(20-03-2012, 04:28 PM)KopiKat Wrote: [ -> ]2011 : Assets mainly in China and Taiwan. Cash rich but assets are >50% geared. I was collecting quite a lot as the yield was too attractive to resist (I thought I knew the risks). Quite an experience to see it drop below 50ct but equally surprised to see it rebound back to ~60ct. With 2 DPUs collected (total 5.5ct), easily 15%-20% returns (more if you managed to buy below 50ct).
I bought below 30c so my return is in excess of 105% or 140% if you includes the distribution. So MIIF has been a good investment for me though I have been tempted to sell a few times in the past yr. But I decide to let it ride (for now) because my stake is not very big. I think I will probably end up taking a cue from you when to sell.
This kinda of remind me of my own investment in AIMS and Saizen. As IPO investors, I'm still in the red but those who have bought in at the 'right' price aftre the GFC would probably also be sitting on very nice returns.
This is probably true also for MIIF investors who bought at the 'wrong' price.
(20-03-2012, 04:26 PM)propertyinvestor Wrote: [ -> ]Recently Heng chinag meng bought into MIIF at 60cents!
hi,
Heng Meng Chiang spent his entire director fees for 2008 on MIIF shares in the open market in 2009. He got his shares at <35cts if i am not wrong. Recently, neither do i remember MIIF share price actually touching 60cents as Abu Dhabi has been selling, nor saw any SGX annoucements on director stake changes.
(20-03-2012, 09:07 PM)Drizzt Wrote: [ -> ]most likely they will refinance. but from alot of people here especially Contrarian the problem perhaps is the integrity of the management to work towards the long term good of the shareholders.
i agree the situation is different from 2005, but the management is the same and what we are afraid of is that a leopard cannot change its spot.
they will say the debt is non recourse.
Hi Drizzt,
The CEO (outgoing though) John Stuart was appointed on 3 July 2009, so i am not sure whether it is still considered the same Mgt?
Well, Mgt will ONLY work for the 'long term good' of the shareholders provided they are the owners themselves - it's that simple.
'Debt is non recourse' - I do agree it HAS been abused by MIIF Mgt. In the most recent results briefing, shareholders were told that if Miaoli Wind does not get the carbon credits for them to revalue to some equity value, MIIF will just walk away! That is a cool 75mil of debt (as per AR2010 where MW's debt is consolidated in th B/S of MIIF) - So i am looking fwd to Mgt 'walking the talk' and showing some 'benefits' of 'Debt is non recourse' (May the winds stop blowing at Miaoli!)
(21-03-2012, 12:04 AM)lonewolf Wrote: [ -> ] (20-03-2012, 04:28 PM)KopiKat Wrote: [ -> ]2011 : Assets mainly in China and Taiwan. Cash rich but assets are >50% geared. I was collecting quite a lot as the yield was too attractive to resist (I thought I knew the risks). Quite an experience to see it drop below 50ct but equally surprised to see it rebound back to ~60ct. With 2 DPUs collected (total 5.5ct), easily 15%-20% returns (more if you managed to buy below 50ct).
I bought below 30c so my return is in excess of 105% or 140% if you includes the distribution. So MIIF has been a good investment for me though I have been tempted to sell a few times in the past yr. But I decide to let it ride (for now) because my stake is not very big. I think I will probably end up taking a cue from you when to sell.
This kinda of remind me of my own investment in AIMS and Saizen. As IPO investors, I'm still in the red but those who have bought in at the 'right' price aftre the GFC would probably also be sitting on very nice returns.
This is probably true also for MIIF investors who bought at the 'wrong' price.
Ya! You say it. Everything buy at the right price is more than half the battle won. Especially when you want to sell it. Price , Price, & Price = Value, Value & Value. That's what, we all are here for. Ha! Ha!
Cheers!
(21-03-2012, 12:50 AM)weijian Wrote: [ -> ] (20-03-2012, 04:26 PM)propertyinvestor Wrote: [ -> ]Recently Heng chinag meng bought into MIIF at 60cents!
hi,
Heng Meng Chiang spent his entire director fees for 2008 on MIIF shares in the open market in 2009. He got his shares at <35cts if i am not wrong. Recently, neither do i remember MIIF share price actually touching 60cents as Abu Dhabi has been selling, nor saw any SGX annoucements on director stake changes.
(20-03-2012, 09:07 PM)Drizzt Wrote: [ -> ]most likely they will refinance. but from alot of people here especially Contrarian the problem perhaps is the integrity of the management to work towards the long term good of the shareholders.
i agree the situation is different from 2005, but the management is the same and what we are afraid of is that a leopard cannot change its spot.
they will say the debt is non recourse.
Hi Drizzt,
The CEO (outgoing though) John Stuart was appointed on 3 July 2009, so i am not sure whether it is still considered the same Mgt?
Well, Mgt will ONLY work for the 'long term good' of the shareholders provided they are the owners themselves - it's that simple.
'Debt is non recourse' - I do agree it HAS been abused by MIIF Mgt. In the most recent results briefing, shareholders were told that if Miaoli Wind does not get the carbon credits for them to revalue to some equity value, MIIF will just walk away! That is a cool 75mil of debt (as per AR2010 where MW's debt is consolidated in th B/S of MIIF) - So i am looking fwd to Mgt 'walking the talk' and showing some 'benefits' of 'Debt is non recourse' (May the winds stop blowing at Miaoli!)
