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27-11-2012, 08:22 PM
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.
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.