Far East developer Macau Property Opportunities (MPO) has had a barnstorming year. Adjusted book value - which marks development assets to market value - rose 31 per cent, driven by a 28 per cent increase in property values as well as share buy backs. And these results do not include the impact of a $64m agreement to sell a warehousing and residential complex announced in late August. Assuming the deal reaches completion, it should add roughly 13p to book value this year.
MPO's largest asset by far is The Waterside, a super-prime block of flats rented to business types. Occupancy reached 90 per cent, driving rental growth of 9 per cent and the overall property value up by 23 per cent.
MACAU PROPERTY OPPORTUNITIES FUND (MPO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 194p | MARKET VALUE: | £172m | |
| TOUCH: | 192-195p | 12-MONTH HIGH: | 192p | LOW: 107p |
| DIVIDEND YIELD: | nil | TRADING PROP: | $64.8m | |
| DISCOUNT TO NAV: | 26% | |||
| INVESTMENT PROP: | $266m | NET DEBT: | 36% | |
| Year to 30 Jun | Net asset value* (¢) | Pre-tax profit ($m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 225 | -15.2 | -14.5 | nil |
| 2010 | 250 | 47.6 | 45.4 | nil |
| 2011 | 272 | 36.5 | 34.8 | nil |
| 2012 | 301 | 6.0 | 5.9 | nil |
| 2013 | 395 | 34.2 | 35.6 | nil |
| % change | +31 | +467 | +505 | - |
Ex-div: na Payment: na $1 = 62p *Including inventories marked to market value | ||||
