Millennium & Copthorne H... Share Discussion Threads

[no dice] 26/3/2012 14:02

Any thoughts as to why MLC shares are trading at such a discount to net tangible asset value?

[pennypunter] 08/1/2012 19:40

quite a steal sub 400p - hence recent director buying - should benefit from the Olympics and rebound in the US (as long as it lasts).

[deadly] 04/11/2011 10:00

Share price has fallen off a cliff this summer, but today's 3Q results are strong, and after the fall again today I'm looking to get back in:

Third Third Reported Constant
Quarter Quarter Currency Currency
2011 2010 Change % Change %
RevPAR GBP69.41 GBP63.43 9.4% 7.8%
----------------------------------- ----------- ----------- ------------ ------------
Revenue - total 242.4 185.9 30.4% 27.8%
----------------------------------- ----------- ----------- ------------ ------------
Revenue - hotels 195.4 183.3 6.6% 4.5%
----------------------------------- ----------- ----------- ------------ ------------
Headline operating profit 79.0 38.2 106.8% 102.4%
----------------------------------- ----------- ----------- ------------ ------------
Profit before tax 69.3 41.7 66.2% 62.7%
----------------------------------- ----------- ----------- ------------ ------------
Headline profit before tax 75.9 35.1 116.2% 111.2%
----------------------------------- ----------- ----------- ------------ ------------
Basic earnings per share 18.4p

[18bt] 01/4/2011 08:35

Bought in on the back of Asia and asset backing.

[deadly] 17/2/2011 18:36

And a director buys 5,000 @ 585.07p

[deadly] 16/2/2011 19:21

Great results - but this is too good a stock to have much interest here.

[scrapman] 04/11/2010 13:44

any news out of the conference call this am ?

[scrapman] 04/11/2010 10:30

seem like excellent figs,

[bigbertie] 04/11/2010 10:28

good 3Q statement - trading strong, net debt down. Onward and upward!

[bigbertie] 11/10/2010 10:07

solomon9 glad you liked the hotel it's a "Grand Millenium" isn't it? - I hope I get the chance to visit sometime! Last NAV per share was 646p which is about 25% above the share price, and I think you are right about the market prices, so the asset values are bouying the shares up. It's hard to find closely comparable hotel cos but the price to book ratio of Whitbread (for example) is double that of MLC, which makes MLC still look cheap. Also MLC seem happy to sell assets sometimes to realise the value. On the other hand MLC dividend yield is lower than many other hotel cos, but it was halved in 2008 and is expected to start rising again this year, which will help the shares. All IMHO.

[solomon9] 09/10/2010 18:40

I've stayed at the Grand Mil KL and its a great hotel. like many others in the portfolio the market price probably much greater than B/S value.

[bigbertie] 19/9/2010 20:37

looks like it was the land sale. now agreed to sell the land in Kuala Lumpur for about £43m (profit of £33m). they have a 10% deposit but completion will take place "not later than" 2Q 2012 due to legal stuff I think. Not clear to me which year the profit will fall in, but it's good news.

[bigbertie] 07/9/2010 14:30

share price steaming ahead suddenly - can we expect some news? perhaps the land sale?

[scrapman] 16/8/2010 15:01

What happened to the speculation about a land sale ??

[smellyjim] 25/3/2010 12:54

interesting one this and i've bought, ASIA business booming, long awaited bid being finalised?

[deadly] 19/2/2010 12:43

Nice results. Well placed for further recovery over the next year and more. The IHG results recently were not as positive, but their share price has not suffered.

[scrapman] 19/2/2010 11:12

well , at long last , a bit of good news from this lot , hope it continues , I know the hotels in Asia are doing pretty well over the last few months ,

[solomon9] 22/8/2009 19:46

Credit Suisse note looked at individual hotels recently and concluded that, after discounting market prices by 20% and taxing the upside at 20% that the net asset value per share was 884p.

Another factor is that debt is declining yet shares even after move are only back at levels in 1997. Another 150p ps in this easy.

Bid from Kwek, certainly possible, to get the institutions onboard would be 500p ps.

[scrapman] 21/8/2009 22:50

what a load of rubbish this share is , almost 10% rise and not a word ,, sooner it gets taken out the better

[deadly] 06/8/2009 10:25

Market likes the interims. Solid, but any whiff of recovery is welcomed at present it seems.

[solomon9] 10/5/2009 23:49

suppose need to take the view that both NY and Singapore will look up later in 2009, obviously that will be too late to salvage the 09 numbers but going into 10 will be picking up steam. Good point is co is still profitable at this low ebb in global economy, but the issue is will pricing of hotel rooms hold up. MLC net asset value is 630p but board are so downbeat its hard to get too carrie away, limited short-term drivers. IHG report on Thursday might be poorly received.

[scrapman] 10/5/2009 10:31

almost a positive comment !!



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I suspect the majority shareholder is cooking the books on this one and will swoop as soon as a recovery is on the horizon and get a great business at a knockdown price aimho

[pennypunter] 07/5/2009 08:28

Apparently the chairman said at the Q1 analyst meeting "there are no further cliffs we can fall off". Singapore and New York properties should recover year end.

[bonzo1] 06/5/2009 09:51

nice rally, results good