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A closer look into the 1H (ended 31Dec13) result and numbers should give an idea to what extent Spindex at the last done share price of $0.54 remains under-priced by Mr Market…..
http://infopub.sgx.com/FileOpen/SpindexI...ileID=4694

From the earnings angle, a simple extrapolation of 1H's EPS at $0.043 would give a projected FY14 (ended 30Jun14) full-year EPS of $0.086. As Spindex is a well-established business, a very conservative PER of 8x would give a simple valuation of $0.688/share.

From a balance-sheet and asset coverage angle, using the latest 30Dec13 NAV/share at $0.6155 and adding to it a projected 2H's EPS of $0.043, would give a projected 30Jun14 NAV/share of $0.6585. Bearing in mind that Spindex's manufacturing assets (including quite a few self-owned factories in the region) are of good quality and well-maintained, and that Spindex has a good customer base comprising mostly leading MNCs, a simple 20% premium to account for hidden value in industrial properties and business goodwill, would give a simple valuation of $0.7902.

For simplicity, I suppose we can take a simple average of the 2 valuation numbers above, and that would give a blended simple valuation of $0.7391/share. Of course, we should also ask ourselves if someone were to make an offer at $0.7391/share to the controlling shareholders Tan Family, would the Tans bite? Well, I suspect that very likely the Tans - who should know what is the fair value for the entire business and for their controlling shareholding block - would not.
Hi. Just like to ask, why Spindex only release results every half year and not quarterly?
Spindex is under catalist listing.. It only needs to release half year results.
(17-08-2014, 09:39 PM)Bubbachuck Wrote: [ -> ]Hi. Just like to ask, why Spindex only release results every half year and not quarterly?

There is a rule for smaller company to release only half-year, not quarterly results. The criteria is on market cap, rather on the market IIRC
I see. Thanks. Looking forward for the full year result to be released soon. I think this one is steadily growing under the radar.
(17-08-2014, 10:12 PM)Bubbachuck Wrote: [ -> ]I see. Thanks. Looking forward for the full year result to be released soon. I think this one is steadily growing under the radar.

Full year result released:

YoY profits increased 29%
However, profits for this half of the year is actually lower than the preceding 2 halfs (~4.1mil compared to ~4.9mil for preceding 2 halfs).

2.2 cents dividend declared. 22% increase over the previous 1.8 cents.

NAV seems to have rose to 64.63 cents.

FCF of ~1.2 mil this FY. Net cash now rose to 26.3mil.

(vested in small amounts)
thanks for the update. Good barometer of things happening on the ground in US.

-vested-
(26-08-2014, 08:35 PM)LocalOptimal Wrote: [ -> ]Full year result released:

YoY profits increased 29%
However, profits for this half of the year is actually lower than the preceding 2 halfs (~4.1mil compared to ~4.9mil for preceding 2 halfs).

2.2 cents dividend declared. 22% increase over the previous 1.8 cents.

NAV seems to have rose to 64.63 cents.

FCF of ~1.2 mil this FY. Net cash now rose to 26.3mil.

(vested in small amounts)


Another good year for Spindex. Cheap and steady grower.

_____________3yr CAGR_________ 5yr CAGR
Revenue --------- 6.32% ----------- 8.98%
Net Profit --------34.51% -----------14.56%
EPS ------------- 35.41% ---------- 15.04%

Trailing PE Ratio is 7 based on current price of 57c.

(vested)
2H Net profit decrease is mainly due to the increase in the Administrative expense due to the commencement of the joint venture--spindex energy. If we look at the 2H's Revenue, GP and GPM, 49.2, 11.4, 23%, they are stable compared to 20141H's 49, 11.3, 23% and steady improvement compared to 2013 2H's 47.4, 10.5, 22%.



(26-08-2014, 08:35 PM)LocalOptimal Wrote: [ -> ]
(17-08-2014, 10:12 PM)Bubbachuck Wrote: [ -> ]I see. Thanks. Looking forward for the full year result to be released soon. I think this one is steadily growing under the radar.

Full year result released:

YoY profits increased 29%
However, profits for this half of the year is actually lower than the preceding 2 halfs (~4.1mil compared to ~4.9mil for preceding 2 halfs).

2.2 cents dividend declared. 22% increase over the previous 1.8 cents.

NAV seems to have rose to 64.63 cents.

FCF of ~1.2 mil this FY. Net cash now rose to 26.3mil.

(vested in small amounts)
(26-08-2014, 10:01 PM)kyle Wrote: [ -> ]2H Net profit decrease is mainly due to the increase in the Administrative expense due to the commencement of the joint venture--spindex energy. If we look at the 2H's Revenue, GP and GPM, 49.2, 11.4, 23%, they are stable compared to 20141H's 49, 11.3, 23% and steady improvement compared to 2013 2H's 47.4, 10.5, 22%.

Thanks for the info. We'll get a more indicative picture in the next half report.
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