Net cash per share about S$0.95, while the price is S$1.11.
Basically 86% in net cash.
Add in the investment in Tongzhou, about 95% of market cap.
I reckon their remaining buildings are rather valuable as well:
* Alice@mediapolis where Yoozoo is the main tenant
* Braddel 351 with 60% committed occupancy
* Razer SEA HQ
* ex-IBM building in Tampines
* Vietnam Industrial estate.
And although quite badly hit in pandemic and still under continued headwinds, their E&C unit is also rather valuable.
With its track record in Industrial buildings and steps up ahead in advanced building skillsets, there are some values in this unit as well.
Once the wind turned, it'd be even more interesting.
BOUSTEAD PROJECTS SIGNS OPTION AGREEMENT
FOR PROPOSED ACQUISITION OF 49% INTEREST IN
KTG & BOUSTEAD INDUSTRIAL LOGISTICS JOINT STOCK
COMPANY
Boustead Projects Limited (“Boustead Projects”) – a leading provider of innovative real estate
solutions – is pleased to announce that its wholly-owned subsidiary, BP-Vietnam Development
Pte. Ltd. (“BP-VD”) has on 1 June 2021 signed an option agreement (“Option Agreement”) with
Khai Toan Joint Stock Company (“KTG”).
https://links.sgx.com/1.0.0/corporate-an...db33f14d39
(06-06-2021, 10:25 AM)Curiousparty Wrote: [ -> ] (26-05-2021, 02:35 PM)fallscushion Wrote: [ -> ]Net cash per share about S$0.95, while the price is S$1.11.
Basically 86% in net cash.
Add in the investment in Tongzhou, about 95% of market cap.
I reckon their remaining buildings are rather valuable as well:
* Alice@mediapolis where Yoozoo is the main tenant
* Braddel 351 with 60% committed occupancy
* Razer SEA HQ
* ex-IBM building in Tampines
* Vietnam Industrial estate.
And although quite badly hit in pandemic and still under continued headwinds, their E&C unit is also rather valuable.
With its track record in Industrial buildings and steps up ahead in advanced building skillsets, there are some values in this unit as well.
Once the wind turned, it'd be even more interesting.
e.g. Beijing Tongzhou Integrated Development Phase 1, a mixed-use Grade A iconic landmark development at the centre of Beijing Tongzhou’s Central Business District. BP holds a 4% shareholding in Phase 1, worth about S$2.4 billion !!
https://www.perennialholdings.com/misc/F...7Oct14.pdf
4% will translate to close to $100mil (cost was only $20mil)
BP's MC is barely 400mil! This is the impact. Expected Completion is in 2023
Can I know where did you get the valuation of S$2.4 bil for Beijing Tongzhou Integrated Development Phase 1 ? Boustead Projects mentioned that for FY2020, the fair value of their investment in Phase 1 was S$31.3 million.
Another day another low ball offer!
https://www.sgx.com/mobileapp?action=vie...FZRNLNV8XB
Looking at the NAV, net cash, orderbook & future potential, the offer is kind of a joke!
I reckon Boustead shareholders are the obvious beneficiary of this (if they managed to get some BP shares via this), but otherwise this half-hearted offer price might just get underwhelming response from BP shareholders and waste the resources (times, efforts, money, papers and whatnot)
IMHO, if this is how Boustead treats BP minority shareholders, Boustead minority shareholders have to take note and be aware that they might get the same treatment in future.
(07-02-2023, 12:56 PM)ksir Wrote: [ -> ]Another day another low ball offer!
https://www.sgx.com/mobileapp?action=vie...FZRNLNV8XB
Looking at the NAV, net cash, orderbook & future potential, the offer is kind of a joke!
I reckon Boustead shareholders are the obvious beneficiary of this (if they managed to get some BP shares via this), but otherwise this half-hearted offer price might just get underwhelming response from BP shareholders and waste the resources (times, efforts, money, papers and whatnot)
IMHO, if this is how Boustead treats BP minority shareholders, Boustead minority shareholders have to take note and be aware that they might get the same treatment in future.
Agree... a lowball offer. The 2022 FY statements has the NAV at $1.25. $0.90 is 30% below this price. Suggest minority shareholders to carefully consider before agreeing.
Trust FF Wong to come up with such stingy offer! Disappointing
