(26-08-2014, 12:48 PM)propertyinvestor Wrote: [ -> ] (26-08-2014, 10:41 AM)Temperament Wrote: [ -> ] (26-08-2014, 10:35 AM)opmi Wrote: [ -> ]VBs here forgot it is a S-chip....
i agree. i was "misled" by "F &N" too. i tend to forget even professional or expert can miscalculate. Anyway, anything to do with S-CHIP (CHINA), i will be very careful.
Are there any examples of S Chips being owned by local blue chip companies and where the number of Singaporean directors exceed the number of China Directors?
Yamada was recently bought in by global yellow pages and some BODs changed to Singaporean. Think more than China ppl now.
No dividend from 2007 till 2012, again, after one-off dividend in 2012, nothing afterward.
From SGX : The Board of Directors of Fung Choi Media Group Limited (“the Company”) wishes to announce the resignation of Mr Wang Xiao Dong, Independent Director of the Company, with effect from 19 July 2014. Consequent to Mr Wang’s resignation as Independent Director of the Company, he will cease as Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee respectively
Supply Chain is the main source of revenue, 78%. What is supply chain for them? Procurement and sourcing of products such as packaging boxes and various types of accessories for digital products and electrical equipment, basically put things in boxes for their clients, my guess is that this is a very low margin business.
Cash is burning, From 581.422 million last year to 322 million now.
I would stay well clear of this.
(26-08-2014, 01:05 PM)Shrivathsa Wrote: [ -> ]No dividend from 2007 till 2012, again, after one-off dividend in 2012, nothing afterward.
From SGX : The Board of Directors of Fung Choi Media Group Limited (“the Company”) wishes to announce the resignation of Mr Wang Xiao Dong, Independent Director of the Company, with effect from 19 July 2014. Consequent to Mr Wang’s resignation as Independent Director of the Company, he will cease as Chairman of the Nominating Committee and a member of the Audit Committee and Remuneration Committee respectively
Supply Chain is the main source of revenue, 78%. What is supply chain for them? Procurement and sourcing of products such as packaging boxes and various types of accessories for digital products and electrical equipment, basically put things in boxes for their clients, my guess is that this is a very low margin business.
Cash is burning, From 581.422 million last year to 322 million now.
I would stay well clear of this.
The SCM businiess is basically no different from Techwah's packaging business. Teckwah has also now transformed itself into a one stop print media hub which is what Fung Choi has been doing for ages.
There is now a new director on board which was nominated by F&N and his name is Siew Peng Yim
I would note that the new F&N representative on Fung Choi's board is quite a skilled financial person who shot to fame because of the deal he brokered for HTL intl
Its interesting to note that Morph Investments is also a Top 20 Shareholder of this company
a few years ago, I have doubts on the balance sheet when they run into some problems when the convertible bonds came due. Share price was like 14 cents then if I remember correctly. Now it is 8.7 cents....and I still have my doubts ^^.
Have fun
Not a buy for me. Sometimes when a deal is too good to be true, it is probably not true.
Anybody remembers CHT holdings? It was condemned as an S CHIP and was trading at 50% discount to book value before being the subject of a takeover offer
Many of our valuebuddies made a right judgement.
I guess Mr. Market is more likely to be right than wrong this time. Fung Choi down 11.3%.
Is F&N wrong? Are they going to lose their entire investment in Fung Choi?