Metro Holdings

metro holdings

A back of the envelope calculation would show that the NTA / Share is at 0.8869.

Guess Singaporeans would have known this company called Metro. However most of us would not know what the main bulk of their business is doing. This is an company which was listed in the 90s and have been giving dividends since 1993 without skipping dividends. This alone is an amazing feat for a Singapore Listed company.

Let us now take a look at their dividends since 2004.

2004 – 0.02

2005 – 0.02

2006 – 0.05

2007 – 0.09

2008 – 0.01

2009 – 0.02

2010  – 0.05

2011 – 0.03

2012 – 0.06

2013 – 0.04

2014 – 0.06 (6.74% based on last done price at 0.89)

Although there is no clear uptrend of dividend growth, strategy would be to get vested in this counter, collect dividends while waiting for value to be unlocked. Value trap or Value bet? Only time can tell, thus do not go all in but just nibble on this as there is no clear dividends policy although company have more than 20 years of dividends history and have not skipped even for a year. What I am not comfortable in is the large amount of investments in China. Let’s hope this nibble will prove to be fruitful.


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