BBR Holdings

(27-04-2016, 06:09 PM)TTTI Wrote:

(27-04-2016, 12:30 PM)jeremyow Wrote: Preferably the new businesses they acquire should have synergy to their existing core business and improve the overall group's business. Also, the new businesses must be revenue, earnings and cashflows accretive to the core business. If not, why the sense to diversify? That will be diworsification instead, taking on more distractions from their core business and drags down the group's overall revenue, earnings and cashflows.

The acquisition news came out after AGM so Prob nobody asked, but BBR has a stake in Angels Medical for some years now, and it's totally unrelated

If someone would to take a deeper drill in, he'd notice that all along BBR has been investing in small ventures. They even still have stake in Korea's expressway (fully written off).

They sold a profitable associate (over 100% return) last year and that kept BBR from falling in red.

I'd not lose my sleep over Angels Medical as it's just very small.
I'd be more interested in how they justify investing in solar panel & ppvc and not using the capital to buy back the company's share.

Comparing the potential return, i very much doubt solar panel biz will get more than 10% return, Whereas buying back the company at such low PB is too me, significantly more attractive.

The Capital Allocator should be the one responsible for such task.
If he fails, sooner or later (or so i hope the efficient market should) be replaced.

The mechanism of such in Singapore market is rather lacking. Hence i wouldn't hold my breath.

(24-04-2016, 05:14 PM)ksir Wrote: Just finished reading the 2015AR.
Few highlights:
1. Diversification (or rather diworsification) into a few new businesses: solar panel rental, ppvc & retail shopping centre.
2. While the existing Core businesses continue the poor result.
General construction continue bleeding.
Msia unit's profit was more than the group's total net profit. How ironic.

3. Currently share price at about $0.17 while Book Value at $0.43 and yet the Management continue to do nothing.
From capital allocation perspective, this reflects badly on the ability of the capital allocator (aka CEO).
4. Yet, his pay was above S$1.5M when the net profit was S$2.6M.
Ohh and don't forget the dividend is cut down to 0.4cent, which will only be about $1.2M.

My takes:
1. If the activist shareholders are well established in Sg, this should be a potential co to "improve" on.
2. With majority shareholders owning less than 35%, the task will not be too tough.
3. Take a big enough stakes, divest unprofitable businesses, buy back shares.

I am a small fish hence the rhetoric and not bold action.

Of course this is just my personal view and should be taken as a pinch of salt.

<vested, non core>

I agree completely with your assessment - it has managed to get a decent market share, but it is very poor in delivering projects with good profits; it has failed time and again to extract value for itself and its shareholders. I have held on to its shares for 2 years and seen both its business and market price going down-down-down - very disappointing because the company's got SO MUCH POTENTIAL! I have bailed out at a loss; best wishes to those with the patience to wait for a turnaround; it'll probably come with a change of management, but I have no idea how long that is going to be.

(27-04-2016, 11:40 PM)sykn Wrote:

(24-04-2016, 05:14 PM)ksir Wrote: Just finished reading the 2015AR.
Few highlights:
1. Diversification (or rather diworsification) into a few new businesses: solar panel rental, ppvc & retail shopping centre.
2. While the existing Core businesses continue the poor result.
General construction continue bleeding.
Msia unit's profit was more than the group's total net profit. How ironic.

3. Currently share price at about $0.17 while Book Value at $0.43 and yet the Management continue to do nothing.
From capital allocation perspective, this reflects badly on the ability of the capital allocator (aka CEO).
4. Yet, his pay was above S$1.5M when the net profit was S$2.6M.
Ohh and don't forget the dividend is cut down to 0.4cent, which will only be about $1.2M.

My takes:
1. If the activist shareholders are well established in Sg, this should be a potential co to "improve" on.
2. With majority shareholders owning less than 35%, the task will not be too tough.
3. Take a big enough stakes, divest unprofitable businesses, buy back shares.

I am a small fish hence the rhetoric and not bold action.

Of course this is just my personal view and should be taken as a pinch of salt.

