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15-04-2015, 10:47 PM
Annual Report 2014: http://infopub.sgx.com/FileOpen/CMHP_%20...eID=344113
I had a thorough read of CMP's latest annual report. Since this is a Sizable Core position of mine, I may be quite biased in my views.
This Luo Hui Lai's 2nd annual report. His first was 2013 immediately after he became Executive Chairman and CEO in Mar 2014 following a organisational restructuring that streamlined and optimised human resources between parent company Huajian and CMP in order to focus on the growth of CMP.
Under his leadership for substantial part of 2014, CMP finally sold non core NZ property business to related sister company and completed purchase of Jiurui though its a revived deal on improved terms.
CMP also declared a maiden bonus issue to enlarge share cap to reward shareholders for their loyalty and continuing support for the Company
as well as to reflect the growth and expansion of the Group’s business.
In addition, he also had the luxury of reflecting on 10 years of track record of sustainable values and strong shareholders returns through successful execution of strategies.
The tone of the annual report also appeared to be more affirmative and confident as noted by the highlights in the opening addresses to shareholders:
"In the past few reports, we have reaffirmed our clear and consistent growth strategy which is to create new growth through identification of and participation in quality toll road investments in China through acquisitions, strategic alliances and joint ventures. The Company has achieved significant success in delivering our growth strategy and made good progress towards achieving our vision of
becoming a leading player in the toll road industry in China.
As we enter 2015, the Group is in a stronger position to add real and sustainable value from our growing portfolio of toll road assets. We remain committed to our strategy of acquiring quality toll road assets and extending our presence in the toll road sector in China."
With the long established track record of China Merchant Group and the above Confident address to shareholders, I think Huajian would have rabbits lined up for CMP. Only when the rabbits surfaces in the near future, CMP's ongoing re-rating process will then be sustained.
Vested
GG
I had a thorough read of CMP's latest annual report. Since this is a Sizable Core position of mine, I may be quite biased in my views.
This Luo Hui Lai's 2nd annual report. His first was 2013 immediately after he became Executive Chairman and CEO in Mar 2014 following a organisational restructuring that streamlined and optimised human resources between parent company Huajian and CMP in order to focus on the growth of CMP.
Under his leadership for substantial part of 2014, CMP finally sold non core NZ property business to related sister company and completed purchase of Jiurui though its a revived deal on improved terms.
CMP also declared a maiden bonus issue to enlarge share cap to reward shareholders for their loyalty and continuing support for the Company
as well as to reflect the growth and expansion of the Group’s business.
In addition, he also had the luxury of reflecting on 10 years of track record of sustainable values and strong shareholders returns through successful execution of strategies.
The tone of the annual report also appeared to be more affirmative and confident as noted by the highlights in the opening addresses to shareholders:
"In the past few reports, we have reaffirmed our clear and consistent growth strategy which is to create new growth through identification of and participation in quality toll road investments in China through acquisitions, strategic alliances and joint ventures. The Company has achieved significant success in delivering our growth strategy and made good progress towards achieving our vision of
becoming a leading player in the toll road industry in China.
As we enter 2015, the Group is in a stronger position to add real and sustainable value from our growing portfolio of toll road assets. We remain committed to our strategy of acquiring quality toll road assets and extending our presence in the toll road sector in China."
With the long established track record of China Merchant Group and the above Confident address to shareholders, I think Huajian would have rabbits lined up for CMP. Only when the rabbits surfaces in the near future, CMP's ongoing re-rating process will then be sustained.
Vested
GG