08-05-2014, 06:58 PM
Q1 result just out…..
http://infopub.sgx.com/FileOpen/BTG-1Q14...eID=296109
Aren't the reported PBT of $3.68m (+1.4% YoY) and NP of $1.8m (+11.6% YoY) ridiculously low when compared against the Rev of $140.4m (+16.7% YoY)? When annualised, the imputed full-year NP of $7.2m would translate to a projected EPS of $0.0255 for this FY14. Against today's closing share price of $1.48 - which gives a market cap of $416.4m - I think Mr Market is very bold to peg BreadTalkat at 4.38x of latest (as at 31Mar14) NAV at $0.338/share, and a PER of 58.0x on current-year earnings!!
Someone should ask George Quek point-blank: Why are you growing your company's business base so quickly and taking on so much debts - $180.5m gross and $119.8m net as at 31Mar14, before counting another $87.6m owed to suppliers and others under Trade & Other Payables, and another $58.1m owed under Other Liabilities (Current) - when the expected normal earnings from the business have gone to the landlords and god knows who else?
As business growth for growth sake only does not create real long-term shareholders' value, I believe a massive business revamp to cut unprofitable outlets and markets and even business units should be in order!
http://infopub.sgx.com/FileOpen/BTG-1Q14...eID=296109
Aren't the reported PBT of $3.68m (+1.4% YoY) and NP of $1.8m (+11.6% YoY) ridiculously low when compared against the Rev of $140.4m (+16.7% YoY)? When annualised, the imputed full-year NP of $7.2m would translate to a projected EPS of $0.0255 for this FY14. Against today's closing share price of $1.48 - which gives a market cap of $416.4m - I think Mr Market is very bold to peg BreadTalkat at 4.38x of latest (as at 31Mar14) NAV at $0.338/share, and a PER of 58.0x on current-year earnings!!
Someone should ask George Quek point-blank: Why are you growing your company's business base so quickly and taking on so much debts - $180.5m gross and $119.8m net as at 31Mar14, before counting another $87.6m owed to suppliers and others under Trade & Other Payables, and another $58.1m owed under Other Liabilities (Current) - when the expected normal earnings from the business have gone to the landlords and god knows who else?
As business growth for growth sake only does not create real long-term shareholders' value, I believe a massive business revamp to cut unprofitable outlets and markets and even business units should be in order!