olivLaw · European equity research
Macau Property Opportunities Fund Limited MPO.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Macau Property Opportunities Fund Limited is a Guernsey closed-ended fund listed in London that is gradually selling a Macau residential portfolio to return capital to shareholders. The portfolio was valued at 200.5 million USD at 30 June 2023, while Adjusted NAV was 90.4 million USD, showing how much pressure has been placed on the value left for shareholders.
At the close of 05 Nov 2026, Macau Property Opportunities Fund Limited (MPO.L) stock was 0.05 GBP (+2.35% on the day), with beta 17.05, 52-week range 0.00–0.13 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.6
- strong (55–70)
- Bollinger (20, 2)
- 0.05 – 0.06
- in the upper half of the band · %B 0.65 · band width 16.2%
- SMA 50 / 200
- 0.05 / 0.06
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | −11.0% | −4.2% | −6.9 pp | — |
| 6 months | −7.2% | +4.3% | −11.6 pp | — |
| Year to date | −16.2% | +7.5% | −23.7 pp | — |
| 1 year | −60.4% | +9.9% | −70.3 pp | +6.7% |
| 3 years | −87.7% | +49.8% | −137.5 pp | +24.8% |
| 5 years | −90.8% | +42.8% | −133.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -2.5 m | -19.1 m | -12.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.31 | -0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 30 Jun 2023
- Cash
- 1.1 m USD
- Financial debt
- 105.1 m USD
- Net debt
- 104.0 m USD
- Equity
- 65.7 m USD
- Total assets
- 182.6 m USD
- Debt / equity
- 1.60x
- Current ratio
- 1.53x
- ROE
- -16.8%
- ROA
- -6.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 4.8 m | 521.0 k | 0 | esef· 26 Oct 2023verified |
| Operating income | 1.3 m | -17.5 m | -7.7 m | esef· 26 Oct 2023verified |
| Pre-tax income | -2.3 m | -20.9 m | -13.5 m | esef· 26 Oct 2023verified |
| Income tax | 222.0 k | -1.8 m | -1.4 m | esef· 26 Oct 2023verified |
| Net income | -2.5 m | -19.1 m | -12.0 m | esef· 26 Oct 2023verified |
| Diluted EPS | — | -0.31 | -0.19 | esef· 26 Oct 2023verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.0 m | 355.0 k | 1.1 m | esef· 26 Oct 2023verified |
| Receivables | 503.0 k | 53.0 k | 66.0 k | esef· 26 Oct 2023verified |
| Inventories | 34.9 m | 34.6 m | 34.8 m | esef· 26 Oct 2023verified |
| Current assets | 40.6 m | 36.9 m | 40.4 m | esef· 26 Oct 2023verified |
| Total assets | 247.0 m | 220.0 m | 182.6 m | esef· 26 Oct 2023verified |
| Accounts payable | 1.2 m | 2.0 m | 3.2 m | esef· 26 Oct 2023verified |
| Short-term debt | 20.8 m | 25.3 m | 23.2 m | esef· 26 Oct 2023verified |
| Long-term debt | 114.6 m | 104.9 m | 81.9 m | esef· 26 Oct 2023verified |
| Current liabilities | 22.0 m | 27.3 m | 26.4 m | esef· 26 Oct 2023verified |
| Total liabilities | 149.1 m | 142.5 m | 116.9 m | esef· 26 Oct 2023verified |
| Equity | 97.9 m | 77.6 m | 65.7 m | esef· 26 Oct 2023verified |
| Shares outstanding at year end | — | 61.8 m | 61.8 m | esef· 26 Oct 2023derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.4% | 16 (vs peers) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial61/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial16/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MACAU PROPERTY OPPORTUNITIES FUND LIMITED (MPO.L). Latest full fiscal year: 2023; data up to 2023-06-30.
Figures computed from the financial statements: ROE -16.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -3.4%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for MPO.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Macau Property Opportunities Fund Limited is a Guernsey closed-ended fund listed in London that is gradually selling a Macau residential portfolio to return capital to shareholders. The portfolio was valued at 200.5 million USD at 30 June 2023 1, while Adjusted NAV was 90.4 million USD 1, showing how much pressure has been placed on the value left for shareholders.
SWOT
Strengths
- The company has a clear divestment timetable and a track record of successful sales, especially at The Waterside, which provides a basis for debt repayment 1.
- Relations with lenders have been actively maintained, and banks have expressed support for the fund and its properties 1.
- The manager has experience in property sales and lender relationships, which is reflected in the financing plan 1.
Weaknesses
- The company relies on unit sales to repay its debts, and low market liquidity limits the pace of these receipts 1.
- There is material uncertainty about going concern, linked to refinancing and the vote to extend the fund's life 1.
- Leverage remains high, and financing costs have risen with interest rates 1.
Opportunities
- If the recovery in tourism and gaming continues, unit sales could accelerate and could improve the value recovered for shareholders 1.
