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earnings of 2H continue decrease
but once in the near future with interest rate cut, earnings will improve
dydd
but once in the near future with interest rate cut, earnings will improve
dydd
Metro H2 profit drops 23% to S$6.4 million
Full-year net profit is down 42.1% amid market headwinds
METRO Holdings&rsquo net profit for the half-year ended March was down 23 per cent to S$6.4 million, from S$8.3 million the year before.
This was despite a 3.8 per cent rise in revenue of S$65.7 million for the period, reported the mainboard-listed property investment and development group on Friday (May 24).
Earnings per share stood at S$0.008 for the half-year, down from S$0.01 in the corresponding year-ago period.
Share of profits from joint ventures registered a loss of S$3.9 million in the second half-year, compared to a gain of S$20.4 million in H2 FY2023. This was mainly due to the group&rsquo s share of higher revaluation losses from the investment properties and lower operating profit.
Revenue from the property division for the period decreased to S$5.9 million from S$6.7 million year ago, led by lower revenue from GIE Tower in Guangzhou, said the company.
For the full year, net profit was down 42.1 per cent to S$14.6 million from S$25.2 million in FY2023, on the back of a 1.1 per cent decline in revenue to S$115.9 million.
This was due to higher finance cost, share of the loss from associate Top Spring International Holdings, lower profits generated by its China properties, and by the retail division.
&ldquo During FY2024, the group&rsquo s property division was negatively impacted by the high interest rate environment where it recorded higher finance cost by S$4.1 million and higher net fair value losses from the revaluation of investment properties by S$23 million, as well as lower operating profits by S$8.7 million from the properties in the United Kingdom and Australia,&rdquo Metro said.
Headwinds in China&rsquo s property market resulted in a higher loss from its associate Top Spring by S$30.8 million, as well as lower profits generated by the group&rsquo s China properties.
This was on top of a lower profit by the group&rsquo s retail division, attributable to lower gross margins and increased costs amid a highly competitive trading environment.
Metro chairman Winston Choo noted that while Metro&rsquo s profit has been hit by prevailing market headwinds, the company is resilient because of its diversified portfolio across asset classes and geographical regions.
&ldquo Our balance sheet remains healthy, and we will proactively manage our existing investment portfolio for optimal returns,&rdquo he added.
Metro&rsquo s net assets stood at S$1.5 billion and total assets was S$2.3 billion as at Mar 31, 2024.
&ldquo In the face of macro uncertainties, it is crucial for us to maintain a diversified portfolio of high-quality assets in resilient sectors and markets we are familiar with and where we have strong networks, alongside experienced and reputable partners,&rdquo said Choo, adding that Metro will continue to actively uphold robust capital management practices and diligently manage its investment portfolio.
Metro noted that its associate Top Spring, co-investments with BentallGreenOak and other China investment properties will continue to be buffeted by persistent market headwinds in China and Hong Kong.
A final dividend of S$0.02 per share was proposed for the year, down from the S$0.0225 the year before. This represents a payout ratio of 113.8 per cent. The date payable will be announced later.
That would make Starhill Global REIT a very attractive investment given it holds 100% of that and also lots of other assets yet the market cap is only S$1bn.
This metro has become a Rojak investors in here and there or neither here nor there . If Metro still holdon to the 27.7 % stake in Ngee Ann city , ( now owned by starhill global ) , this 27.7 % is valued more than 1.2 billions.
Metro city in Shanghai , has the lease got extended for another 40 years ?
Or sell down some properties and pay a special dividend.
As at Sept 30th, Metro' s net asset value per share was $1.72 and it' s now trading around $0.53. The management should look into delisting it. Dyodd!
Metro H1 profit falls 51.5% to S$8.2 million to acquire 20% stake in VisionCrest Commercial
METRO : M01 +6% reported a net profit of S$8.2 million for the first half ended Sep 30, 2023, down 51.5 per cent year on year from S$16.9 million.
