Buy @ $0.245
Went to Q in the AM and got done…. Was sloppy as I checked (last year was on 10-Dec) but didn't see that they'd reported their 1H results last night….
A loss of 0.01ct / share on their seasonally weakest Q…. No Interim Div, same as last year… Losses are due to higher Expenses in Selling + Advertising (more Book Fairs) + Admin Expenses (higher manpower for promos..). I believe hidden in the numbers must be the costs involved in closing down Prologue @ Ion. Other negatives are Properties (no units sold for 8Raja)… NAV = 26.68ct (dropped from 27.83ct, mainly due to 1ct Div paid).
IMO, the only support now will have to come from Shares Buy-Back (or Mr Chou) and the NAV will provide a good gauge on the price ceiling… (Last Buy Back was on 7-Aug @ $0.28 high). To be conservative, perhaps a max of 26.5ct is possible. Longer term, next Q (Jan-14) is seasonally the strongest Q (altho' they could be start-up costs for Borders @ WestGate and new Popular store @ Bedok Mall. Still, my projection is any price recovery (if no Shares Buy-Back) will likely occur closer to Mar-14 (when they report Q3 results).
My target is to sell on any spikes (esp. Shares Buy Back) and buy on any dips (monitor Black Out period closely)… 😀