Sunrise Shares Holdings (formerly: ITE Electric Co)

[CY09]

ITE has an investment arm. So what I did was check ITE's arm shareholding in Liongold and multiply it to get 8M (if memory serves me right). The figures I used were then, so now the figures would have changed according to current mkt price

FYI ITE's holding in Liongold is a bit messy now, as LIongold total no of shares have fallen from 800M to a lot lesser. and ITE is no longer one of the top 20 shareholder

[kelvesy]

http://liongoldcorp.listedcompany.com/mi...ge108.html

20th largest shareholder (AR, 2012):
ITE ASSETS HOLDINGS PTE LTD 10,954,000 shares 1.36%

10,954,000 x 0.230 (nov 4, closing price) = $2,519,420.

However, in 2013, their 20th place is being taken up by someone else.

Good for reading, but really complex. http://www.investorcentral.org/text_show...xtid=17612

To be honest, after reviewing their latest (http://infopub.sgx.com/FileOpen/ITEFY201...eID=252096 ), I don't see why it is trading at such huge discount to its NAV. Is anyone able to enlighten? Is there more than to meet the eyes?

[CY09]

It is true that the market is discounting ITE. If you notice, it seems the market has discounted the financial assets ($17m before the Liongold crash) that ITE holds as worthless. So effectively, your margin of safety is assuming that ITE's financial assets may have some worth. Secondly, ITE's business seems to be terrible where they are making small losses annually. Lastly, ITE has not paid dividends since 1998

[kelvesy]

The Board of Directors of ITE Electric Co Ltd (the “Company”) together with its subsidiaries (the “Group”) wish to inform that the Group expects to record an increase of loss and asset impairment for the financial year ending 31 December 2013 (“FY2013”) as compared to the financial year ended 31 December 2012, primarily attributable to trading losses and declines in the value of its financial assets. Further details of the Group’s performance will be disclosed when the Group announces its FY2013
unaudited full year results on or before 28 February 2014.

source: http://infopub.sgx.com/Apps?A=COW_Corpor...ITE_PW.pdf

[propertyinvestor]

ITE can be easily manipulated up to above 10cents due to small supply of shares in the market.

[kelvesy]

I noticed that 1,000 lots were placed 'buy' at 0.0042 yesterday - 450 lots were filled, 550 left uncleared. Last night, I decided to sell my remaining ITE shares at 0.0042. But the next day, the 550 lots order disappeared. My sell order is still pending.

Now 980 lots were placed to 'buy' at 0.0041, and I suspect this market order is temporary to lure people to sell at lower prices.

I managed to clear 84% of my holdings in ITE without any losses, 14% left unclear. Prepared to eat some small losses. Despite the huge discount in terms of certain valuations, I don't think this company is worth investing at all. Good learning lessons. There are plenty of good stocks out there… with clear earning visibility, steady performers, and turnarounds cases. As one already mentioned, this stock could be manipulated. I prefer good healthy stocks.

[BestPrice]

I noticed that 1,000 lots were placed 'buy' at 0.0042 yesterday - 450 lots were filled, 550 left uncleared. Last night, I decided to sell my remaining ITE shares at 0.0042. But the next day, the 550 lots order disappeared. My sell order is still pending.

Now 980 lots were placed to 'buy' at 0.0041, and I suspect this market order is temporary to lure people to sell at lower prices.

I managed to clear 84% of my holdings in ITE without any losses, 14% left unclear. Prepared to eat some small losses. Despite the huge discount in terms of certain valuations, I don't think this company is worth investing at all. Good learning lessons. There are plenty of good stocks out there… with clear earning visibility, steady performers, and turnarounds cases. As one already mentioned, this stock could be manipulated. I prefer good healthy stocks.

Kelvesy San

The share price should be 0.042 and not 0.0042, you have an extra "0".
This mistake is "extremely serious" when you do on-line trading if the share price is between $0.001 and $0.01. You will notice that the prices $0.001 and $0.01 both fall within 20 bids limit. You might end up buying at a higher price if you key in $0.01 instead of $0.001 or selling at a lower price if you key in $0.001 instead of $0.01.

[kelvesy]

Opps my bad. Thanks for the clarification. I am cautious when keying share prices, usually I'd do a double check. Perhaps, slightly exhausted last night! As usual, no lots transacted and 980 lots of 'buy' order disappeared.

[D123]

ORDER FOR PROVISION OF INFORMATION AND DOCUMENTS
CAD investigates ITE Electric Co. Ltd. and three of its officers.

http://infopub.sgx.com/FileOpen/ITE%20-%...eID=289731

[dydx]

A quick look into ITE's FY13 (ended 31Dec13) results announcement…..
http://infopub.sgx.com/FileOpen/ITEGroup...eID=282818
will reveal that the company under the present management has lost nearly all its reserves in FY13 because of realised losses and marked-to-market provision and impairment in available-for-sale financial assets.

Should the directors/officers responsible for such wanton investment decisions be put in front of the firing squad? I think the answer is quite obvious!