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21-05-2022, 08:36 AM
1H (ended 31Jan22) results announcement..
http://www.ttj.com.sg/newsroom/yr2022/TT...cement.pdf
NAV stood at $128.6m - equivalent to a NAV/share of $0.368 (based on the 349.5m outstanding shares), inclusive a net cash/share of $0.088 - and this is after taking (mainly for accounting prudence) a total of $10.7m for impairment loss in FY20 ($7.6m) and FY21 ($3.1m) on PPE related to the new wood pellet/waste management business, which did not proceed with earlier expansion plans during Covid and due to low oil/energy prices prevailing then. NAV/share and net cash/share would be higher if we add a $1.7m gain and $13.4m proceeds from the recently completed disposal of a factory in Johor. This is before 2H profits form the proven structural business, and any profits from new orders secured and included in the latest $187m order book announced on 11Mar22.
So at $0.23/share to privatise TTJ appears a very low-ball offer indeed, and quite impossible to do the trick.
http://www.ttj.com.sg/newsroom/yr2022/TT...cement.pdf
NAV stood at $128.6m - equivalent to a NAV/share of $0.368 (based on the 349.5m outstanding shares), inclusive a net cash/share of $0.088 - and this is after taking (mainly for accounting prudence) a total of $10.7m for impairment loss in FY20 ($7.6m) and FY21 ($3.1m) on PPE related to the new wood pellet/waste management business, which did not proceed with earlier expansion plans during Covid and due to low oil/energy prices prevailing then. NAV/share and net cash/share would be higher if we add a $1.7m gain and $13.4m proceeds from the recently completed disposal of a factory in Johor. This is before 2H profits form the proven structural business, and any profits from new orders secured and included in the latest $187m order book announced on 11Mar22.
So at $0.23/share to privatise TTJ appears a very low-ball offer indeed, and quite impossible to do the trick.