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I chanced upon this company earlier this week and was pretty amazed by the scale of the projects it under-take despite being a small company. It deals with engineering, property management and property development in SEA. Recently it clinched its largest project to date from Brunei EDB to develop 1,500 low cost housing within 18 month with a contract value of $147.5 million thereby boosting its order book to $388.7 million.

It has reported 4 consecutive years of increasing profitability, ROE and ROA. Its margins isn't very high but has remained stable. It has quite a few exciting developments coming up over the next few years and can be viewed in its latest presentation slides - http://www.teeintl.com/documents/announc...l10%29.pdf Based on its current share price, it is trading close to twice its NAV and at a PE of 6.

Its website has a copy of all analyst reports covering it. http://www.teeintl.com/newsroom_analyst_...s_all.html

However, it is a small company with market capitalization < $75 million. Its business of property development is capital intensive which causes it to have a high gearing. Its cash-flow isn't consistent as well due to the lumpy nature of contract business.

Financial Highlights for FY 10
Revenue: $150.4 million
Gross Profit: $22.5 million
Net Profit: $11.3 million

Total Asset: $175 million
Net Debt: $82.8 million
Working Capital: $46.8 million
NAV: $39.8 million

Market Capitalization: $69.0 million
Dividends Declared: $3.09 million

(Not Vested)
Interesting that CNA has a feature on him right after the annoucement of their Brunei project. Still interesting to know the history of the company while keeping in mind that it is a very well-executed PR move. The Boss seems like quite a dynamic guy too.

Full article here.
We should be mindful that Tee has 2 outstanding warrant issues -

1. W110427 (expiring 27Apr11) - Balance 13,776,070 warrants convertible at $0.40, remaining outstanding.

2. W130228 (expiring 28Feb13) - Balance 62,914,388 warrants convertible at $0.31, remaining outstanding.

There will be quite a large dilutive impact on EPS, if and when the above warrants are converted into new Tee shares.

The total number of outstanding warrants have just been 'doubled-up' after TEE's recent 1-into-2 stock split.....
http://info.sgx.com/webcoranncatth.nsf/V...penelement

Quite clearly, going forward TEE is now saddled with an even more 'problematic' capital structure!
(27-12-2010, 01:15 PM)dydx Wrote: [ -> ]We should be mindful that Tee has 2 outstanding warrant issues -

1. W110427 (expiring 27Apr11) - Balance 13,776,070 warrants convertible at $0.40, remaining outstanding.

2. W130228 (expiring 28Feb13) - Balance 62,914,388 warrants convertible at $0.31, remaining outstanding.

There will be quite a large dilutive impact on EPS, if and when the above warrants are converted into new Tee shares.

The total number of outstanding warrants have just been 'doubled-up' after TEE's recent 1-into-2 stock split.....
http://info.sgx.com/webcoranncatth.nsf/V...penelement

Quite clearly, going forward TEE is now saddled with an even more 'problematic' capital structure!

The recent stock split doesn't change anything. It doubles the number of outstanding warrant but also halves its conversion price. Ultimately, it will lead to a doubling of the share base (assume full conversion) and addition of $25 million to the company's cash pile for future accretive acquisition.

However, as alluded by dydx, prospective shareholders should take note of this when they value the company.
TEE INTERNATIONAL’S HALF YEAR EARNINGS ROSE 53.6% TO S$6.9 MILLION

• Revenue for HY2011 grew 222.3% to S$114.1 million whilst profit before tax
rose 51.4% to S$8.6 million
• Engineering segment recorded outstanding order book of S$284.0 million
• Integrated Real Estate segment registered contracted sales of S$57.4 million, some of which will be gradually completed and recognised within current financial year and beyond.
• Propose interim dividend of 0.5 Singapore cents per ordinary share

http://info.sgx.com/webcoranncatth.nsf/V...penelement [SGX Announcement]

http://info.sgx.com/webcoranncatth.nsf/V...penelement [Press Release]

(Not Vested)
Tee International price currently weak, director is collecting, and consistently pays good dividends. Can buy? Any opinion is appreciatedSmile
Offeror doing the privatization via a Scheme of Arrangement (successful if >50% of present shareholders and >75% of shares voting for it). This is the 8th offer since start of 2017 (Previous 7 were: Spindex, Auric Pacific, Healthway Medical International, Global Premium Hotel, IHC, KCF and Top Global)

JOINT ANNOUNCEMENT - PRIVATISATION SCHEME OF ARRANGEMENT

Offer document: http://infopub.sgx.com/FileOpen/Joint%20...eID=445768
https://sgx.i3investor.com/servlets/fdnews/67183.jsp
TEE International CEO Phua fails to push through privatisation scheme

By: PC Lee
22/08/17, 07:26 am

SINGAPORE (Aug 22): The proposed privatisation and delisting of TEE International by its group CEO has fallen through when put to the vote at a postponed meeting with shareholders on Monday.

According to a filing last night, 82.1% of the number of shareholders present voted for the privatisation and delisting scheme of arrangement but in terms of total number of shares, the scheme garnered only 74.84% of support.

This is just short of the 75% required to approve the scheme.

On April 1, it was announced that Oscar Investment, a private company wholly-owned by group chief executive and managing director Phua Chian Kin entered into a proposed scheme of arrangement implementation with TEE International for the offeror to privatise and delist the company for 21.5 cents cash per share.

More details in https://www.theedgesingapore.com/tee-int...ion-scheme
TEE International Limited was awarded approximately S$65 million worth of new engineering contracts from February to July 2018, bringing TEE’s total outstanding order book to approximately S$280 million to date.

More details in http://infopub.sgx.com/FileOpen/TEEIntl%...eID=518475
TEE International Awarded New Engineering Contracts Worth S$22M

TEE International Limited (特毅国际有限公司) has secured new engineering contracts worth S$22 million. This brings its order book to S$506 million.

The new contracts awarded to TEE’s wholly-owned subsidiaries include another contract for the Fit-Out works of a data, as well as Addition & Alteration works to industrial buildings for a repeat client.

More details in https://links.sgx.com/FileOpen/TEEIntl_B...eID=549182
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