This was mainly due to a lower gross profit from its retail division, as well as a share of associate&rsquo s fair value loss adjustment on its UK investment properties, said the property player on Tuesday (Nov 14).
Earnings per share stood at S$0.01, down from S$0.02 in the same period last year.
No dividend was declared for the period, as Metro usually declares dividends at its financial year end.
Revenue for the half year declined 6.9 per cent to S$50.2 million from S$53.9 million previously, as the group reported lower revenue contributions across all business segments.
Retail division revenue fell 3.6 per cent to S$45.6 million from S$47.3 million due to lower sales from the group&rsquo s two department stores in Singapore, Metro Paragon and Metro Causeway Point.
Revenue contributions from the property division decreased as well, on lower income from sale of property rights of Metro&rsquo s residential developments in Bekasi and Bintaro, Jakarta.
The group&rsquo s share of profit of associates for the half year fell 62.4 per cent to S$3.2 million from S$8.6 million a year prior. This was mainly due to a share of fair value loss on investment properties in the UK versus a fair value gain in the previous year, along with lower share of an associate&rsquo s operating profit mainly from its Australia and UK properties, due to rising interest costs.
Overall finance costs for H1 rose 39.1 per cent to S$15.4 million versus S$11 million in the year-ago period amid rising interest rates from bank borrowings. This was mitigated in part by lower bank borrowings from the partial repayment of short-term borrowings and higher interest income.
Metro said it expects the markets in which it operates to remain &ldquo subject to the heightened economic volatility and currencies&rsquo fluctuations against the Singapore dollar&rdquo .
The group&rsquo s chairman Winston Choo said: &ldquo Amidst macro headwinds, it is imperative that Metro maintains a diversified, quality portfolio in resilient sectors and in markets where we have strong familiarity and networks with experienced and reputable partners.&rdquo
On the same day, the group also announced it was acquiring VisionCrest Commercial &ndash an 11-storey Grade A office building in the Orchard Road area &ndash through its joint venture with an affiliate of real estate investment management company TE Capital Partners.
The deal will result in Metro owning an effective 20 per cent stake in the property, which is understood to be changing hands for close to S$460 million.
The group&rsquo s estimated capital commitment amounts to S$40 million after accounting for its share of the property&rsquo s acquisition price of S$33 million, inclusive of stamp duty and other expenses, and a further S$7 million for working capital requirements.
Metro intends to fund the transaction from internal cash sources and external borrowings.
The group said its investment would provide &ldquo an exceptional opportunity to own a unique en bloc freehold strata-titled commercial asset&rdquo as it noted that &ldquo good quality, freehold strata-titled offices with full floorplates are limited&rdquo in the area.
&ldquo The property is also nearly fully let, thus providing an immediate rental income,&rdquo it added.
Metro does not expect its investment to have any significant effect on the group&rsquo s consolidated net tangible assets per share, nor earnings per share, for the current financial year.
Located at 103 Penang Road, VisionCrest Commercial is part of a mixed-used development that also includes VisionCrest Residence and the House of Tan Yeok Nee.
Earlier this year in July, German asset manager Union Investment reportedly put the property on the market at a guide price of more than S$470 million. CBRE and JLL were appointed exclusive joint advisers to market VisionCrest Commercial for sale via an expression of interest exercise.
VisionCrest Commercial comprises 148,854 square feet of net lettable area with 99.7 per cent occupancy, and a weighted average lease expiry of 2.2 years as at end-September 2023.
Its key tenants include Manulife Financial Advisers, Puma Sports Sea Trading and The Coffee Bean & Tea Leaf.
Other features of the building include a commercial retail podium on the ground floor, and 114 car parking spaces across two basement levels.
Metro said its investment in VisionCrest Commercial is in line with the group&rsquo s intention to &ldquo build its presence and investment in the region through selective positioning, new investments in quality properties, and strategic alliances with a view to broadening the revenue stream of the Metro group and facilitating sustained profitability for the Metro group moving forward&rdquo .