<vested, non core>

I agree completely with your assessment - it has managed to get a decent market share, but it is very poor in delivering projects with good profits; it has failed time and again to extract value for itself and its shareholders. I have held on to its shares for 2 years and seen both its business and market price going down-down-down - very disappointing because the company's got SO MUCH POTENTIAL! I have bailed out at a loss; best wishes to those with the patience to wait for a turnaround; it'll probably come with a change of management, but I have no idea how long that is going to be

Well someone disagrees because for the past week, someone has been engaging in a bidding war with me to buy
I'm the buyer of the 100lots yesterday and it's been hard to buy at my price 
I know it's a single individual or entity because the orders are placed in bulk, and each time i queue to buy, someone places an order just $0.001 higher

I largely agree with the above analysis. The management is rather weak, and has a record of writing down every now and then
Still, there are reasons for me to invest based on valuations
And likely a substantial bit too

(24-04-2016, 05:14 PM)ksir Wrote: 1. If the activist shareholders are well established in Sg, this should be a potential co to "improve" on.
2. With majority shareholders owning less than 35%, the task will not be too tough.
3. Take a big enough stakes, divest unprofitable businesses, buy back shares.

I am a small fish hence the rhetoric and not bold action.

Of course this is just my personal view and should be taken as a pinch of salt.

<vested, non core>

Interesting new substantial shareholder emerges:
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Apparently he is the founder of Pintaras, Bursa listed co which i believe is BBR Malaysia competitor.
http://www.pintaras.com.my/board-of-directors

Based on Pintaras' 2015 Annual Report, they have RM 176M cash and zero borrowing.

Let's see how it goes!

<vested>

(29-06-2016, 09:21 PM)ksir Wrote:

(24-04-2016, 05:14 PM)ksir Wrote: 1. If the activist shareholders are well established in Sg, this should be a potential co to "improve" on.
2. With majority shareholders owning less than 35%, the task will not be too tough.
3. Take a big enough stakes, divest unprofitable businesses, buy back shares.

I am a small fish hence the rhetoric and not bold action.

Of course this is just my personal view and should be taken as a pinch of salt.

<vested, non core>

Interesting new substantial shareholder emerges:
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Apparently he is the founder of Pintaras, Bursa listed co which i believe is BBR Malaysia competitor.
http://www.pintaras.com.my/board-of-directors

Based on Pintaras' 2015 Annual Report, they have RM 176M cash and zero borrowing.

Let's see how it goes!

<vested>

Wow.
He's also not in the previous top 20 SH list in the last AR.
Unless his stake is parked in nominee accounts previously, this means he suddenly accumulated >5% in the past year.
His current 1mil plus stake was just accumulated yesterday, he alone accounted for the entire day's volume

Just a point to note, not necessarily competitor.
Many of these builders work with each other. They may individually be the main con of various projects, but engage each other as sub con.
So in this industry, you do need friends.

Looking at their dvd payout history,doubt is a good buy

yesterday's results is terrible, i was expecting bbr to fall this morning so that i can initiate a position. Looks like the market is aware of the jumbo profits from the Lake Life EC and the consistent stream of profits from its solar panels, i guess i will just have to pass on this company... haiz... time to do a more detailed study of BSL

Lake life EC achieved TOP on 30 dec 2016, is it in time for BBR to book the jumbo gain in Q4?

Maybe, but i bet they are gg to deploy that capital to other property development (with the new subsidiary announced this week). So for those hoping for good dividends, don't hold your breath.
Probably the best case for retail investors is for some big guns to come and rock the boat!

(29-06-2016, 09:21 PM)ksir Wrote:

(24-04-2016, 05:14 PM)ksir Wrote: 1. If the activist shareholders are well established in Sg, this should be a potential co to "improve" on.
2. With majority shareholders owning less than 35%, the task will not be too tough.
3. Take a big enough stakes, divest unprofitable businesses, buy back shares.

I am a small fish hence the rhetoric and not bold action.

Of course this is just my personal view and should be taken as a pinch of salt.

<vested, non core>

Interesting new substantial shareholder emerges:
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com

Apparently he is the founder of Pintaras, Bursa listed co which i believe is BBR Malaysia competitor.
http://www.pintaras.com.my/board-of-directors

Based on Pintaras' 2015 Annual Report, they have RM 176M cash and zero borrowing.

Let's see how it goes!

<vested>

http://infopub.sgx.com/FileOpen/_BBR%20-...eID=439498

Dr Chiu crosses 6% with purchase of 399,800 shares @ $0.19115, yesterday.
Now he more shares than CEO already.