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Hi jaco,
Thanks for giving more insights from your AGM attendance. It is something that one wouldn't be able to effectively gather from a pure online perspective and so VBs really value such sharing.
- It does seem that consumer facing "brands" always seem to be overvalued from a "value investor" perspective whether is it FarmFresh or 99speed mart, isn't it?
When I looked at 99speed mart during its IPO, it was priced at 1x of ShengSiong's valuations (and SSG ain't "cheap" to start with) but it has much poorer margins and operating metrics (key been inventory turnover). But alas, animal spirits does work. There is (almost) no animal spirits in the Spore market but another way to see it is, Spore domestic market is too small to support such brands to build enough scale for a listing on the local bourse. I would imagine at many folks who invested in the local market, are dying for more "animal spirits" than "cheaper valuations". 
- If I remember correctly, the integrated farm is a jointed venture with one of the royalties. How do you think of this "joint venture" with the yellow robes? I believe the sort of setbacks you mentioned, are definitely temporary since "yellow hilangs" are guiding from above.
- As for selling older/less productive dairy cows for meat, I do not think they will be recognized as revenue. These dairy cows will be classified as PPE on the balance sheet and depreciated over their expected useful lives. So when such PPE is sold, it will be classified as other income/loss depending on the difference between the sale price and residual useful value. So any sort of "gains" is also dependent on their depreciation policy for their cows. Finally, one can't expect to find the meat on JayaGrocer/VillageGrocer's steak shelves. ChatGPT says old dairy cows are called "culled cows" and generally sold as ground meat to be made into patties/animal feed etc. My guess is that such PPE disposal will probably cover the costs of PPE losses (dairy cows dying earlier ahead of time due to sickness etc)
Thanks for giving more insights from your AGM attendance. It is something that one wouldn't be able to effectively gather from a pure online perspective and so VBs really value such sharing.
- It does seem that consumer facing "brands" always seem to be overvalued from a "value investor" perspective whether is it FarmFresh or 99speed mart, isn't it?
When I looked at 99speed mart during its IPO, it was priced at 1x of ShengSiong's valuations (and SSG ain't "cheap" to start with) but it has much poorer margins and operating metrics (key been inventory turnover). But alas, animal spirits does work. There is (almost) no animal spirits in the Spore market but another way to see it is, Spore domestic market is too small to support such brands to build enough scale for a listing on the local bourse. I would imagine at many folks who invested in the local market, are dying for more "animal spirits" than "cheaper valuations". - If I remember correctly, the integrated farm is a jointed venture with one of the royalties. How do you think of this "joint venture" with the yellow robes? I believe the sort of setbacks you mentioned, are definitely temporary since "yellow hilangs" are guiding from above.
- As for selling older/less productive dairy cows for meat, I do not think they will be recognized as revenue. These dairy cows will be classified as PPE on the balance sheet and depreciated over their expected useful lives. So when such PPE is sold, it will be classified as other income/loss depending on the difference between the sale price and residual useful value. So any sort of "gains" is also dependent on their depreciation policy for their cows. Finally, one can't expect to find the meat on JayaGrocer/VillageGrocer's steak shelves. ChatGPT says old dairy cows are called "culled cows" and generally sold as ground meat to be made into patties/animal feed etc. My guess is that such PPE disposal will probably cover the costs of PPE losses (dairy cows dying earlier ahead of time due to sickness etc)