24-11-2014, 01:04 PM
Most if not all property companies are trading at discount to NAV , METRO is not exceptional. JO's salary is another reason why many choose not to invest into this company.
(24-11-2014, 01:04 PM)cfa Wrote: [ -> ]Most if not all property companies are trading at discount to NAV , METRO is not exceptional. JO's salary is another reason why many choose not to invest into this company.
(24-11-2014, 12:29 PM)sgpunter Wrote: [ -> ]Certainly Metro's property portfolio is undervalued is without a doubt. Question is, much like many other undervalued property counters trading at discounts to NAV, is when the management will do something to realize the value. In the meantime, excluding the accounting gains, the fact that Metro is actually making operating losses will continue to be a drag and concern.
I'm actually quite puzzled why they took up the space at Centrepoint...the retail landscape is so competitive as it is...amongst Tangs, Isetan, Taka, Robinsons and Metro...I actually like Metro the least..but that's just my personal opinion.
(24-11-2014, 04:20 PM)Stocker Wrote: [ -> ]Not easy to get replacement tenants for years ? Metro must pray other tenants stay put , otherwise in no time this building will be a ghost building.
(24-11-2014, 04:45 PM)Stocker Wrote: [ -> ]Refer AR report of 2012 !
(24-11-2014, 05:09 PM)greengiraffe Wrote: [ -> ]Once upon a year... Metro used to be my core holding...
I guess I had enough with Metro...
They had no drive to enhance shareholders' wealth and they will do what they can to hunt for new investments and justify their actions. As a result, many disgrunted investors have steered clear of Metro notwithstanding the "discount":
i) they have mistimed their entry into Japan; of course one can say freehold and long term... time heals all wound but in the meantime the suffering is unbearable;
ii) they got into Top Spring at a high price and averaged down when price dropped too steeply; then they got into a JV with Top Spring but then again who can we argue that Metro is wrong since the JV is doing well
iii) of course their retail has never made much $ but yet they keep maintaining their presence and even their Indonesian exposure also yet to contribute meaningfully... feed key relative... JO's sister?
iv) Metro has always been good at tapping on connections... nothing wrong but why can't they have their own views especially when they are putting in good $... of course the argument is to mitigate risks via strategic partnership with good experience like NanFung linked funds, Top Spring, Wing Tai etc... if this is the case why can't we buy directly into their strategic partners?
v) if they genuinely want to enhance shareholders' wealth, they would have declared good one-off special dividends when they cashed out of several of their China properties at the then peak... they were easily sitting on $0.30 - $0.40/ share cash but they choose to reinvest for the future... they will be right but MI is stuffed and starved...
vi) lastly, Metro is owned by the Ong family, orginally made $ from Indonesia or Indonesia linked. I think the demised Ong has an extended family though only JO is the key driver holding and feeding the entire family. In such instances, sharing wealth is a bad thing since once $ is distributed, then it will be a case of tree down, monkeys scattered...
vii) look at Metro's major assets - still largely in high risks China where leases are typically 50 yrs and less... some of the valuations could be questionable once lease approaches the end and hence there are good reasons why the "discount"
I m merely a disgrunted ex major holder in Metro even though I made $ from it...I have seen too many big management teams... for someone like JO that never answer any questions at Metro's AGM... I certainly don't not feel comfortable... If you are a controlling holders, why pass up opportunities to make it your stage... no confidence in your own ability or don't want to be accountable to your own words...
Please feel free to convince me... I m done for in Metro...
Odd Lots Vested
Ex Core Holdings
GG
(24-11-2014, 05:09 PM)greengiraffe Wrote: [ -> ]Once upon a year... Metro used to be my core holding...
I guess I had enough with Metro...
They had no drive to enhance shareholders' wealth and they will do what they can to hunt for new investments and justify their actions. As a result, many disgrunted investors have steered clear of Metro notwithstanding the "discount":
i) they have mistimed their entry into Japan; of course one can say freehold and long term... time heals all wound but in the meantime the suffering is unbearable;
ii) they got into Top Spring at a high price and averaged down when price dropped too steeply; then they got into a JV with Top Spring but then again who can we argue that Metro is wrong since the JV is doing well
iii) of course their retail has never made much $ but yet they keep maintaining their presence and even their Indonesian exposure also yet to contribute meaningfully... feed key relative... JO's sister?
iv) Metro has always been good at tapping on connections... nothing wrong but why can't they have their own views especially when they are putting in good $... of course the argument is to mitigate risks via strategic partnership with good experience like NanFung linked funds, Top Spring, Wing Tai etc... if this is the case why can't we buy directly into their strategic partners?
v) if they genuinely want to enhance shareholders' wealth, they would have declared good one-off special dividends when they cashed out of several of their China properties at the then peak... they were easily sitting on $0.30 - $0.40/ share cash but they choose to reinvest for the future... they will be right but MI is stuffed and starved...
vi) lastly, Metro is owned by the Ong family, orginally made $ from Indonesia or Indonesia linked. I think the demised Ong has an extended family though only JO is the key driver holding and feeding the entire family. In such instances, sharing wealth is a bad thing since once $ is distributed, then it will be a case of tree down, monkeys scattered...
vii) look at Metro's major assets - still largely in high risks China where leases are typically 50 yrs and less... some of the valuations could be questionable once lease approaches the end and hence there are good reasons why the "discount"
I m merely a disgrunted ex major holder in Metro even though I made $ from it...I have seen too many big management teams... for someone like JO that never answer any questions at Metro's AGM... I certainly don't not feel comfortable... If you are a controlling holders, why pass up opportunities to make it your stage... no confidence in your own ability or don't want to be accountable to your own words...
Please feel free to convince me... I m done for in Metro...
Odd Lots Vested
Ex Core Holdings
GG