OSIM International

Mr. Market is responding to the speculation? I am willing to buy OSIM to swap for the TWG shares, at a right price.

(not vested)

Osim should be taken private and TWG spun off, says Maybank Kim Eng

SINGAPORE (Jan 29): Massage chair maker Osim International ( Valuation: 1.80, Fundamental: 2.80) should be taken private, suggests Maybank Kim Eng following the company’s Q4 numbers.

This suggestion is based on the premise that Osim is now trading at less than six times enterprise value to Ebitda, versus 12 times that of its peers -- and therefore in a “takeout sweet spot”, states analyst Gregory Yap in his Jan 29 note.

He estimates that it will cost $431 million to buy out the minority shareholders and redeem the convertible bonds. This estimate is based on an assumption that the privatization is done at 8.5 times EV/Ebitda, or $1.20 per share, or 15x FY16 P/E, its 10-year historical mean.

Ron Sim, the company’s founder, now owns 68.6%. He should be able to hustle up the financing by pointing to the company’s $400 million in cash, and cash flow from the massage chair business.

In addition to this recommended privatisation, Osim might want to spin off its tea business TWG. Maybank Kim Eng believes that minority shareholders can be convinced to bite by accepting shares in TWG instead of all cash.
...
http://www.theedgemarkets.com/sg/article...nk-kim-eng

(29-01-2016, 03:45 PM)CityFarmer Wrote: Mr. Market is responding to the speculation? I am willing to buy OSIM to swap for the TWG shares, at a right price.

(not vested)

Osim should be taken private and TWG spun off, says Maybank Kim Eng

SINGAPORE (Jan 29): Massage chair maker Osim International ( Valuation: 1.80, Fundamental: 2.80) should be taken private, suggests Maybank Kim Eng following the company’s Q4 numbers.

That imo would be most unwise.

I attended a sgx about 2 years ago which osim Cfo did the presentation. When quizzed about the growth potential of TWG, he was rather conservative about it and said that the main focus is still on the osim business.

Fast forward till today and there's a new idea from sources saying TWG is extremely valuable.. I doubt this would be the actual case.

The Q4 results on paper suggest that consumer spending remains strong and investors should be expecting slow decline in profits. What is important is for osim to rationalize its stores and manage costs. The lack of inter segmental numbers in its financials make it both hard for competitors to reverse engineer, but also hard for investors to make sense of the profitability of the individual businesses.

I read Kim Eng reports with much doubt as I remember them throwing out a crazy valuation of $4+ previously when they were reporting nice profits.

(Vested)



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(30-01-2016, 12:47 AM)thor666 Wrote: That imo would be most unwise.

I attended a sgx about 2 years ago which osim Cfo did the presentation. When quizzed about the growth potential of TWG, he was rather conservative about it and said that the main focus is still on the osim business.

Fast forward till today and there's a new idea from sources saying TWG is extremely valuable.. I doubt this would be the actual case.

The Q4 results on paper suggest that consumer spending remains strong and investors should be expecting slow decline in profits. What is important is for osim to rationalize its stores and manage costs. The lack of inter segmental numbers in its financials make it both hard for competitors to reverse engineer, but also hard for investors to make sense of the profitability of the individual businesses.

I read Kim Eng reports with much doubt as I remember them throwing out a crazy valuation of $4+ previously when they were reporting nice profits.

(Vested)

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Thank for the sharing. I reckon, TWG, is worth more, to operate alone, than to park under OSIM, with a totally different biz.

(not vested)

Halted for the whole day....GO coming?

(02-03-2016, 05:12 PM)desmondxyz Wrote: Halted for the whole day....GO coming?

Worse, maybe go buying lousy business the write off again?! hahah

(02-03-2016, 05:33 PM)opmi Wrote:

(02-03-2016, 05:12 PM)desmondxyz Wrote: Halted for the whole day....GO coming?

Worse, maybe go buying lousy business the write off again?! hahah

Unlikely when price jump prior to halt.
GO will be quite disappointing.

(Still vested)

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Good Morning Everyone.

Boss Ron Sim making a GO - $1.32 in cash.
https://sg.uobkayhian.com/page/SLQG_News...D=26022644
http://infopub.sgx.com/FileOpen/Voluntar...eID=392899

<Not Vested>

https://www.fool.sg/2016/03/07/should-in...ional-ltd/

http://singaporestockmarketnews.com/2016...ugh-times/

2 links regarding GO. I'm inclined with fool.sg viewpoint.

(vested)

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(07-03-2016, 06:46 PM)thor666 Wrote: https://www.fool.sg/2016/03/07/should-in...ional-ltd/

http://singaporestockmarketnews.com/2016...ugh-times/

2 links regarding GO. I'm inclined with fool.sg viewpoint.

(vested)

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I am also vested. But considering whether to accept or hold it out for a better offer 

wow just months after getting fresh fund injection from the market and a big share price drop , and now boss delist at cheap price, how convenient!

the other reason would be to create some smoke so that share price will be stabilized and accounts not scrutinised as much as profit tumbles. All those unsold chairs which were supposed to fill those empty blocks of units in china must be starting to break down...


Well at least one less bad company on the SGX.