Duty Free International (formerly: Esmart Holding)

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buyback continues.. keeping fingers crossed, the buyback continues for at least 2 weeks. Then will see breakout
Share buyback continues... yesterday bought back 499 lots at 30 cents.

If this continues, you will see a repeat of 2012

buyback is going on still.. from starting of 29 cents last week, becoming 29.5 cents. Now into 30 cents buyback..

They can only buyback at 105% of the previous 5 days average, so they have to do it slowly.

Quote from annual report:
“Maximum Price” in relation to a Share to be purchased, means an amount (excluding brokerage, stamp duties, applicable goods and services tax and other related expenses) not exceeding:
(i) in the case of a Market Purchase: 105% of the Average Closing Price;
(ii) in the case of an Off-Market Purchase: 120% of the Highest Last Dealt Price, where: “Average Closing Price” means the average of the closing market prices of a Share over the last five market days, on which transactions in the Shares were recorded, preceding
the day of the Market Purchase, and deemed to be adjusted for any corporate action that occurs after the relevant 5-day period;
today duty free queuing to buyback so buyback still continues... good sign
They are waiting to see if there is anymore 30 cents seller.. If 30 cents sellers do not appear for the next 2 days, then they will buy up 30.5 cents to 31 cents..

monitor carefully.
today break thru.. duty free bought back 3 lots at 29.5 morning and 50 lots 30.5 cents afternoon. This mark the next level...
The Group’s total revenue showed an increase of 4.9% or RM6.4 million from RM130.3 million in 2Q FY2014 to RM136.7 million in 2Q FY2015. Higher revenue recorded in 2Q FY2015 was mainly contributed from the trading of duty free goods and non-dutiable merchandise ("Duty Free") segment which showed an increase of 5.0% or RM6.5 million.
The improvement was mainly due to an increase in demand for certain products as well as contributions from a new outlet at Kuala Lumpur International Airport 2 (“KLIA2”) which commenced operations in July 2014.

Dividend 0.75 cents. Almost every quarter duty free declare dividends.
Solid counter.

Giving dividend almost every quarter acting like a retail reit.

Supported by share buyback whenever price drop below 29 cents.

KLIA2 started in July. The latest result only take in half of July and August (financial period June to Aug), so next quarter results should take in full result for KLIA2 sales, which means even better result next quarter

By 15 Oct, they are getting a cash of $50million ringgit from berjaya, so next quarter expect good dividend. (next quarter Sep to Nov).
Berjaya, Vincent Tan = Corporate Governance issues.
"... but quitting while you're ahead is not the same as quitting." - Quote from the movie American Gangster
This company looks decent. With high yields (seem to be sustainable) and healthy balance sheet (7% net debt while global players like Dufry and World Duty Free have 89% and 217% net debt). Malaysia is one of the most visited countries in Asia and they have a dominant position in the country. Southeast Asia is promoting their tourism aggressively and the Chinese don't seem to stop travelling.. this can be a huge growth opportunity if they can partner with other global players to expand regionally (their 30 years of experience should help).

corporate governance (which so far I havent found anything wrong) and liquidity aside, this doesnt look like a bad company.

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