Global Yellow Pages

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#31
http://infopub.sgx.com/FileOpen/Q5FY2015...eID=367756

GYP's latest FY results has announced and an impairment of intangibles was taken. Its search solutions posted a 1.1Mil profit (excuding impairment charges). However, imo, there will be further impairments of its intangible assets, driving it down to 10m value. This is because its search solutions brand has eroded with competition. Furthermore, the revenue for this division has been decreasing

As value investors, it will be good to just write off the entire 17mil. Also I will write off the Yamada Acquisition which i think is a terrible piece of deal. This will drive NAV down to 20 cents where it is currently. As a value investor, the MOS is not there for me yet.

The NZ property is likely where majority of the profits will come from. I wonder if any VB are still vested or have moved on from this govt linked company.
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#32
(28-08-2015, 09:28 PM)CY09 Wrote: http://infopub.sgx.com/FileOpen/Q5FY2015...eID=367756

GYP's latest FY results has announced and an impairment of intangibles was taken. Its search solutions posted a 1.1Mil profit (excuding impairment charges). However, imo, there will be further impairments of its intangible assets, driving it down to 10m value. This is because its search solutions brand has eroded with competition. Furthermore, the revenue for this division has been decreasing

As value investors, it will be good to just write off the entire 17mil. Also I will write off the Yamada Acquisition which i think is a terrible piece of deal. This will drive NAV down to 20 cents where it is currently. As a value investor, the MOS is not there for me yet.

The NZ property is likely where majority of the profits will come from. I wonder if any VB are still vested or have moved on from this govt linked company.
It may be too premature to write off this company just because they took the huge impairment, which was more or less expected. I think this a prudent move considering GYP is a totally new entity now despite holding the remnants of its past business.
I would not write off the remaining $17 mil just as yet. The Wendy's license should be worth about $9 to $10mil. I agree that Yamada was an ill timed investment but if you look at this company's accounts, it still is profitable despite the fact that they are undergoing a sort of restructuring in terms of their product focus. There is also a chance of revaluation gaining traction in the coming years as the pain of restructuring subsides.
I was looking at their financial reports of the last few quarters and noted the following:
1) their previous full year net profit was $3.6 mil while their 15 month profit was $5.1mil. This means that their last quarter profit was $1.5mil, a marked improvement from the preceding quarter of around $500k (if I recall correctly), no doubt contributed by their NZ complex, but then again only for the last two months of the quarter.
2) for the last 15 months profit, if I am not mistaken, Wendys contributed 6 months while their Pakuranga complex, 2 months of their respective profits. Since in the coming months the latter is expected to contribute most to GYP's profits, one can expect an uptick in the company's earnings unless something untoward happens (touch wood).
3) the Pakuranga complex has redevelopment potential and appears at the moment to be the jewel in the crown for GYP. 

The negatives for GYP would be the risk of further devaluation of the NZD and AUD and the possibility of depreciation of its complex, which would mean some more impairment?
My point is not to write off this company as yet especially when it is just about emerging from a major restructuring and 'overhaul' of its business.

My two cents worth and as always DYODD. I may have missed the finer details of their income statement. The Pros can help.
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#33
Yes you're right on the Wendy's goodwill. It was about 11mil. Hence the intangibles in the search solution is only about 6mil of value. For me I will write off this 6m giving the declining revenue and profitability.

Yamada to me may not be turn around. But time will tell. At an adjusted nav of 0.26 per share, gyp may be worth a relook given the nz property income. Hopefully a sell down of gyp will occur to meet the required mos
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#34
The company has lost the lawsuit...

Global Yellow Pages loses copyright lawsuit
02 Feb 2016 09:00
By K.C. VijayanSenior Law Correspondent

The publisher behind the Yellow Pages directories has lost its suit against a rival for alleged copyright infringement, after the High Court dismissed its claims.

Global Yellow Pages (GYP) had alleged that Promedia Directories, which publishes the Green Book, had copied from four of its directories from 2003 to 2009. The directories are three printed ones - the Business Listings, the Yellow Pages Business and the Yellow Pages Consumer - and the online Internet Yellow Pages.

But Justice George Wei, in judgment grounds issued last week, ruled that GYP did not have copyright in some of the works cited. As there was no copyright, there was no infringement.

In the cited works in which GYP had copyright, the judge found that there was no infringement by Promedia, as there was no substantial reproduction that could amount to infringement.

