Global Yellow Pages

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#32
(28-08-2015, 09:28 PM)CY09 Wrote: http://infopub.sgx.com/FileOpen/Q5FY2015...eID=367756

GYP's latest FY results has announced and an impairment of intangibles was taken. Its search solutions posted a 1.1Mil profit (excuding impairment charges). However, imo, there will be further impairments of its intangible assets, driving it down to 10m value. This is because its search solutions brand has eroded with competition. Furthermore, the revenue for this division has been decreasing

As value investors, it will be good to just write off the entire 17mil. Also I will write off the Yamada Acquisition which i think is a terrible piece of deal. This will drive NAV down to 20 cents where it is currently. As a value investor, the MOS is not there for me yet.

The NZ property is likely where majority of the profits will come from. I wonder if any VB are still vested or have moved on from this govt linked company.
It may be too premature to write off this company just because they took the huge impairment, which was more or less expected. I think this a prudent move considering GYP is a totally new entity now despite holding the remnants of its past business.
I would not write off the remaining $17 mil just as yet. The Wendy's license should be worth about $9 to $10mil. I agree that Yamada was an ill timed investment but if you look at this company's accounts, it still is profitable despite the fact that they are undergoing a sort of restructuring in terms of their product focus. There is also a chance of revaluation gaining traction in the coming years as the pain of restructuring subsides.
I was looking at their financial reports of the last few quarters and noted the following:
1) their previous full year net profit was $3.6 mil while their 15 month profit was $5.1mil. This means that their last quarter profit was $1.5mil, a marked improvement from the preceding quarter of around $500k (if I recall correctly), no doubt contributed by their NZ complex, but then again only for the last two months of the quarter.
2) for the last 15 months profit, if I am not mistaken, Wendys contributed 6 months while their Pakuranga complex, 2 months of their respective profits. Since in the coming months the latter is expected to contribute most to GYP's profits, one can expect an uptick in the company's earnings unless something untoward happens (touch wood).
3) the Pakuranga complex has redevelopment potential and appears at the moment to be the jewel in the crown for GYP. 

The negatives for GYP would be the risk of further devaluation of the NZD and AUD and the possibility of depreciation of its complex, which would mean some more impairment?
My point is not to write off this company as yet especially when it is just about emerging from a major restructuring and 'overhaul' of its business.

My two cents worth and as always DYODD. I may have missed the finer details of their income statement. The Pros can help.
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Messages In This Thread
Global Yellow Pages - by cyborg - 06-12-2010, 05:16 PM
RE: Global Yellow Pages - by dydx - 19-05-2011, 07:56 AM
RE: Global Yellow Pages - by CityFarmer - 16-02-2013, 09:09 AM
RE: Global Yellow Pages - by greengiraffe - 22-05-2013, 08:37 PM
RE: Global Yellow Pages - by Rama - 13-06-2013, 11:16 PM
RE: Global Yellow Pages - by greengiraffe - 13-06-2013, 11:44 PM
RE: Global Yellow Pages - by Stockerman - 14-06-2013, 09:04 AM
RE: Global Yellow Pages - by orangetea - 04-06-2014, 12:18 PM
RE: Global Yellow Pages - by orangetea - 04-06-2014, 12:33 PM
RE: Global Yellow Pages - by orangetea - 12-06-2014, 12:56 PM
RE: Global Yellow Pages - by BlueKelah - 30-06-2014, 10:10 PM
RE: Global Yellow Pages - by axt - 04-07-2014, 09:19 AM
RE: Global Yellow Pages - by orangetea - 04-07-2014, 12:41 PM
RE: Global Yellow Pages - by axt - 04-07-2014, 02:21 PM
RE: Global Yellow Pages - by BlueKelah - 04-07-2014, 05:22 PM
RE: Global Yellow Pages - by Sincerity - 04-07-2014, 08:03 PM
RE: Global Yellow Pages - by VestedInterest - 06-09-2014, 01:41 PM
RE: Global Yellow Pages - by CY09 - 06-09-2014, 02:05 PM
RE: Global Yellow Pages - by VestedInterest - 07-09-2014, 11:30 AM
RE: Global Yellow Pages - by CY09 - 07-09-2014, 11:52 AM
RE: Global Yellow Pages - by Arowana - 07-09-2014, 12:51 PM
RE: Global Yellow Pages - by greengiraffe - 11-09-2014, 11:09 PM
RE: Global Yellow Pages - by specuvestor - 12-09-2014, 02:19 PM
RE: Global Yellow Pages - by greengiraffe - 10-10-2014, 07:29 AM
RE: Global Yellow Pages - by greengiraffe - 24-10-2014, 12:29 PM
RE: Global Yellow Pages - by CY09 - 24-10-2014, 10:18 PM
RE: Global Yellow Pages - by greengiraffe - 24-10-2014, 10:23 PM
RE: Global Yellow Pages - by odie - 25-10-2014, 10:51 AM
RE: Global Yellow Pages - by VestedInterest - 08-03-2015, 02:36 PM
RE: Global Yellow Pages - by CityFarmer - 28-08-2015, 09:24 PM
RE: Global Yellow Pages - by CY09 - 28-08-2015, 09:28 PM
RE: Global Yellow Pages - by VestedInterest - 29-08-2015, 11:21 PM
RE: Global Yellow Pages - by CY09 - 30-08-2015, 12:53 AM
RE: Global Yellow Pages - by CityFarmer - 02-02-2016, 09:46 AM
RE: Global Yellow Pages - by BlueKelah - 03-02-2016, 12:17 AM
RE: Global Yellow Pages - by CityFarmer - 03-02-2016, 09:48 AM
RE: Global Yellow Pages - by BlueKelah - 03-02-2016, 03:10 PM
RE: Global Yellow Pages - by Porkbelly - 03-02-2016, 07:43 PM
RE: Global Yellow Pages - by CityFarmer - 15-02-2016, 04:40 PM
RE: Global Yellow Pages - by CityFarmer - 22-02-2016, 08:47 PM
RE: Global Yellow Pages - by GPD - 22-02-2016, 09:04 PM
RE: Global Yellow Pages - by cyclone - 05-05-2016, 09:02 PM

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