Hai Leck

(07-11-2010, 12:45 AM)valueinvestor Wrote: Base on AR of 2010

Share price:0.28
EPS: 4.1 cts
PER: 6.8x
NAV: 25.5 cts
Cash per share: 15.5 cts
Gearing: 0.01
DPS: 1 ct

Why still unable to attract more buying interest ?

hi, may i know where you guys get the annaul report of hai leck? i cant seem to find it anywhere -.-

(07-11-2010, 01:45 AM)jianjian Wrote:

(07-11-2010, 12:45 AM)valueinvestor Wrote: Base on AR of 2010

Share price:0.28
EPS: 4.1 cts
PER: 6.8x
NAV: 25.5 cts
Cash per share: 15.5 cts
Gearing: 0.01
DPS: 1 ct

Why still unable to attract more buying interest ?

hi, may i know where you guys get the annaul report of hai leck? i cant seem to find it anywhere -.-

SGX's website has a copy of all its listed companies Annual Report for the past 5 years. You can find Hai Leck's AR there.

(07-11-2010, 02:01 AM)Nick Wrote:

(07-11-2010, 01:45 AM)jianjian Wrote:

(07-11-2010, 12:45 AM)valueinvestor Wrote: Base on AR of 2010

Share price:0.28
EPS: 4.1 cts
PER: 6.8x
NAV: 25.5 cts
Cash per share: 15.5 cts
Gearing: 0.01
DPS: 1 ct

Why still unable to attract more buying interest ?

hi, may i know where you guys get the annaul report of hai leck? i cant seem to find it anywhere -.-

SGX's website has a copy of all its listed companies Annual Report for the past 5 years. You can find Hai Leck's AR there.

Alright thx! will take a look 30 mins later, anywya their website(hai leck main website) has none of the AR

Most investor-friendly companies will keep downloadable copies for potential investors.

Took a quick look at the latest full year results announcement.

As of 30 Jun 2010, 129,986,000 warrants are outstanding. These warrants are in-the-money based on current share price of $0.28.

The true diluted EPS should be approx 2.96 cents (not 4.0 cents as reported), translating to PE of 9-10.

Anyone please feel free to correct me if I am wrong...

That is provided all warrant are converted by Nov 2011 and the eps remains unchanged. But if all warrants are converted, Hai Leck will receive additional cash proceeds of S$33,796,360 and this will add up to the total cash of 49+33=82m, and cash per share will be S$18.1 cts.
There will be another FY earning for Hai leck from now till 30 June 2011 and base on the net profit of 13.5m of FY2010 ( Which HL should be able to maintain or increase ), this will again add another 10m to its cash coffers. Hai Leck management advised during AGM their order book were fully ( over ) booked till 2013 and have to increased capacities to cope with the increaed jobs.
Now warrant is being traded at 0.05, and the convertion price is 0.26. So it is cheaper to buy mother share then warrant to convert, and furthermore mother shareholder is entitled to dividend.
For the warrant holders to convert , share price will have to move up or warrant price moves down.

(Vested-Not an inducement to tarde)

this is looking like a solid find. but the competition is tough isnt it.

Quote:They have many competitors on Jurong Island and Bukom but none of them is public listed except CWT Limited with a small segment of corrosion protection activity. The more realistic comparison is with Rotary Engineering, OKP Holding Limited, Tat Hong and Tiong Woon, even though they do not do the exactly same trades.

Almost All private businesses face tough competitions.
Hai Leck is the leader in corrosion and scaffolding biz , has an edge over others, that's why they have been a core contractor with Shell for many years and they just got the contract renewed recently.

how long is each contract.

i calculated that the maintenance business is more higher margin than the projects

another question. why the heck do they issue warrants get more money? what do they wanna do with it.

(07-11-2010, 05:31 PM)Drizzt Wrote: how long is each contract.

i calculated that the maintenance business is more higher margin than the projects

another question. why the heck do they issue warrants get more money? what do they wanna do with it.

hi drizzt, i have found this on the annual report.

"On 26 November 2009, the Company successfully allotted
and issued 130,000,000 warrants and raised net proceeds
of $1.2 million for working capital purposes as ready sources
of funds to tap on as and when the need arises."