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(21-03-2020, 08:23 AM)opmi Wrote: Can someone can help me with my question:
Does a watch distributor has to buy X amount of watches (quotas) every quarter/year to maintain the distributorship?
Thank you.
I'm also interested in the answer.
I suspect that there isn't a hard contract, but some form of understanding.
Though I think there shouldn't be any concern of channel stuffing, since it has been alleged that Rolex may not be able to keep up with production.
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26-09-2020, 09:30 AM
(This post was last modified: 26-09-2020, 09:31 AM by weijian.)
A pretty detailed discussion I would say.
MINUTES OF THE 41ST ANNUAL GENERAL MEETING OF THE HOUR GLASS LIMITED HELD BY WAY OF ELECTRONIC MEANS ON FRIDAY, 28 AUGUST 2020 AT 10.00 A.M.
https://links.sgx.com/FileOpen/Minutes%2...eID=632765
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06-11-2020, 09:23 AM
(This post was last modified: 06-11-2020, 09:23 AM by weijian.)
A pretty robust set of results. But I thought the surprise was actually the payment of the interim dividend, a first in decades literally. The interim amount is equivalent to the final dividend in the previous fiscal year and so it is probably a case of paying out ahead of time as Dr Tay and co (and all of us) needs that cash in such trying times.
On the other hand, THG's dividend coverage (whether is it FCF or net income) has always been superbly low and it is pausible that cash is unlocked for the benefit of everyone?
Unaudited Half Year Financial Statement For The Period Ended 30 September 2020
The COVID-19 pandemic has led to unprecedented global economic uncertainties. The Group’s retail operations and its financial results may be adversely impacted by business disruptions. The Group has practised financial prudence by continuing to generate positive cash flow and maintain strong cash reserves. The full impact of the COVID-19 outbreak is difficult to quantify at this juncture.
11. Dividend
The Board of Directors has approved an interim dividend of 2.00 cents per ordinary share (2019: Nil) for the half year ended 30 September 2020, amounting to approximately $14,080,000.
https://links.sgx.com/FileOpen/THGL_1H_F...eID=638049
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its great news! 2cts dividends comes in timely!
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR!
4) In BULL, SELL-SELL-SELL!
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https://links.sgx.com/FileOpen/Acquisiti...eID=639473
Cortina is buying the loss-making Sincere Watch group for $84.5m - a small discount to Sincere Watch's NTA.
The above trade sale should have a bearing on the value and market valuation of THG's business.
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(17-11-2020, 08:33 PM)dydx Wrote: https://links.sgx.com/FileOpen/Acquisiti...eID=639473
Cortina is buying the loss-making Sincere Watch group for $84.5m - a small discount to Sincere Watch's NTA.
The above trade sale should have a bearing on the value and market valuation of THG's business.
If Sincere is loss-making, then valuation by NTA may be a fair and practical approach.
But THG is highly profitable so a NTA approach would not be suitable.
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(17-11-2020, 11:13 PM)Choon Wrote: (17-11-2020, 08:33 PM)dydx Wrote: https://links.sgx.com/FileOpen/Acquisiti...eID=639473
Cortina is buying the loss-making Sincere Watch group for $84.5m - a small discount to Sincere Watch's NTA.
The above trade sale should have a bearing on the value and market valuation of THG's business.
If Sincere is loss-making, then valuation by NTA may be a fair and practical approach.
But THG is highly profitable so a NTA approach would not be suitable.
So THG should be at a premium over its NAV then..
https://links.sgx.com/FileOpen/THGL_1H_F...eID=638049
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05-12-2020, 11:10 AM
(This post was last modified: 05-12-2020, 11:10 AM by weijian.)
Another big purchase in Aus.
PROPOSED ACQUISITION OF A PROPERTY IN MELBOURNE, AUSTRALIA
THE PROPERTY
The Property is a four-storey retail and commercial office building (with basement carpark) occupying a site area of approximately 563 sqm, and is located on Collins Street, Melbourne’s main luxury retail precinct. The Property has a gross lettable area of 2,494 sqm. The Property has a retail tenant occupying the ground and first floors and other tenants occupying two levels of commercial offices.
