Nam Lee Pressed Metal

[port]

http://research.sgx.com/reports/rpt_list...ion=by_coy

http://www.eptc.sg/

[dydx]

After quite a delay, finally Nam Lee has formalised its Scrip Dividend Scheme.....
http://info.sgx.com/webcoranncatth.nsf/V...70024CB98/$file/Scrip_Dividend_Scheme.pdf?openelement
which would be applied to the already approved total $0.015/share in dividends (comprising a $0.01/share Final and a $0.005/share Special) for FY11 (ended 30Sep11).

As provided in the approved Scheme, Nam Lee's BOD has absolute discretion to determine that the Scheme will apply to any particular dividend payment, and this means that the Scheme may or may not be applied to future dividends. If the intention is that this would be an one-off thing, this would mean that the coming dividend may be a rare opportunity for existing Nam Lee shareholders to benefit from re-investing their dividends at a lower-than-market issue price. As it is, Nam Lee's last done share price at $0.265 (closing price on 16Mar12) is already very low - at a 41.5% discount! - when compared with its corresponding NAV/share of $0.453 as at 31Dec11. A further discount from that will make investing into Nam Lee even more attractive!

[dydx]

Nam Lee has just provided further details on the application of the Scrip Dividend Scheme on the total $0.015/share in dividends (comprising a $0.01/share Final and a $0.005/share Special) for FY11.....
http://info.sgx.com/webcoranncatth.nsf/V...8002788D3/$file/NamLee-Indicative_Timetable.pdf?openelement

'XD' date has been fixed for 2Apr12, and Dividend Payment Date - whether in cash or new Nam Lee shares - will be on 11May12.

[dydx]

Issue price for each new share to be issued under the Scrip Dividend Scheme has been fixed at $0.232....
http://info.sgx.com/webcoranncatth.nsf/V...600385F48/$file/IssuePriceOfNewShares_r.pdf?openelement

[port]

Looking at the location of Nam Lee at 31 Senoko drive, I could not perceive why the lease cannot be renewed.
It is right at the centre of the industrial estate and next to power station, there is basically no potential for redevelopment.

Unless Nam Lee is seeking to expand its floor area of its local factory.

perhaps the planned new rail line running parallel to admiralty road west has something to do with the lease not being renewed.
http://www.ura.gov.sg/gallery/images/200...PlanA3.pdf

[port]

upstream producers such as rusal, chalco not doing well due to low Al prices and high energy costs. downstream value-added fabricator NL may benefit.

Is there a minute possibility that NL is using hydroelectric power for its operation since it is located close to the straits of johor?

[dydx]

1H results out last night (15May12).....
http://info.sgx.com/webcoranncatth.nsf/V...F001EF42B/$file/HalfYrResults2012.pdf?openelement
To see the 2Q results clearly, one will have to also look into the 1Q results first released on 10Feb12 and run some numbers....
http://info.sgx.com/webcoranncatth.nsf/V...0001405A4/$file/Q1Results2012.pdf?openelement

There are signs that Nam Lee's operating margins are improving. The more obvious thing is that the group's net cash reserve is bulging! If a big portion of the $34.92m Trade Debtors balance (a near cash item) - which is substantially funded/supported by own Equity - is included, Nam Lee's adjusted net cash reserve/share is already higher than the last done share price of $0.24.

[SLC81]

1H results out last night (15May12).....
http://info.sgx.com/webcoranncatth.nsf/V...F001EF42B/$file/HalfYrResults2012.pdf?openelement
To see the 2Q results clearly, one will have to also look into the 1Q results first released on 10Feb12 and run some numbers....
http://info.sgx.com/webcoranncatth.nsf/V...0001405A4/$file/Q1Results2012.pdf?openelement

There are signs that Nam Lee's operating margins are improving. The more obvious thing is that the group's net cash reserve is bulging! If a big portion of the $34.92m Trade Debtors balance (a near cash item) - which is substantially funded/supported by own Equity - is included, Nam Lee's adjusted net cash reserve/share is already higher than the last done share price of $0.24.

I agreed with dydx. Namlee is grossly undervalued on every counts. With $42 millions cash with no debt while the cash inflow is quite healthy this is probably one of the most undervalued companies listed at SGX

[ngcheeki]

I'd recently emailed the IR on the additional queries and the following are the replies.

1. There is still no news on the major Capex on Nam Lee factory building yet. May I how is the progress on acquiring a new factory space?

A1: We are still searching for a suitable factory space.

2. why is the lease at 31 Senoko Drive cannot be renewed after FY 2014?

A2: At the present moment, JTC do not want to renew the lease at 31 Senoko Drive after 2014.

3. By the way, may I know the date for Q3 FY 2012 result announcement?

A3: Q3 FY2012 result announcement will be release either on 13 or 14 August 2012

By the way, BB has been buying into this counter recently and share price has been increased from 24.5 cents to currently 28 cents.

4:52:55 Buy Up 0.280 0.000 10.0 -20.0
14:51:09 Buy Up 0.280 0.000 30.0 -7.0
14:50:00 Sell Down 0.280 0.000 37.0 32.0
14:38:59 Buy Up 0.280 0.000 5.0 -55.0
14:35:42 Buy Up 0.280 0.000 60.0 -315.0
14:25:34 Buy Up 0.280 0.005 375.0 275.0
14:25:24 Buy Up 0.275 0.005 100.0 99.0
13:33:17 Sell Down 0.270 -0.005 1.0 -367.0
11:32:54 Buy Up 0.275 0.005 368.0 68.0
11:31:30 Buy Up 0.270 0.005 300.0 196.0
10:21:14 Buy Up 0.265 0.000 104.0 67.0
09:53:18 Sell Down 0.265 0.265 37.0 37.0

[dydx]

I am a little surprised that today (30Jul12) Mr Market has actually started trading on Nam Lee - with a high 2303 lots transacted, and the counter up $0.02, or 7.4%, to close at $0.29 - which by historical market data is never a stock cut for active trading. Something positive brewing? Or some people are betting on a big 'long' position ahead of the coming 3Q (ending 30Jun12) results expected by 15Aug12?