01-05-2015, 10:01 PM
http://infopub.sgx.com/Apps?A=COW_CorpAn...FINAL_.pdf
Thanks to a buddy's lead, I have revisited this "submarine".
The main driver appears to be the collateralised property financing business. The property financing business has growth substantially since beginning 2014. From a loan book of RMB 150m (31/12/13) to RMB 801m (31/12/14) and further expanded to RMB1101m as of 31/3/15). LV ratio appears conservative with highly attractive interest rate of 17.5 - 20%.
Of course, there are the mainland developments.
Since beginning of the year, First Sponsor has added 2 properties in Holland taking advantage of low financing costs and long lease. Both addition adds to bottomline immediately:
i) http://infopub.sgx.com/Apps?A=COW_CorpAn...0Final.pdf
ii) http://infopub.sgx.com/Apps?A=COW_CorpAn...Final_.pdf
Leveraging on the experiences of Tai Tak Group (Banker background - Ho Sim Guan linked family owns a strategic stake in UOB) and HL Group (Global real estate and hospitality), there is more than meets the eye for this listing.
Unfortunately, public free float is a miserable 14.7% and guided dividend policy is equally miserable (at S$10m or $0.017/share).
Base on IPO prospectus, RNAV of First Sponsor is around $2.00.
Newly Vested
GG
Thanks to a buddy's lead, I have revisited this "submarine".
The main driver appears to be the collateralised property financing business. The property financing business has growth substantially since beginning 2014. From a loan book of RMB 150m (31/12/13) to RMB 801m (31/12/14) and further expanded to RMB1101m as of 31/3/15). LV ratio appears conservative with highly attractive interest rate of 17.5 - 20%.
Of course, there are the mainland developments.
Since beginning of the year, First Sponsor has added 2 properties in Holland taking advantage of low financing costs and long lease. Both addition adds to bottomline immediately:
i) http://infopub.sgx.com/Apps?A=COW_CorpAn...0Final.pdf
ii) http://infopub.sgx.com/Apps?A=COW_CorpAn...Final_.pdf
Leveraging on the experiences of Tai Tak Group (Banker background - Ho Sim Guan linked family owns a strategic stake in UOB) and HL Group (Global real estate and hospitality), there is more than meets the eye for this listing.
Unfortunately, public free float is a miserable 14.7% and guided dividend policy is equally miserable (at S$10m or $0.017/share).
Base on IPO prospectus, RNAV of First Sponsor is around $2.00.
Newly Vested
GG