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Thread: Mck

  1. #1
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    Question Mck

    Is it correct that MCK shareholders are given discount to any of the hotels MCK owned. Please if any of the MCK shareholders there ?

  2. #2
    Ignorant. Just ignorant.
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    And whether it's only in NZ, or includes the Millenium, Copthorne and Kingsgate brands internationally. . . .

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    From memory discount is 50% off rack rate + late checkout. Hotels have been so discounted lately that I have only used it once as they are often less than half the rack rate already. As far as I know it does not apply to overseas hotels.

  4. #4
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    Question

    How did you get the discount ? Did you ring the hotel or did you get a discount voucher from the share registrar quoting your holder number or ..........???

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    They send you a card. You call the call centre to make a booking quoting the shareholder code. The hotel is meant to check the card but do not seem to. Cheers

  6. #6
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    MCK results are a nice improvement on previous year.
    Trading now at a PE of about 7, seems to me that there is some value.
    Especially considering that the City Spring profits are not included.

    What do others think.


    MCK
    22/02/2012 16:46
    ADDRESS

    REL: 1646 HRS Millennium & Copthorne Hotels New Zealand Limited

    ADDRESS: MCK: MCK - FY2011 Chairman's Review

    CHAIRMAN'S REVIEW

    --Financial Performance & Financial Position

    The Board is pleased to advise shareholders that for the year ended 31
    December 2011, Millennium & Copthorne Hotels New Zealand Limited ("MCHNZ")
    reported a profit attributable to owners of the parent of $20.6 million
    (2010: $10.1 million loss). Given the earthquakes experienced in Canterbury
    during 2011 and its effects on trading generally, this is a very creditable
    result.

    Clearly, the most significant events of 2011 were the Canterbury Earthquakes
    in February and the 2011 Rugby World Cup in September and October. The
    earthquakes and their related aftershocks have had and will continue to have
    a significant impact on the Company's operations in Christchurch and other
    parts of the South Island although the negative effects were partially offset
    by the positive impact of the Rugby World Cup in Auckland and Wellington in
    particular.

    Although revenue and other income for the year decreased to $111.9 million
    (2010: $115.9 million), MCHNZ's profit before tax, non-controlling interests
    and associates showed growth from the same period in 2010 and increased to
    $28.9 million (2010: $14.9 million) reflecting a number of one-off gains,
    many of which related to the earthquake as well as increased productivity
    during 2011. CDL Investments New Zealand Limited increased its after-tax
    profit by $0.9 million to $3.8 million reflecting increased sales activity
    and a more positive New Zealand property market. First Sponsor Capital
    Limited made a positive contribution to MCHNZ's profit providing $4.6
    million.

    Earnings per share reflected the return to profit and the one-off gains at
    5.90 cents per share (2010: -2.90 cents per share).

    Shareholders' funds excluding non-controlling interests as at 31 December
    2011 totaled $419.1 million (2010: $412.6 million) with total assets at
    $660.3 million (2010: $630.8 million). Net asset backing (with land and
    building revaluations and before distributions) as at 31 December 2011 was
    119.9 cents per share (2010: 118.0 cents per share).

    --Effect of the 2011 Canterbury Earthquakes

    In the 2011 Interim Report, we set out some of the effects of the Canterbury
    Earthquakes. By way of update:

    ? Reservations for Millennium Hotel Christchurch and Copthorne Hotel
    Christchurch will not be accepted until 2013 at the earliest. Both hotels
    remain in the 'red zone' and access remains restricted given the ongoing
    aftershocks. Repair works have not begun on either hotel as a result but
    both hotels have sufficient business interruption insurance to see them
    through 2012.

    ? In November 2011, a confidential settlement was reached with the insurers
    and the owners / landlord of the Copthorne Hotel Christchurch City (Durham
    Street) for the damage / loss to this property. The lease on the hotel was
    terminated and the hotel was demolished. The Company has no ongoing
    liability for this hotel as a result. The Company's business interruption
    claim from the February 2011 earthquake is still to be settled;

    ? Other business interruption claims for the February 2011 earthquake remain
    ongoing and discussions are continuing with the insurers. A confidential
    settlement of the claims relating to the September 2010 claims was concluded
    in respect of the Company's Christchurch hotels.

    As stated in the 2011 Interim Report, Insurance for the 2011/12 period was
    renewed for the New Zealand hotels, albeit at a significantly higher premium
    reflecting the current risk profile and pricing in the New Zealand market.
    The Company has had the benefit of being able to access the Millennium &
    Copthorne Hotels' global insurance policies and its insurers and this has
    been beneficial in the handling and settling of claims.

    As detailed in the financial statements, the cost to the Company in terms of
    insurance excesses and other related expenditure in 2011 was approximately
    $1.1 million. Provisions of $2.4 million were made in relation to the 2011
    earthquakes and their after effects during the year.

