(27-05-2015, 09:49 PM)crabcrab Wrote: [ -> ] (27-05-2015, 09:07 PM)dydx Wrote: [ -> ]FY15 (ended 31Mar15) full-year result just out.....
http://infopub.sgx.com/FileOpen/THGL_4Q_...eID=353604 [result announcement]
http://infopub.sgx.com/FileOpen/THGMedia...eID=353605 [press release]
If this is not a high-quality business and performance from a management team with vision, wisdom and great competence, I don't know what it is.
Congrats to The Hour Glass management team. Another year of record profit despite the challenging macro economy environment... 
2.2cts dividend....
actually I was hoping for a 2cts div + 1cts s.div... I think I am too greedy
FY15 (ended 31Mar15) AR just out and makes excellent reading.....
http://infopub.sgx.com/FileOpen/ARFY2015...eID=357788
I bet many will again be mesmerized by the articulate Chairman Statement written by Executive Chairman Henry Tay.
Of special interest to me is the fast growth of THG's business in Thailand held under 2 Thai associates (see Note 16, p73 and p74), which have also contributed fast-increasing profits of $5.735m (+93.8% YoY) in FY15 under "Share of results of associates" in the THG Group's P&L. In FY15, the 2 Thai associates recorded a combined revenue of $145.3m (+58.4% YoY) which by accounting rules is not consolidated into THG's group accounts.
I am looking forward to the coming $0.022/share final dividend, which in accordance with past records should be payable in mid-Aug.
15:34:49 0.8400 2,000 Bought From Seller
15:32:14 0.8400 500 Bought From Seller
15:32:12 0.8400 6,000 Sold To Buyer
15:32:12 0.8400 2,000 Sold To Buyer
15:32:12 0.8400 1,600 Sold To Buyer
15:30:34 0.8400 821,500 Sold To Buyer
08:58:41 0.8400 3,400 Sold To Buyer
08:58:41 0.8400 300 Sold To Buyer
sold directly instead of married deal.
Today (20Jul15), THG managed to close at another record high of $0.88 - i.e. the very auspicious "Double Eight" mark!
The one thing I'm uncomfortable with is the large amount of working capital tied up in inventory, resulting in negative free cash flow. Perhaps that's why valuation in terms of PE will remain low.
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(06-08-2015, 08:23 PM)vingaard Wrote: [ -> ]The one thing I'm uncomfortable with is the large amount of working capital tied up in inventory, resulting in negative free cash flow. Perhaps that's why valuation in terms of PE will remain low.
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I suppose in this watch retail business we should believe that backed by a proper merchandising strategy and effective marketing, stocks will turn into sales/revenue and incoming cash receipts in a steady, predictable manner. Based on the latest 30Jun15 group B/S, THG held stocks/inventory amounted to $325.9m - equivalent to 2.65x of 1Q's COGS of $123.0m, or approx. 8 months' worth of stocks. Bearing in mind THG is adding new stores - which will require more stocks - and the usual busy Christmas/after year-end bonus/CNY shoppings fall in 3Q (ending 31Dec) and 4Q (ending 31Mar), the current stock level is not excessive by THG's own historical averages.
We should also bear in mind that the Thai operation held under a 50%-owned associate is enjoying rapid growth - as evidenced by the sharp 174% yoy increase in the "Share of results of associates" to $1.845m in the P&L. I suppose the Thai operation would have to draw stocks from THG to support its growing business volume.
I suppose the best way to appreciate THG's business is to pay a visit to its small but beautiful flagship store located at TAKASHIMAYA S.C., 391 Orchard Road #01-02, Ngee Ann City. I believe that is one of the most beautiful and high-traffic multi-brand branded watch retail shores in the world.
As well, one can easily follow THG's many events and watch presentations by visiting the company's blog....
http://www.thehourglass.com
A good example is how THG introduces the increasing popular Rolex Oyster Perpetual Submariner Date model....
http://www.thehourglass.com/rolex-oyster...iner-date/
THG now is an "Official Rolex Jeweller" and no longer just another Rolex retailer.
Further expansion/M&A maybe in the pipeline! SGD$500 milos!
This is the era of GROWTH!
Buy-Buy-Buy!
Hour Glass Mulls Acquisitions
Source: Singapore Stock exchange
Type: Seeking Acquisitions/Investments
From: 31/Aug/2015
The Hour Glass Limited (SGX:AGS) is seeking acquisitions. The Hour Glass Limited has filed a shelf registration in the amount of SGD 500.00 million. The Hour Glass Limited will use the net proceeds arising from the issue of the Notes under the Programme (after deducting issue expenses) will be used for general corporate purposes, including financing investments, acquisitions and strategic expansions.
The Hour Glass Limited has filed a Shelf Registration in the amount of SGD 500.00 million.
Source: Capital IQ Transaction Database
Type: Shelf Registration Filings
From: 31/Aug/2015
The Hour Glass Limited has filed a Shelf Registration in the amount of SGD 500.00 million.