3. PURCHASE CONSIDERATION
The consideration for the purchase of the Property is A$68.0 million (approximately S$67.3 million) (the “Purchase Consideration”). The Purchase Consideration was arrived at on a “willing buyer-willing seller” basis, based on THGA’s assessment of the Property’s value having regard to its prime location. The Purchase Consideration will be funded by internal resources and bank borrowings. A deposit of A$6.8 million was paid by THGA at the exchange of the SPA. The balance of the Purchase Consideration is payable in full upon completion of the sale and purchase of the Property pursuant to the SPA, which is expected to be effected in December 2020
https://links.sgx.com/FileOpen/Proposed%...eID=641613
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(05-12-2020, 11:10 AM)weijian Wrote: Another big purchase in Aus.
PROPOSED ACQUISITION OF A PROPERTY IN MELBOURNE, AUSTRALIA
THE PROPERTY
The Property is a four-storey retail and commercial office building (with basement carpark) occupying a site area of approximately 563 sqm, and is located on Collins Street, Melbourne’s main luxury retail precinct. The Property has a gross lettable area of 2,494 sqm. The Property has a retail tenant occupying the ground and first floors and other tenants occupying two levels of commercial offices.
3. PURCHASE CONSIDERATION
The consideration for the purchase of the Property is A$68.0 million (approximately S$67.3 million) (the “Purchase Consideration”). The Purchase Consideration was arrived at on a “willing buyer-willing seller” basis, based on THGA’s assessment of the Property’s value having regard to its prime location. The Purchase Consideration will be funded by internal resources and bank borrowings. A deposit of A$6.8 million was paid by THGA at the exchange of the SPA. The balance of the Purchase Consideration is payable in full upon completion of the sale and purchase of the Property pursuant to the SPA, which is expected to be effected in December 2020
https://links.sgx.com/FileOpen/Proposed%...eID=641613
As a shareholder, I have mixed-feelings about this purchase:
- On one hand, it shows decisiveness, consistency and an appetite for growth, THG having recognised Australia as a key growth market for some years.
- On the other hand, if country relationship between Australia and China do not recover or worse deteriorate further, would Australia's spending (domestic and visiting tourists) on luxury goods go into a deep decline? And THG has invested quite a lot in Australasia.
- Is A$68m a good deal? It seems to me that THG does not quibble when its a high-quality property.
https://theurbandeveloper.com/articles/l...market-50m-
Louis Vuitton Building Hits the Market
![[Image: df251d12-63fb-4b82-8a5a-e998fb9ad368.jpg]](https://s3-ap-southeast-2.amazonaws.com/tud-media/raw/images/df251d12-63fb-4b82-8a5a-e998fb9ad368.jpg)
The building containing Louis Vuitton’s flagship store on Collins Street will test demand for prime Melbourne CBD assets as it hits the market ahead of the anticipated end to the city’s strict lockdown, with price expectations of more than $50 million.
Located at 139 Collins Street, the Kearney family are offloading the four-storey retail and commercial building which sits on the corner of Collins and Russell Streets. It last changed hands for $16.2 million in 2006, from the previous vendor registered as a "trust company".
Louis Vuitton’s flagship store occupies both the ground floor and level one, on a 15-year lease expiring 2026.
John Marasco, Oliver Hay, Matt Stagg and Daniel Wolman of Colliers International have been appointed to manage the International Expressions of Interest campaign.
“There is overwhelming pent up purchaser demand for prime Melbourne CBD assets from local, interstate and offshore investors,” Marasco said.
“Benefiting from a prime Collins Street location and anchored by Louis Vuitton, we anticipate the offering will be hotly contested and demonstrate the robustness of the Melbourne CBD market.”
Stagg described the Louis Vuitton boutique as arguably the most coveted trophy asset in the Melbourne CBD.
