We like METRO given its strong cash flow coming in 2016. With the disposal of its properties completed, METRO is trading below its RNAV of $1.66 at $1.03. With its FY2016 dividend of $0.07, it is sitting at a yield of 6.7%. With such strong balance sheet, management could be looking for a M&A given that it does not need to tap the CAPITAL MARKET anytime soon. Watch out for M&A !