Metro

Metro: (S$1.04) 4QFY16 sinks on store closures and FX
- 4QFY16 net profit dived 84.8% y/y to $1.2m mainly due to FX losses of $2.8m (4QFY15: $4.1m gain) as well as losses from its property division.
- The group declared higher first and final dividends of 7¢ (FY15: 6¢), bringing its dividend yield to 6.7%.
- Management highlighted that although China’s economic growth appears to be diminishing, residential property markets have continued to see robust demand amidst rising values particularly in Shanghai and Shenzhen.
- Back home in Singapore, it notes that sales of units at The Crest at Prince Charles Crescent have continued to remain weak.
- Metro is currently trading at 0.6x P/B.