BBR Holdings

[dydx]

Following the spate of companies taking advantage of the prevailing market uncertainties and low share prices, by actively buying back their shares in the last 2 weeks, today (21Mar11) BBR also joined the crowd and renewed its share buy-back, buying 108 lots at $0.245/share.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

And why not? - especially since BBR is now cum-dividend of $0.006/share, and the current share price is below the corresponding NAV/share of $0.2625 as at 31Dec10!

[dydx]

BBR has just announced its 2nd major contract win for FY11.....
http://info.sgx.com/webcoranncatth.nsf/V...8001F1130/$file/BBR_Yangkee_PressRelease.pdf?openelement

This job has a contract value of $48.3m, and involves the construction of Phase 2 of the Yang Kee Chemical Logistics Hub at Jurong Pier Rd, scheduled for completion in Q2-2012. This contract actually follows BBR having secured the job last year to construct Phase 1 of the Yang Kee Chemical Logistics Hub for S$42m.

Having secured so many contracts and with the jobs running into 2014, without doubt BBR will be kept very busy in 2011 and beyond.

Some background info on Yang Kee Logistics.....
http://www.yangkee.com/index.html

[dydx]

BBR has just announced its 3rd major contract win for FY11.....
http://info.sgx.com/webcoranncatth.nsf/V...000458BA6/$file/BBR_KelanaJayaLRTLineExtension_PressRelease.pdf?openelement

The contract - to be undetaken by 80%-owned Malaysian subsidiary BBR Construction Systems (M) Sdn Bhd - has a value of MYR52.7m (approx. $21.9m), and involves the construction and completion of the facilities works (Package A) for the Kelana Jaya (KLJ) LRT Line Extension Project in Kuala Lumpur, Malaysia, for Trans Resources Corporation Sdn Bhd as the main contractor, with targetted completion by Dec2012.

More info on the LRT Line Extension Project in Kuala Lumpur, Malaysia.....
http://www.prasarana.com.my/projects/ima...11Rev1.pdf

[dydx]

BBR's FY10 (ended 31Dec10) AR is out and makes interesting reading.....
http://info.sgx.com/listprosp.nsf/6c6be9...200352723/$FILE/BBR%20AR%202010-No%20crop%20mark.pdf

I am presently surprised to note that 2 construction-related listed (on SGX) companies - Tiong Woon Corp. and Ryobi Kiso Holdings, through their respective subsidiaries - have emerged as among the "20 largest shareholders" of BBR (see p107). This should be interpreted as a confirmation of the high quality of BBR's businesses and management, and as an indication of its investment merits.

[mrEngineer]

BBR's FY10 (ended 31Dec10) AR is out and makes interesting reading.....
http://info.sgx.com/listprosp.nsf/6c6be9...200352723/$FILE/BBR%20AR%202010-No%20crop%20mark.pdf

I am presently surprised to note that 2 construction-related listed (on SGX) companies - Tiong Woon Corp. and Ryobi Kiso Holdings, through their respective subsidiaries - have emerged as among the "20 largest shareholders" of BBR (see p107). This should be interpreted as a confirmation of the high quality of BBR's businesses and management, and as an indication of its investment merits.

It's probably because they have common projects together and would want ease collection of receivables?

[dydx]

BBR's shareholders should be very pleased with the just released rock-solid Q1 (ended 31Mar11)-FY11 results.....
http://info.sgx.com/webcoranncatth.nsf/V...7003CFCDD/$file/BBR_1Q2011_FS.pdf?openelement [Results announcement]
http://info.sgx.com/webcoranncatth.nsf/V...7003CFCDD/$file/BBR_1Q2011_PressRelease.pdf?openelement [Press release]

Apart from a sharp rise in revenue and profits from specialised and general construction projects - backed by a latest and huge $640.0m order book! - it is relevant to note -
(1) Following the completion of the "8 Nassim Hill" condo project, the 48%-owned associate - Tennessee P/L - has settled a $9.5m shareholder's loan from BBR, and even paid BBR a $9.6m dividend! Going forward, we can expect BBR to book further profits and dividend income as and when Tennessee P/L manages to sell any of the balance 7 units.
(2) The booking of revenue and profits from the wholly-owned and nearly fully-sold 56-unit "Lush On Holland Hill" condo project has started, as construction has reached a more advanced stage towards TOP expected in H2-FY12.

[dydx]

Following the good Q1-FY11 results, both DMG and S&P have issued positive update reports together with upgrades on target price and FY11/FY12 earning forecasts....
http://www.remisiers.org/cms_images/BBR06May2011DMG.pdf [DMG report dated 6May11]
http://research.sgx.com/reports/rpt_view.pl?id=6474 [S&P report dated 6May11]

It looks like the expected higher EPS in both FY11 and FY12 - and the consequent boost to per share NAV - should exert a positive impact on BBR's share price, going forward.

[dydx]

Checked my bank account this morning and noted a nice credit from BBR's $0.006/share Final dividend for FY10. Feeling good!

Having posted a big profit increase in Q1 - a NP of $9.426m, +109.9% yoy - I guess it is reasonable to expect BBR to post another new record NP in FY11 (vs. a NP of $19.564m in FY10). A relevant question: Would BBR introduce an Interim dividend and also increase dividend payout in FY11?

[dydx]

BBR has resumed buying back its own shares - by buying 94 lots today (7Jun11) at $0.2607/share....
http://info.sgx.com/webcorannc.nsf/Annou...endocument

It is good to know that in BBR management's view, the BBR share is worth more than its current share price.

[dydx]

Yesterday (1Jul11, Friday), BBR hit a new recent high of $0.305 and closed at $0.30, with a high 3.76m shares done in the day.....
http://finance.yahoo.com/echarts?s=KJ5.S...I;range=my
This is indeed a very good sign!

I guess this solid market re-valuation of BBR is well supported by the positive prospect that the company is poised to deliver a strong profit increase - likely a new record! - in FY11 (ending 31Dec11). The very positive Q1 results....
http://info.sgx.com/webcoranncatth.nsf/V...penelement
is pointing towards that.

A relevant question: What is a reasonable fair value for BBR's group businesses and assets, and for its unit share? We should bear in mind the following: (a) Based on the latest (as at 31Mar11) outstanding 306.58m issued shares, and the last done share price of $0.30, BBR now has a market cap. of approx. $92.0m.; and (b) The latest NAV/share (as at 31Mar11) stands at $0.2945.