PNE Industries

This obscure and illiquid counter has just posted a set of much improved full-year results for FY10 (ended 30Sep10).....
http://info.sgx.com/webcoranncatth.nsf/V...3002318A0/$file/FY10H2ResultsAnnouncement.pdf.pdf?openelement

All key measures - Revenue, GP, GP Margin, PBT, NP, Equity, Nett Cash Reserve, and even Share of Results of Associates - have shown good improvement.

Based on the last done share price of $0.075, and against the latest (as at 30Sep10) NAV/share of $0.193 and FY10's EPS of $0.026, this counter appears grossly under-priced by Mr Market.

Any views from fellow forumers?

In a rare move, someone pushed up the share price to a high of $0.082 (up $0.019, or 30.2%!) by mopping up 251 lots, in the last 30 minutes before the market closed today. Something positive coming? Possible privatization by the controlling shareholder, Tan Family?

pne surged 5% to 0.105 today? something is brewing?

I am quite impressed by the latest FY12 (ended 30Sep12) full-year results.....
http://info.sgx.com/webcoranncatth.nsf/V...F00307DAD/$file/PNEIndustriesFY12Results.pdf?openelement
I think it is relevant to note that the marked 132% yoy increase in NP to $5.607m - giving a full-year EPS of $0.0167, based on the latest 335.667m issued shares - is after accounting for a 0.428m forex loss; otherwise, even higher NP and EPS numbers would have been recorded. It is also relevant to note that both sales/revenue and profits were markedly higher when compared with this 1H-FY12 and last 1H-FY11; this is indeed very encouraging and a positive indicator of likely further growth to come. It is also relevant to note that both the core Contract Manaufacturing and Trading divisions posted markedly higher profits. B/S as at 30Sep12 remained rock-solid and debt-free, together with a large cash reserve of $8.019m - equivalent to $0.024/share - and a substantial portion of working capital (trade receivables and inventories) funded by own capital funds.

A higher Final dividend of $0.004/share (last FY11: $0.003/share) declared and will be paid on 25Feb13.

Against the latest NAV/share of $0.202, PNE Industries' last done (as at 27Nov12) share price at $0.089 points to a grossly-underpriced situation.

More info on PNE Industries.....
http://www.pne.com.sg/industries/index.html
I find their printing plates manufacturing operation (as the main part of the Trading division) based in PRC most interesting.....
http://www.pneprint.com/index.php

someone just fire-sale to 0.07............any news? Very very illiquid counter.

vested .

May I ask what economic moat does the company have? It seems to be in a very competitve sector?

(29-07-2013, 08:22 PM)kopihothot Wrote: someone just fire-sale to 0.07............any news? Very very illiquid counter.

vested .

No news as i know but its really on a fire-sale.. Undervalued stock with consistent dividends and relatively stable earnings. I believe the poor liquidity is heavily discounting stock price.

a. Have the earnings been consistent across the entire economic cycle (in both good and bad times)?

b. No losses to date in any FY?

(29-07-2013, 10:27 PM)investright Wrote:

(29-07-2013, 08:22 PM)kopihothot Wrote: someone just fire-sale to 0.07............any news? Very very illiquid counter.

vested .

No news as i know but its really on a fire-sale.. Undervalued stock with consistent dividends and relatively stable earnings. I believe the poor liquidity is heavily discounting stock price.

1 - 5% NPM after tax - not sure whether it shows how competitive this industry is... and whether can it grow further? I'd prefer a company having a larger NPM. If things are not handled wisely, a low profit margin may slip into red terriority easily.

18% public float if i am not wrong. shall KIV. Wonder why would few or a particular investor sell down this stock?

not sure if I mis-read anything but their current cash of $0.047 and 18% free float ........the Tans can literally privatise the coy with no cash from their own pocket at nav of $0.20.

Please correct my numbers if wrong. Thanks.