Casa Holdings

Casa has created a new and beautiful corporate website.....
http://www.casaholdings.com.sg/default.asp

The company's FY12 (ended 30Sep12) full-year results are due by 29Nov12. Perhaps it is about time to re-visit the 1H results.....
http://info.sgx.com/webcoranncatth.nsf/V...E0005FB54/$file/Casa.Half.Year.Results.ended.31.03.12.pdf?openelement

Casa 27.39% owned associate company Fiamma Holdings Berhad has just report it FY2012 result. Net profit drop slightly and dividend maintain at 7 Sen. The following the performance of current year result FY2012 versus FY2011. CASA should be able to maintain their dividend of 1 cent or perhaps something more???


Revenue(RM'000) 258,450 225,494
Profit/(loss) before tax(RM'000) 39,828 40,690
Profit/(loss) for the period(RM'000) 29,722 30,254
Profit/(loss) attributable to ordinary equity holders of the parent(RM'000) 26,919 27,782
Basic earnings/(loss) per share (Subunit) 21.59 23.56
Proposed/Declared dividend per share (Subunit) 7.00 7.00

http://www.bursamalaysia.com/market/list...ts/1128677

I think despite the slight drop in profits, Fiamma Holdings' group business and B/S remain very solid.

Based on Fiamma Holdings' latest (30Sep12) equity position of MYR260.943m, Casa's 27.39% stake has a NAV backing of MYR71.472m, or approx. $28.6m, which is substantially higher than its carrying BV of $21.54m in Casa's 31Mar12's B/S.....
http://info.sgx.com/webcoranncatth.nsf/V...penelement
As Fiamma Holdings has a well-established business operation in Malaysia, by rational thinking its intrinsic value should be at a reasonable premium over its NAV. This simply means that Casa's 27.39% stake in Fiamma Holdings should have a fair value in excess of $28.6m.

Based on Casa's last done (as at 26Nov12) share price of $0.13 - vs. 31Mar12 NAV/share of $0.2232 - and its latest 209.826m issued shares, current market cap. now stands at $27.28m. I think we have here a grossly under-priced situation, bearing in mind that apart from its strategic investment in Fiamma Holdings, Casa has its own well-established and profitable business operations based in Singapore, and some other overseas business interests and assets.

FY2012 result is out and as expected dividend of 1 cent is maintained. The following is a short summary.

Revenue(S'000): 31,064 +6.6%
Total profit(S'000): 9,472 +38.4%
profit attributable to shrhlder (S'000): 9,447

Note: There is a reversal of allowance for impairment of investment in associate company of S$2.75 mil if we don't consider this amount the profit should be S$6.491 mil. Hence, there is a drop of profit from S$8.487 mil.

EPS: 4.5 cents
NAV: 25.29 cents
Net Gearing: Net Cash of 4.3 cents
Price to Book based on last transacted price of 13.3 cents: 0.53.

Forward statement:
The Group is mindful of the vulnerabilities in the global economy and changing trend in consumer spending patterns.
Going into the next financial year, while we remain positive on the timely launch of project secured we are concerned that the retail and distribution businesses remain competitive.
Nonetheless, the Group is moving to the next platform to diversify into other channels and markets.

http://info.sgx.com/webcoranncatth.nsf/V...50033F53D/$file/Casa.Announcement.Full.Year.Result.30Sep2012.final.3.pdf?openelement

I am happy to note that after the company released its FY12 (ended 30Sep12) full-year results on 29Nov12 (after market closed), Casa's share price has advanced in the last 3 market-days (including today) by 0.021, or 15.8%, to reach $0.154 this afternoon (4Dec12).

So it seems that Mr Market has finally started to appreciate the value of Casa's underlying business and investment in Fiamma Holdings.

Casa's FY12 (ended 30 Sep12) AR is out and makes interesting reading.....
http://info.sgx.com/listprosp.nsf/6c6be9...000087dbd/$FILE/CASA%20%20ar2012%2000.pdf

I look forward to the $0.01/share Final dividend which should be paid by end-Feb.

Casa just hit a new recent high of $0.18! Nice!

As usual, the 'buy' queue remains substantially longer than the 'sell' queue.

(24-01-2013, 01:39 PM)dydx Wrote: Casa just hit a new recent high of $0.18! Nice!

As usual, the 'buy' queue remains substantially longer than the 'sell' queue.

It is quite a pity this counter raised so fast. It is a good value stock to load when the price is low.

Anyone attended the AGM?

It is a pity that I bought Casa using SCB, that I can't attend.

Any significant announcement?

There was a short discussion on Fiamma Holdings but it was cut short by the "minders" aka the finance and company Secretary that it was inappropriate for the Chairman to comment on another company at Casa's AGM. But what was shared before the discussion was curtailed is that there is some "hidden value" in Fiamma.

It also emerged that Fiamma majority shareholder holds a reciprocal share in the private limited company that controls Casa.

There was also some sharing of the Morocco joint venture.