Posts

Posted on

King Wan @ $0.32

Buy @ $0.32

1H Results were out on 10-Nov, A summary,

  • Interim Div = 0.7ct, increase from 0.5ct last year
  • NAV = 34.16ct vs last Q 31.83ct (increase as expected due to KTIS but aro 0.3ct lower than my estimate)
  • EPS = 0.21ct, lower than my expected 0.5xct fm Operations and much lower than my estimates which'd included the KTIS increase in fair value ($12.4mil, or 2ct+/share), which they stated in the Comprehensive Income and is not used for EPS computations
  • They sold some KTIS shares for a gain = $126,750. My estimate is they sold aro 1.6mil shares (they have 116m+)

So, bad news is no Special Div (despite huge profits from KTIS and their having paid themselves good bonuses in Q1). Further, core biz EPS is much lower…

Good news is KTIS value is driving the increase in NAV and potential profits when sold. KTIS is currently aro 12THB vs 10THB IPO pice.

Posted on

FCOT @ $1.41

Buy @ $1.41

During 5pm matching, a large enough sell block appeared @ $1.40. Since I'd cleared my highest priced ones ($1.425) just yesterday, can treat that as a "short" and this buy as a "cover", should I get stuck with it… Will try to sell to the "collector" who'd been aound since before it went xd.. ðŸ˜€

Posted on

Singtel @ $3.83

Sell @ $3.83

Cleared my profitable ones, left the $3.90 ones. 1H results will be out on 13-Nov (AM), Div = 6.8ct for past 4 years and good chance will be maintained. But, EPS will most likely be dragged down by the strong S$ as more than half of their biz are overseas. Will likely be most affected by Optus as A$ was -5% for the Q. Just playing safe… 😀

Posted on

SembMarine @ $3.57

Buy @ $3.57

Q3 results were out last evening after mkt closed. Looks good to me, with Revenue & Profit higher. However, according to an analysts' report I read, the increase is due to an Accounting change ie. they get to recognise Revenue & Profit earlier for repeat customers… It'd appear that the results is below the analysts' consensual average…. that may explain the sell down… 😀

Posted on

F&N @ $2.96

Buy @ $2.97, $2.95

The drop started yesterday, after they announced the results of Myanmar Brewery arbitration. Will have to sell to Myanmar partner but prices will be based on a better valuation (> US$246m or ~S$313m => 21.7ct/share). Myanmar was driving the bulk of the growth for F&N due to the rapidly growing market in Myanmar and their dominant position. It'd be hard to replace… perhaps, a JV with ThaiBev for Chang Beer? Will take a long time…. but not impossible… 😀

There'll still be growth from other Beverages (soft drinks) as they're no longer constrained by Coca Cola (after giving up the franchise), Dairy Products and perhaps acquisitions… The much anticipated leverage on ThaiBev doesn't appeared to have taken off … altho' ThaiBev just did another announcement… their 2020 plans…