    On behalf of the Board, I do wish to extend sincere thanks to our staff, both
    past and present in Christchurch, and to our Operations team for their
    diligence during this extraordinary period.

    --New Zealand Hotel Operations

    Revenue for the New Zealand hotel operations (16 owned / leased / operated
    hotels excluding 12 franchised properties) for the period under review was
    $97.4 million (2010: $103.6 million). Hotel occupancy for the period was
    down to 64.3% across the Group (2010: 66.3%).

    The Company's hotels in Auckland and Wellington in particular benefitted from
    the 2011 Rugby World Cup held in September and October enjoying solid
    occupancies and achieving good room rates and yields. However, the ongoing
    effects of the February 2011 earthquakes combined with soft visitor numbers
    from historically strong markets such as the UK / Europe and North America
    did affect the hotels in the Bay of Islands, Rotorua and Queenstown. Asian
    markets are starting to show some signs of improvement and we are focusing
    our resources on securing inbound business, particularly from China, which is
    an increasing market.

    --CDL Investments New Zealand Limited ("CDLI")

    CDLI announced an operating profit after tax for the year ended 31 December
    2011 of $3.8 million (2010: $2.9 million) and reported an increase in its
    section sales from 54 in 2010 to 77 in 2011. CDLI is also expecting to
    report increased sales in 2012 reflecting a more positive property market.
    CDLI, along with its joint venture partners, successfully completed a private
    plan charge for land located in Christchurch which is to be developed in the
    near future and which was unaffected by the recent earthquakes.

    CDLI has declared an ordinary dividend of 1.4 cents per share. MCHNZ's stake
    in CDLI is currently 66.28%.

    --Offshore Operations - Australia & China

    In Australia, short term leasing of the units at the Zenith Residences
    continued during the year with occupancy of over 95% recorded. While
    marketing of the units has continued, no additional sales were made in 2011.

    The Company's 34% associate, First Sponsor Capital Limited (FSCL), reported a
    profit of US$ 9.5 million for the financial year ended 31 December 2011. The
    Company's share of the profit is NZ $4.6 million.

    As at 12 February 2012, 711 out of 726 residential units of the Chengdu
    Cityspring project have been sold either under sale and purchase or option
    agreements. 98.6% of the sales proceeds have been collected for those
    residential units sold under sale and purchase agreements. In addition, 527
    of the 709 commercial units launched for sale in July 2011 have been sold
    either under sale and purchase or option agreements with 65.1% of the sales
    proceeds having been collected. Revenue and profit recognition requirement
    for the residential units is expected to be met in 2012. Proceeds from the
    residential and commercial sales will finance the development of a 195-room
    hotel, M Hotel Chengdu, which will be franchised by the Millennium &
    Copthorne Group.

    In November 2011, FSCL successfully tendered for two parcels of land in
    Chengdu. Earlier in 2011, directors from MCK and Millennium & Copthorne
    Hotels plc visited the area and met with local government officials. The
    total area of land is approximately 270,500 square metres and will be able to
    be developed as residential and commercial developments including a hotel and
    convention centre.

    In November 2011, the Company announced that it had increased its investment
    in FSCL by an additional USD 30 million taking its stake back to 34%. The
    additional capital was provided as part of a capital call to allow FSCL to
    purchase the aforesaid Chengdu land. A waiver was obtained from the NZX in
    order to proceed with the increase.

    In 2011, after regaining control of its property operations in the Guangdong
    province, FSCL commenced with a restructuring of its asset portfolio via the
    disposal of some land parcels in Qingyuan and Huizhou, and buying out of the
    minority shareholder of another land parcel in Dongguan.

    --Dividend Announcement

    The Company has resolved to pay a fully imputed ordinary dividend of 1.2
    cents per share payable on 11 May 2012 (2010: 1.2 cents per share). The
    record date will be 4 May 2012.

    --Outlook

    With the ongoing issues in Christchurch and the number of international
    visitors still weak due to global economic conditions, 2012 will be another
    challenging year for different reasons. That said, cost management at the
    hotel operational level is currently good and the Company's other business
    units are expected to be profitable. 2012 will also see the profit from the
    Chengdu Cityspring development being recognized in the first half of 2012
    which will also benefit the Company.

    The Board and Management are therefore cautiously optimistic about the
    Company's prospects over the coming year.

    --Management and staff

    On behalf of the Board, I thank the Company's management and staff for their
    work and commitment during what has been a challenging and extraordinary
    year.

    Wong Hong Ren
    Chairman
    22 February 2012
    End CA:00219874 For:MCK Type:ADDRESS Time:2012-02-22 16:46:13








    Direct Broking Limited 2005.
    Last edited by forest; 23-02-2012 at 11:11 AM.

