Chuan Hup Holdings

[BlueKelah]

No u are not. However question should be what possible catalyst to unlock value push it up other than overeager vbs? Company been doing 1 cent div, not exactly super opmi friendly.

It can end up a value trap for a while. The only good thing going for them is milking PCI and out of their other income producing assets the rest arent looking too flash, finbar is on sustained downtrend since 2014 with the property picture pretty bad in perth. Cash pile likely will be kept for future acquisitions.

Unless more divestment of assets or some bullish reports from analyst come out, it may trade sideways only from now on.

sent from my Galaxy Tab S

[header]

Hi Desmondxyz

You may have double counted the cash, as the main bulk of cash is sitting in PCI.
And you have already included PCI at market value.

I do think CHH is a relatively safe counter, but in terms of undervaluation, I think PCI is more undervalue.

[desmondxyz]

Hi Desmondxyz

You may have double counted the cash, as the main bulk of cash is sitting in PCI.
And you have already included PCI at market value.

I do think CHH is a relatively safe counter, but in terms of undervaluation, I think PCI is more undervalue.

Oh ya... PCI cash ard USD 42 mils.....So I just take it out from the calculation:

How much does CHH worth?

1) Based on last traded price of $0.52, 76.7% stake in PCI =                             SGD 79.4 mils
2) Based on last traded price of A$1.125, 18% stake in Finbar = A$46.25 mils = SGD  46.7 mils
3) Base on June 2015 valuation, GB Building investment = US$ 24.4 mils =        SGD  34.2 mils
4) Cost of development properties = USD 39.8 mils =                                      SGD  55.7 mils
5) Investment Securities = USD 77.6 mils =                                                    SGD 108.6 mils 
6) Cash = USD 116.5 mils =                                                                          SGD 163.1 mils
7) Borrowings = USD 11.6 mils =                                                                  SGD (16.2) mils 
---------------------------------------------------------------------------------------------------------------------
Total                                                                                                           SGD  471.5 mils
---------------------------------------------------------------------------------------------------------------------    
Outstanding shares                                                                                              930 mils
Value per share                                                                                           SGD  0.507
20% discount to its sum-of-parts valuation                                                   SGD  0.406
---------------------------------------------------------------------------------------------------------------------

[BlueKelah]

Hi Desmondxyz

You may have double counted the cash, as the main bulk of cash is sitting in PCI.
And you have already included PCI at market value.

I do think CHH is a relatively safe counter, but in terms of undervaluation, I think PCI is more undervalue.

Hehe thats why i wack only pci. Chh need the payout from pci now, so pci will be dishing the cash out and opmi will benefit. And also high possibility delisting catalyst inthe future for pci

sent from my Galaxy Tab S

[cyclone]

New Associated Company : Finbar Group Limited, an Australian property development company listed in Australian Stock Exchange.

Chuan Hup Holdings Limited wishes to announce that the Company has been accorded two board seats in Finbar Group Limited.

The Company’s direct equity stake of 18.0% in Finbar as at 30 June 2015, was accounted for as an available-for-sale investment in the audited consolidated financial statements of the Company and its subsidiaries.

Going forward, with Finbar as an associated company, this allows the Group to equity account for the results of Finbar Group as an associate and reflect the Group's share of the associate's profit or loss in accordance with Singapore Financial Reporting Standard 28 (FRS 28 – Investments in Associates), which is more reflective of the attributable results of the associate rather than the distributions received from it.

[desmondxyz]

http://infopub.sgx.com/FileOpen/Increase...eID=392350

INCREASE OF INTEREST IN ASSOCIATED COMPANY

Pursuant to Rule 704(17)(d) of the SGX-ST Listing Manual, the Board of Directors of Chuan Hup Holdings Limited (the “Company”) wishes to announce that the Company’s interest in its associated company, Finbar Group Limited (“Finbar”), has increased to 44,487,947 shares or 19.21% of Finbar’s issued capital (231,594,772 shares). The increase in its shareholding was pursuant to open market purchases by the Company of an aggregate of 1,000,000 Finbar shares on 2 March 2016 at the average price of AUD 0.90 per share.



What's the entry price of the original 18% stake in Finbar?

[BlueKelah]

Wah what is chh thinking, Perth property market sinking leh

Sent from my MotoG3 using Tapatalk

[cyclone]

Chuan Hup’s interest in its associated company, Finbar Group Limited, has increased to 45,487,947 shares or 19.64% of Finbar's issued capital (231,594,772 shares).
The increase in its shareholding was pursuant to open market purchases by the Company of an aggregate of 1,000,000 Finbar shares on 3 March 2016 at the average price of AUD 0.8997 per share.

[BlueKelah]

Chuan Hup’s interest in its associated company, Finbar Group Limited, has increased to 45,487,947 shares or 19.64% of Finbar's issued capital (231,594,772 shares).
The increase in its shareholding was pursuant to open market purchases by the Company of an aggregate of 1,000,000 Finbar shares on 3 March 2016 at the average price of AUD 0.8997 per share.

At 87c today, Finbar is already trading at ~50% of its 2014 peak (at $1.75+)

Perth residential is on continued downtrend. 
https://www.businessnews.com.au/article/...ome-prices

Rents falling and vacancies jumping up.
http://www.news.com.au/finance/real-esta...4d111eb434
[In Perth house rents were down by 9.6 per cent and units down 9.7 per cent.]

Residential listings in Perth are also all time high from usual 1300+ average to 1700+ now for sale.

Probably just the beginning of bust phase in Perth which will continue for another 2 years at least. CHH could probably wait till Finbar trades at 40-50c before making their move I reckon.

[cyclone]

No affiliation between Chuan Hup Agencies and Chuan Hup Holdings Limited

Reference is made to the article in the Straits Times on 4 August 2016 entitled "Clock ticking for KPMG to find capital for Swiber". In the last paragraph of the article, it was reported that a demand has been sent from Chuan Hup Agencies for US$5.4 million.

The Board of Directors of Chuan Hup Holdings Limited wishes to clarify that there is no affiliation between Chuan Hup Agencies and Chuan Hup Holdings Limited.