(24-01-2013, 11:06 PM)peterlynch Wrote: [ -> ]when is the ex-dividend date?
It has not been announced. It shld be announced after the AGM I guess.
hi,
does anyone have Nam Lee's financial report earlier than 2007? 2007 is the earliest i can find on the SGX and Nam Lee site.
This is truly an undervalued stock. Vested
(25-01-2013, 11:46 AM)Kelvin Wrote: [ -> ]something brewing?
Having monitored this for a year since I bought in. Look at the way shares have been traded I believe there could be some value fund have accumulated shares in namle. I would be surprised if a substantial share holders to be announced soon or let hope someone to offer to buy out the rest for 48 cents ?
Am I hopping for too much Dydx ?
Technically it is overbought position.
It was trading at net net. Cash + Inventory = Market cap.
In this market where the better known stocks are not so "cheap", value stock could shine.
(28-01-2013, 08:17 AM)SLC81 Wrote: [ -> ]Having monitored this for a year since I bought in. Look at the way shares have been traded I believe there could be some value fund have accumulated shares in namle. I would be surprised if a substantial share holders to be announced soon or let hope someone to offer to buy out the rest for 48 cents ?
Am I hopping for too much Dydx ?
I suppose you have to ask yourself whether your own valuation is based on reasonable parameters and assumptions and, on the possibility of a GO to privatize the company, whether Nam Lee is an attractive enough business or target.
We know based on its track record, Nam Lee is a well-organized and managed business, and also a steady ship as far as making a profit every year at a rate of 8 to 10% on revenue at the PBT level, plus generating FCF (before capex) at a rate of 10 to 11% on revenue on an after-tax level. We also know within Nam Lee's latest B/S, there lies a big pile of cash accumulated over the years, which means financially the company is solid-as-a-rock, and can easily afford to pay out a lot more dividends over time.
The current massive 25,000-unit a year HDB building programme - which started in 2011 and will last till 2013 at least - is expected to give Nam Lee's (as an established supplier to HDB) business an extra boost all the way till 2016, bearing in mind it takes an average 3 years to construct a new block of HDB flats sold under the current BTO programme, and Nam Lee's aluminium and mild steel products (window, railing, awning, metal gate/door, hanger to dry clothes, letter box, rubbish clute cover, etc.) are installed at the later part of the construction.
Nam Lee achieved an EPS of $0.0585 in last FY12 (ended 30Sep12). Going forward, I guess it is reasonable to expect/assume an EPS of close to $0.06 for FY13 to FY16 (ending 30Sep16); that means we have a total assured EPS of approx. $0.24 in the next 4 years. Just based on this point alone, IMHO, there is every reason that Mr Market should be willing to value Nam Lee higher - closer to its latest NAV/share of $0.472 at least, and even higher given enough time.
Dydx,
Could capex spike from 2014 onwards when they move to a new factory and replace their machinery?
(28-01-2013, 06:18 PM)Greenrookie Wrote: [ -> ]Dydx,
Could capex spike from 2014 onwards when they move to a new factory and replace their machinery?
In the latest FY12 (ended 30Sep12), Nam Lee generated $17.0m in FCF on an after-tax basis before accounting for changes in WC items and capex. In the same FY, Nam Lee spent only $1.7m in capex.
Assuming in FY14 Nam Lee just generates the same amount of $17.0m from FCF but has to spend the same amount in capex to be funded entirely by own funds, this would simply mean that there will not be an increase in cash reserve in that FY. Based on the fact that Nam Lee already holds a huge pile of cash reserve, I suppose high capex in a particular FY should not put a dent to the group's B/S and finances, nor a stop to or reduction in dividend payment.
Anybody attending the upcoming AGM?