(14-11-2014, 04:52 PM)Nick Wrote: [ -> ]I have no intention of liquidating my stake in CMP at current prices. I have actually been adding to it over the past few weeks.
I have no intention to reduce or increase.
The company is sitting on a sweet spot, and should has sufficient upside with the current management strategy. It benefit both majority and minority shareholders, and interests are fully aligned.
I don't intent to increase, due to the risks involved. I am staying alert, on potential operation risk, and acquisition risk.
Operation risk is on the non-guaranteed nature of intangible asset.
I remain confident on the management deal-making skill, but we shouldn't deny the risk of M&As. Even Mr. Buffett made mistake, thus we shouldn't assume the management will never make mistake.
Last and not least, congrat to fellow shareholders on the recent performance of share price
(vested, and will remain vested with current allocation)
Market Cap has finally breached the $1 Billion mark based on current closing price.
What has I missed? What has arisen the sleeping dragon?
More acquisition? or has Mr. Market finally acknowledge its existence?
CMP has yet to reveal its project 2014 and 2014 is fast drawing to an end...
NB: I don not consider the closing of JiuRui as this year's project since it was a 2013 initiative that was re-negotiated on better terms. Kudos for CMP management on JiuRui.
DBS V has a target of S$1.42 while CIMB targets $1.10 both comfortably above current levels. On 7 DPS, projected yield is a rich 7.07% with no financial engineering at any levels.
China's economy continues to boast of very decent 7% and vehicle population should be a higher multiple of GDP. Given the transformation of China economy from an export oriented to a domestic driven one, the rising affluence of Chinese will translate into more road usage.
The big picture is wonderful and with road infrastructure being a strategic national interest of any Nation, CMP being handpick within the CM Huajian group will be well positioned for future growth.
The strong dividends is a strong endorsement of the operational model of CMP - no fly by night S Chip - it is real. Where global investment bankers like Macquarie has failed to establish a foothold in Centrally controlled China, CMP provides investors with an excellent opportunity to invest...
Outstanding in the money CBs are of no concerns... I stand corrected that professional arbitragers are behind the critically needed conversion supplies that long term value investors have been accumulating and seeking. As the next dividends are not due for months, it is unlikely that there will be another constant conversion stream that will satisdy value investors' demand.
As for individual portfolio concentration, it is up to individuals to manage their exposure in accordance to their risks appetite.
Remember, there is nothing wrong to BUY high and sell HIGHER... its easier than the reverse.
Vested
Core
GG
Touched $1 today, gj cmhp
http://infopub.sgx.com/FileOpen/Cancella...eID=325372
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$11,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 19 November 2014 is HK$846,000,000.
Arising from such conversion, 2,102,127 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.826 and the total number of issued and paid-up Shares of the Company has increased to 1,039,737,392.
Based on outstanding HK$846m worth of CBs, the potential shares to be converted at $0.826 is 161.673m.
The algo professionals appear to be absent since the latest batch of CB conversions.
Secret admirers seems to be ever present since the sudden spike last Friday...
Enjoy the resilience...
Vested
Core
GG
(21-11-2014, 10:06 AM)greengiraffe Wrote: [ -> ]The algo professionals appear to be absent since the latest batch of CB conversions.
Secret admirers seems to be ever present since the sudden spike last Friday...
Enjoy the resilience...
Vested
Core
GG
Feel like buying somemore at current price since its still below nav
conversions of CBs seemed to have resumed... so algo sellers cannot be ruled out from here unless value buyers are accumulating via the CB route... trading activities warrant monitoring from here...
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$13,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 21 November 2014 is HK$833,000,000.
Arising from such conversion, 2,484,333 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.826 and the total number of issued and paid-up Shares of the Company has increased to 1,042,221,725.
Based on outstanding HK$833m worth of CBs, the potential shares to be converted at $0.826 is 159.188m.
http://infopub.sgx.com/FileOpen/eFORM3V2...eID=325727
HuaJian stake also diluted under 70%.
Several days have passed since the last 2 major CB conversions... no sign of aggressive algo sellers (presumably from professional CB arbitrage traders).
However, the presence of steady secret admirers are very interesting since CMP appears to be consolidating well at new high watermarks...
Building confidence
convinced
Core
GG
(27-11-2014, 09:49 AM)greengiraffe Wrote: [ -> ]Several days have passed since the last 2 major CB conversions... no sign of aggressive algo sellers (presumably from professional CB arbitrage traders).
However, the presence of steady secret admirers are very interesting since CMP appears to be consolidating well at new high watermarks...
Building confidence
convinced
Core
GG
The CB conversions as a logical move for bond holders, with the appreciation of the company share price, dividend yield and future outlook. I am yet to observe the sign of CB arbitrage trading with my limited exposure.
(vested, and no issue with the CB conversion, and seen it as a win-win situation)