Auric Pacific Group

The steady accumulation by unknown parties since my last post has brought Auric Pacific to reach close to its 1-year high of $1.235 this afternoon. Something positive coming?

3Q result out last evening and shows further improvement in profitability of the 4 underlying businesses and reporting divisions - Wholesale & Distribution (Auric Pacific Marketing), Manufacturing (Sunshine Bakeries, SCS Butter, Buttercup butter blend), Edmontor Group (Delifrance cafes in Singapore & Hong Kong), and Food Junction Group (food courts and restaurants).....
http://infopub.sgx.com/FileOpen/SGXNet%2...eID=428278
Notably, Edmonton Group has finally turned around from losses, by posting an operating profit of $1.1m. With measured capex, Auric has continued to pile up cash which has hit another high of $81.7m, with net cash reserve also hit another high of $81.3m. 30Sep16 NAV/share has increased to $1.34.

Based on Auric's latest 125.67m issued shares and the last done share price of $1.16, market cap now stands at $145.8m.

It is interesting to make a comparison with BreadTalk Group's 3Q result, which is supported by a larger geographical business footprint, and $192.4m in gross debts and $79.9m in net debts.....
http://infopub.sgx.com/FileOpen/BTG_3Q20...eID=427435
BreadTalk's 30Sep16 NAV/share stood at $0.52. Based on BreadTalk's latest 280.81m issued shares and last done share price of $1.00, market cap now stands at $280.8m.

Following the release of the 3Q result, today (10Nov16) Mr Market resumed re-rating Auric upwards. The buying was quite aggressive - the counter advanced a solid $0.125 (10.6%!) to close at a new 2-year high of $1.305, supported by a rather high transacted volume of 483.8k shares. Market cap now stands at $164.0m.

Mr Market continues to re-rate upwards, and the counter has hit another high of $1.36 this morning. Market cap now stands at $170.9m.

Auric's successful - and perhaps also the most valuable - Sunshine Bakeries unit has been actively launching new products as well as updating existing products lately. Their efforts and events can be monitored easily from their Facebook page.....
https://www.facebook.com/SunshineBakeries

Following the release of the 3Q result in the evening of 8Nov16 (Tue), in the very next day (9Nov16, Wed) CEO Dr Andy Adhiwana mopped up another 688,700 shares at an average price of $1.1686 (transacted price range on 9Nov16 : $1.15 to $1.18).....
http://infopub.sgx.com/FileOpen/_eFORM1V...eID=429542

After this purchase, Dr Andy now holds a 27.44% stake in Auric held under his private investment holding company Goldstream Capital Limited.

Auric has crossed the $1.40 mark on 23Jan17 and hit another high of $1.43 this morning. Based on the last done price of $1.425 and the 125.667m outstanding issued shares, market cap now stands at $179.0m.

FY16 full-year (ended 31Dec16) result due end-Feb. Based on the positive first 3 quarters' numbers.....
http://infopub.sgx.com/FileOpen/SGXNet%2...eID=428278
, a good full-year profit can be reasonably expected. Let's hope that Auric would resume dividend payment too.

Voluntary Conditional Offer for Auric Pacific Group Limited - S$1.65 in cash for each Offer Share ("Offer Price")

RHB Securities Singapore Pte. Ltd. (“RHBSEC”) announces, for and on behalf of Silver Creek Capital Pte. Ltd. (“Offeror”), an entity jointly owned by Dr. Stephen Riady (“SR”) and Dr. Andy Adhiwana (“AA”), that the Offeror intends to make a voluntary conditional cash offer (“Offer”) for all the issued and paid-up ordinary shares (“Shares”) in the capital of Auric Pacific Group Limited (“APGL”), other than those which are owned, controlled or agreed to be acquired by the Offeror or by parties acting in concert or deemed to be acting in concert with the Offeror in relation to the Offer (“Concert Parties” and such Shares, “Offer Shares”), with a view to delist APGL from the Mainboard of Singapore Exchange Securities Trading Limited (“SGX-ST”)...

http://infopub.sgx.com/FileOpen/Offer%20...eID=438139

Another company soon to be delisted

To vested VBs, does the Offer Price undervalue this company?

(Not vested)

At least one investor(dydx) should be happy about it. Excellent call.
With 2017 presenting uncertainties, the consumer staples space is doing rather well as their business/revenue is more predictable. Those with lower valuations, improving profitability, a strong brand/franchise, good cash flow.

QAF, Auric Pac(Upstream, brand owners/producers)
Sheng Shiong, Diary farm(Down stream, retailers)

Based on my valuation, using QAF as a comparison, Auric Pacific should worth between $1.73 to $2.28. Their net cash per share is worth $0.62. This buyout offer isn't attractive.

Sent from my SM-G930F using Tapatalk

(07-02-2017, 09:42 AM)holymage Wrote: Based on my valuation, using QAF as a comparison, Auric Pacific should worth between $1.73 to $2.28. Their net cash per share is worth $0.62. This buyout offer isn't attractive.

Sent from my SM-G930F using Tapatalk

Hehe...boss knew that ppl will always come out with higher valuation, so he straightaway stated offer price is final and offer is not entitled to CA. In short, take it or fxxx off.....