Casa Holdings

[dydx]

Casa's ELBA and EF brands appear to dorminate the niche standing cooker market segment.....
http://www.sgappliances.com/cooker-hood-...ing-cooker

The ELBA and EF brands also appear to have a good combined market share of the built-in oven and cooker hob/hood segments.....
http://www.sgappliances.com/cooker-hood-...tric-ovens
http://www.sgappliances.com/cooker-hood-...cooker-hob
http://www.sgappliances.com/cooker-hood-...toves-oven

Every new HDB flat or private condo unit will need to have these items to build up a modern kitchen! While not every household will invest in an oven, everyone will need a cooker hob (likely gas) and likely also a cooker hood. Those who like to bake may even invest in a big built-in oven or a standing cooker with a big built-in oven.

[dydx]

For unknown reason(s), the share price of Casa's 27.39%-owned listed (on Bursa Malaysia) associate Fiamma Holdings Bhd shot up to as high as MYR1.45 today and closed up MYR0.08 (or 6.35%) at MYR1.34.....
http://finance.yahoo.com/echarts?s=6939....off;source=;

What this simply means is that Casa's interests of 32.301m shares and 14.356m warrants (convertible into new Fiamma shares at MYR1/warrant; expiring 26Nov2018) in Fiamma Holdings are now worth more.

[dydx]

Fiamma Holdings has recently (on 30Jan12) released its FY11 (ended 30Sep11) AR.....
http://announcements.bursamalaysia.com/E...5002e6669/$FILE/FIAMMA-AnnualReport2011%20(1.9MB).pdf
, and I guess this and the positive results drove up its share price yesterday.

Against its 30Sep11 NAV/share of MYR1.96, Fiamma Holdings' last done share price of MYR1.34 appears grossly under-priced, especially the counter is now trading cum a MYR0.07/share Final dividend. There appears room for further rise in the share price.

Based on Fiamma Holdings' last done share price of MYR1.34, and a derived fair price for the warrant at MYR0.34 (i.e. at par, without any premium), Casa's 27.39% stake in Fiamma Holdings now has a total market value of MYR48.16m, or $19.82m. This is equivalent to $0.095 per Casa share, based on Casa's 209.826m outstanding issued shares.

If we use Fiamma Holdings' 30Sep11 NAV of MYR231.583m as a valuation basis, Casa's 27.39% stake has a NAV-based valuation of MYR63.43m, or $26.1m. This is equivalent to $0.124 per Casa share.

Bearing in mind the above, Mr Market, and based on Casa's last done share price of $0.132, does not appear to also provide enough justice in pricing Casa's profitable operating businesses.

[dydx]

Payment for the $0.01/share Final dividend for FY11 has been fixed on 28Feb12.....
http://info.sgx.com/webcorannc.nsf/Annou...endocument
The 'XD' date should be 13Feb12 (Monday), based on the record date fixed on 15Feb12.

[dydx]

Casa is selling its 50% stake in PRC-based j-v company Panan Teco Electrical Appliances Co Ltd ("Panan Teco") to Arda (Zhejiang) Electric Co., Ltd (which is 60% owned by Casa's ED Mr Hu Zhong Huai, who is also a substantial shareholder of Casa, with a 8.28% direct interest in Casa, and a 50.37% interest in Azzui Holdings P/L, which holds a controlling 51% interest in Casa - i.e. Hu's total beneficial interest in Casa is 33.97%) for Rmb 14.0m (approx. $2.7m) in cash, and will bring about a gain on disposal of approx. $0.5m to Casa.....
http://info.sgx.com/webcoranncatth.nsf/V...A0026E489/$file/Casa.proposed.sale.of.equity.in.Panan.Teco.pdf?openelement

The approx. $2.7m sale proceeds and approx. $0.5m gainon disposal will enhance Casa's already strong B/S and FY12 (ending 30Sep12)'s EPS by $0.0024.

Upon completion of the proposed transaction, Hu will be redesignated as a non-executive Director of Casa. I just wonder whether Hu may want to sell his stake in Casa after that?

[dydx]

I was going through the just released full-year FY11 (ended 31Dec11) results announcement of newly listed (on 22Jul11) Kitchen Culture.....
http://info.sgx.com/webcoranncatth.nsf/V...D00389E79/$file/KCH-FY2011ResultsAnnouncement.pdf?openelement
and I was amazed that based on the company's latest 100.0m outstanding issued shares and the last done (on 16Feb) share price of $0.335, Kitchen Culture now has a market cap. of $33.5m, which equates to a historical PER of 14.8x, if we simply add back the $1,011k IPO expenses to arrive at a revised higher NP of $2.207m for FY11.

In Casa's case, based on the latest 209.826m outstanding issued shares, and today's (23Feb) closing share price of $0.112, market cap. now stands at $23.5m. But when compared with Kitchen Culture, Casa has so much more assets (including a large net cash reserve and other reserve assets like an industrial property and a strategic interest in Fiamma Holdings Bhd), is earning much higher profits, and pays out a much higher yearly dividend.....
http://info.sgx.com/listprosp.nsf/07aed3...200292eae/$FILE/CASA%20AR%202011%20SGX.pdf

Obviously, Mr Market is not being fair, or just not thinking and acting rationally!

[axt]

Kitchen Culture just announced their full year report with full year net profit down approx 70%. And their share price is down approx 28% mid-day to 0.24.

http://info.sgx.com/webcoranncatth.nsf/V...D00389E79/$file/KCH-FY2011ResultsAnnouncement.pdf?openelement

Will be interesting to see how is Casa 1st Qtr result.

[setan]

I do not think Casa report quarterly result. Need to wait till June 2012.

[setan]

I do not think Casa report quarterly result. Need to wait till June 2012.

[dydx]

Just checked my bank account and noted a very nice credit from Casa's $0.01/share Final dividend for FY11 (ended 30Sep11). Feeling good!

Based on Casa's 30Sep11 B/S.....
http://info.sgx.com/webcoranncatth.nsf/V...7002BFE7A/$file/Casa.Full.Year.Results.30.09.11.pdf?openelement
the group should still have approx. $6.5m in net cash balance after accounting for the latest dividend. The balance could well be a lot higher since Casa would have received an approx. $1.0m dividend from Fiamma and also collected a big portion of the $8.278m trade and other receivables balance as at 30Sep11.

I wonder if Casa would pay out an Interim dividend when the company reports its 1H (ending 31Mar12) interim result in May?