“Colliers receives more unsolicited enquiries to acquire this property than any other in the Melbourne CBD,” Stagg said.
The building is fully leased with a WALE of 5.05 years.
Constructed in 1888, the building was designed by architect William Salway, and has had six owners in its 130-year history.
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(06-12-2020, 05:51 PM)Choon Wrote: (05-12-2020, 11:10 AM)weijian Wrote: Another big purchase in Aus.
PROPOSED ACQUISITION OF A PROPERTY IN MELBOURNE, AUSTRALIA
THE PROPERTY
The Property is a four-storey retail and commercial office building (with basement carpark) occupying a site area of approximately 563 sqm, and is located on Collins Street, Melbourne’s main luxury retail precinct. The Property has a gross lettable area of 2,494 sqm. The Property has a retail tenant occupying the ground and first floors and other tenants occupying two levels of commercial offices.
3. PURCHASE CONSIDERATION
The consideration for the purchase of the Property is A$68.0 million (approximately S$67.3 million) (the “Purchase Consideration”). The Purchase Consideration was arrived at on a “willing buyer-willing seller” basis, based on THGA’s assessment of the Property’s value having regard to its prime location. The Purchase Consideration will be funded by internal resources and bank borrowings. A deposit of A$6.8 million was paid by THGA at the exchange of the SPA. The balance of the Purchase Consideration is payable in full upon completion of the sale and purchase of the Property pursuant to the SPA, which is expected to be effected in December 2020
https://links.sgx.com/FileOpen/Proposed%...eID=641613
As a shareholder, I have mixed-feelings about this purchase:
- On one hand, it shows decisiveness, consistency and an appetite for growth, THG having recognised Australia as a key growth market for some years.
- On the other hand, if country relationship between Australia and China do not recover or worse deteriorate further, would Australia's spending (domestic and visiting tourists) on luxury goods go into a deep decline? And THG has invested quite a lot in Australasia.
- Is A$68m a good deal? It seems to me that THG does not quibble when its a high-quality property.
https://theurbandeveloper.com/articles/l...market-50m-
Louis Vuitton Building Hits the Market
![[Image: df251d12-63fb-4b82-8a5a-e998fb9ad368.jpg]](https://s3-ap-southeast-2.amazonaws.com/tud-media/raw/images/df251d12-63fb-4b82-8a5a-e998fb9ad368.jpg)
The building containing Louis Vuitton’s flagship store on Collins Street will test demand for prime Melbourne CBD assets as it hits the market ahead of the anticipated end to the city’s strict lockdown, with price expectations of more than $50 million.
Located at 139 Collins Street, the Kearney family are offloading the four-storey retail and commercial building which sits on the corner of Collins and Russell Streets. It last changed hands for $16.2 million in 2006, from the previous vendor registered as a "trust company".
Louis Vuitton’s flagship store occupies both the ground floor and level one, on a 15-year lease expiring 2026.
John Marasco, Oliver Hay, Matt Stagg and Daniel Wolman of Colliers International have been appointed to manage the International Expressions of Interest campaign.
“There is overwhelming pent up purchaser demand for prime Melbourne CBD assets from local, interstate and offshore investors,” Marasco said.
“Benefiting from a prime Collins Street location and anchored by Louis Vuitton, we anticipate the offering will be hotly contested and demonstrate the robustness of the Melbourne CBD market.”
Stagg described the Louis Vuitton boutique as arguably the most coveted trophy asset in the Melbourne CBD.
“Colliers receives more unsolicited enquiries to acquire this property than any other in the Melbourne CBD,” Stagg said.
The building is fully leased with a WALE of 5.05 years.
Constructed in 1888, the building was designed by architect William Salway, and has had six owners in its 130-year history.
Paying $68M for a property that generates $0.8M earnings. Doesn't seem to be value investors. Unless the property has been under-earning its true earnings potential, the only way this transaction can be value-accretive is to have a bigger fool take the property off the hands off THG. And I consider that speculation, not investing.
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