one of the rare property companies losing money since it went into property development before 2007?
Luckily, the retail operation is strong enough to shelter the loss.
how significant is this impairment loss on development properties? this is only accounting cost with no real cash outflow and the company always seem to be able to reverse the loss? all their properties are actually profit making aren't they? it's just they sold them quite slowly...
retail and publishing make PBT of 20-35 mln between 2010-2014. Let's use 20 to be conservative.
tax 20% (again to be conservative)
minority interest 0.5%
FCF (not actual formula for FCF but this is just rough figure as we dont have complete data): 15 mln per year
Discount rate: 10%
Total value of retail and publishing business: 150 mln
Net cash: 87 mln
Total value: 237 mln
Shares outstanding: 797 mln
Value per share: 0.297 (vs current price of 0.24 or 24% upside)
Dividend yield: ~4%
Does the market attach negative value to its property business? or is there something I'm missing? this company looks cheap...
I think it's undervalue too
but their property sales kinda stagnant now....
vested
(10-11-2014, 06:20 PM)ikur1 Wrote: [ -> ]I think it's undervalue too
but their property sales kinda stagnant now....
vested
Think it's undervalue too.
But got to watch out for their property investment as they seems to have problem selling them.
Vested.
properties are worth 103 mn $. 30 mn $ industrial property (Serangoon), development property 24 mn & properties held for sale 49 mn. This amounts to 13 cents per share. Even if you write them off from cost by 30% - they are worth 9-10 cents.
Vested
Always popularly undervalued... Even the son also decided not to work for the Dad... shareholders can remain loyal for a long time coming...
Odd Lots Vested
GG
(11-11-2014, 06:39 AM)greengiraffe Wrote: [ -> ]Always popularly undervalued... Even the son also decided not to work for the Dad... shareholders can remain loyal for a long time coming...
Odd Lots Vested
GG
what's the reason son not following dad's path? he knew business gonna die sooner or later?
who's gonna replace the chairman?
