Hanwell Holdings (formerly: PSC Holdings)

Hanwell, related to Hanny HK. Corp Gov issues. Avoid.

ok, thanks for sharing!
regards
rijk

Anyone looking at this? Trading at around 1.2x cash

Seems to be a groceries biz company but earnings not good and no dividends despite cash pile, probably opmi unfriendly type

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(07-07-2016, 03:32 PM)ZZF Wrote: Anyone looking at this? Trading at around 1.2x cash

I am monitoring this stock, as a competitor of vested Sheng Siong.

The cash balance, is distorted by the large NCI. The attributable equity, is about 85% of group equity. The company level cash holding is 95 mil (or 17 cents per share). The group debt, is all borrowed by subsidiaries, with zero debt at company level.

The NCI of profit, is about half of the overall group profit.

It is a stock, which is asset rich, but with poor biz prospect, IMO.

(not vested)

Not sure if this is still the same case now..

Previously I had kept a lookout for this stock, but decided to forgo it after reading the annual report (after it was converted to hanwell Holding) over the past few years.

If you go into the revenue segment breakdown, the company has been performing badly in the food and retail section. The profit is from the profit from tat seng packaging instead and not from its main operations. Furthermore, the management has been increasing their pay without giving any dividend.

So I decided to ignore it.

<Not Vested>

http://tubinvesting.blogspot.sg/

Anyone who attended its AGM question the management why no dividend despite profitable & directors paying themselves well?

Presume all SHs happy with the company performance & directors' explanations?

I think buying into Tat Seng is a better choice.

I am surprised Goi not making any noise.

Financial Results for the year ended 31 December 2016 (FY2016)

Highlights:
1. The Group achieved a total revenue of S$399.98 million, a decrease of 3.5% or S$14.54 million compared to FY2015
2. Gross profit increased by 5.6% to S$95.26 million as compared to S$90.20 million in FY 2015
3. The Group's net profit after tax for FY2016 was S$17.43 million as compared to S$11.36 million reported for FY2015
4. The net profit attributable to shareholders was S$10.30 million for FY2016 as compared to S$5.76 million reported for FY2015
5. The results from operating activities were S$22.26 million in FY2016 as compared to S$12.73 million in FY2015, an increase of S$9.53 million or 74.8%
6. NAV per shares as at 31 December 2016 was 48.89 cent versus today's closing price of 26 cent
7. Total number of issued shares as at 31 December 2016 was 553,415,746
8. Proposed final dividend of 0.5 cent for FY2016.

More details in http://infopub.sgx.com/FileOpen/HW%20FY2...eID=440755

Just curious. is it a norm for a company to like hanwell to buy a subsidiary tat seng , subsequently get fat salary from both side.


My understanding is that the salary for the director in hanwell is suppose to compensate them for managing the portion in consumer business & others.
Since the paycheck is already paid in tat seng.