Silverlake Axis

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(09-01-2016, 07:35 AM)ikur1 Wrote: does anyone know if the investor presentation is open for public?

i tried emailing investor relations to ask, email bounced saying the email address only accept email from internal network zzzzz

Is AGM opened for public? 
Probably the answer to that question is obvious? 
One can always buy 1 lot and attend.

Cheers;
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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This is one of the counter I'm currently looking at
It is hardly a value stock by anyone definitions but something about it caught my attention.
it did a placement of 100mil share done in June 2013 and it recently did share buyback of close to 100mil share as of today.
As per SGX website it is trading @ over 7x P/B,
Hardly what we will call buying back it share at a discount.
The only reasons I could did out was thru M&A and share performance reward
Why I I'm looking at this counter is my classification of this as a growth stock and it come with a decent dividend yield.
Right now all news coming out of this counter are positives
I'm I missing something I should be noting gurus?
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This is a rather interesting announcement:
http://infopub.sgx.com/FileOpen/SAL%20An...eID=407501

On 1 June 2016 (“GIT Announcement Date”), GIT announced that the Moratorium Period has since expired and that SAL, being one of the substantial shareholders of GIT, had advised GIT that it may sell up to 8,000,000 of its GIT Shares within the six-month period commencing from 24 June 2016, being the date after 15 business days from the GIT Announcement Date (“Potential Sale”). It is a requirement under the Chinese Securities Regulatory Commission Rules that substantial shareholder of publicly listed companies states their intention regarding disposal of shares.

They currently own 27,000,000 shares of GIT.
CMIIW, from my observation, GIT is suspended since Mar 2016.
How to sell if there's no Market?
No announcement by SAL on the suspension, why?

<vested, non core>
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
Reply
GIT requested for trading halt because they are undergoing some restructuring plans. AFAIK, there's no clear date to trading resumption. In any case, SAL does not have to sell those shares, but they definitely have to make the announcement if they want to sell anyway. You can look up GIT's announcements on the SZSE (300465).
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I know, i have read it up. But isn't it puzzling when the company can be halted for so long? And yet there's no announcement at all on the intention or restructuring.

The stake sale (if ever happen) will be a great news due to its significance to the company.

While announcing the intention to sell, why not mention about the trading halt, it's relevant, no?
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
Reply
(01-06-2016, 11:02 PM)ksir Wrote: I know, i have read it up. But isn't it puzzling when the company can be halted for so long? And yet there's no announcement at all on the intention or restructuring.

The stake sale (if ever happen) will be a great news due to its significance to the company.

While announcing the intention to sell, why not mention about the trading halt, it's relevant, no?

http://www.hupogu.com/S/SZ300465/view-post

Preliminary resumption of trading date: 27 June

http://disclosure.szse.cn/finalpage/2016...338579.PDF

If restructuring cannot be firmed up AND if exchange does not allow further suspension, firm will resume trading and undertake not to do any restructuring for the next 6 months.

SAL is not the only substantial shareholder declaring intention to sell. 

高昌also selling

--------
My speculation:

Restructuring is "real" rather than "fraud"/ scam. Why?

1) both 高昌And SAL intended sale is not more than 8 million shares,but from silverlake announcement is 8 million shares.
2) date of possible sale is  starting 24 June and lasting 6 months
3) possible resumption of trading 27 June
4) GIT purchase of investment products suggest (cash is there, easier to fake by selling to phantom customers isn't it)

Pieces the dots....

Just having fun speculating ... Not vested. Looking at last traded price of GIT 68 CNY and sale of 8 million shares, if everything go smoothly SAL is going to harvest windfall
life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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Plenty of updates from GIT regarding its restructuring. COpy and paste from my blog.

-------------------

GIT is suspended pending restructring, while it is still suspended, the details of the transaction is already out. It is buying another company for 300 mio, of which 21.8% is paid in cash, and 78.2%  in shares placement. There will also be another tranch of placemnet  to 5 investors for 280 mio cash. Part of the cash will be used to fund the acquisition but the bulk of it will be for expansion plans.

So what is the price paid? 

序 号 转让方 持有标的公司 股权比例 股份对价金额 (万元) 股份发行数量 (股) 现金支付 (万元) 1 北京睿韬科技有限 责任公司 60% 14,076 2,765,422 3,924 2 宁波镇海翔易融联 投资管理合伙企业 (有限合伙) 40% 9,384 1,843,614 2,616 合计 100% 23,460 4,609,036 6,540

[Image: silverlake.png]

10% discount to its 20days average price prior to its suspension, and that valued the GIT shares at 50.9 CNY. The new investors pledge not to dispose the shares within the next 36 months.

In terms of PE, the deal is crab, but A-shares seem to have crabby over-valuation, including that of GIT itself. But there is profits guaranteed clause:


"宁波镇海翔易融联投资管理合伙企业(有限合伙)及北京睿韬科 技有限责任公司(“补偿义务人”)承诺,上海睿民在 2016 年度、2017 年度及 2018 年度合并报表口径下归属于母公司所有者的扣除非经常 性损益后的净利润分别不低于 2,000 万元、2,600 万元和 3,380 万元。"

20 Mio, 26 mio and 33.8 mio for year 2016-2018. Not too bad a deal, if you ask me. Because GIT annual NP is CNY 32,948,983.24. GIT will grow more than the dilution of 15%. And the discount of 15% versus 10% dilution do not seem excessive too.  


The website posted an research report calling for a "buy" after the acquistion with a target price of 87CNY, what caught my attention is not the price target but the PE. 150 X (what the F+*&)

"若考虑并购业绩增厚及增发股本摊薄影响,我们预计2016-2018年备考EPS0.68/0.92/1.22元。暂不考虑收购和增发影响,我们预计公司2016-2018年的EPS为0.58/0.80/1.06元,参考同行业可比公司,同时考虑到Sad1)公司在金融云平台领域的领先的布局和资源优势,(2)金融信息化领域拓展带来的业绩高增长,我们认为公司应享有一定溢价,给予公司2016年动态PE150倍,6个月目标价为87.00元/股,维持“买入”评级。"


2016 Q1result of the target company is 4,132,354.09. But that is because the big expense research fees which amount to 16 mio for the whole of 2015 is missing. I wonder why they are confident of profit guarantee (With an compensation clause, not say say only) of 20 mio? It is because there is snergy in research expenses? Or that the 16 mio in 2015 is one-off? I did not dig further.

So, if there is no monkey business at GIT and assume 8 million shares sold at  50CNY sold, we are looking at 80 mio SIngdollars. 

GIT issue does not seem to be an issue to me.
life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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Thanks Greenrookie for the updates.
Was trying to get updates from GIT official website in vain.

I did a rough calculation based on yesterday silverlake closing price of S$0.485.
At GIT's latest placement price of 50, the entire 20% stake is actually 20% of Silverlake Market cap.
Which also means that the market cap of silverlake is less than GIT's, based on the last closing before trading halt. Interesting.

GIT can even use their skyhigh shares to buy silverlake. Ha ha

<vested, added>
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
Reply
Ksir,

U are welcome. I have vested interest LOL 

Helping myself too. Seem like there are catalyst that the market is unaware of .
life goes in cycles, predictable yet uncontrollable; just like the markets, but markets give you a second chance
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(22-06-2016, 06:29 PM)Greenrookie Wrote: Ksir,

U are welcome. I have vested interest LOL 

Helping myself too. Seem like there are catalyst that the market is unaware of .


Or u could also say, there are risks that we are unaware of.
To me, this is a bet on someone who is passionate (or you could say overly) in math (and solutions) and not in materials (money).
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
Reply


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