- A stabilisation of interest rates could ease pressure on financing costs and could support a recovery in demand 1.
- A successful extension of the fund's life could provide more time for better-prepared sales 1.
Threats
- If the Macau luxury market remains weak, sales could be achieved at prices below book values 1.
- If the continuation vote is not passed, forced liquidation could significantly reduce the amounts recovered 1.
- Regulatory changes or a weaker economy in mainland China could adversely affect the market and the fund's income 1.
Risks
- Going concern uncertaintyhigh
The board has identified material uncertainty about the fund's ability to meet its debts, depending on sales and refinancing 1.
- Refinancing and loan maturitieshigh
Debt refinancing could be unavailable if banks reduce lending appetite or if market sentiment worsens 1.
- Fund continuation votehigh
If the vote to extend the fund's life is not passed, the board must propose reorganising or winding up the fund 1.
- Property price trendsmedium
Portfolio values could fall further if liquidity stays low and demand does not recover 1.
- Dependence on Macau and China policymedium
Changes in policy or regulation in Macau and China could affect the property market, gaming and fund results 1.
Investment thesis
What would need to be true (bull case)
- If tourism and gaming continue to recover, unit sales could accelerate and could bring in more cash for debt repayment.
- If interest rates stabilise, financing costs could fall and could support better asset realisations.
- If the continuation vote is passed, the fund could gain extra time to complete sales in an orderly way.
What would break the thesis
- If the luxury market stays weak, sales could be made at losses against the values in the financial statements.
- If refinancing is unavailable, the fund could be forced to sell assets on unfavourable terms.
- If the continuation vote fails, liquidation could significantly reduce the value recovered for shareholders.
What to watch
- Outcome of the fund continuation vote2023
- Pace of sales at The Waterside and Penha Heights2024
- Status of debt refinancing and loan repayments due2024
- Changes in portfolio valuation and Adjusted NAVnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The fund was registered in Guernsey as a closed-ended fund and has traded on the Main Market of the London Stock Exchange since 2010, with its principal activity being property investment in Macau 1. The company has ceased making new investments and may only borrow to refinance existing debt or for short-term working capital 1. Its stated objective is to realise the value of all assets and return capital to shareholders at the earliest opportunity 1.
Day-to-day management of the portfolio is provided by Sniper Capital Limited, while Sniper Capital (Macau) Limited advises the board on divestment opportunities 1. The governance structure includes a board with a chairman and non-executive directors, with separate audit and risk, remuneration and management engagement committees 1.
The main assets are luxury residential properties, including The Waterside, The Fountainside and Penha Heights, largely financed with bank loans 1. Sales of units, especially at The Waterside, are mainly used to reduce debt, which makes the financing structure and repayment schedule central to the company's position 1.
Segments
Market context
Macau's luxury property market remained weak in fiscal 2023, affected by a fragile economic recovery in mainland China and high interest rates 1. Portfolio value fell by 1% on a like-for-like basis and liquidity stayed low, although prices appear to have stabilised 1. Management says it is maintaining a cautious stance on future property values 1.
Tourism and gaming recovered after zero-COVID measures were lifted in January, but the recovery has been uneven and could include periods of slower activity 1. If the economic recovery in mainland China remains slow, demand for luxury property could stay limited 1.
Trends
- Recovery of tourism and gamingtailwind
The recovery of tourism and gaming after the easing of restrictions supports economic activity in Macau and could support interest in property 1.
- High interest ratesheadwind
The high interest rate environment increased financing costs and reduced demand for mortgages, which contributed to the fall in Adjusted NAV 1.
- Weak economy in mainland Chinaheadwind
Economic weakness in mainland China has limited demand for luxury homes, and buyer caution remains high 1.
- More restrictive lending policiesmixed
More restrictive mortgage policies could slow sales, but could also stabilise prices if demand gradually recovers 1.
Competitive position
The fund has no direct competitors named in the documents reviewed, and the source mainly mentions the risk that other regional centres could compete with Macau for tourism and investment 1. In the luxury property market, competition depends on offers from other developers and owners selling similar units in the same period 1.
Competition is also shaped by Chinese government policy, since regulatory changes could extend legal gaming to other regions 1. Such a development could reduce the relative appeal of Macau and its properties 1.
- Other Macau luxury property developers and owners
Not named in the source; competition comes from similar units offered in the same market.
- Regional gaming centres
The source notes that other centres in the region could compete with Macau for tourism and investment.
- Mainland China jurisdictions with legalised gaming
If policies change, other areas of China could become direct competitors for tourism.
- Other closed-ended property funds
Funds with similar divestment strategies compete for the same investors and liquidity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202326 Oct 2023
- Annual report 202227 Oct 2022
Sources
- [1] Annual report, fiscal year ended 2023-06-30 (ESEF) · SEC / Macau Property Opportunities Fund Limited · 30 Jun 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.