What a sneaky way to raise NAV lol
Bro, if it comes to 40cts, will u be gung ho enough to put 30% of my spare cash into this company?
This is the type of question I ask myself... can I sleep well with the kind of company and the managers running it. If not, I pass...
[/quote]
I bought below 30c so my return is in excess of 105% or 140% if you includes the distribution. So MIIF has been a good investment for me though I have been tempted to sell a few times in the past yr. But I decide to let it ride (for now) because my stake is not very big. I think I will probably end up taking a cue from you when to sell.
This kinda of remind me of my own investment in AIMS and Saizen. As IPO investors, I'm still in the red but those who have bought in at the 'right' price aftre the GFC would probably also be sitting on very nice returns.
This is probably true also for MIIF investors who bought at the 'wrong' price.
[/quote]
apparently alot did at 25 cents.to be honest they fared badly, but they didnt do a rights issue and still circulate to other assets.
(21-03-2012, 12:50 AM)weijian Wrote: [ -> ] (20-03-2012, 04:26 PM)propertyinvestor Wrote: [ -> ]Recently Heng chinag meng bought into MIIF at 60cents!
hi,
Heng Meng Chiang spent his entire director fees for 2008 on MIIF shares in the open market in 2009. He got his shares at <35cts if i am not wrong. Recently, neither do i remember MIIF share price actually touching 60cents as Abu Dhabi has been selling, nor saw any SGX annoucements on director stake changes.
(20-03-2012, 09:07 PM)Drizzt Wrote: [ -> ]most likely they will refinance. but from alot of people here especially Contrarian the problem perhaps is the integrity of the management to work towards the long term good of the shareholders.
i agree the situation is different from 2005, but the management is the same and what we are afraid of is that a leopard cannot change its spot.
they will say the debt is non recourse.
Hi Drizzt,
The CEO (outgoing though) John Stuart was appointed on 3 July 2009, so i am not sure whether it is still considered the same Mgt?
Well, Mgt will ONLY work for the 'long term good' of the shareholders provided they are the owners themselves - it's that simple.
'Debt is non recourse' - I do agree it HAS been abused by MIIF Mgt. In the most recent results briefing, shareholders were told that if Miaoli Wind does not get the carbon credits for them to revalue to some equity value, MIIF will just walk away! That is a cool 75mil of debt (as per AR2010 where MW's debt is consolidated in th B/S of MIIF) - So i am looking fwd to Mgt 'walking the talk' and showing some 'benefits' of 'Debt is non recourse' (May the winds stop blowing at Miaoli!)
1. Date of change of Interest 15-04-2011
2. Name of Registered Holder HENG CHIANG MENG
3. Circumstance(s) giving rise to the interest or change in interest Open Market Purchase
# Please specify details THE CHANGE IN THE PERCENTAGE LEVEL IS THE RESULT OF A SERIES OF TRANSACTIONS.
4. Information relating to shares held in the name of the Registered Holder
No. of Shares held before the change 3,053,797
As a percentage of issued share capital 0.237 %
No. of Shares which are subject of this notice 1,000,000
As a percentage of issued share capital 0.078 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received 0.61
No. of Shares held after the change 4,053,797
As a percentage of issued share capital 0.316 %
hi,
thanks for the clarification. But err, this is like almost one yr ago, still considered "recent" ?
(23-03-2012, 06:27 PM)weijian Wrote: [ -> ]hi,
thanks for the clarification. But err, this is like almost one yr ago, still considered "recent" ?
He may buy some more after the AGM?
MIIF ANNOUNCES FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2012
Key Highlights
- Net income of S$21.3 million up S$13.7 million on prior year
- Continued strong operational performance at Taiwan Broadband Communications and Hua Nan Expressway
- Strong balance sheet maintained with cash balances of S$67.3 million and no corporate-level debt
- Final dividend for 2011 of 2.75 cents per share (or S$32.5 million) paid during the quarter
- Continuation of share buy-back programme with 13.7 million shares bought back and cancelled for S$7.7 million during the quarter
- Net Asset Value (NAV) of S$934.6 million or S$0.79 per share
http://info.sgx.com/webcoranncatth.nsf/V...8005073EC/$file/MIIFQ12012SGX.pdf?openelement [Report]
http://info.sgx.com/webcoranncatth.nsf/V...8005073EC/$file/MIIFQ12012Release.pdf?openelement [Press Release]
http://info.sgx.com/webcoranncatth.nsf/V...8005073EC/$file/MIIFQ12012Preso.PDF?openelement [PPT Slides]
A fairly steady set of results with revenue being generated solely from TBC. It earned a net distributable income of $21.5 million and this will be further supplemented by another round of distribution by TBC in 6 months time and distributions from CXP and HNE in 3Q 2012. Based on the current float of 1,183 million shares, MIIF needs to generate $65 million net distributable income to finance the 5.5 cents dividends. The good news for the quarter is the resolution of TBC tax issue but HNE toll rate review has yet to be resolved.
(Not Vested)