Nice, GG! I prefer mine scripless though....
Physical share certs are fine by me but they take up space, can get lost and will "yellow" with time unless you laminate it.
That said, it's frustratingly tough to accumulate shares in Boustead. It simply resists attempts to be sold down...
I always keep one for memory sake especially when I built sizable stake in a company - rightly or wrongly.
Boustead is a deeply valued company. Div yield alone is 5.75% based on 5 cents DPS which is well covered by sustainable cashflow per share of easily $40m pa (around 8 cents per share).
There is around S$200m sitting on the books that will be invested in quick time given that passive cash will evaporate with the high inflation and insignificant deposit rates (pretty sure astute management is aware of it).
Simply buying back their own shares will save 5.75% and enhance shareholders' wealth.
Hence, no matter how you look at it, something will happen and it will likely to be good.
Continue to admire while stock lasts.
(11-05-2012, 09:39 PM)Musicwhiz Wrote: [ -> ]Nice, GG! I prefer mine scripless though.... Physical share certs are fine by me but they take up space, can get lost and will "yellow" with time unless you laminate it.
That said, it's frustratingly tough to accumulate shares in Boustead. It simply resists attempts to be sold down...
I am cautiously optimistic on Boustead's ability to deploy their cash hoard. More important is for the business to continue to generate lots of FCF, so that Boustead ends up having the happy problem of wondering where to deploy all that excess cash! Well, at most they can buy-back their shares or declare more special dividends.
Regarding their leasehold property portfolio, I acknowledge that they will usually incorporate a subsidiary before they announce their DB&L; but it does not mean BD efforts end with this most recent contract.
From what I understand (and from what Keith Chu has mentioned in The Edge), Boustead are aggressively looking to reach the 200,000 sqm mark, but of course it will take time to find quality clients and negotiate favourable lease terms. The benefit is that even if the whole portfolio is not IPO-ed into an industrial REIT, the recurring income will still smooth out the lumpiness in Boustead's current revenue stream.
(11-05-2012, 09:34 PM)greengiraffe Wrote: [ -> ]My Boustead Share Certificate for your viewing pleasure
Thank you, they look really nice though those in the US looks better. I will consider getting some physical scrip
(11-05-2012, 10:12 PM)Musicwhiz Wrote: [ -> ]I am cautiously optimistic on Boustead's ability to deploy their cash hoard. More important is for the business to continue to generate lots of FCF, so that Boustead ends up having the happy problem of wondering where to deploy all that excess cash! Well, at most they can buy-back their shares or declare more special dividends.
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The benefit is that even if the whole portfolio is not IPO-ed into an industrial REIT, the recurring income will still smooth out the lumpiness in Boustead's current revenue stream.
Hey! I see a lot of similarity in your thinking to mine when I looked at SPH! But why so many against my SPH?? SPH Malls assets are actually more defensive than Industrial assets in times of recession! Hee..
Well, suffice to say that I do have my reasons for choosing Boustead over SPH. Since this is a thread on Boustead, I will not elaborate too much on SPH. Let's just say that their businesses are substantially different, with the only overlap being in the property space. Even then, Boustead Projects is a niche developer of high-end industrial facilities, while SPH does malls and mall management (i.e. retail).
Okie, okie, my last OT comment in this thread before I get chased out...
One of the most important thing I've learnt in life,
"To be able to see the similarities when others only see the differences,
To be able to see the differences when others only see the similarities.."
Hee.. not going to explain. Go ponder over it yourselves...
Boustead is set to release their FY 2012 results on May 28, 2012 after market close. There will also be their usual audiocast where participants can register to ask the Management questions, though I feel the time given to absorb the results is a mere 1 hour or so!
As a shareholder, I am expecting a final dividend of 2c/share (FY 2011: 2 cents/share final) and no special dividend as I think the Company would want to conserve cash for acquisitions (FY 2011: 3 cents/share special dividend).
Regards.
(15-05-2012, 09:32 PM)Musicwhiz Wrote: [ -> ]As a shareholder, I am expecting a final dividend of 2c/share (FY 2011: 2 cents/share final) and no special dividend as I think the Company would want to conserve cash for acquisitions (FY 2011: 3 cents/share special dividend).
How about the 2 transactions completed (?) on 30-Mar (1 day before FY end)? Will it be recognised as an additional EPS = 1.7 + 0.5 = 2.2ct and perhaps give some leeway for a Special Div = 1.5ct on top on your Final = 2ct expectation? The ~$29.2M + $175.9M (Q3) - A$17.5M (OM) means their Cash level remains strong?
Reference
DISPOSAL OF A WHOLLY OWNED SUBSIDIARY
SALE OF STRATA TITLE UNITS BY SUBSIDIARY
Hehe, I was actually waiting for someone to comment on my dividend expectations.
Well yes I would admit my hopes are for a special dividend, but since special dividends cannot be counted upon and Boustead (who knows?) may have some use for the cash, I prefer to remain conservative. After all, being conservative has helped a lot in giving me positive surprises with regards to dividends for my other companies.
If I were to give my pessmistic projection, I'd say 2 cents final and 1 cent special for a total of 3 cents. Added to interim of 2 cents gives a full year of 5 cents, or a yield of 5.74%.