United Food

[CY09]

Hi, spotted this company because of its recent share buybacks. It is a soyfood processing firm in China

Company current market value is 0.052 per share, while it has 0.08 cash per share (including restricted cash deposits). NAV is around 0.20 per share. Management has been buying back shares recently and cancelling them.

Cons of this business is that it has been making huge losses and have a terrible ROAE in profit years. Its big losses is also eating into its equity. An asset undervaluation by Mr. Market?

<not vested>

[opmi]

I did a search on their soy oil brand on Internet. Did not get many search results. Dont know business real or not.

[CY09]

Opmi you have done research on this company before? What are its brands and customers?

Truth be told, I only discovered the company yesterday after doing a search on recent share buybacks. And then went on to look at its balance sheet and annual reports

[opmi]

Just did a basic search. I did it like 2-3 years back. dont know where I put the info already...hahaha.

[CY09]

Oh k. Thanks opmi. Hope you would discover them

For its business, I think it is likely to be real. One of its director is Mr. Sitoh, whom would not risk his reputation sitting on a fraudulent company as he is in the single member ward of Potong Pasir. Also, it has been listed here for 12 years so business should be real. But really I too cant find anything on their soy bean processing firm or pig rearing related business. If really interested in this company, best way is to see its ops in China. But from its P&L, it seems to be a lousy business

[Bibi]

Did u compare this co with Pfood? Pfood used to have a soy processing subsidary which was listed in Spore (Pine Agri). It sold off its stake in Pine Agri after soy business keeps deterioriating. I would think Pfood is better managed that united food.

Not vested in both.

[yeokiwi]

Oh k. Thanks opmi. Hope you would discover them

For its business, I think it is likely to be real. One of its director is Mr. Sitoh, whom would not risk his reputation sitting on a fraudulent company as he is in the single member ward of Potong Pasir. Also, it has been listed here for 12 years so business should be real. But really I too cant find anything on their soy bean processing firm or pig rearing related business. If really interested in this company, best way is to see its ops in China. But from its P&L, it seems to be a lousy business

I think some forum members(including me) were the members of the United Fools' club(coined by d.o.g., member too i believe).
It was a darling during Wallstraits' days and many of the forum members owned this "value" stock.

After a while, it was just plain obvious that UF was anything but value stock.
Once bitten twice shy. The decision to drop UF from my portfolio was a great decision.

[Jacmar]

I was also a member of this United Fools Club. Even though I cut lost much earlier, still lost a fortune on this. many others of the WS days lost too, even Value Partners and I read later on without specifically identifying them said they had been fooled too. Even Curtis went to their plant and checked and still fooled.

I remembered 1 AGM where they booked the meeting room for only 1hr! When there were so many questions raised and running out of time the Chairman said don't worry they will be outside to answer all SH questions. guess what, after the meeting, they disappeared.

MP on boards are a dime a dozen. Don't count on them. if it is an ex-minister then different story.

I am amazed that tis co is still around. i tot it would go the way of china milk,celestial etc.

[Dividend Warrior]

I was also a member of this United Fools Club.

That's funny......

[specuvestor]

IIRC United Food had many "memorable" AGMS... the highlight being they lost millions buying soy bean which crashed... and the soy bean was supposed to be made into soy bean meal to feed their main pig business.

I'm also surprised they still survived till today