Chuan Hup Holdings

Anyone know where they recorded the 32.5% stake in the Signa Designer Residences (Manila) on their balance sheet?

(15-10-2013, 11:28 AM)ARC Wrote: Anyone know where they recorded the 32.5% stake in the Signa Designer Residences (Manila) on their balance sheet?

Should be in the line item "Investment securities" (non-current), within which there are unquoted equity instruments. This is likely where the 32.5% equity stake is, in a company called Security Land Corporation.

Q1 ended 30 Sep' 2013 Financial Report. A weak quarter but still holding loads of cash. Those vested should receive a decent dividend next week.

- vested and biased view

http://infopub.sgx.com/FileOpen/CHH1stqt...eID=263294


First quarter ended 30 September 2013 (“1Q14”) vs first quarter ended 30 September 2012 (“1Q13”)
Group revenue of USD 52.708 million for 1Q14 was 11.4% lower than USD 59.519 million for 1Q13. There was a 16.0% drop in revenue contribution from electronics manufacturing services business. This was partially offset by revenue from additional unit sales of Adagio Apartments, which was completed during fourth quarter of FY2013. Reduction in raw material and consumables, manufacturing, business development and other operating expenses were in line with the slowdown in customer orders experienced in the electronics manufacturing services segment. Property development expense of USD 2.546 million related to Adagio Apartments’ units sold in the current quarter. Higher vessel management expense of USD 0.025 million was incurred with the increase in related business activities. Positive changes in fair value of held-for-trading investments and derivative financial instruments were due to mark-to-market gains on related equity investments. Employee benefits expense dropped from USD 4.019 million in 1Q13 to USD 2.562 million in 1Q14 due to lower staff cost accrued. Depreciation/amortization expense had decreased by 19.3% to USD 0.635 million as some equipment was fully depreciated. Other net losses in 1Q14 of USD 0.241 million, as compared to other gains of USD 1.339 million in 1Q13, had resulted from foreign exchange loss on the back of weaker Indonesian rupiah. There was no disposal of available-for-sale investments in 1Q14. In line with the level of taxable profit in 1Q14, income tax expense had dropped to USD 0.102 million as compared to USD 0.198 million in 1Q13. Other comprehensive income of USD 8.259 million in 1Q14 well exceeded USD 2.061 million in 1Q13. This was primarily due to substantially higher mark-to-market valuations of available-for-sale investments held. Earnings per share of US cents 0.57 in 1Q14 was lower than US cents 0.77 in 1Q13.

Share of results of an associate
In 1Q14, the share of results contributed by CH Offshore Ltd was USD 1.749 million, 19.7% lower than 1Q13.

Review of financial position and cash flow
As at 30 September 2013, the Group continued to be in a healthy financial position. Cash and bank balances amounted to USD 139.069 million, as compared to USD123.615 million as at 30 June 2013. Shareholders’ funds amounted to USD 304.809 million, 4.7% above USD 291.161 million as at 30 June 2013. Development properties of USD 36.572 million comprised cost of completed Adagio Apartments’ units, as well as residual land cost of the Symphony City property development in Perth. This was reclassified from property, plant and equipment during 1Q14 due to the intention of developing this property for sale.
As a result of higher mark-to-market valuations, the Group’s investment securities held as non-current assets had risen to USD 69.208 million as at 30 September 2013, as compared to USD 59.014 million as at 30 June 2013. Investment securities held as current assets dropped by 12.7% to USD 10.384 million as at 30 September 2013 from USD 11.895 million, primarily due to disposal of held-for-trading investments. Derivative financial instruments were recognized at fair value through profit or loss. Deferred tax assets had increased to USD 0.006 million due to timing difference of tax deductible expenses in relation to an Australian subsidiary. Reduction in tax recoverable was mainly due to exchange difference.
Net asset value per share was US cents 32.65 as at 30 September 2013, 4.7% above US cents 31.19 as at 30 June 2013.

Chuan Hup share price has been creeping up quite a bit with increasing volume the last few days. Is market expecting a good set of Q3 financial results? Or another potential privatization candidate?

- vested

Based on Mar2014,

Total invest. security + cash
= 84,483 + 10,177 + 112,459
=USD$207.119m

Float: 933,532,450

Above per share
= USD$207.119m / 933,532,450
= USD$0.222
= S$0.277 (USD$1 to S$1.25)

Current assets (without IS & cash) - TOTAL liabilities
= 232,800 - 10,177 - 112,459 - 52.756
= USD$57.408m--> still positive

Share price: S$0.28

The market is valuing it virtually at cash (assuming no problem selling IS)......anything wrong with my layman calculation or this counter?

[vested recently]

Chuan hup is an investment holding company with interest in manufacturing, offshore marine, properties and investment.
The problem with such investment holding company is the balance sheet is the consolidation of subsidiaries balance sheets.

So example, Chuan hup has 77% stake in PCI, another listed company. A brief look at balance sheet of PCI shows cash balance of USD55m or so.
However, Chuan Hup can't touch the money, can it?
Of course, other may comment that Chuan Hup can delist PCI. But, that's another topic i guess.

However, do note that Chuan Hup majority shareholder, the Peh Family, did make an offer to rest of the shareholders (around 36cent or so) several years ago.

u are not wrong...

CHH has made an offer for PCI - failed to delist due to unattractive offer price but they manage to increase PCI stake.

Peh family has also made an offer previously but failed to delist the company.

There is no doubt that delisting options will once again arise but what will drive Peh family to eventually delist CHH is anyone's guess...

Vested
Odd Lots
GG

(12-05-2014, 12:40 PM)camelking Wrote: Chuan hup is an investment holding company with interest in manufacturing, offshore marine, properties and investment.
The problem with such investment holding company is the balance sheet is the consolidation of subsidiaries balance sheets.

So example, Chuan hup has 77% stake in PCI, another listed company. A brief look at balance sheet of PCI shows cash balance of USD55m or so.
However, Chuan Hup can't touch the money, can it?
Of course, other may comment that Chuan Hup can delist PCI. But, that's another topic i guess.

However, do note that Chuan Hup majority shareholder, the Peh Family, did make an offer to rest of the shareholders (around 36cent or so) several years ago.

Mr. Peh on 6 June indirectly increased stake from 51 to 53%+

SGX Announcement 5 JUNE

Looks like he knows the true value of the company, maybe delist PCI first, get the cash inside then delist CHH. After all that's a common aim of these big boss men most of the time.

Probably no extra 1 cent dividend can be given this year as EPS is not that good, but who knows, they may sell those profitable stocks and suddenly we have more cash.

--vested--

Financial year ending 30 June. Dividends should be coming. Same as CH Offshore.There's a possibility of privatizing CH Offshore.

(11-06-2014, 10:56 PM)BlueKelah Wrote: Mr. Peh on 6 June indirectly increased stake from 51 to 53%+

SGX Announcement 5 JUNE

Looks like he knows the true value of the company, maybe delist PCI first, get the cash inside then delist CHH. After all that's a common aim of these big boss men most of the time.

Probably no extra 1 cent dividend can be given this year as EPS is not that good, but who knows, they may sell those profitable stocks and suddenly we have more cash.

--vested--

Wah, no special dividend for the financial period ended 30 June 2014, only 1 cent sgd final dividend.