Fischer Tech

[Nick]

offer at 16c? WOW!
the FY 2014 results shows the NAV is at 31c.

the offer price is 50% lower than the NAV. what were they thinking?
rational investors will not option to cash in at 16c.

It may not succeed in privatizing the entire Company but it will be acquiring Amtek's stake nonetheless.

(Not Vested)

[CityFarmer]

offer at 16c? WOW!
the FY 2014 results shows the NAV is at 31c.

the offer price is 50% lower than the NAV. what were they thinking?
rational investors will not option to cash in at 16c.

It may not succeed in privatizing the entire Company but it will be acquiring Amtek's stake nonetheless.

(Not Vested)

The Amtek has already agreed to sell, base on the latest update in Amtek thread.

http://www.valuebuddies.com/thread-301-p...l#pid92331

I glances into the offer announcement, the offer is the final offer.

(not vested)

[dydx]

The Amtek has already agreed to sell, base on the latest update in Amtek thread.

http://www.valuebuddies.com/thread-301-p...l#pid92331

I glances into the offer announcement, the offer is the final offer.

(not vested)

In most GO's, the Offeror and its financial advisor would always say that their offer is final.

In this case, I am pretty sure Tan and Foo would have also talked to Venture on buying their block of shares on the same terms. What if Venture does not like to be marginalised and makes a counter offer to Tan and Foo to buy their shares at a higher price, which would likely be described as a final offer too..

[CityFarmer]

The Amtek has already agreed to sell, base on the latest update in Amtek thread.

http://www.valuebuddies.com/thread-301-p...l#pid92331

I glances into the offer announcement, the offer is the final offer.

(not vested)

In most GO's, the Offeror and its financial advisor would always say that their offer is final.

In this case, I am pretty sure Tan and Foo would have also talked to Venture on buying their block of shares on the same terms. What if Venture does not like to be marginalised and makes a counter offer to Tan and Foo to buy their shares at a higher price, which would likely be described as a final offer too..

The statement in the offer doc, is legally bound.

"The Offeror does not intend to revise the Offer Price."

http://infopub.sgx.com/FileOpen/Offer%20...eID=310857

[specuvestor]

In most GO's, the Offeror and its financial advisor would always say that their offer is final.

This statement is incorrect but many GO does finally ends with the statement "offer is final". Latest example is OCBC offer for Wing Hang and CAPL for CMA

[kelvesy]

Some of Fischer's employees sold their shares to Harmony.

http://infopub.sgx.com/FileOpen/_Form3Ha...eID=313707

[old friend]

undervalued counter. But I think must hold for at least 2 months to see 23cts or above.

[CY09]

No doubt Fischer may hit 23 cents & above if one holds holds for at least 2 months. For Fischer's value to be realized, a catalyst has to occur. In the short term, one could be a takeover competition between Venture and Harmony like in HPL. However, over the long run, the importance is for Fischer to give increasing dividends and maintain its good last yr FY results. Given its cash hoard and cash flow generative ability of approx 1.9 cents, I will like to see the mgmt give dividends of 0.9 or 1 cents this FY. This will help it gain recognition.

Often at times when VB members purchase/support a certain stock, the stock is still an unknown in the market then. Only when quarterly results improve or a takeover occurs, would these undervalued stocks be recognized by Mr. Market. So just sit back, wait for the results and accumulate if you think a sufficient MOS is still present.

[CY09]

Just read the Amfraser report on Innovalues and I cant help but create a spoof version for Fischer. So here goes

Booming automotive market.
The automotive markets in China have rebounded and been growing steadily after the global financial crisis and are expected to continue growing. Notwithstanding new customer acquisitions will add a further boost to Fischer in the coming years.

Strong bottom‐line growth through margin expansion.
Although we are conservatively expecting revenue to grow at about 7% over the next 3 years, its resultant earnings is expected to grow at 3‐yr CAGR of 25% between FY15‐FY17F through margin expansion via higher capacity utilisation and lower debt expense.

Higher dividends post balance sheet clean‐up.
Fischer has been progressively paying down its debt over the last 3 years, and has been net cash since 2Q12 (yup, this is not a typo!). Along with its strong FCF, the company is now in a position to increase dividends.

We expect total dividends for FY15 to be increased to 0.7 Scts (4.3% yield) vs. 0.6 Scts in FY14 and FY13, and continue to grow going forward.

Positive insider activity.
Recently, its Chairman Mr. Foo Meng Tong and CEO Mr. Tan Choon King, have made a large stake purchase at $0.16/share and is now offering a takeover for other shares they do not own.

Clearly undervalued.
Fischer is currently trading at 6.74x FY14 P/E with an expected CAGR of 25% for the next three years.

Given its growth prospects, its balance sheet strength and higher prospective dividends, we believe it would be undemanding to value Fischer at 10x FY16F P/E, which translates to a target price of S$0.38.

Disclaimer: This is not a investment report but a parody of Amfraser's report. Please do not base your investment decision on this joke or the joke will be on you!

[valuebuddies]

Thought there is a GO undergoing at 16c? So you are calling the minorities not to sell right?