Winas (formerly: Sinwa Limited)

Today's Closing Price is SGD 0.235

Financial Results for Half Year Ended 30 June 2017 ("1H17")

Highlights :
1. Revenue increased by 2.6% to S$84.2 million for 1H2017
2. The increase in revenue was mainly due to higher sales from the marine and offshore supply business in Singapore and Thailand operations
3. Gross Profit decreased by 3.0% y-o-y to S$19.2 million for 1H2017
4. Net profit decreased slightly by 1.3% to S$4.3 million for 1H2017
5. Net cash inflow from operating activities for this half year was lower at $3.2 million as compared to $7.6 million in 1H16
6. Interim Dividend of 0.5 cents per share declared for 1H2017 versus none in 1H2016
7. NAV per Share as at 30 June 2017 was SGD 0.22
8. The Group’s strong balance sheet and the completion of its new facility places the Group favorably as it positions itself for the slow recovery in the shipping, oil and gas sectors.

More details in :
1. http://infopub.sgx.com/FileOpen/Sinwa%20...eID=465942
2. http://infopub.sgx.com/FileOpen/Sinwa%20...eID=465943

No mention on the warehouse. I thought the warehouse supposed to start contributing in Q2? Anyone has idea on this?

A little piece of good news today from Sinwa's reply to a SGX query...
http://infopub.sgx.com/FileOpen/Sinwa%20...eID=482056
So shareholders can reasonably expect in the next few quarters Sinwa to reverse a total of $2.118m in impairment losses taken previously - which should have a $0.0062 positive impact on EPS. Let's hope Sinwa would pay out this sum as an extra dividend on top of the coming FY17 final dividend. (Note: FY16 final dividend was $0.012/share.)

(14-12-2017, 08:10 PM)dydx Wrote: A little piece of good news today from Sinwa's reply to a SGX query...
http://infopub.sgx.com/FileOpen/Sinwa%20...eID=482056
So shareholders can reasonably expect in the next few quarters Sinwa to reverse a total of $2.118m in impairment losses taken previously - which should have a $0.0062 positive impact on EPS. Let's hope Sinwa would pay out this sum as an extra dividend on top of the coming FY17 final dividend. (Note: FY16 final dividend was $0.012/share.)

In the FY17 audited accounts and AR (Note 20, p99/100), Sinwa has received USD1,066k (equivalent to $1.38m) on 5Jan18 and has taken in the gain as an Other Item item (Note 6, p79)...
http://infopub.sgx.com/FileOpen/SINWA%20...eID=497711
Based on the agreed terms in the Deed of Settlement, Morten will pay Sinwa a further US$500,000 within 5 years with an option to extend for 3 years from the date of expiration of the initial 5-year repayment period.

From the Statistics of Shareholdings / Substantial Shareholders (p122/123), I noted FMR LLC / Fidelity Investments - a highly rated U.S.-based investment management services group - now holds a 7.98% interest in Sinwa through its FID Low Priced Stock Fund unit. Not bad for Sinwa! 

More info on FMR LLL and FID Low Priced Stock Fund...
https://www.fidelity.com/about-fidelity/overview
https://www.marketwatch.com/investing/fund/flpsx

Sinwa halted trading since this morning...
http://infopub.sgx.com/Apps?A=COW_CorpAn...bf397f0ffe
Any market grapevine to share?

Conditional disposal of subsidiaries:

http://infopub.sgx.com/FileOpen/SIL%20-%...eID=533789

(14-11-2018, 05:52 AM)Dosser Wrote: Conditional disposal of subsidiaries:

http://infopub.sgx.com/FileOpen/SIL%20-%...eID=533789

Selling off core business? What's next?

(14-11-2018, 05:52 AM)Dosser Wrote: Conditional disposal of subsidiaries:

http://infopub.sgx.com/FileOpen/SIL%20-%...eID=533789

No mention of what they will do with the sales proceeds, special dividend?

Early Christmas present? Huat ah
Fully vested nil shares sold to date.. Will need study it further

I have sold all my holdings today. Reason being I do not find the "premium" offered attractive and once the acquisition is completed, Sinwa will be left with loss making entities and essentially a shell company.