TTJ Holdings

[LocalOptimal]

Would not expect consistent 8 cents since it's actually 174% payout ratio...

But you are right to raise that it's a ordinary dividend.

Add on: Net gain in cash this FY: >30mil. Bumper dividend in total: ~28 mil. Still accumulating cash...

Happy to hold this stock, won't be surprised if TTJ returns me fully in cash through dividends what I paid for it in the near future.

[brattzz]

8cts is really extra-ordinary for a counter that trade at 33 cts!
think this should be "ordinary+special" dividends leh...

whatever it's called, it's money collected! huat har!

[smallcaps]

Would not expect consistent 8 cents since it's actually 174% payout ratio...

But you are right to raise that it's a ordinary dividend.

Add on: Net gain in cash this FY: >30mil. Bumper dividend in total: ~28 mil. Still accumulating cash...

Happy to hold this stock, won't be surprised if TTJ returns me fully in cash through dividends what I paid for it in the near future.

Actually dividend of $28 mil seems to be in line with operating cash flow of around $30 mil for the past 2 years.
What amazes me is that for this amount of cash generation power, TTJ seems to spent little on maintenance CAPEX.

[Dividend Hermit]

I thought I see wrongly. What a pleasant surprise. 

<Vested - Largest Holding>

[valuebuddies]

TTJ have been underpaying shareholders in the past, perhaps towkay has wake up and started to give back more value to shareholders, it won't be a constant 8c per year, but maybe 3c?

[ vested ]

[CityFarmer]

Would not expect consistent 8 cents since it's actually 174% payout ratio...

But you are right to raise that it's a ordinary dividend.

Add on: Net gain in cash this FY: >30mil. Bumper dividend in total: ~28 mil. Still accumulating cash...

Happy to hold this stock, won't be surprised if TTJ returns me fully in cash through dividends what I paid for it in the near future.

Actually dividend of $28 mil seems to be in line with operating cash flow of around $30 mil for the past 2 years.
What amazes me is that for this amount of cash generation power, TTJ seems to spent little on maintenance CAPEX.

TTJ business model is fixed asset-light model, thus capex is minimum. The capital needed is mainly the working capital e.g. receivables.

[CityFarmer]

Shrewd investment from buddies here. Was eyeing TTJ for a long time but never took it seriously. Proven wrong about its cash generating abilities.

(Not Vested)

There are two main merits of the company, IMO

Firstly, is the consistent positive cash generating, with minimum capex. The main capital is with working cap i.e. receivables. TTJ seems has no issue with its receivables so far, with minimum impairment.

Next, is its highly flexible cost structure. You may notice that the revenue is downed 70%, but the margins are improved. The fixed cost is minimum, and mostly the variable cost. It has allowed the company the luxury to pick "profitable" contracts, without the pressure to cover the fixed cost. I reckon it is due to the operational model with mostly sub-contractors.

The demerits of the company are
- Low free float at 17%, thus low liquidity. I couldn't accumulate meaningfully, with the low liquidity, since few are willing to sell. 
- The operational model with sub-contractors, will limit the company to expand abroad. It will take time to replicate the model elsewhere.

(vested, and sharing few points in my record)

[LocalOptimal]

Shrewd investment from buddies here. Was eyeing TTJ for a long time but never took it seriously. Proven wrong about its cash generating abilities.

(Not Vested)

There are two main merits of the company, IMO

Firstly, is the consistent positive cash generating, with minimum capex. The main capital is with working cap i.e. receivables. TTJ seems has no issue with its receivables so far, with minimum impairment.

Next, is its highly flexible cost structure. You may notice that the revenue is downed 70%, but the margins are improved. The fixed cost is minimum, and mostly the variable cost. It has allowed the company the luxury to pick "profitable" contracts, without the pressure to cover the fixed cost. I reckon it is due to the operational model with mostly sub-contractors.

The demerits of the company are
- Low free float at 17%, thus low liquidity. I couldn't accumulate meaningfully, with the low liquidity, since few are willing to sell. 
- The operational model with sub-contractors, will limit the company to expand abroad. It will take time to replicate the model elsewhere.

(vested, and sharing few points in my record)

The low liquidity is indeed a problem for investors... there was a month with no trading at all!

At ~33 cents there was still slight volume, and on hindsight the price seems pretty undervalued at the back of this bumper dividend.

[BlueKelah]

The low liquidity is indeed a problem for investors... there was a month with no trading at all!

At ~33 cents there was still slight volume, and on hindsight the price seems pretty undervalued at the back of this bumper dividend

at around 33c now NAV is only 36.82c leh, not much MOS, upside will be also very limited. Dorm business only till 2017, net EPS is ~2.6c/year. Revenue keeps dropping how to sustain the other half of the EPS?

At 91+% owned by top 20 shareholder, wait till it drop back 20c level, owner likely delist. 

looks pretty fairly valued to me.

SAFE but not CHEAP

[smallcaps]

Seriously? If tomorrow price never budge much then will throw everything at it but i guess its not going to happen. CF's assessment of the value of TTJ is probably more accurate as opposed to a pure NAV approach. That makes the MOS much higher than usually perceived. Especially now that major shareholder has indicated it is willing to return excess cash.