TTJ Holdings

(02-01-2016, 10:40 PM)smallcaps Wrote: Anyone else noticed there is/are CIMB seller(s) always blocking the sell queue at 31.5c and 32c? Probably with hundreds of lots sometimes.

Also noticed that minority CIMB nominee shares seems to have been changing from zero (AR12) to 2.5 mil (AR14) to 2 mil (AR15)

Pure coincidence?

sounds like a contradiction. If they are blocking sell queue means they are accumulating for future push up. But then how come they are selling off their stake since last year?

Yep dun see any signs of accumulation, especially now volume quite low. Seems like just for blocking purpose. Just found it interesting that it happens to be cp 17...

Maybe its not blocking, they just queue to sell at that price loh since no other seller is willing to sell lower. This might mean no upside until they are done disposing their 2million stake?

sent from my Galaxy Tab S

(03-01-2016, 09:44 AM)BlueKelah Wrote: Maybe its not blocking, they just queue to sell at that price loh since no other seller is willing to sell lower. This might mean no upside until they are done disposing their 2million stake?

sent from my Galaxy Tab S

Doubt that is the case. A real seller like that would usually sell in smaller amounts, given the low volume, and definitely not end the day with even more lots in the sell queue. Unless its waiting for share buyback or mr teo to buy, but that usually also no need to wait all the way until the end of the day.

(03-01-2016, 09:44 AM)BlueKelah Wrote: Maybe its not blocking, they just queue to sell at that price loh since no other seller is willing to sell lower. This might mean no upside until they are done disposing their 2million stake?

sent from my Galaxy Tab S

Doubt that is the case. A real seller like that would usually sell in smaller amounts, given the low volume, and definitely not end the day with even more lots in the sell queue. Unless its waiting for share buyback or mr teo to buy, but that usually also no need to wait all the way until the end of the day.

a bit off topic... but noticed TTJ got someone doing automated buys at 26 cents (see snapshot). 

Wondering which broker provides such a system to retail investors? Or is it available to only more 'sophisticated' investors (which I'm obviously not).

   

sounds like accumulators at 26cts,
buy at the lows?

The surge  is due to lower base in FY2015. The company is pretty unique on its agility to revenue up/down. When revenue down, margin remains intact, when revenue up, margin will catch up...

(feeling glad as shareholder)

TTJ Holdings 2QFY2016 earnings surge 40%

SINGAPORE (March 7): TTJ Holdings' earnings in 2Q jumped 40% y-o-y to  $5.41 million, on higher revenue and the absence of other losses.
...
http://www.theedgemarkets.com/sg/article...s-surge-40

(08-03-2016, 10:23 AM)CityFarmer Wrote: The surge  is due to lower base in FY2015. The company is pretty unique on its agility to revenue up/down. When revenue down, margin remains intact, when revenue up, margin will catch up...

(feeling glad as shareholder)

TTJ Holdings 2QFY2016 earnings surge 40%

SINGAPORE (March 7): TTJ Holdings' earnings in 2Q jumped 40% y-o-y to  $5.41 million, on higher revenue and the absence of other losses.
...
http://www.theedgemarkets.com/sg/article...s-surge-40

Hi CityFarmer

Any thoughts on the ending of the dorm lease in Jan 2017? for FY 2015, it looks like it contributed over 60% of the profit before tax of continuing operations based on the annual report.

(09-03-2016, 12:45 PM)chew Wrote: Hi CityFarmer

Any thoughts on the ending of the dorm lease in Jan 2017? for FY 2015, it looks like it contributed over 60% of the profit before tax of continuing operations based on the annual report.

Hi chew,

I have started to value TTJ, by SOTP method after the last AGM. The dorm segment is valued by remaining cash flow. Well, I might be wrong.

I have done the review based on the last report. Let me share a view.

The 4-years "recurring" EBITDA of steel biz, is about $12 million. The current market cap is about $101 million with 29 cents per share, with zero debt, and cash reserve of $60 million (after the recent distribution of 8 cents per share as dividend). Based on a back-of-envelop calculation, the current EV/EBITDA, with ONLY the steel biz, is 3-4. It is a very low valuation given by Mr. Market. The ratio is even lower, after factoring the future cash flow of the dorm biz in the next 1-2 year.

I reckon, it is either Mr. Market wrongly valuing the company, or there are more than just the winding-down of dorm biz, that worrying the investors. Few possibilities, are, IMO
- the stagnant steel biz in Singapore, with no visibility of growth overseas
- the likelihood of value-trap with the cash hoarded.

Both aren't my worries. I have taken the company as cash cow, and the cow has been milking with good cash return, both in good and bad times. Value-trap? I am OK, as long as the management is trust-able, and the cash is growing over time.

What is your view?

(vested)