The judge dismissed GYP' s entire claim of copyright infringement and allowed Promedia's counter-claim against it for groundless threat of copyright infringement. He ordered damages on the counter-claim payable by GYP to be assessed separately; Promedia was also awarded costs.
...
Source: Straits Times
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#35
The Board of Directors (the "Board") of Global Yellow Pages Limited (the "Company" and together
with its subsidiaries, the "Group") wishes to announce that the Company has commenced an action
against Singapore River Explorer Pte Ltd in the High Court of the Republic of Singapore on 2
February 2016 by way of a Writ of Summons. The Writ of Summons was filed in respect of
outstanding sums owed to the Company pursuant to a loan agreement dated 14 January 2014 (the
"Loan Agreement").
Pursuant to the Writ of Summons, the Company is claiming, inter alia, payment of the outstanding
sums of S$5,072,618.79 and S$1,272,373.91 (the "Outstanding Sums") being the outstanding
principal sum and accrued interest owed to the Company as at 31 December 2015 under the Loan
Agreement, and interest at the contractual rate stipulated in the Loan Agreement for the period
commencing 1 January 2016 until the date of full repayment of the Outstanding Sums.


Another lawsuit..
Wah they like to flex their legal department muscles Big Grin
Didn't know Singapore River Explorer was running into debts. "Junk debt for junk boats" lol
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
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#36
(03-02-2016, 12:17 AM)BlueKelah Wrote: Another lawsuit..
Wah they like to flex their legal department muscles Big Grin
Didn't know Singapore River Explorer was running into debts. "Junk debt for junk boats" lol

FYI, the company has more debt problems, than we expected...  Tongue

Staff of defunct river-taxi operator confront firm over missing pay
SINGAPORE: A dispute between Global Yellow Pages (GYP) and Leisure Empire over their now-defunct joint venture Singapore River Explorer has left some of their employees in a lurch over unpaid commissions and overtime pay.

On Friday (Jan 8), several of them showed up at a building in MacPherson looking for Leisure Empire director Nelson Goh to demand he sign their pay cheques, in a meeting that grew heated and ended with the police being called in to disperse the crowd
...
http://www.channelnewsasia.com/news/sing...10866.html
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#37
(03-02-2016, 09:48 AM)CityFarmer Wrote:
(03-02-2016, 12:17 AM)BlueKelah Wrote: Another lawsuit..
Wah they like to flex their legal department muscles Big Grin
Didn't know Singapore River Explorer was running into debts. "Junk debt for junk boats" lol

FYI, the company has more debt problems, than we expected...  Tongue

Staff of defunct river-taxi operator confront firm over missing pay
SINGAPORE: A dispute between Global Yellow Pages (GYP) and Leisure Empire over their now-defunct joint venture Singapore River Explorer has left some of their employees in a lurch over unpaid commissions and overtime pay.

On Friday (Jan 8), several of them showed up at a building in MacPherson looking for Leisure Empire director Nelson Goh to demand he sign their pay cheques, in a meeting that grew heated and ended with the police being called in to disperse the crowd
...
http://www.channelnewsasia.com/news/sing...10866.html

looks like tourist business is getting difficult in Singapore. what of the Singapore Flyer?
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
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#38
Singapore Flyer, River boats, Universal studios, Casinos... all too big to fail, in my opinion.
Otherwise there is nothing else here for the tourists.

Big brother watching and will not allow dramatic closures. I believe there is some behind the scenes horse trading.
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#39
It reflects badly on the CEO, IMO...

(not vested)

High Court dismisses Stanley Tan's S$34m claim against UBS
15 Feb 2016 09:00
By Claire Huang

THE High Court has dismissed the lawsuit filed by Global Yellow Pages' chief executive seeking damages of almost S$34 million from Swiss banking giant UBS, following a 15-day hearing in April and May last year.

In February 2013, plaintiff Stanley Tan had originally taken defendant UBS to court to seek compensation of more than S$130 million - to cover losses that he incurred during the 2008 financial crisis.

The original sum of S$130 million included the loss of opportunity to profit from the shares he had in his UBS account.
...
Source: Business Times
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#40
The legal expense of the company, is escalating...

(not vested)

Global Yellow Pages files defamation suit against director of Leisure Empire
22 Feb 2016 18:06
By Claire Huang

GLOBAL Yellow Pages Limited on Monday said it has filed a defamation lawsuit against Goh Kok Liang, the director and sole shareholder of Leisure Empire Pte Ltd.
...
Source: Business Times Breaking News
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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