BBR Holdings

(16-02-2017, 09:46 PM)smallcaps Wrote:

(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.

It probably again confirms that Singapore market is currently a good hunting pond for value fishes.

Anyway, back to topic, some highlights:
1. At today closed price of S$0.196, BBR is having about S$59M Market Cap.
2. From Pintaras latest end-of-Sep 2016 quarterly report, they have below war-chest:
Cash & equivalent of RM169M, converted to S$54M.
Available for sale Financial Asset of RM27M or S$8.6M.
Zero Borrowings.

3. I hope this could turn into another interesting case of "Management done a lousy job, Outsider see the value and came in to take care of you".

In addition, the first quarter of Pintaras' earning was almost doubled year on year.
Earning of RM13M, CFOA of RM16M & FCF of RM10M.
So at least, they are doing quite well.

(16-02-2017, 11:00 PM)ksir Wrote:

(16-02-2017, 09:46 PM)smallcaps Wrote:

(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.

It probably again confirms that Singapore market is currently a good hunting pond for value fishes.

Anyway, back to topic, some highlights:
1. At today closed price of S$0.196, BBR is having about S$59M Market Cap.
2. From Pintaras latest end-of-Sep 2016 quarterly report, they have below war-chest:
Cash & equivalent of RM169M, converted to S$54M.
Available for sale Financial Asset of RM27M or S$8.6M.
Zero Borrowings.

3. I hope this could turn into another interesting case of "Management done a lousy job, Outsider see the value and came in to take care of you".

In addition, the first quarter of Pintaras' earning was almost doubled year on year.
Earning of RM13M, CFOA of RM16M & FCF of RM10M.
So at least, they are doing quite well.

BBR's malaysian operations have actually performed much better than their SG operations, which in the past few quarters, had to recognize losses.
But BBR traditionally has a shareholder profile which includes a lot of their peers in the industry.
Check their top 20 shareholders list.
I have no idea why...
But these guys haven't done anything despite buying in to BBR, so we gotta temper our expectations that Pintaras would be any different.
Can't be a bad thing if your peers see certain value to buy in though.

From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

(21-02-2017, 03:41 PM)ksir Wrote: From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

(21-02-2017, 10:34 PM)smallcaps Wrote:

(21-02-2017, 03:41 PM)ksir Wrote: From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

(21-02-2017, 10:55 PM)TTTI Wrote:

(21-02-2017, 10:34 PM)smallcaps Wrote:

(21-02-2017, 03:41 PM)ksir Wrote: From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

Great to hear that my net margin estimation was wrong. phew.
It should be more than 10% at least.

If I get it correctly there is only 1 unsold unit, hence the 296+249 = 545 units (of 546 total units).
It is weird then, because the "Property Market Info" still reflecting the unsold being 13 unsold till now.

OTOH, in a glance, I think the General Construction is still bleeding like non-stop.
This is a very rare company that the smaller outstanding order number, the more relief I am (ironic)
That basically shows how little trust I put in the current Management.

(21-02-2017, 11:51 PM)ksir Wrote:

(21-02-2017, 10:55 PM)TTTI Wrote:

(21-02-2017, 10:34 PM)smallcaps Wrote:

(21-02-2017, 03:41 PM)ksir Wrote: From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

Great to hear that my net margin estimation was wrong. phew.
It should be more than 10% at least.

If I get it correctly there is only 1 unsold unit, hence the 296+249 = 545 units (of 546 total units).
It is weird then, because the "Property Market Info" still reflecting the unsold being 13 unsold till now.

OTOH, in a glance, I think the General Construction is still bleeding like non-stop.
This is a very rare company that the smaller outstanding order number, the more relief I am (ironic)
That basically shows how little trust I put in the current Management.

Why bother with "property market info" to find out how many unsold? It's a lagging indicator.

Do what I do:
pick up the phone, call one of the property agents and say
"I want to buy a unit in Lakelife. Money is not an issue, what are my options?!"

You get a real time, "spot prices" answer, pronto!

(22-02-2017, 01:00 AM)TTTI Wrote:

(21-02-2017, 11:51 PM)ksir Wrote:

(21-02-2017, 10:55 PM)TTTI Wrote:

(21-02-2017, 10:34 PM)smallcaps Wrote:

(21-02-2017, 03:41 PM)ksir Wrote: From OKP's result, it seems to me that the Net Margin for Lakelife is about 5%.
It is at the low end of my estimation range.

With that, BBR is likely to report about S$9.1M from its Lakelife share for upcoming quarterly report.
Turns out to be S$ 0.03 per share.

I am not expecting much Earning from the core businesses.
So long as the General Construction unit can breakeven, it shall be considered as good result.
Let's see if the Special Engineering unit can gain some bottom lines and other units (solar panel etc) don't burn much.

As per latest Feb transaction records, The Wisteria is currently about 80+% sold.
The absolute sales amount will be far lesser than lakelife, but hopefully margin is better.

<vested, near core>

FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

Great to hear that my net margin estimation was wrong. phew.
It should be more than 10% at least.

If I get it correctly there is only 1 unsold unit, hence the 296+249 = 545 units (of 546 total units).
It is weird then, because the "Property Market Info" still reflecting the unsold being 13 unsold till now.

OTOH, in a glance, I think the General Construction is still bleeding like non-stop.
This is a very rare company that the smaller outstanding order number, the more relief I am (ironic)
That basically shows how little trust I put in the current Management.

