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CSE Global
23-07-2017, 01:27 PM,
Post: #221
RE: CSE Global
Settlement Agreement

CSE Global Limited ("CSE") announced that CSE and its wholly-owned Singapore subsidiary, CSE-Transtel Pte. Ltd. ("CSE Transtel"), have entered into a settlement agreement with the U.S. Department of the Treasury’s Office of Foreign Assets Control ("OFAC"). Under the terms of the settlement agreement, CSE and CSE Transtel agreed to pay US$12,027,066 to settle its potential civil liability for alleged violations of the International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560 (ITSR).
...
CSE is expected to recognise a one-time exceptional charge of US$12.0 million (approximately S$16.6 million). Although this is a non-operational item, this one-time charge is likely to result in a net loss for 2Q17 and a drag on the full year 2017 performance, notwithstanding that the core business is likely to remain profitable.

More details in http://infopub.sgx.com/FileOpen/Settleme...eID=462519
Specuvestor: Asset - Business - Structure.

http://www.valuebuddies.com
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07-09-2017, 06:35 PM,
Post: #222
RE: CSE Global
Trade receivables increased from $88m to $102m, while Gross amount due from customers for contract work in-progress increased from $41m to $48m. This brings the total receivables to $150m. CSE's 2016 annual report shows its past due receivables at $51m (out of $88m), with $15m that is past due more than 90 days. More of its receivables could now be past due more than 90 days.

Allowance for doubtful debt was $1.8m in 2015 and $1.1m in 2016. For HY17, there is a writeback of $58k. Is the doubtful debt allowance sufficient given the poor O&G outlook?

Adjusting for its $58m goodwill, NTA: $166m
Assuming a $15m default on its receivables, NTA: $151m

Current market cap, based on $0.345 per share: $178m

HY17 results:

http://infopub.sgx.com/FileOpen/CSESGXne...eID=466359

AR16:

http://infopub.sgx.com/FileOpen/CSE_GLOB...eID=446078

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08-09-2017, 11:22 PM,
Post: #223
CSE Global
CSE management had in past years stressed their focus on cash generation. It seems either that has changed or they are not in a position to do much about it. I expect dividends will be reduced accordingly. Unfortunately, I had increased my holdings before the results announcement, mistakenly thinking that the valuation was low relative to its dividends.

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13-09-2017, 10:15 PM,
Post: #224
RE: CSE Global
On my radar, this q one off loss is a very good chance to start collecting once price bottom out, maybe 30cents on a bad day. Order book still stable around 90m so next q likely profitable. Depending on oil and other commodity prices, imho good tech company with stellar team previously from keppel knows what they are doing.

Risk is we get low oil prices for next decade as shale limits price gains for oil and EV limits oil demand.

Sent from my SM-T800 using Tapatalk
"♥ Taiwan"

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30-10-2017, 06:36 PM,
Post: #225
RE: CSE Global
Substantial shareholders of CSE Global has been selling their shares throughout the year. Latest one being today.

Date Shareholder Number of shares ('000)
[03/02/17] Capital Growth Investments Pte Ltd (936)
[20/02/17] Tan Mok Koon (4,993)
[16/10/17] CAM-GTF Limited (2,705)
[17/10/17] Capital Growth Investments Pte Ltd (1,162)
[30/10/17] CAM-GTF Limited (1,867)

Tan Mok Koon was one of the founder of CSE Global.

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31-10-2017, 08:20 AM,
Post: #226
RE: CSE Global
(30-10-2017, 06:36 PM)karlmarx Wrote: Substantial shareholders of CSE Global has been selling their shares throughout the year. Latest one being today.

Date                  Shareholder                                               Number of shares ('000)
[03/02/17] Capital Growth Investments Pte Ltd     (936)
[20/02/17] Tan Mok Koon                                     (4,993)
[16/10/17] CAM-GTF Limited                                 (2,705)
[17/10/17] Capital Growth Investments Pte Ltd     (1,162)
[30/10/17] CAM-GTF Limited                                 (1,867)

Tan Mok Koon was one of the founder of CSE Global.

Is this going to be another take-over target? Are they selling to another party who is collecting?

They should be turning a profit again next quarterly result. Orderbook is also maintaining at lows of around 90m+.

Oil price also has had some recent bounce.
"♥ Taiwan"

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31-10-2017, 08:55 AM,
Post: #227
RE: CSE Global
Capital Growth Investments Pte Ltd (“CGI”) is the holding company of Chartered Asset Management Pte Ltd (“CAM”). Same entity. Why they are selling, anybody's guess but there are many reasons e.g. client redemption, cut exposure to oil and gas etc. Sometimes these funds are forced to sell at the wrong part of the cycle or industry downturn.

I would watch other insider selling more closely i.e. Mr Tan Mok Koon and his last sale was on 20 Feb at a price of 47.5cts. Note he did not sell any at current prices suggest maybe the bottom is reached.

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