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the audio cast is posted.
(30-05-2011, 12:39 PM)freedom Wrote: [ -> ]the audio cast is posted.

Is there a link, please?
http://boustead.listedcompany.com/webcast.html
there is a Vietnam BOT project possibly coming soon. another possible Indonesian resource development project coming as well from the audio cast.
(30-05-2011, 01:07 PM)freedom Wrote: [ -> ]http://boustead.listedcompany.com/webcast.html
there is a Vietnam BOT project possibly coming soon. another possible Indonesian resource development project coming as well from the audio cast.

Thanks Freedom. Have downloaded the large mp3 file.

Will go home to take a listen and to transcribe it. Smile
Hi Freedom,
Thanks for sharing the info.
I think Mr. Wong refers to Geo Spatial project when he mentioned about Indonesia resources project.

I am cautiously waiting for good news from Boustead Project's order win that he mentioned but not yet finalized.

I just downloaded in my iphone as well.
The beginning portion is a bit funny when he said "I DON'T THINK YOU NEED TO SAY TOO MUCH" ??
Referring to orders won but not finalized? Big Grin
(30-05-2011, 03:55 PM)valuestalker Wrote: [ -> ]Hi Freedom,
Thanks for sharing the info.
I think Mr. Wong refers to Geo Spatial project when he mentioned about Indonesia resources project.

I am cautiously waiting for good news from Boustead Project's order win that he mentioned but not yet finalized.

I just downloaded in my iphone as well.
The beginning portion is a bit funny when he said "I DON'T THINK YOU NEED TO SAY TOO MUCH" ??
Referring to orders won but not finalized? Big Grin

hi valuestalker. the indonesian project may or may not be related to geo-spatial. I remembered he mentioned something like mining. maybe a new division?

If i am not wrong, he mentioned that while answering question from Jun Kiat on Geo Spatial.
and yes, mining companies do need ESRI system to track and explore the mines.

I am more concern on the water and energy engineering division.
Due to competition and low differentiation on the service provided.
I think it is infrastructure project for recurring income. I am not sure whether he meant it is related to geo-spatial. the audio cast around 55 minutes after project in vietnam.
The latest report from Kim Eng, which somehow reads like all other reports. Not much emphasis on the Balance Sheet, Boustead's Cash Management program which now enables a return on their idle cash, as well as the strong operational cash flows. There was only a small mention on the good yield and net cash position.

Methinks the analyst should listen to the entire audiocast and incorporate some thoughts into it before writing the report!
Boustead bought back their shares at $0.92-$0.93, but not at $1+ type of price levels, which suggests that the true value of the company is unlikely to be a whole lot higher than the $1.36 price target. If management thinks the fair value is closer to $1.50/1.60, spending the rest of of their $190m+ war chest to buy up stock would be a better use of money than developing industrial properties. Indonesian resource plays are nice, but they won't be selling the developmental rights for these at 1/3 off the fair value.

I have a few more quibbles:
Include the net cash of $190m in the SOTP valuation, and management has generally good track record of spending it.
Value the water & wastewater engineering at 0. Over the last 12 quarters, it has lost $2.6m before taxes. While the latest quarter was hurt by charges taken on the Libya project, these charges should be split over the last 3 years too.
Profits from real estate are decent but lumpy, so a lower multiplier than the energy-engineering is probably more appropriate.