Why bother with "property market info" to find out how many unsold? It's a lagging indicator.

Do what I do:
pick up the phone, call one of the property agents and say
"I want to buy a unit in Lakelife. Money is not an issue, what are my options?!"

You get a real time, "spot prices" answer, pronto!

Oh before I forget...
the downside is that after that, you gotta expect a barrage of follow-up calls and SMSes.........

(22-02-2017, 01:01 AM)TTTI Wrote:

(22-02-2017, 01:00 AM)TTTI Wrote:

(21-02-2017, 11:51 PM)ksir Wrote:

(21-02-2017, 10:55 PM)TTTI Wrote:

(21-02-2017, 10:34 PM)smallcaps Wrote: FY16 results are out:

http://infopub.sgx.com/FileOpen/BBR_FY20...eID=440070

Share of results of associates rose to $9.4 million in FY16 compared to $64,000 in FY15, attributable to the Group’s 35% equity interest in Lakehomes Pte Ltd (“Lakehomes”), the developer for LakeLife Executive Condominium in Jurong Lake district. TOP was obtained on 30 December 2016 and Lakehomes recognised revenue and profits for 296 sold units in FY16 based on financial accounting standards for Executive Condominium development. Revenue and profits for the remaining 249 sold units is expected to be recognised in financial year ending 31 December 2017. 

ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

Great to hear that my net margin estimation was wrong. phew.
It should be more than 10% at least.

If I get it correctly there is only 1 unsold unit, hence the 296+249 = 545 units (of 546 total units).
It is weird then, because the "Property Market Info" still reflecting the unsold being 13 unsold till now.

OTOH, in a glance, I think the General Construction is still bleeding like non-stop.
This is a very rare company that the smaller outstanding order number, the more relief I am (ironic)
That basically shows how little trust I put in the current Management.

Why bother with "property market info" to find out how many unsold? It's a lagging indicator.

Do what I do:
pick up the phone, call one of the property agents and say
"I want to buy a unit in Lakelife. Money is not an issue, what are my options?!"

You get a real time, "spot prices" answer, pronto!

Oh before I forget...
the downside is that after that, you gotta expect a barrage of follow-up calls and SMSes.........

Yah, generally i get most of the data from the site because it contains the sales number as well.
So as to get the total sold unit & sales amount then put rough net margin figure.

Anyway, their cash plus loan to associate (which i think will be returned soon + profit from lakehome) minus borrowing is about 0.23 per share (if i got it approximately right).

They can definitely pay a lot better dividend with the warchest but alas, with such management there is no way u can expect more yah?
Need some shareholders to gang up and call for egm also? Hehehe just saying.

(22-02-2017, 01:10 AM)ksir Wrote:

(22-02-2017, 01:01 AM)TTTI Wrote:

(22-02-2017, 01:00 AM)TTTI Wrote:

(21-02-2017, 11:51 PM)ksir Wrote:

(21-02-2017, 10:55 PM)TTTI Wrote: ksir,
the net margin is a lot higher than 5%.
They only recognized for half the units cos TOP was exactly at the end of Dec.

I worked it out last yr and my estimation then was $19.9mil or 6.5cents/share:

https://thumbtackinvestor.wordpress.com/...-addendum/

Now they recognized about half and it's $9.4mil.
So full NP will likely be closer to my estimation.

Also, as stated, this is just the profit recognition. BBR can also expect the associate to repay the loans in full soon, so it'll help in the CF greatly.

Also, there were a few units that didn't get handed over to the owners when it became time to TOP, I suspect because they failed to meet the requirements for EC. (That's what 1 of the agents told me)
They have since been resold end of last yr, that threw my estimation off a bit.
There's still 1 unit in the development unsold, ground floor.
Maybe a rich VB here would like to help us close this associate permanently?

Great to hear that my net margin estimation was wrong. phew.
It should be more than 10% at least.

If I get it correctly there is only 1 unsold unit, hence the 296+249 = 545 units (of 546 total units).
It is weird then, because the "Property Market Info" still reflecting the unsold being 13 unsold till now.

OTOH, in a glance, I think the General Construction is still bleeding like non-stop.
This is a very rare company that the smaller outstanding order number, the more relief I am (ironic)
That basically shows how little trust I put in the current Management.

Why bother with "property market info" to find out how many unsold? It's a lagging indicator.

Do what I do:
pick up the phone, call one of the property agents and say
"I want to buy a unit in Lakelife. Money is not an issue, what are my options?!"

You get a real time, "spot prices" answer, pronto!

Oh before I forget...
the downside is that after that, you gotta expect a barrage of follow-up calls and SMSes.........

Yah, generally i get most of the data from the site because it contains the sales number as well.
So as to get the total sold unit & sales amount then put rough net margin figure.

Anyway, their cash plus loan to associate (which i think will be returned soon + profit from lakehome) minus borrowing is about 0.23 per share (if i got it approximately right).

They can definitely pay a lot better dividend with the warchest but alas, with such management there is no way u can expect more yah?
Need some shareholders to gang up and call for egm also? Hehehe just saying.

I think you took the profit as cash, which is inaccurate.
They have $20.1mil of loans to the associate, so for sure that money is coming back to BBR.
But as for how much CF from the profits, it's not possible to tell right now.
Even if you guesstimate from the profits, it'd be a very very rough estimate, not much value in determining the future of your investment.

As for better dividends... I really wouldn't count on it. Thank your stars there's a special div already... 0.6 cent is "generous" of this management.