TTJ Holdings

Any buddies can explain the non-stop selling pressure on TTJ prior to result announcement (possibly this two days)?

(11-03-2015, 10:06 AM)valuebuddies Wrote: Any buddies can explain the non-stop selling pressure on TTJ prior to result announcement (possibly this two days)?

"non-stop selling" in the last two days?

Today is two transaction totally 50 lots
Yesterday is nil.

I reckon it is not even as normal trading days.

(vested)

Well I mean non-stop selling since end of last year, while results is expected possibly this two days.

Today's 32c is the lowest since May 2014.

(11-03-2015, 10:32 AM)valuebuddies Wrote: Well I mean non-stop selling since end of last year, while results is expected possibly this two days.

Today's 32c is the lowest since May 2014.

Yes, the price is normalizing after the recent high of 38 cents. It might due to local property market sentiment.

TTJ does a lot in property market? I thought they do more in infrastructure projects if I not wrong.

It has been a while since their last contract announcement, so market may be expressing concern about dwindling order book.

(11-03-2015, 10:32 AM)valuebuddies Wrote: Well I mean non-stop selling since end of last year, while results is expected possibly this two days.

Today's 32c is the lowest since May 2014.

tried to buy in but cannot get!! ##!@#!@#!!

2Q/1H results just out…
http://infopub.sgx.com/FileOpen/TTJ%202Q...eID=338342 [result announcement]
http://infopub.sgx.com/FileOpen/TTJ%202Q...eID=338343 [press release]
http://infopub.sgx.com/FileOpen/TTJ%202Q...eID=338344 [presentation slides]

While Group revenue and PBT are down, Margins - GPM, PBTM and NPM - are up across the board. This signifies management's emphasis on prudence, profit margins and cost control, under the prevailing market conditions of increased competition (including from foreign players), labour shortage and rising labour cost. Likely it can be partly due to some delay in the projects secured, and lack of good luck in bidding for new projects. But unconventional wisdom could also point to better margin new projects may well be coming to TTJ's way, as archival Yongnam and others may well have fully committed their current capacity to their recent big project wins announced and thus have little room to do more work.

After also taking a look at Yongnam's recently announced FY14 (ended 31Dec14) full-year results including a large pretax loss of $19.0m and a weak B/S…
http://infopub.sgx.com/FileOpen/YHL-Unau...eID=336946
, clearly I rather be a TTJ shareholder without any doubt.

Short term wise, it does not look good for TTJ's structural steel business because it has a dwindling orderbook due to the lack of large scale projects. However, in the medium term, TTJ may be a good bet for the structural business because we will see some major projects being announced and hopefully TTJ wins some orders as a subcontractor

At 33 cents,

Market cap = 115 mil
Net cash = 65 mil
Market cap less net cash = 50 mil

If operating cash flow around 25 mil, in two years cash level already hit market cap...

Maybe the seller from Kim Eng just needs to cash out for his personal reasons.