Frencken Group Ltd

[valuebuddies]

Result is out (and poor):

http://infopub.sgx.com/FileOpen/Frencken...eID=336294

Dividend of 1c means 4.44%, and importantly forward statement remains positive

Amid the challenging business environment, the Group will continue to focus on executing its strategic initiatives to improve the performances of its two business divisions. While the Group will be discontinuing certain product lines in the coming year such as the mail facilitating products, it expects to roll out new business programs with new and existing customers.

To mitigate the impact of pricing and cost pressures on profit margins, the Group will focus on implementing several measures to reduce costs while improving the efficiency and productivity of its operations.

[valuebuddies]

Annual Report was out on 7th April:

http://infopub.sgx.com/FileOpen/Frencken...eID=342108

In line with its long term growth strategy, the IMS Division continues to sharpen its focus on the automotive business which has now become the division’s dominant revenue driver.

From an operational perspective, FY2014 was a difficult year for the automotive business due to unfavourable exchange rate movements, increased operating costs, pressure on selling prices and operational challenges experienced at the Penang plant.

On a brighter note, NTZ, which is headquartered in The Netherlands, has been making encouraging progress. Already, the IMS Division has secured orders from a major European customer for NTZ’s proprietary high-quality oil filtration products that are used in automotive transmission applications. To build its capabilities in this niche oil filtration product for the China market, the division has invested in a new clean room at its plant in Zhuhai during FY2014.

To expand the scale of its automotive business, the IMS Division is in the process of progressively building a higher level of integrated capabilities at its factories in the region. The division also intends to focus on resolving the operational challenges at the Penang plant, while investing in new production and automation equipment at certain manufacturing sites to raise productivity and support future growth in sales volume. In addition, it is looking to develop the automotive business in the Thailand market to lower its dependence on consumer electronics products. The production facility in Johor Bahru was also awarded ISO/TS16949 certification during FY2014 which enables it to tap the automotive business.

[valuebuddies]

Debt of $84mm
Cash of $27mm
Net Operating Cash Flow (9 months) of $16mm
NAV of 50 cents
Intangble Assets of $18mm so lets say that 4-5 cents of the NAV is intangibles
Share price 27.5 cents

Find it interesting to make a quick comparison versus 1.5 years ago:

Debt of $55mm
Cash of $18mm
Net Operating Cash Flow (12 months) of $23mm
NAV of 51 cents
Intangble Assets of $25mm so lets say that 6 cents of the NAV is intangibles
Share price 23 cents

[valuebuddies]

Q3 results is out:

http://infopub.sgx.com/FileOpen/Frencken...eID=376702

Revenue
Q1 2015: 112M
Q2 2015: 117M
Q3 2015: 107M

GPM
Q1 2015: 13.2%
Q2 2015: 15.8%
Q3 2015: 15.9%

NPAT
Q1 2015: 444K
Q2 2015: 4.25M
Q3 2015: 3.88M

EPS for 9-months was 2.06c, which translate into PE of about 7.2 times. NAV is 50.48c versus last market price of 19.8c. Despite FCF of 12.4M for Q3, the net C&CE still in red -8M.

Management expects Q4 revenue to soften but is implementing strategies and measures to rationalise its cost structure, improve cost control, enhance product quality and operational efficiency of its two business divisions.

[ vested ]

[cyclone]

Proposed Disposal of the Entire Issued and Paid-Up Share Capital of Precico Electronics Sdn Bhd to Valeo Bayen

Precico Group Sdn Bhd ("PGSB"), a wholly-owned subsidiary of Frencken Group Limited, has on 13 January 2017 entered into a share sale agreement with Valeo Bayen (the "Purchaser"), pursuant to which PGSB has agreed to sell to the Purchaser 168,200,000 ordinary shares, representing the entire issued and paid-up share capital of Precico Electronics Sdn Bhd ("PESB") on the terms and subject to the conditions of the SPA for a consideration of RM128,000,000 less the Definitive Net Debt Amount (as defined below) (if positive figure) or add the Definite Net Debt Amount (if negative figure).

Based on the management accounts of PESB for 9M2016, the estimated Consideration is approximately RM132,113,000.

The net tangible asset value of PESB as at 31 December 2015 and 30 September 2016 was S$32,315,000 and S$32,336,000, respectively.
The net loss attributable to PESB for FY2015 and 9M2016 was S$4,112,000 and S$632,000, respectively.

