Macau Property sees fall in NAV

Macau Property Opportunities Fund said currency fluctuations resulted in its Net Asset Value (NAV) falling over the last quarter.

Macau Property Opportunities Fund said currency fluctuations resulted in its Net Asset Value (NAV) falling over the last quarter.

The firm said in the three months to the end of September, NAV per share was $3.07, representing a rise of 2%. However, in Sterling terms this was 190p, a fall of 0.79% due to exchange rate fluctuations.

It tried to reassure investors that new property cooling measures announced by the Macau government in October would not damage the business.

"We do not expect the new property cooling measures to have a significant impact on [our] portfolio and in the case of The Waterside, [an ultra-luxury residential site] they could help drive rental values," the firm said.

The fund's property portfolio value was up 2.6% to $385m and it reported cash balances of $34.6m, of which $6.7m was pledged as collateral for the company's banking facilities.

"[Macau Property] continues to hold the view that its share price remains significantly undervalued and does not accurately reflect the quality and positioning of its portfolio and potential for further NAV growth," the company said.

"The board therefore remains actively committed to buying back shares at attractive levels of discount of share price to Net Asset Value."

The fund has repurchased 2.57m of its own shares for cancellation since May, bringing the total number of shares repurchased since mid-2011 to over 5m - around 5% of the company's issued share capital.

Shares were up 3.7% at 10:35 on Monday following the announcement,

Recommended

Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares in the week ending 5 August, providing an insight into how investors are thinking and where opportunities may l…
9 Aug 2022
Where to find inflation-resistant stocks
Investment strategy

Where to find inflation-resistant stocks

Terry Smith’s latest update contains some valuable pointers for investors looking to protect against inflation.
8 Aug 2022
A low-risk way to beat inflation
Share tips

A low-risk way to beat inflation

Demand for care-home places is strong and the sector should be able to raise prices ahead of costs, says Max King.
8 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022