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Four points on Kingsmen Creatives, in which I am vested .....
A. Commendations to Musicwhiz for his 5-parter on the Company - the (most recent) 5th part makes for a good and insightfull read. I found the piece on the privatization potential particularly interesting - this could indeed be an additional upside, which I had previously underestimated. And today's Kingsmen leadership is clearly diligent, driven and focused on the value-adding parameters.
B. Kingsmen's 16% revenue reductions in 1H2011 (vs. 1H2010) were anticipated and openly alluded to a-priori by Kingsmen's leadership, citing a reduced level of activity for its Exhibitions division. And on the plus side Kingsmen has demonstrated a pleasing determination to keep costs down - e.g. the salaries component was less than in the same half last year. And it is also pleasing that in the three other divisions (i.e. other than "Exhbitions"), revenues were enhanced half-year-on-half-year.
C. The solidity of Kingsmen's dividend flow remains - the 1.5 cent interrim dividend announced last Thursday being a further proof point. Even without last year's special dividend, Kingsmen yields ~ 6.5% p.a. based on yesterday's closing share price of S$ 0.54. This coupled with clear and non-fanciful growth paths and strong management makes Kingsmen an appealing stock.
D. I must admit to being a tad perplexed by some of Kingsmen's share price moves last Thursday and Friday........
i) I was worried when someone dropped stock at S$ 0.50 (yes .... fifty cents only!) Thursday morning (regrettably I wasn't the one to pick these lots up!!). Worried??...... because it was the morning before the first half financials and interrim dividend announcements. In retrospect probably nothing more than a panic sale, which can happen in volatile markets.
ii) In a ~2% rising SGX market, Kingsmen closed down a tad yesterday and took time to get going in the morning and early afternoon - Mr. Market did not seem overjoyed by the 1H2011 results and interrim dividend announcements. I am puzzled. Why? Because nothing in the first half financials was surprising, the dividend level was re-affirmed and the CEO outlined positive developments for the second half and beyond. What did I miss?
Just my two-penneth. Thanks again Musicwhiz.
A. Commendations to Musicwhiz for his 5-parter on the Company - the (most recent) 5th part makes for a good and insightfull read. I found the piece on the privatization potential particularly interesting - this could indeed be an additional upside, which I had previously underestimated. And today's Kingsmen leadership is clearly diligent, driven and focused on the value-adding parameters.
B. Kingsmen's 16% revenue reductions in 1H2011 (vs. 1H2010) were anticipated and openly alluded to a-priori by Kingsmen's leadership, citing a reduced level of activity for its Exhibitions division. And on the plus side Kingsmen has demonstrated a pleasing determination to keep costs down - e.g. the salaries component was less than in the same half last year. And it is also pleasing that in the three other divisions (i.e. other than "Exhbitions"), revenues were enhanced half-year-on-half-year.
C. The solidity of Kingsmen's dividend flow remains - the 1.5 cent interrim dividend announced last Thursday being a further proof point. Even without last year's special dividend, Kingsmen yields ~ 6.5% p.a. based on yesterday's closing share price of S$ 0.54. This coupled with clear and non-fanciful growth paths and strong management makes Kingsmen an appealing stock.
D. I must admit to being a tad perplexed by some of Kingsmen's share price moves last Thursday and Friday........
i) I was worried when someone dropped stock at S$ 0.50 (yes .... fifty cents only!) Thursday morning (regrettably I wasn't the one to pick these lots up!!). Worried??...... because it was the morning before the first half financials and interrim dividend announcements. In retrospect probably nothing more than a panic sale, which can happen in volatile markets.
ii) In a ~2% rising SGX market, Kingsmen closed down a tad yesterday and took time to get going in the morning and early afternoon - Mr. Market did not seem overjoyed by the 1H2011 results and interrim dividend announcements. I am puzzled. Why? Because nothing in the first half financials was surprising, the dividend level was re-affirmed and the CEO outlined positive developments for the second half and beyond. What did I miss?
Just my two-penneth. Thanks again Musicwhiz.
RBM, Retired Botanic MatSalleh