Blue Sky Territory

By Simon Thompson in Investors' Chronicle

London-listed property developer Macau Property Opportunities (MPO: 193p. BUY), the closed-end investment fund registered in Guernsey and listed on the London Stock Exchange's main market, has announced the sparkling set of results I anticipated three weeks ago when I advised buying the shares at 177p. 

In the 12 months to end-June, adjusted net asset value per share rocketed by 31 per cent to a record 395c, or260p a share, driven by a 28 per cent rise in the value of the property portfolio from $353m to $453m (£283m). This is by far the most successful year for the company, but the strong demographics driving the market should provide ample scope for further upside in both the portfolio and the shares, which still trade on a wholly unwarranted 26 per cent discount to book value.

Launched in 2006, the company targets strategic property investment and development opportunities in Macau - the gaming industry equivalent of Las Vegas - and Mainland China's western Pearl River Delta. Its portfolio mainly comprises a mix of well-positioned residential, retail and logistics property assets. And as I pointed out three weeks ago, Macau Property has been making some eye-watering returns on its investments.

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