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MPO Macau Property Opportunities Fund Limited

31.80
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Macau Property Opportunities Fund Limited LSE:MPO London Ordinary Share GG00BGDYFV61 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 31.80 31.20 32.40 32.00 32.00 32.00 52,032 16:35:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Macau Property Opportuni... Share Discussion Threads

Showing 376 to 399 of 925 messages
Chat Pages: Latest  25  24  23  22  21  20  19  18  17  16  15  14  Older
DateSubjectAuthorDiscuss
27/10/2014
16:06
Nice little tick up this pm.If you look at the graph since mid month this has moved from 220 to 250p. So only another 40p to go to reach the IC target of 290p.
888icb
24/9/2014
14:55
Yes looking better today as there has been time for investors to digest the excellent results. ST in the IC has a 290p target in his detailed online article yesterday which may well find its way into the magazine on Friday.
888icb
24/9/2014
11:14
Looking a bit better
badtime
23/9/2014
21:51
Yeah well if it's 15p (which looks about right) then you could take NAV as 301p - or ~313p at current exchange rates.
sammu
23/9/2014
12:40
Yep and it's all in the accounts
badtime
23/9/2014
11:39
ST from IC article online 30 minutes ago:
"Moreover, the underlying growth was in effect even greater because Macau has reported its accounts inline with a new and very recent interpretation of international accounting standard IAS 12 with regards to a deferred tax liability. This meant that net assets of $398m (£244m) were understated by $19.6m (£12m) in the company’s accounts, equivalent to 15p a share, even though all of Macau’s asset disposals to date have been transacted through special purpose vehicles, and so avoid taxes. The company’s directors intend to continue operating in this way which means that they have adopted a very conservative stance by accounting for this 15p a share deferred tax liability."

jakecook
23/9/2014
11:37
“We need to know whether this tax will be paid
Until then this is going nowhere due to the uncertainty”

The difference in the two NAVs (IFRS 160p vs. 286p adjusted NAV) is down to the treatment of work-in-progress, not the deferred tax situation. Property company accounting is notoriously conservative when it comes to valuing work-in-progress; it basically uses cost rather than market value.

This is stated out in note 17 to the accounts as follows:

“Under IFRS, inventories are carried at the lower of cost and net realisable value. The Adjusted NAV includes the uplift of inventories to their market values.”

In any event the 286p NAV assumes that the newly interpreted deferred tax charge will arise. This is clearly stated on the first page of the results as follows:

"Adjusted NAV per share gained 30.7% to US$4.89 (286p*), taking into account a deferred tax charge which reflects a new and very recent interpretation of an international accounting standard. IFRS NAV per share rose 14.6% to US$2.74 (160p*) year-on-year."

Deferred taxes are commonly produced by unrealised capital gains which may become chargeable at some future date (because the asset is sold). In the case of property companies it is normal for the building to be owned by a separate company and when the building is sold the transaction involves the sale of this company rather than the building (which doesn’t crystallise these deferred taxes though the sale of the company sometimes creates a corporation tax charge).

salvorhardin
23/9/2014
11:32
i think you are reading that wrong. if they don't pay tax the NAV is $19m higher. the £1.60 is using different accounting methods (IFRS).

still, rhetoric is a bit mixed / flat.

oregano
23/9/2014
11:17
A NAV of £2.86 is good but a NAV of £1.60 is bad.
We need to know whether this tax will be paid
Until then this is going nowhere due to the uncertainty.

tyranosaurus
22/9/2014
10:57
Re tax ...they also mentioned that they don't think it will need to be paid...see results for further info
badtime
22/9/2014
09:57
Results out
badtime
22/9/2014
09:22
They are not able to buy back in the closed period - they appointed a firm to buy back independently so the delay (possibly for the reason stated below) may have been very marginally helpful.
Results are out - go to their website. www.mpofund.com/investor_news.php
It seems to me that the results may have been delayed by a "very recent interpretation of an international accounting standard" regarding tax assumptions which reduced adjuded NAV by ~ $19m.
The exchange rate was taken at $1.70 and has since moved usefully in our favour. Some discussion about changes to regulations and market growth moderation.

sammu
22/9/2014
08:49
I'm no expert (understatement) but I expect that to take advantage of delayed results by doing cheap buy-backs may not be totally kosher.
phat hair
22/9/2014
08:38
and this slide continues
badtime
19/9/2014
17:05
If they want to buy back shares at a better price - how better than to break the "goldern rule".
sammu
19/9/2014
16:41
Ring and ask them maybe?
badtime
19/9/2014
16:13
Intriguing head fake from Lazard, and disappointing that the company has failed to adhere to its own timescale for publishing annual results; why would that be?
mark2market
19/9/2014
15:07
Lazards back down to 19%......looks as if the buyback was from them
badtime
19/9/2014
08:27
Gd to see they bought a fair whack of there shares yesterday at 236...wonder who was selling?
badtime
18/9/2014
19:30
I think they are still playing with their abacus- working out how much to return to shareholders
My guess is 30 p which would still leave 300 p of assets

jbarcroftr
18/9/2014
16:19
Well let's hope the delay is for gd reasons....I topped up (240) but didn't catch the bottom
badtime
18/9/2014
15:31
If there's one golden rule

If you want to support your share price

Don't delay your results

spob
18/9/2014
15:30
Because results have been delayed
spob
18/9/2014
14:40
Very odd share price behaviour
Why would anyone sell now when share purchases are almost certain to resume after the results and there may also be a distribution of the surplus cash
I just don't unsterstand

jbarcroftr
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