  7. #7
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    Wouldnt get too excited , Rugby world cup has led to a few companies posting good results (sky city another) next year will no doubt be softer , and their insurance on the christchurch hotels will run out eventually. 2013 sounds a little optimistic for the chch properties

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    Very frustrating stock this. Just reading the half yr report. Net asset backing now 129 cps. Pity they don't maybe sell a hotel and conduct a share buyback to close the gap to the share price.

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    Quote Originally Posted by moosie_900 View Post
    such is the NZX sometimes. same thing happening with NTL, RBC etc. a good asset play to sit on until the market stops being dumb!
    hi Moosie I am still sitting, the gap gets wider ....is the market getting dumber ????


    Shareholders' funds excluding non-controlling interests as at 31 December
    2013 totalled $466.4 million (2012: $443.3 million) with total assets at
    $719.2 million (2012: $686.1 million). Net asset backing (with land and
    building revaluations and before distributions) as at 31 December 2013
    increased to 133.4 to cents per share (2012: 126.8 cents per share).

  10. #10
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    Quote Originally Posted by moosie_900 View Post
    P/E ratio @ 5 (or 6.5 depends on what source you use...) looks pretty tasty!
    very frustrating the company does nothing to close the gap ....

  11. #11
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    Went to the p.o.box today , was a card for oversized item. Thought i had a present from someone. But no , it was an offer document from MCK bigger than a phone directory.

    I really cant be bothered reading it , do i need to? Is it just telling us whats going to happen or are their shares we can apply for

  12. #12
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    Hi Ratkin ,
    you should read the covering letter .... Forget the phonebook. There are some options if you want shares in the Chinese property development company , do you want the script , do you want the shares lodged in a broker ac....or do you want to liquidate .........

  13. #13
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    I held some of these about 5-6 years ago and the sp then was about 71-72 from memory. Low divy and tightly held. At least they are consistent.

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    Quote Originally Posted by stoploss View Post
    Hi Ratkin ,
    you should read the covering letter .... Forget the phonebook. There are some options if you want shares in the Chinese property development company , do you want the script , do you want the shares lodged in a broker ac....or do you want to liquidate .........
    thx guess I better make the effort, think a capital return would be the easiest option

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    Quote Originally Posted by ratkin View Post
    thx guess I better make the effort, think a capital return would be the easiest option
    Yea I'm with you , don't particularly want to be long property in China . Why the company got into this is beyond me.

  16. #16
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    Quote Originally Posted by moosie_900 View Post
    Good lord no, Chinese property is looking like a massive bubble very ready to burst! What a terrible executive decision!
    Its not a terrible decision in that case. They are flicking the shares off (to us) Annoying part is that to take part in the block sale we have to provide a photocopy of our passport details, such a lot of effort for a lazy person like myself.
    Might just sell all my shares in the next few days

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    Wink I can top that

    Quote Originally Posted by ratkin View Post
    ... Annoying part is that to take part in the block sale we have to provide a photocopy of our passport details, such a lot of effort for a lazy person like myself.
    Might just sell all my shares in the next few days
    I find it very out-dated that whilst we can buy and sell existing shares with a few keystrokes and the click of a mouse, taking part in anything else involves old fashioned paper and signatures, sometimes an emailed scan of a document is acceptable but that is pushing the boundaries.

    Recently scanned entire passports, birth-certificates, marriage certificates, education certificates & more for an upcoming change of country so I have little sympathy for you .

    I definitely would not want to be holding equity in a Chinese property developer at the moment either.

    Best Wishes
    Paper Tiger
    om mani peme hum

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    Quote Originally Posted by Paper Tiger View Post
    I find it very out-dated that whilst we can buy and sell existing shares with a few keystrokes and the click of a mouse, taking part in anything else involves old fashioned paper and signatures, sometimes an emailed scan of a document is acceptable but that is pushing the boundaries.

    Recently scanned entire passports, birth-certificates, marriage certificates, education certificates & more for an upcoming change of country so I have little sympathy for you .

    I definitely would not want to be holding equity in a Chinese property developer at the moment either.

    Best Wishes
    Paper Tiger
    Would it be easier to sell the new shares on market with ASB securities?

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    For a stock thats gone up 90% in a year, it's not had much of a mention on the forum recently .
    tourism certainly is giving it a boost .
    PE of 8.7 . Could it go to 10 ? May be there are a few opinions here ? Always on small amounts , but seems pretty steady .
    Last edited by Yoda; 28-01-2017 at 10:48 PM.

  20. #20
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    Quote Originally Posted by Yoda View Post
    For a stock thats gone up 90% in a year, it's not had much of a mention on the forum recently .
    tourism certainly is giving it a boost .
    PE of 8.7 . Could it go to 10 ? May be there are a few opinions here ? Always on small amounts , but seems pretty steady .
    There was some discussion about MCK, on thread 2017Stock Picking Contest,page 2, posts #19 to #24 and post #28.

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