Combine Will International Holdings

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all figures in SGD based on 1sgd=6.34hkd
issued shares, 32.8m
mkt cap, 25m
total assets, 224m
total liab,124m
equity, 99.5m
NAV, 300 cts.
retained earnings, 56m
cash,18m
debt,64m
pre-ipo paid-up capital, 28m
post-ipo paid-up capital,44m
net proceeds raised from ipo,16m

increasing secured banking facilities over the years...
2011...425m
2010....225m
2009....65m
2008.....54m
2007.....38m
2006.....38m

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FCF..net profit...NPM...sales(m hkd)..maintenance capex(mHKD)
2011..2m.......8m....2.8%......1778....1.4
2010...(22m)...17m...6.8%.....1597...3.6
2009....(13m)....7m....4.3%....1058...0.5
2008....4.5m......11m...5.4%....1344...0.7
2007....(3m).......12m...6.5%...1214...5.7
2006....1.5m.......5.8m...3.7%...986...n/a

5yr NP ave...11m
5yr NPM ave...5%

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Info on co-founder, Tam Jo Tak
http://www.iyazhu.com/news/show-14449.html

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http://news.gxnews.com.cn/staticpages/20...2916.shtml

http://www.bbwdm.cn/show_info.asp?id=442103

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http://www.cwzsw.com/ReadNews.asp?NewsID=204
5月23日, 此次推介会签约仪式上，总投资两亿元人民币，由香港的联志工业有限公司建设的塑料玩具礼品生产项目顺利签约落户我县。

http://www.cwzsw.com/ReadNews.asp?NewsID=212
7月21日, 联志工业进驻园区

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9月22日, 项目落户苍梧县社学工业园区

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philips gave enterprise value of 72m
http://www.combinewill.com/misc/CombineWill20120307.pdf

vs S&P EV of - 30m
http://research.sgx.com/reports/rpt_list...ion=by_coy

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2007-12-27 联志公司荣获“全国双爱双评先进企业”称号

http://www.hengli.gov.cn/publicfiles/bus...2/3456.htm

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CEO is alumni of hk poly U

http://www.ceoclub.com.hk/eng/member_list.php

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philip report, 25 sept 2012
http://www.remisiers.org/cms_images/rese...120925.pdf

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pre-tax earnings(SGD)....operating profit(SGD)

fy06...6.6m......13.4m
fy07..18.6m.....16.2m
fy08...13.2m......15.3m
fy09...9.6m.......11.2m
fy10...21.3m.....23.9m
fy11....10.9m......14.9m
1H2012...4.4m.....5.8m

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based on conservative 4.5x pre-tax earnings, CW valuation range from 19.8m ~ 29.7m or 60-90cts

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in 2001, CW bought 65680.6 sq m of land with tenure of 50 yrs in hengli, dongguan to build 2 factories.

for reference, in 2006, CDW suzhou acquired land use rights of 21333.30 sq m for sgd 650k or sgd 30/m2.