NTUC Income shares

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(07-01-2022, 09:48 AM)Corgitator Wrote: But they have book value of $4.26B, 100M commons shares, and 76M permanent shares. So shouldn't book value per share be 4260/(100+76) = ~$24 per share?

Yes, it's not easy to read insurance AR.  The 76m(actually it's 78m) is part of the 100m(actually it's 108m) shares. total shares is 108.86m.
Got it, thanks for the clarification!
Welcome back to VB. Really hope that old time VBs like you could post more frequently. Smile

- Buying it "many many years ago" for your kids, is just like buying a stock and then throwing away the cert, only to see it resurface again after a long time. It is really the kind of attitude that OPMI should adopt but unfortunately, the system we are currently in (we are just 1-2 login/clicks away to check share prices or trade), heavily discourages this.

- 70% of NTUC income belongs to NTUC enterprise, the holding company of "its group of social enterprises". Well, I googled "social enterprises" and it told me that such enterprises are supposed to be profitable and then use the profits to create positive changes to society. If the BV has increased from $10+ (your estimate) to $39 (AR20), then there is surely a lot of retained earnings in the business!

- There are definitely much better cash cows that Spore Inc should consider to go public. It will do good for them to go international as well. Mapletree, Changi Airport Group and Surbana Jurong are a few...
NTUC Co-ops (namely Comfort, Fairprice and Income) were money-faced/profit-oriented during early 2000s. I think there were a shift back to social enterprises roots (bottom/triple bottom lines) in past >5 years. Also provided a counterbalance to the competitive pressure in daily essentials.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster

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