Penguin International

[mslee888]

Need to question Penguin management at AGM whether MarcoPolo Marine investment is a writeoff or what? Company should come out to say something about its plan for THAT investment.

Why is there is a need to write off? Below is the reason company gave when doing the MPM investment. Morever MPM is not suspended, it is still freely traded. It may be an investment that may be proven profitable in future. Time will tell.

4. RATIONALE FOR THE COMPANY’S SUBSCRIPTION 
4.1 As announced previously, provided the Equity Fund Raising and Debt Restructuring Exercise are successful, the Company is confident of MPM’s long term fundamentals and believes that MPM can extract quality returns from its business. The Company believes that 3 there is considerable value in MPM’s assets and is of the view that the Equity Fund Raising and Debt Restructuring Exercise will enable MPM to ride out near-term funding challenges and create medium to long term value.

[luckystar]

Need to question Penguin management at AGM whether MarcoPolo Marine investment is a writeoff or what? Company should come out to say something about its plan for THAT investment.

Why is there is a need to write off? Below is the reason company gave when doing the MPM investment. Morever MPM is not suspended, it is still freely traded. It may be an investment that may be proven profitable in future. Time will tell.

4. RATIONALE FOR THE COMPANY’S SUBSCRIPTION 
4.1 As announced previously, provided the Equity Fund Raising and Debt Restructuring Exercise are successful, the Company is confident of MPM’s long term fundamentals and believes that MPM can extract quality returns from its business. The Company believes that 3 there is considerable value in MPM’s assets and is of the view that the Equity Fund Raising and Debt Restructuring Exercise will enable MPM to ride out near-term funding challenges and create medium to long term value.

Hopefully the investment complements Penguin business. But so far, nothing heard.

[dydx]

Having just taken a glance of the FY18 AR released today..
https://links.sgx.com/FileOpen/PIL-Annua...eID=551323

and noted the positive joint statement by the Chairman & MD, the FY18's EPS of $0.0617 and 31Dec18's NAV/share at $0.6914, I just wonder why Mr Market cannot support a higher share price than the last done at $0.415. I suppose, as always, Mr Market would take it own time to do something, and we should respect that.

I am looking forward to the $0.0125/share final dividend payable on 28May19, with the XD date fixed on 15May19.

[luckystar]

The top 20 shareholders together only account for 59.34% of the total outstanding shares, and Exec Chairman Jeffrey Hing interest is slightly less than 20%. Perhaps the market is taking its time to absorb the loose shares out there.

This stock has been down multiple years, from high of 80+ cents. So many stale bulls who have been stuck for a long time maybe taking the opportunity to reduce their loads.

For those with holding power, it is still dirt cheap now to accumulate.

[chialc88]

Definitely agrees that it's dirt cheap.


Love it!

And, of course, thanks to all our valuebuddies for the great tips.

Especially 
dydx for initiation report and constant update,
Ben for digging in deeper into Penguin, and many others contributor to spot this bird, etc
last but not least, 
cy for having such a big faith in this bird.
It was you who sparked my interest in this bird.
Thank you very much.

At PE of 6, PB of 0.6, I agree with valuebuddy luckystar that this bird is really dirt cheap



Would you give it a chance to fly?

[touzi]

Dirt cheap? The board obviously doesn't think so. There has been no insider trades and no share buy-back.

[TerryT]

Good observation! Interestingly.. they invested elsewhere instead!

[chialc88]

Point taken.

However, I felt that Jeffrey Hing is a rather prudent person.
Just look at the way how penguin selling all it's inventories during last few years oil and gas crisis.
I think it's a miracle that penguin produced such a result.
No offence.

Moving forward, JH is going to build another workshop in Batam for obvious reason
... the demand is kicking in.

Penguin might not be dirt cheap to you.
Why not give it a chance and see how it develop in the next few quarters?

[luckystar]

Is Penguin in a Good Place?

In FY2014, the group reported a record revenue, gross profit and
net profit of $164.8 million, $56.1 million and $30.2 million respectively.

And its share price zoomed to above 80 cents!

But Jeffrey Hing didnt think Penguin was at a good place then.

However he considered 2018 a good place, where he thinks the business is sustainable and working towards building worldclass vessels.

He seems very confident about the current and future prospects of the firm. And perhaps thats why the dividend suddenly was raised to 1.25 cents.
I believe he thinks this is sustainable.

The annual report was like a positive profit guidance. It makes for insightful and nice reading.

[chialc88]

To Moderator: delete this line if you think this post can stay here. otherwise, help to move into my journey thread, please.



Is Penguin in a good place?
This question need to be answered by comparing previous business situation encountered by Jeffrey vs what he perceived moving forward from today.
A reflection which is apt in my opinion.

One changes we saw is the addition of Paul Tan Poh Lee in 2017.
As Paul is also a director for 72 other companies, Penguin's appointment could be just another one.
Nothing fancy.
But, what if it's not?
Then, the changes made in 2017 could be a reason for JH to see Penguin in a good place now vs 2014 (when Penguin was also in a good place too).
We just need to be patient and enjoy the investment journey
... with 2019 as a good starting point.
A good place is basically a good starting point in JH view.
A good place does not means a destination but marked the beginning of implementation phase of JH's vision.

For hardcore, diehard valuebuddies, read page 8 of this year Annual report just published this week:
(Link to FY18 Penguin Annual Report)

Last but not least, enjoy the cute Penguin: