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Excelpoint
07-02-2013, 10:50 AM. (This post was last modified: 07-02-2013, 10:52 AM by braces.)
Post: #1
Excelpoint
Dividend of 0.5 Singapore cent per ordinary share and a special dividend of 0.3 Singapore cent per ordinary share proposed.

Not a fantastic company but priced cheaply in my opinion. Need to see the innovations by the company to translate into more growth and revenue before the expansion of the P/E.

+ve
1.Below NAV
2.Earnings on the uptrend
3.CEO has significant holdings (roughly 50%)
4.exposure to greater china and india.

-ve
1.illiquid
2.Extremely small cap


Disclaimer: vested. do your own due dilligence as always.

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07-02-2013, 11:56 AM.
Post: #2
RE: Excelpoint
What's the big deal when a low-margin middleman distribution/trading business which is already quite geared up still chooses to borrow more in order to pay out another nice dividend to shareholders, including the controlling shareholders who also head the management?

Shouldn't it be more rational that Excelpoint should keep a bigger portion of its recurrent profits in order to lower its gearing level and risk profile, and support further business growth and the enlarging B/S?

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07-02-2013, 12:26 PM. (This post was last modified: 07-02-2013, 12:27 PM by braces.)
Post: #3
RE: Excelpoint
You're right on them being low-margin. That is why it is not a fantastic business but in my opinion is priced cheap enough to profit from it.

I believe they are scaling back on their borrowings, based on the decrease of 9.7mil of loans in Q4 12. What is note worthy is they turned in a positive free cashflow in this quarter. Could be a great thing if this is sustained going forward.

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07-02-2013, 12:48 PM.
Post: #4
RE: Excelpoint
go check out another 100 companies and you may have a better view of whether excelpoint is cheap or expensive, leveraged or not Smile

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07-02-2013, 02:26 PM.
Post: #5
RE: Excelpoint
(07-02-2013, 11:56 AM)dydx Wrote: What's the big deal when a low-margin middleman distribution/trading business which is already quite geared up still chooses to borrow more in order to pay out another nice dividend to shareholders, including the controlling shareholders who also head the management?

Shouldn't it be more rational that Excelpoint should keep a bigger portion of its recurrent profits in order to lower its gearing level and risk profile, and support further business growth and the enlarging B/S?

hahaha..Fuly agree.........

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08-02-2013, 05:35 PM.
Post: #6
RE: Excelpoint
Definitely right on the increasingly levered balance sheet. Will keep track of how it turns out in the following quarters.

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21-06-2013, 07:21 AM.
Post: #7
RE: Excelpoint
Anyone know why it suddenly drop to 0.068?

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21-06-2013, 09:12 AM.
Post: #8
RE: Excelpoint
It should be trading at 3 cents all along.......Smile

Dying trade in electronics distribution...

The next rental revision of their massive office in Changi Business park will wipe out whatever little profits they made....

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21-06-2013, 10:25 AM.
Post: #9
RE: Excelpoint
(21-06-2013, 09:12 AM)camelking Wrote: It should be trading at 3 cents all along.......Smile

Dying trade in electronics distribution...

The next rental revision of their massive office in Changi Business park will wipe out whatever little profits they made....

How did you get the 3 cent trading value?

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21-06-2013, 10:54 AM.
Post: #10
RE: Excelpoint
(21-06-2013, 10:25 AM)Long1978 Wrote:
(21-06-2013, 09:12 AM)camelking Wrote: It should be trading at 3 cents all along.......Smile

Dying trade in electronics distribution...

The next rental revision of their massive office in Changi Business park will wipe out whatever little profits they made....

How did you get the 3 cent trading value?

no basis ..........Big Grin

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