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11. Dividend for 1H result announced today
(a) Current Financial Period Reported On
Any dividend recommended for the current financial period reported on? Yes
Name of Dividend Interim Ordinary
Dividend Type Cash; Tax exempt (1-tier) dividend
Dividend Amount Per Share S$0.01 per ordinary share
Tax Rate Exempt (1-tier)
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Very good news for Hanwell
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Hanwell was psc; it has been renamed. Hanwell is the largest shareholder of tat Seng.
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What is the fair value of Tat Seng's entire business?
Considering Tat Seng Group now owns and operates a total of 6 factories (5 in PRC; 1 in Singapore) manufacturing corrugated paper packaging products with a total annual revenue base running in excess of $220.0m, is a fair value of $100.0m - translating to $0.636/share based on the latest 157.2m outstanding issued shares - too far fetched?
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Free cash flow for the last few years were poor, partially due to the setting up of the 67% owned Tianjin Dansun in January 2012. Tianjin Dansun commenced operation in the first quarter of 2013.
Will the free cash flow improve now that investment in Dansun has been completed or almost completed? From the following statement in 1H14 result, Tianjin Dansun appears to be still in the process of building its customer base.
"The higher revenue was mainly attributed to the overall growth for China operations especially from
Nantong Tat Seng Packaging Co. Ltd ("Nantong Tat Seng"), Nantong Hengcheng Paper Industry Co. Ltd ("Nantong Hengcheng") and Hefei Dansun Packaging Co. Ltd ("Hefei Dansun").