AGM 2023 on 20July2023
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Questions and Answers: https://links.sgx.com/1.0.0/corporate-announcements/6MWZWATI1KDNB81E/74d4e288bf5c89d47e1fb91faa448ed7271fdcca38f996204749911e3df8d4cf .
Voting Results: https://links.sgx.com/1.0.0/corporate-announcements/AVBAFW1QTA9EA1MK/4e4c04d7ed2e238fc20404cd6bf6776cbde68c5bede27760a6877f872f7619c9 .
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Questions and Answers: https://links.sgx.com/1.0.0/corporate-announcements/6MWZWATI1KDNB81E/74d4e288bf5c89d47e1fb91faa448ed7271fdcca38f996204749911e3df8d4cf .
Voting Results: https://links.sgx.com/1.0.0/corporate-announcements/AVBAFW1QTA9EA1MK/4e4c04d7ed2e238fc20404cd6bf6776cbde68c5bede27760a6877f872f7619c9 .
Anyone knows why Metro hit a decade low of $0.575 yesterday (15June2023)?
Metro just released it' s full-year earnings for 2023 today on 26May2023 Friday at around 0603am.
Fin Report : https://links.sgx.com/FileOpen/MHL-2H%20ended%2031Mar2023.ashx?App=Announcement& FileID=760591
News Release : https://links.sgx.com/FileOpen/MHL-FY2023%20News%20Release.ashx?App=Announcement& FileID=760592
Valuation of properties : https://links.sgx.com/FileOpen/Ann_Valuation%20of%20Pprties_FY23.ashx?App=Announcement& FileID=760593
Presentation : https://links.sgx.com/FileOpen/Metro%20-%20FY2023%20Analyst%20Presentation%20FINAL.ashx?App=Announcement& FileID=760606
Brief Summary:
+ Higher after-tax profit $23.7 million
+ Fair-value losses for assets in China and Autralia (probably including forex losses)
+ Net Asset value dropped from S$1.6 billion to S$1.5 bilion (market cap between $500-$500 million dollars)
+ Dividend give out = $0.020 + $0.0025 = $0.0225 representing 0.0225/$0.6 15 = 3.66% dividend rate (payout ratio 74.1%)..
+ Retail sector' s profits increased to S$8.8 million from S$4.2 million.
+ Sporadic covid-19 related lockdowns in Shanghai, Guangzhou and Chengdu in 2022 affeced Metro' s properties in these cities. It eased in Dec 2022 and concluded with opening of China' s borders in Mar2023.
Fin Report : https://links.sgx.com/FileOpen/MHL-2H%20ended%2031Mar2023.ashx?App=Announcement& FileID=760591
News Release : https://links.sgx.com/FileOpen/MHL-FY2023%20News%20Release.ashx?App=Announcement& FileID=760592
Valuation of properties : https://links.sgx.com/FileOpen/Ann_Valuation%20of%20Pprties_FY23.ashx?App=Announcement& FileID=760593
Presentation : https://links.sgx.com/FileOpen/Metro%20-%20FY2023%20Analyst%20Presentation%20FINAL.ashx?App=Announcement& FileID=760606
Brief Summary:
+ Higher after-tax profit $23.7 million
+ Fair-value losses for assets in China and Autralia (probably including forex losses)
+ Net Asset value dropped from S$1.6 billion to S$1.5 bilion (market cap between $500-$500 million dollars)
+ Dividend give out = $0.020 + $0.0025 = $0.0225 representing 0.0225/$0.6 15 = 3.66% dividend rate (payout ratio 74.1%)..
+ Retail sector' s profits increased to S$8.8 million from S$4.2 million.
+ Sporadic covid-19 related lockdowns in Shanghai, Guangzhou and Chengdu in 2022 affeced Metro' s properties in these cities. It eased in Dec 2022 and concluded with opening of China' s borders in Mar2023.
Most of the time got some volumes.
