batch of metro buy at a high price and did not sold that batch....till date, after all dividend and bonus, it had more than break even.....
All my other batches are all in a profit......but as you say, we have to wait for a clearer picture.....
(04-03-2012, 11:40 AM)greengiraffe Wrote: [ -> ]FYI Metro's stake in Tesco related ventures is 10.7%. Overall due to the lack of new projects and collateral asset investments, Metro's real earnings capability and cashflow generated from existing properties holdings will become clearer since the last few financial years' results are clouded by one-off lucrative assets sales.
While Metro has a solid cash back balance sheet, its policies to return to shareholders and hence unlocking the real value remains to be seen. Historically, special dividends are linked to asset sales and also the huge bonuses paid to Jopie Ong.
(01-03-2012, 07:56 PM)freedom Wrote: [ -> ]personally, I think it is still possible for Metro to close its sale of Metro City, Beijing, just when only. There was some development in Q3. e.g. the loan of Metro City, Beijing was repaid by a company associated to the buyer, though, certain amount actually coming from the deposit the buyer paid earlier to Metro City, Beijing. but there is no guarantee.
The Metro City Beijing deal is closed before end of march and we can expect the company to declare a special dividend
See the following announcement
http://info.sgx.com/webcoranncatth.nsf/V...0003179B5/$file/MCBDivestmen29032012.pdf?openelement