Popular Holdings

[BestPrice]

Just hit $0.23.

[countonme]

property segment a drag to Popular for now.

[ashuro]

Just hit $0.23.

the massive buybacks over the months leading to annual report were way above $0.23, even as high as $0.28

so this is how traditional savvy execs & tycoons have to teach the new captains of industry: its ok to lose money as long as you can cover 'em up.

[money]

In fact, for many months, from the quarterly financial statements, it is obvious that Popular has difficulty selling its properties. The boss shouldnt have gone into property on its own, should have seeked out joint venures with established property developers. I believed it must have been an ego problem. The fact that he can run the chain of bookstores well doesnt mean he can run property development well. The lesson is learnt by the boss and management, haha, but the price is paid partially by minority shareholders.

[BestPrice]

so after bidding for the Borders name, opening a Popular style Borders shop in the centre, after megabucks condo development, enormous share buybacks, practically captive market on textbooks & stationery....the share price is returning a whopping annual return of ZERO %.

by year end it'll hover below $0.23

any other half baked company would have fired the executives. but hey, minority shareholders just have to suck it up.

Very high chance share price will go down further if there is no share buy-back. Maybe no need to wait till year end will hit $0.22 soon.

Just hit 22.5 cents, 22 cents coming soon.

[ikur1]

I still think it's undervalue tho

with the properties + cash = 178.2 mil
total bank borrowings 43 mil

net worth of properties and cash 135.2 mil
market cap at 187 mil - the market is valuing the book division at 51.8 mil

but you can see every year their book division + retail publishing does 20 mil+ a year


also a few years back, management seems to be conservative, they record impairment of properties which is a non-cash charge to p&l recording negative earning but reversed that impairment a few years down the road.
this second quarter involves 3 mil impairment charge as well

[ashuro]

I still think it's undervalue tho

with the properties + cash = 178.2 mil
total bank borrowings 43 mil

net worth of properties and cash 135.2 mil
market cap at 187 mil - the market is valuing the book division at 51.8 mil

but you can see every year their book division + retail publishing does 20 mil+ a year


also a few years back, management seems to be conservative, they record impairment of properties which is a non-cash charge to p&l recording negative earning but reversed that impairment a few years down the road.
this second quarter involves 3 mil impairment charge as well

twitter never made a profit & the share price went ballistic, facebook got cocky & the IPO got a drubbing, GM relinquished peugeot shares & spooked the market...etc...etc...

popular holdings been on a relentless steady course of persisting in saturated & legacy-product markets, diminishing sales, rocketing expenses & puny net profits kicking their EPS.

25% reduction in annual profit, unsold condo units for several years, same formula that failed Harris, prologue & now Borders....etc...etc....

any academic consideration about share price being undervalued is precisely that: academic.

[tonyking]

I still think it's undervalue tho

with the properties + cash = 178.2 mil
total bank borrowings 43 mil

net worth of properties and cash 135.2 mil
market cap at 187 mil - the market is valuing the book division at 51.8 mil

but you can see every year their book division + retail publishing does 20 mil+ a year


also a few years back, management seems to be conservative, they record impairment of properties which is a non-cash charge to p&l recording negative earning but reversed that impairment a few years down the road.
this second quarter involves 3 mil impairment charge as well

twitter never made a profit & the share price went ballistic, facebook got cocky & the IPO got a drubbing, GM relinquished peugeot shares & spooked the market...etc...etc...

popular holdings been on a relentless steady course of persisting in saturated & legacy-product markets, diminishing sales, rocketing expenses & puny net profits kicking their EPS.

25% reduction in annual profit, unsold condo units for several years, same formula that failed Harris, prologue & now Borders....etc...etc....

any academic consideration about share price being undervalued is precisely that: academic.

Tat's y investing is an art, not a science.
From value point, you assign a valuation on the properties, the bookstores, then say you put in a margin of safety you are comfortable, and hope for the best. Of course, the revised version under Buffett, will be to look at annual growth, if properties is a one-time punk, and publishing still has growth and value then can consider. But if neither are growing or EPS becomes uncertain or fluctuating up & down, then may wana consider others?

Same facts, different views.

Management still own the chunk, who knows, a buyback will change e game...

[ashuro]

I still think it's undervalue tho

with the properties + cash = 178.2 mil
total bank borrowings 43 mil

net worth of properties and cash 135.2 mil
market cap at 187 mil - the market is valuing the book division at 51.8 mil

but you can see every year their book division + retail publishing does 20 mil+ a year


also a few years back, management seems to be conservative, they record impairment of properties which is a non-cash charge to p&l recording negative earning but reversed that impairment a few years down the road.
this second quarter involves 3 mil impairment charge as well

twitter never made a profit & the share price went ballistic, facebook got cocky & the IPO got a drubbing, GM relinquished peugeot shares & spooked the market...etc...etc...

popular holdings been on a relentless steady course of persisting in saturated & legacy-product markets, diminishing sales, rocketing expenses & puny net profits kicking their EPS.

25% reduction in annual profit, unsold condo units for several years, same formula that failed Harris, prologue & now Borders....etc...etc....

any academic consideration about share price being undervalued is precisely that: academic.

Tat's y investing is an art, not a science.
From value point, you assign a valuation on the properties, the bookstores, then say you put in a margin of safety you are comfortable, and hope for the best. Of course, the revised version under Buffett, will be to look at annual growth, if properties is a one-time punk, and publishing still has growth and value then can consider. But if neither are growing or EPS becomes uncertain or fluctuating up & down, then may wana consider others?

Same facts, different views.

Management still own the chunk, who knows, a buyback will change e game...

well said/written: investing being an art (black art) and different perspectives on the same facts.

analysts, assessors, punters and me need more reminders of such truths, often taken for granted and forgotten.

[godjira1]

I am still on this forum. Just saying.