TTJ Holdings

[Yoyo]

Although I hold on, acceptance reached 90%, game over. The margin is too narrow for the fight. Entertaining experience.

[boonsong]

I afraid the 90% line has been crossed and all of us are forced to sell our shares.

This is both an enriching (only to the mind, unfortunately) and unpleasant experience, and I urge SGX and ACRA to prevent such abuse in the future.

To put it gently, it is the actions of the like of Mr Teo that made me appreciate how Berkshire has act over the years.

[¯|_(ツ)_/¯]

We are all sad. anyway, let's move on and look for more dependable management/company with proven track records.

Especially at this moment in time that everything is so cheap and some sectors with exceptionally clear growth opportunities, why not spend more time uncover these gems?



Gratitude.

[BlueKelah]

Updating ...

T T J Holdings Limited announced today that it has secured new contracts worth $12 million in Singapore and Malaysia. With these, the Group’s order book as at 07 December 2016 stands at $42 million

The new projects, a few of which the Group has already commenced work, are expected to be substantially delivered between FY2017 to FY2018.

In Singapore, T T J has secured another contract to supply and install the fixed gangway at Changi Airport Terminal 1, following its first Terminal 1 gangway project in October 2014. Separately, T T J has secured a contract to supply, fabricate and install structural steelwork at Choa Chu Kang Waterworks. The Group also clinched the job to supply a series of civil defence shelter doors for the MRT ThomsonEast Coast Line.

Over in Malaysia, the Group won a contract from a repeat customer to supply, fabricate and install structural steelwork for the refinery and petrochemical integrated development project in Pengereng, Johor. This marks the third job T T J has won for this mega project in Pengerang, Johor.

The quarterly result was out as well. This could be the 2nd last quarter with dormitory top and bottom line.
They are now really swimming in cash!!
The scenario of waiting for substantially lower profit in Q3 and Q4 to delist is still on track (just thinking out loud, hopefully it won't happen).
It is really one-too-many of Spore Exchange's listed companies to have so many low ball delisting offers. Really hope that will not be what we associate Sgx with.

<vested, reduced>

Orderbook still less than last quarter which was at 48m. and will still be unable to sustain top line of 25m+/quarter. Without dorm. revenue or significant orderbook incoming, top line will be 10m+ only in coming quarters.

Yup those holding will have a lower profit Q3 & Q4 to look forward, if coupled with a local recession may hit stock prices even more. As I said before, delist when stock price go down is a no brainer for TTJ boss.

Good thing for holders is net cash sits ~85% of Mcap, company is trading now at NAV and cash will likely increase as the company ramps down. Probably a good time to profit take whilst market is still high on Trump and bond money is flowing back into stocks.

Went back to have a look at my comments, 

I pretty much said this would happen almost 6 years ago towards the end of 2016!

Back then it hit a high of 42c and was even trading in excess of 35c. 

Took a while to happen but there you go, boss delisting when market is beaten down the stock lol....

Thats what you get for backing a stock where it is obvious has a history of not having OPMI interest at heart.

[¯|_(ツ)_/¯]

 
I'm rather impressed with your foresight.
I guess your experience counts and also luck is always on your side.

TTJ (among many others) would be a hit that current stock market is at a low point.  

Let's move on and pick another better stocks to invest for long term....

Don't ask me where is the under-price sector.
Just listen to 1M65. For those without patient, scroll forward and start watching from 13 mins onward. 



Beautiful Luxembourg:

https://vallielagiraffe.wordpress.com/20...uxembourg/

Gratitude.

[BlueKelah]

 
I'm rather impressed with your foresight.
I guess your experience counts and also luck is always on your side.

TTJ (among many others) would be a hit that current stock market is at a low point.  

Let's move on and pick another better stocks to invest for long term....

Don't ask me where is the under-price sector.
Just listen to 1M65. For those without patient, scroll forward and start watching from 13 mins onward. 



Beautiful Luxembourg:

https://vallielagiraffe.wordpress.com/20...uxembourg/

Gratitude.

Luck is not such a big factor over the longer term. And yes experience does help as you start to develop a set of strict criteria that increases your chances of buying a company that has higher chances of performing well in the longer term and will rewards OPMI.

I do have some underperforming stocks I have bought like recently Rex Int. for oil/commodity exposure and inflation hedge that has not done well at all despite oil still being above $100 range, market probably pricing in coming global recession and lower oil prices. However this is not unexpected as I feel the risk of high oil price with hyperinflation/War(likely china taiwan soon) / sector underinvestment in 2020/2021 outweighed the risk of recession. REx though has excellent fundamentals and management is growing the production business with smart acquisitions now. Valuation wise I feel its a good bargain at current prices. Another food hedge I bought is GoldenAgri, should probably have got Wilmar but GoldenAgri business seemed to be booming and its more of a pure play into the food/palm oil commodities sector, if you checkout its recent earnings, even at current corrected palm oil prices they will still make a decent profit. I believe commodities are pricing in the recession but i think there is further upside as the chance of 1970s style STAGFLATION is very very high. Back then commodities like gold did a 4x in a few years despite ongoing recessions.

My current favourite though is Riverstone which I think can be bought in now at pretty good value. Just do the math on their most recent quarter earnings that has factored in the bottom in HC glove prices. 

Otherwise I am on the lookout for new stocks with dependable honest OPMI friendly management, has consistent cash flows, good dividends and strong balance sheet. If you buy them at low or reasonable prices, its really very hard to lose on them in the long run. 

Global recession is on the way though, so I think better let the storm blow through, maybe get some blue chip dividend bargains like sheng shiong / St engineering when STI hits 2600-2700 range.

[¯|_(ツ)_/¯]

@B - yes, I had been watching your post and had recently (about 1 month ago) vested in one of them (RS) too.

Agri vs Wilmar - my pick go to Wilmar too. Was planning to vest more when the price drop a bit more.

Gratitude.

[brattzz]

I afraid the 90% line has been crossed and all of us are forced to sell our shares.

This is both an enriching (only to the mind, unfortunately) and unpleasant experience, and I urge SGX and ACRA to prevent such abuse in the future.

To put it gently, it is the actions of the like of Mr Teo that made me appreciate how Berkshire has act over the years.

Don't be dishearten, take this cashflow and continue to value invest!
1 door close, other doors open!

buy! buy! buy!

[dreamybear]

I think we are all aware of the disappointing episode. However, interestingly, in the news article below, the issue of unlocking value over time has been brought up.

Taking a look at the SGX rules, it may be quite difficult for OPMI to depend on the IDs regarding such issues. While there's no harm in engaging the Board during in-person AGM or submitting AGM questions relating to value unlocking, I think to have a better chance of unlocking value in such scenarios, OPMI may have to form a united group with sufficient shareholdings and preferably have a representative taking a board seat.

-----------------

Lessons from the voluntary cash offer for TTJ
https://www.investingnote.com/posts/2489420
"....TTJ’s board should have considered options to unlock value for all its shareholders. For instance, it could have tried to crystallise the value of its key property at 57 Pioneer Road. The board could also have considered distributing some of the cash on its books – which amounted to S$29.2 million as at Jan 31..."

http://rulebook.sgx.com/entiresection/74...%20company.
"Independent Directors (IDs)..... As with all directors, they are to act in the best interests of the company as a whole and not of any particular group of shareholders or stakeholders...."

[BRT]

every case is different when it comes to these should haves and could haves, but for TTJ it's straightforward; if he wanted to, he would have