Metro Holdings

[millionairemind]

January 20, 2009, 7.19 pm (Singapore time)

Metro exits stake in China venture

By UMA SHANKARI
Metro Holdings on Tuesday said it has sold its entire stake in Hualing International Commerce and Trade Plaza in Urumqi, China.

Metro said that it has 'ceased to have any interest' in Hualing Asset Management, a joint venture investee company. Hualing Asset was set up by Metro and its partner Xinjiang Hualing Industry and Trade (Group) Co to hold the Hualing International Commerce and Trade Plaza. Metro held a 25 per cent interest in Hauling Asset, while the remaining 75 per cent stake was held by the JV partner.

Xinjiang Hualing held a buy-out option to buy-out and return Metro's capital contribution. The company has now exercised the said option, and will return Metro's capital contribution of about 144.6 million yuan and repay shareholders' loans of US$10.5 million (about S$47 million in total).

The cessation of interest in Hualing Asset is not expected to have any significant impact on the consolidated net tangible assets per share and the consolidation earnings per share of the Company and its subsidiaries for the year ending March 31, 2009, Metro said.

None of the directors or controlling shareholders of Metro has any interest, direct or indirect, in the above transaction otherwise than through their shareholding interests in the company, Metro added.

Metro shares lost 1.5 cents to close at 34.5 cents yesterday.

[millionairemind]

February 11, 2009, 2.59 pm (Singapore time)

Kim Eng downgrades Metro to a 'hold'

By ANGELA TAN


SINGAPORE - Kim Eng Research on Wednesday downgraded its recommendation on Metro Holdings to a 'hold'.

The call came a day after the retail and proeprty group posted a 97 per cent plunge in its third quarter 2009 net profit to $0.6 million (US$0.4 million).

In a report entitled 'Metro Holdings: Cracks in the China Story', Kim Eng said it was cutting its FY09-11 earnings forecasts further by 7-18 per cent.

'New Metro stores in Singapore and Indonesia will put further pressure on margins, especially in the current economic climate. China properties are also facing more acute challenges,' it explained.

It noted that in the past two years, Metro had declared a 1 cent interim dividend and a 3 cent special dividend. This year, it did not declare an interim dividend and a special dividend is also in doubt.

'Without a special dividend, yield becomes merely ordinary at 7 per cent,' Kim Eng said.

It has cut its revalued net asset value (RNAV) for Metro to 28 cents.

Metro shares are trading around 29 cents each, up a cent from Tuesday after the lunch break.

[winston]

BUSINESS TIMES - The founder of property and retail firm Metro , Ong Tjoe Kim, passed away on Tuesday at the age of 98. Ong, who was born in China and grew up in Indonesia, stepped down as Metro's executive chairman in 2007.

[millionairemind]

Metro lights up your Christmas

November 13, 2009, 2.46 pm (Singapore time)

Metro swings back into the black for Q2

By ANGELA TAN
Metro Holdings Limited on Friday reported the retail and property group has swung back into the black in the second quarter to end September.

Net profit for the three months was S$9.33 million, compared to a net loss of S$4.90 million a year ago.

Revenue grew 7.4 per cent to S$36.24 million as both the property and retail division reported growth.

It said the new Metro Department store at the new City Square Mall in Singapore soft opened in late September 2009 and has started to contribute to topline sales performance of the retail division.

[millionairemind]

Published November 14, 2009

Metro sinks $41.7m into three Chinese properties

By NISHA RAMCHANDANI

MAINBOARD-LISTED Metro Holdings announced yesterday that it is investing $41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao, in a move aimed at building its presence in China.

Crown Investments Ltd, a wholly-owned subsidiary of Metro China Holdings, has set up an associated company, Diamond Wind Company Limited. Crown holds a 21.4 per cent stake in Diamond Wind and the balance 78.6 per cent is held by an independent party controlled by a Hong Kong-based private property equity fund.

Diamond Wind was incorporated to acquire a 50 per cent stake in each of three companies - Sunelite China Investment Holdings Ltd, Northeast Asia Investment & Development Holdings Ltd and Tesco Anshan Co Ltd (collectively HK Holding Companies) - and Diamond Wind has entered into share purchase agreements with their holding company, China Property Holdings (HK) Limited (CPHL). CPHL is a wholly-owned subsidiary of grocery retailer giant Tesco plc.

Diamond Wind plans to invest US$137.8 million in the three companies to develop three properties in Anshan, Fushun and Qinhuangdao, of which Crown's share of the investment is US$30 million. This gives Metro a 10.7 per cent stake in HK Holding Companies.

Separately, the property developer and retailer released its results for the second quarter ended Sept 30, 2009. Net profit came in at $9.33 million compared with a loss of $4.9 million in the previous corresponding quarter while revenue grew by 7.4 per cent to $36.24 million.

Earnings per share for the quarter was 1.48 cents versus a loss of 0.77 cents in the previous corresponding quarter.

For the six months ended Sept 30, net profit totalled $22.41 million, up from $671,000 previously. Revenue was up 5.1 per cent at $69.68 million.

Metro shares rose one cent yesterday, closing at 76 cents.

[qxing78]

Dated 8 Mar2010
Metro Holdings Limited (“Metro” or the “Company”) wishes to announce that Elegant Investment Development Ltd (“Elegant”) and O&P Ltd (“O&P”) , its 45% held associated companies, have entered into a conditional equity transfer framework agreement (“ETFA”) to sell their interest in the registered capital of
Beijing Jinyaguang Property Development Ltd (“Jinyaguang”) which owns the office property, One Financial Street, based on a value of approximately Rmb 2.98
billion (approximately S$ 610.9 million) for the property (the “Divestment”). Elegant & O&P are wholly-owned subsidiaries of China Infrastructure Group Ltd
(“CIG”) , who is in turn a 45% associated company of Crown Investments Ltd (“Crown”). Crown is a wholly owned subsidiary of the Company

FINANCIAL EFFECTS
The Metro Group’s share of the CIG Group’s net loss, equity accounted for in the results for the nine months ended 31 December 2009, was about S$18.8 million
before netting off interest income of S$17.6 million due on shareholders loans extended to CIG. The CIG Group was equity accounted for in the consolidated accounts of the Metro Group based on a net book value of approximately Rmb 2.5 billion for One Financial Street as at 31 March 2009. The Divestment of Jinyaguang and One Financial Street by the CIG Group is expected to result in a gain, with the Metro Group’s share of associated companies’ results estimated at approximately S$63.5 million (net of tax). Other than the foregoing, the Divestment, is not expected to have any significant impact on the consolidated net tangible asset per share and the consolidated earnings per share of the Metro Group for the year ending 31 March 2010.

[helios]

YO qxing,

Are you vested?

Any reason why you are looking at Metro?

[qxing78]

Yes, Vested.
At this juncture, I only like stocks who are trading below NAV or true asset value.
NAV for Metro is $1.47.
Metro is one of them. Others like Stamford Land, Superbowl, Heeton, Roxy Pac and LKH.
However, I might throw all of them away if they drop below my cut loss tolerance level.

[helios]

i see.

It's a very slow laggard but with steady incremental movements (chartwise) ...

[tonylim]

If management of Metro is more generous in giving out dividend, will the share price get a rerating ?
20% payout ratio in FY2010.

Vested at 0.755.