Hafary Holdings

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#21
(28-06-2014, 03:23 PM)jim_city Wrote: Just downloaded all the Annual Reports and have not had a chance to go in depth yet. It initially looked promising to me when I looked at the revenue and profit growth of the company until I started typing out this post. Smile

Some concerns:

(a.) Although total amount of the profits have been growing quite well over the past few years, EPS has not followed suit due to placements/ stock splits, etc:
2010 - 2.05 cents
2011 - 4.23 cents
2012 - 2.5 cents
2013 - Approximately 1.63 cents (Less exceptional gain)
2014 - 1.04 cents (for half year)

(b.) If full year EPS ends up at 2 cents, then the dividends would be be betwen 0.4 cents to 0.6 cents (as what Shrivathsa mentioned). Notwithstanding that, this still represents a respectable 3% dividend yield.
(c.) Effect of property cooling measures on Hafary
(d.) Decrease in gross profit margins while increase in other expenses

However, that being said, I think I may not totally agree with Shrivathsa's analysis:
- It is probably not fair to take a snapshot between Dec 2013 and Jun 2014 to measure TenMen's performance. Who knows what the share price would be like in 5 years? Moreover, he probably has collected 3.5 cents of dividends between then and now - if so, his net gain would be 7% or so?
- >100% payout of dividends (of profits for non REITs) is not allowed. I do not see any indication of it being so.

At the end of the day, it might be worth taking a closer look to understand why UOB has such a strong call rating on this stock and to see if there is something which I missed out. My hands are itchy especially since I have not found anything to buy since Mar- April. If only I did not have to have so much work to do today. Sad

Hi Jimcity,

I took the date he mentioned i.e. 25th Dec till date, so, Tenman would have got 1 cent as dividend, not 3.5 cents.

The point I was making was that per se, the thesis has not played till now.

Now, whether it will play out in future, is something we can wait and watch.

By next month, they should announce full year results, expect results around 3rd week AUgust.

For what it is worth, i am expecting to see a 50% plus drop in Earnings per share at the very least.

My estimate is that they will earn around 2.1 - 2.8 cents a share.

Cheers
Disclaimer :-

I am not an investment professional.

I encourage you to do your own independent "due diligence" on any idea that I write about, because I could be and probably am wrong.

Nothing written here is an invitation to buy or sell any particular stock.

At most, I am handing out an educated guess as to what the markets may do.

The market will always find a new way to make a fool out of me (and maybe, even you!).

Even the best strategies of the past fail, sometimes spectacularly, when you least expect it.

I am not immune to that, so please understand that any past success of mine will probably be followed by failures
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Messages In This Thread
Hafary Holdings - by Kelvin - 23-08-2013, 08:47 PM
RE: Hafary holdings - by Stockerman - 25-08-2013, 08:04 PM
RE: Hafary holdings - by investingsgx - 09-09-2013, 08:50 PM
RE: Hafary holdings - by investingsgx - 10-09-2013, 08:13 AM
RE: Hafary holdings - by palantir - 10-09-2013, 10:40 PM
RE: Hafary holdings - by investingsgx - 11-09-2013, 08:20 AM
RE: Hafary holdings - by kye_lin - 13-09-2013, 09:27 AM
RE: Hafary Holdings - by 8ALEX8 - 15-12-2013, 08:19 PM
RE: Hafary Holdings - by TenMan - 24-12-2013, 11:41 PM
RE: Hafary Holdings - by TenMan - 24-12-2013, 11:43 PM
RE: Hafary Holdings - by Drizzt - 25-12-2013, 08:24 AM
RE: Hafary Holdings - by TenMan - 25-12-2013, 12:31 PM
RE: Hafary Holdings - by yeokiwi - 25-12-2013, 01:48 PM
RE: Hafary Holdings - by TenMan - 25-12-2013, 01:55 PM
RE: Hafary Holdings - by dtane - 26-12-2013, 08:40 AM
RE: Hafary Holdings - by TenMan - 26-12-2013, 09:11 AM
RE: Hafary Holdings - by Shrivathsa - 26-06-2014, 04:43 PM
RE: Hafary Holdings - by jim_city - 28-06-2014, 03:23 PM
RE: Hafary Holdings - by newborn1000 - 29-06-2014, 12:55 AM
RE: Hafary Holdings - by Shrivathsa - 22-07-2014, 01:40 PM
RE: Hafary Holdings - by BlueKelah - 28-06-2014, 08:22 PM
RE: Hafary Holdings - by kye_lin - 23-07-2014, 12:18 PM
RE: Hafary Holdings - by kye_lin - 24-07-2014, 04:39 PM
RE: Hafary Holdings - by CityFarmer - 24-07-2014, 04:49 PM
RE: Hafary Holdings - by Kelvin - 01-10-2014, 03:33 PM
RE: Hafary Holdings - by ValueMushroom - 04-01-2015, 03:20 PM
RE: Hafary Holdings - by Musicwhiz - 04-01-2015, 04:00 PM
RE: Hafary Holdings - by ValueMushroom - 04-01-2015, 06:38 PM
RE: Hafary Holdings - by Musicwhiz - 04-01-2015, 06:46 PM
RE: Hafary Holdings - by Wildreamz - 06-01-2015, 03:07 PM
RE: Hafary Holdings - by ValueMushroom - 04-01-2015, 07:27 PM
RE: Hafary Holdings - by Louhan - 06-01-2015, 01:57 PM
Re: Hafary Holdings - by iewnuj - 04-01-2015, 07:34 PM
RE: Hafary Holdings - by GPD - 06-01-2015, 04:10 PM
RE: Hafary Holdings - by psolhawk - 06-01-2015, 05:54 PM
RE: Hafary Holdings - by nsengkia - 06-01-2015, 06:20 PM
RE: Hafary Holdings - by ValueMushroom - 06-01-2015, 08:35 PM
RE: Hafary Holdings - by nsengkia - 07-01-2015, 05:47 PM
RE: Hafary Holdings - by ValueMushroom - 07-01-2015, 07:55 PM
RE: Hafary Holdings - by ValueMushroom - 14-01-2015, 07:38 PM
RE: Hafary Holdings - by Louhan - 14-01-2015, 11:14 PM
RE: Hafary Holdings - by ValueMushroom - 15-01-2015, 07:31 AM
RE: Hafary Holdings - by ValueMushroom - 16-01-2015, 10:19 PM
RE: Hafary Holdings - by secretinvestors - 17-01-2015, 02:02 AM
RE: Hafary Holdings - by ValueMushroom - 17-01-2015, 10:54 AM
RE: Hafary Holdings - by secretinvestors - 19-01-2015, 12:37 AM
RE: Hafary Holdings - by ValueMushroom - 19-01-2015, 06:55 PM
RE: Hafary Holdings - by secretinvestors - 19-01-2015, 08:16 PM
RE: Hafary Holdings - by Louhan - 21-01-2015, 12:19 AM
RE: Hafary Holdings - by secretinvestors - 21-01-2015, 10:03 AM
RE: Hafary Holdings - by ValueMushroom - 23-01-2015, 05:23 PM
RE: Hafary Holdings - by secretinvestors - 28-01-2015, 01:04 PM
RE: Hafary Holdings - by ValueMushroom - 28-01-2015, 06:43 PM
RE: Hafary Holdings - by Kelvin - 29-01-2015, 01:25 PM
RE: Hafary Holdings - by ValueMushroom - 24-02-2015, 09:09 AM
RE: Hafary Holdings - by tobias_i_d - 30-03-2015, 11:17 AM
RE: Hafary Holdings - by weijian - 18-03-2024, 10:42 AM

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