More details in http://infopub.sgx.com/FileOpen/Proposed...eID=435828

RM128,000,000 = S$42,980,000, based on an exchange rate of RM2.9781:S$1
RM132,113,000 = S$44,361,000, based on an exchange rate of RM2.9781:S$1

[valuebuddies]

Q1 results is out last week:

http://infopub.sgx.com/FileOpen/Frencken...eID=453056

Revenue
Q1 2015: 112M
Q2 2015: 117M
Q3 2015: 107M
.
Q1 2016: 114M
.
Q1 2017: 134M

GPM
Q1 2015: 13.2%
Q2 2015: 15.8%
Q3 2015: 15.9%
.
Q1 2016: 15.2%
.
Q1 2017: 17.2%

NPAT
Q1 2015: 444K
Q2 2015: 4.25M
Q3 2015: 3.88M
.
Q1 2016: 3.05M
.
Q1 2017: 16.4M (including extraordinary gain on divestment 10.1M)

EPS for 3-months was 3.95c, which translate into PE of about 11.65 times. NAV is 55.6c versus last market price of 46c; with 33M net cash position.

Based on current indicators, revenue of the semiconductor and analytical segments are expected to be higher in 2Q17 as compared to 2Q16. The medical and industrial automation segments are expected to be softer in 2Q17 as compared to 2Q16. The overall revenue of the automotive segment is expected to be lower in 2Q17 as compared to 2Q16, owing to the disposal of Precico Electonics Sdn. Bhd. (“PESB”) with effect from 1 April 2017.

[ vested ]

[valuebuddies]

http://infopub.sgx.com/FileOpen/_2017051...eID=454378

Director, Dato Gooi, acquired 200,000 at 0.485 each

[chialc88]

Date         Open High Low  Clse Adj  Volume
Jun 01, 2017 0.51 0.51 0.50 0.50 0.50 1,243,600
May 31, 2017 0.50 0.51 0.50 0.51 0.51   652,200
May 30, 2017 0.52 0.52 0.50 0.50 0.50 1,495,600
May 29, 2017 0.51 0.53 0.51 0.52 0.52 1,610,700
May 26, 2017 0.51 0.52 0.51 0.51 0.51 1,232,200
May 25, 2017 0.50 0.53 0.50 0.51 0.51 7,796,700
May 24, 2017 0.47 0.51 0.47 0.50 0.50 4,186,200
May 23, 2017 0.48 0.49 0.45 0.47 0.47 1,199,100
May 22, 2017 0.49 0.50 0.48 0.48 0.48 1,210,500
May 19, 2017 0.47 0.50 0.47 0.49 0.49 2,542,600
May 18, 2017 0.46 0.47 0.45 0.46 0.46   956,800
May 17, 2017 0.49 0.49 0.47 0.47 0.47 1,125,700
May 16, 2017 0.46 0.49 0.46 0.49 0.49 3,379,900

Dato buy on 16-May.
Yeo SH sell on 1-Jun.
link

I know there are many reasons why YeoSH selling.
I just wanted to take a mental note as something must have change.
Bear in mind that Frencken is in the same industry as Micro Mechanics.
.........................................................................................  Make me wake up!

  
Monday night.
Valuebuddies, let's relax and enjoy "I believe..."


Lovely, isn't it?
Hope you like it.

[valuebuddies]

Q3 results is out:

http://infopub.sgx.com/FileOpen/Frencken...eID=477321

Revenue
Q1 2015: 112M
Q2 2015: 117M
Q3 2015: 107M
.
Q1 2016: 114M
.
Q1 2017: 134M
.
Q3 2017: 129M

GPM
Q1 2015: 13.2%
Q2 2015: 15.8%
Q3 2015: 15.9%
.
Q1 2016: 15.2%
.
Q1 2017: 17.2%
.
Q3 2017: 16.0%

NPAT
Q1 2015: 444K
Q2 2015: 4.25M
Q3 2015: 3.88M
.
Q1 2016: 3.05M
.
Q1 2017: 16.4M (including extraordinary gain on divestment 10.1M)
.
Q3 2017: 5.4M

Cash level at all time high but no special dividend, likely most part will be utilised to pair down the borrowings. At 1.19c EPS, annualised PER is about 12.5, PBR is 1.03, still small room for upside IMO. Management remains positive over the Q4 outlook, stay tune...

[cyclone]

Jho Low's father pares stake in Frencken; no longer substantial shareholder

By: Samantha Chiew
30/08/18, 12:12 pm

SINGAPORE (Aug 30): Larry Low Hock Peng, the father of Jho Low, has reduced his holdings in Frencken Group to 4.74% from 8.14% previously, ceasing to be a substantial shareholding in the group.

The Malaysian government last Friday filed criminal charges against both father and son over the 1Malaysia Development Bhd (1MDB) case.

According to court documents sighted by The Edge, Jho Low was slapped with eight charges under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act, 2001 (Act 613). Three of the charges were for receiving money and the remaining five were for transferring the cash.

His father faces one charge of transferring US$56 million to his son.

Jho Low, whose real name is Low Taek Jho, is wanted in Malaysia for money laundering and has been described in US court filings as the man who orchestrated the theft of more than US$4 billion ($5.5 billion) from 1MDB.

According to a Singapore Exchange filing, the elder Low -- on the same day he was charged -- sold about 14.3 million Frencken shares via Meng Tak Corporation.

More details in https://www.theedgesingapore.com/jho-low...hareholder