GP Batteries International
03-10-2014, 07:26 PM
http://infopub.sgx.com/FileOpen/GPInd_pu...eID=317139
Bought 60 out of 65k @ 0.77 today... Looks like this whole month GPI may be buying GPB... Vested GG
07-10-2014, 07:43 PM
08-10-2014, 09:10 PM
09-10-2014, 11:39 PM
10-10-2014, 07:29 PM
http://infopub.sgx.com/FileOpen/GPInd_pu...eID=317816
Accounted for 394k out of 404k done in GPB volume traded today... New buyback levels of 77.5 on latest renewed buying spree. Previously, GPI paid the highest of 79 for GPB during the last 3 days of her August backback. Vested GG
13-10-2014, 09:55 PM
http://infopub.sgx.com/FileOpen/GPInd_pu...eID=317974
Bought 353k out of 513k today. Supply seems to be forthcoming notwithstanding GPI's consistent accumulation. Divested For Peace Of Mind GG
14-11-2014, 11:23 PM
Results looks flat without one-off gains from sale of properties...
http://infopub.sgx.com/FileOpen/GPBI-Res...eID=324101
Open for discussion:
2Q14 financial statement: 2Q13 PAT: 1,964 of which 150 belongs to Equity holders 1H13 PAT: 3,862 of which 257 belongs to Equity holders 2Q14 PAT: 13,152 of which 9,119 belongs to Equity holders. However, during the quarter: company recognised a gain of S$9.2m from the disposal of the factory building in S'pore. after tax gain ~7.5m. Excluded this one-off (high chance not belong to non-controlling interest), S$1.6m belongs equity holders. 1Q14 PAT: S$4.9m of which S$2.3m belongs to Equity holders. 1H14 PAT: S$18.1m of which S$11.5m belongs to Equity holders. adjust for this exclusion, S$4.0m belongs to Equity holders. Annualized EPS: ~4.8 cts excluding the one-off PE Ratio: 16x Amongst GP subsidiaries, most profits come from 1) Zhongyin (Ningbo) Battery Co. Ltd (owned 70%) 2) Ningbo Fubang Battery Co Ltd (owned 72%) For 1H14, Non-controlling interest: S$6.6m (although we may be seeing some loss from Gold Peak Industries (Taiwan) Limited) With at least 70% holdings, equityholders should get at least S$15.4m But excluded the gain from the disposal of the factory building in S'pore. (not belong to non-controlling interest), equityholders got S$4.0m Qns: 1) For FY2013, why PAT to Equity holders so low? PE 16x expensive? 2) why non-controlling interests > Equity holders since FY2013? 3) PAT to equityholders derived from Non-controlling interest > S$4.0m after adjustment. why? Appreciate any kind soul to fill up my gaps. Let me know if I missed out anything. Thks.
25-01-2015, 03:59 PM
Not sure if I should post this in GPB or GPI thread, GPI's purchase of GPB shares has continued unabated. In Jan alone (and we are even at the end of the month!), about 1 Million shares have been purchased by GPI. Based on GPB's AR2013, there are about 100 Mil shares. Shouldn't GPB be required to make a general offer by now?
23-Jan 83,000 22-Jan 3,200 21-Jan 194,000 19-Jan 17,200 16-Jan 140,000 14-Jan 159,000 13-Jan 23,000 7-Jan 90,000 6-Jan 169,000 5-Jan 132,000 2-Jan 82,000 
26-01-2015, 05:50 PM
(This post was last modified: 26-01-2015, 06:03 PM by HyperionTree.)
Dear Valuebuddies,
Hyperion and Tree would like to point out that GP Batteries and GP Industries have suffered serious factory safety issues in the past since 2002 and the lawsuits are ongoing as of 2010. Apparently according to reports by Globalization Monitor, many factory workers in China AND Hong Kong suffered from cadmium poisoning which might result in cancer. Sicknesses due to cadmium poisoning takes many years to cure and do not immediately appear to affect the patient. However, Globalization Monitor alleged that Gold Peak's management had attempted to cover up the issue and suspicious circumstances surrounding the court cases resulted in a fine of RMB160,000 only while many workers did not receive adequate compensation. The articles can be found here: http://www.globalmon.org.hk/search/node/gold%20peak Globalization Monitor also said that Gold Peak had since outsourced the production of the nickel cadmium batteries to another company but continues to benefit from it. If the reports by Globalization Monitor is true, this seriously calls into question the management's integrity. There is not much mention of this important contingent liability in the Annual Reports except in the section on commitments (page 80, 2014 Annual Report, Note 28 Commitments, point c "Trust Fund") about a trust fund which is unlikely to be sufficient to pay for medical expenses for the amount of workers and children affected by the poisoning. The Trust Fund has HKD 10mil, and GP Batteries contributed HKD 6 mil which suggests that GP Batteries do bear some responsibility in the issue. Given the drive to eradicate corruption in China recently, there is actually significant uncertainty on whether the cadmium poisoning case will return to haunt GP Industries and GP Batteries. One would just need to look at the case of Kaisa, a property developer whose property sales were suspended by the government due to possible investigations about corruption between the company and the local government, to appreciate the level of uncertainty here. The most worrisome scenario would be a sudden discovery of severe safety violations in all of Gold Peak's factories. This might result in suspension of factory operations by authorities and cause the net assets to be worth very little. Hyperion is not sure if the assets would be worth the carrying amount written on the balance sheet in such a scenario. Further, various media channels in Hong Kong and China have reported this issue about cadmium poisoning to the public and this will likely have an effect on the brand value of GP. As such, please proceed with care. Regards, HyperionTree |
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