Financial Report coming out soon, after that sure lots of trading activities.
Currently stock way under-valued, market cap around $500 million but Net Asset Value is $1.6 billion that is a difference of S$1.1 billion.
Financial Report coming out soon, after that sure lots of trading activities.
Currently stock way under-valued, market cap around $500 million but Net Asset Value is $1.6 billion that is a difference of S$1.1 billion.
Timothong90 ( Date: 13-Feb-2023 13:23) Posted:
|
really nobody really kws what is happening.. why no volume
Metro, Boustead Projects and independent third party to jointly acquire high-spec industrial property
MAINBOARD-LISTED property players Metro Holdings and Boustead Projects, together with an independent institutional third party, will jointly acquire J&rsquo Forte Building, an eight-storey high-spec industrial property at 26 Tai Seng St, for S$98.8 million via the Boustead Industrial Fund (BIF).
The acquisition marks BIF&rsquo s first in the open market, both Metro and Boustead Projects said in a joint statement on Monday (Jan 30). The consideration of S$98.8 million excludes any upfront land premium payable to JTC Corporation.
BIF will acquire J&rsquo Forte Building from food and beverage operator Suki Sushi at a purchase price of S$98.8 million, negotiated on a willing buyer willing seller basis. The total cost of the acquisition is estimated to be S$109.5 million, factoring in the estimated upfront land premium for the balance of the property&rsquo s first 30-year leasehold land tenure.
BIF will fund the investment with the issuance of up to S$10.9 million of units in BIF and S$50 million of 7 per cent notes due 2031 as part of BIF&rsquo s S$1 billion notes programme, in addition to bank borrowings. BIF&rsquo s sponsor is Boustead Projects and the manager is Boustead Industrial Fund Management.
Under this joint acquisition, Metro Group, through its indirect wholly-owned subsidiary Metrobilt Construction, and Boustead Projects, through its wholly-owned subsidiary Boustead Projects Real Estate Investment, as well as the independent third party, will subscribe to 26 per cent, 25 per cent and 49 per cent respectively, in both the units in BIF and the 7 per cent notes.
For Metro, this investment via BIF through the subscription of units is up to S$2.8 million, while that of the notes is S$13 million, the group said. This totals to S$15.8 million, and the amount will be funded from internal cash sources, it added.
This acquisition builds upon the three partners&rsquo entry into the industrial real estate market in Singapore on Dec 31, 2020, with an initial acquisition of 14 assets via BIF. On Oct 22, 2021, BIF acquired a high-spec industrial property at 351 Braddell Road.
The completion of this latest acquisition will bring the total number of properties under BIF&rsquo s portfolio to 16. This comprises six industrial properties, one business park, six high-spec industrial properties and three logistics properties located across Singapore and within proximity to transportation nodes.
This will bring the trust&rsquo s total assets under management to approximately S$749 million, with a high committed average occupancy rate of 98 per cent and a long weighted average lease expiry of approximately 6.1 years.
Boustead Projects executive deputy chairman Wong Yu Wei said: &ldquo The J&rsquo Forte Building is a good addition to the BIF portfolio given its high-specifications, prime location, long remaining leasehold land tenure of about 44 years and zoning for food processing operations, which is in limited supply in the area.&rdquo
Metro Holdings group chief executive Yip Hoong Mun noted that investment in the &ldquo resilient and growing&rdquo industrial sector would be a &ldquo stable and recurring&rdquo source of income for the Metro Group.
Metro city Shanghai lease expired . No more income from this property.
Seems like moving towards 50c series
nobody really kws what are doing.. and dividend also lower
Everything up and recovering and yet this one still behaves like a sick chicken.
Why?
Why?
What happen to this one today? constant selling down at 61c. China is opening should be good news for it as it has exposure but it turns out to be worst. Are there things that we are not aware?
This stock has been going down regardless what happened. Now china opens up it goes even lower. So what's the excuse now? Will see see this trading at 40c soon?