Hi VBs,
FYI that Viz Branz has lodged a preliminary prospectus with MAS.
https://eservices.mas.gov.sg/opera/Publi...632868695b
Yet to perform my due diligence, but a 30mins quick glance on purely quantitative side shows that Viz Branz is indeed a different beast.
Was net cash ~60m (Q4 2013), is net debt ~190m (Q4 2016). There is a suddenly spike in debt in 2016.
Profit in 2016 was dragged down by interest and foreign currency losses.
Seems like there is better inventory management, but...
Current trade receivables increased significantly from ~$16m to $28m (2014 to 2016), by a whooping 1.75x.
Non-current trade receivables increased from $0m to $15m (2014 to 2016).
Wonder what happened to Viz Branz during the past 3 years.
Main purpose of IPO is to clear ~$100m of debt, due to the privatization, and ~$18m to expand in Myanmar JV.
Ben Chng seems to be the sole shareholder of the company.
Any previously vested VBs, with deep understanding of the company, care to shed any insights regarding the new "Viz Branz"?
Are there any fundamental changes?