ValueBuddies.com : Value Investing Forum - Singapore, Hong Kong, U.S.

The just released Q3-FY10 results announcement and press release make interesting reading....
http://info.sgx.com/webcoranncatth.nsf/V...6004392E3/$file/BBR_Sep2010FS.pdf?openelement [Results announcement]
http://info.sgx.com/webcoranncatth.nsf/V...6004392E3/$file/BBR_PressRelease3Q10.pdf?openelement [Press release]

BBR possesses proven expertise and track record as a specialist engineering and general contractor in Singapore and Malaysia. The group now has a construction order book of $560.0m which will provide work till 2014. In addition, BBR has -

1. a 48% stake in an associate which has recently completed the super high-end condo "8 Nassim Hill", which still has a few unsold units to be disposed of - likely at good profits - in the coming reporting periods; and
2. a wholly-owned condo project "Lush on Holland Hill" which has been substantially pre-sold, and now under constuction.
3. another medium-size condo project at Simon Lane (off Upper Serangoon Road) to be launched by end-2011.

Based on the much improved profits in the first 3 quarters, I guess a higher final dividend (FY09: $0.005/share) can also be anticipated.

A glimspe on the "8 Nassim Hill" condo project.....
http://www.propertylaunch.sg/8%20Nassim%20Hill.php

It is my understanding that out of a total 16 units - 8 townhouses and 8 penthouses - 7 have been sold todate. Based on the latest (as at 30Sep10) carrying value of $19.915m under "Investment in associates", against the original cost of investment only $0.48m (excluding a $8.9m intercompany loan from BBR), BBR's 48% stake in Tennessee P/L has so far brought in $19.435m in profits recorded under "Share of results of associates" in the P&L over the last 3 years. Quite clearly, the "8 Nassim Hill' condo project has been a huge earner, with more profits to come as and when the remaining units are sold.

My quick check shows that the remaining units are being actively marketed.....
http://www.propertyguru.com.sg/project-l...-hill-2588

Incidentally, reacting to the positive Q3-FY10 results, DMG today has issued an update report reiterating a 'BUY' call on BBR, and pitching a target price at $0.33.

I am a little surprised that the company bought back 280 lots @$0.25-0.255 yesterday (10Nov10), so soon after the release of the Q3-FY10 results on 9Nov10.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

BBR has made an announcement today (11Nov10) on the completion of a corporate streamlining/restructuring exercise, putting its growing property development business held by various subsidiaries/companies under a new subsidiary BBR Development P/L.....
http://info.sgx.com/webcoranncatth.nsf/V...8003B1DF0/$file/BBR_CorporateReorganisation_PressRelease.pdf?openelement

In the announcement, BBR has also provided a detailed update on the status of the current property projects.

dydx, the CFO dipped substantially for 9MFY10. Is this a cause for concern? The company is also heavily debted I feel.

(11-11-2010, 10:40 PM)taka666 Wrote: [ -> ]dydx, the CFO dipped substantially for 9MFY10. Is this a cause for concern? The company is also heavily debted I feel.

I encourage you to take another good look at the Cash Flow Statement and Balance Sheet carefully, and after that re-visit your questions. I believe you should be able to find your answers!

(12-11-2010, 05:25 AM)dydx Wrote: [ -> ]

(11-11-2010, 10:40 PM)taka666 Wrote: [ -> ]dydx, the CFO dipped substantially for 9MFY10. Is this a cause for concern? The company is also heavily debted I feel.

I encourage you to take another good look at the Cash Flow Statement and Balance Sheet carefully, and after that re-visit your questions. I believe you should be able to find your answers!

i am more amazed dydx is awake at 5am!

(12-11-2010, 09:36 AM)gimbeng Wrote: [ -> ]

(12-11-2010, 05:25 AM)dydx Wrote: [ -> ]

(11-11-2010, 10:40 PM)taka666 Wrote: [ -> ]dydx, the CFO dipped substantially for 9MFY10. Is this a cause for concern? The company is also heavily debted I feel.

I encourage you to take another good look at the Cash Flow Statement and Balance Sheet carefully, and after that re-visit your questions. I believe you should be able to find your answers!

i am more amazed dydx is awake at 5am!

When your mind is extremely analytical and active, you don't need much sleep!

BBR did another share buy-back yesterday (11Nov10) - another 220 lots at $0.255.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument