The Hour Glass

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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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(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.
Reply
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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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
Reply
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
Reply
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
Reply
its great news! 2cts dividends comes in timely! Smile
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! 
Reply
its great news! 2cts dividends comes in timely! Smile
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! 
Reply
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.
Reply
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.
Reply
(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.
Reply
(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.
Reply
(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
Reply
(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
Reply
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
Reply
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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