Matex International

[dydx]

1H result just out…..
http://infopub.sgx.com/FileOpen/MIL_Half...eID=309494

The sharp increases/improvement in revenue, GP and PBT, indicate a strong turnaround of the underlying dyestuffs manufacture business of this watch-listed counter..

[Harvest Time]

Very undervalue.
NAV 17.45 cents
EPS is 1.82 cent for 6 months.

[DP28]

I dont think we should read too much into fundamentals on this counter..

Not forgetting the debt part as well.

[beau]

Net net currently trading at 0.35x NCAV at the time of posting. P/B ratio at 0.346, P/E at 4.89.



They have returned to profitability since 2013, and so have been granted an extention of time to meet watch list exit requirements.


They are set for a RTO by Blackgold Intl Holdings Ltd.:

Australian-listed coal miner Blackgold International Holdings Ltd. said Wednesday it has signed a S$475 million ($348.7 million) conditional sale agreement with Matex International Ltd. for its Hong Kong unit with four Chinese mines.
In the deal, Singapore-listed Matex International will acquire Blackgold Holdings HongKong Ltd. with its four underground thermal coal mines situated in Chongqing, China, and associated coal trading and logistics businesses resulting in the subsidiary being listed on the Singapore Stock Exchange through a “reverse takeover” under the exchange listing rules, Blackgold said in a statement.

http://www.law360.com/articles/638145/ma...coal-mines

Anyone vested?

[valuebuddies]

Below was extracted from SGX stockfacts page:

Source: Singapore Stock exchange
Type: Announcements of Earnings
From: 15/May/2015

Matex International Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the three months ended 31 March 2015, the Group recorded revenue of SGD 22,549,000, a decrease of SGD 5,142,000 compared to its revenue of SGD 27,691,000 achieved in the first quarter of year 2014. The decrease in revenue was mainly attributed from the reduction of selling price in the industry. As a result of the decrease in revenue that the Group recorded an unaudited consolidated pre-tax loss of SGD 1,185,000, of which SGD 906,000 loss after tax is attributable to equity holders of the Company for the three months ended 31 March 2015.

I tried to search for the full Q1 result announcement but can't find any from SGX or the IR site.

[CityFarmer]

Below was extracted from SGX stockfacts page:

Source: Singapore Stock exchange
Type: Announcements of Earnings
From: 15/May/2015

Matex International Limited reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the three months ended 31 March 2015, the Group recorded revenue of SGD 22,549,000, a decrease of SGD 5,142,000 compared to its revenue of SGD 27,691,000 achieved in the first quarter of year 2014. The decrease in revenue was mainly attributed from the reduction of selling price in the industry. As a result of the decrease in revenue that the Group recorded an unaudited consolidated pre-tax loss of SGD 1,185,000, of which SGD 906,000 loss after tax is attributable to equity holders of the Company for the three months ended 31 March 2015.

I tried to search for the full Q1 result announcement but can't find any from SGX or the IR site.

I tried, and found its Q1 result announcement on 15 May 2015 from SGX website

(not vested)

[beau]

I believe the current price at 5.5 cents is irrational and the recent run down is mostly speculative. Matex is trading at a 52 week low, with the 52 week high being 10.3 cents. Around new year's, Matex traded at ~8.5 cents. Not much fundamental has changed since then, except for a quarterly loss of S$906,000 loss after tax as of March 31. I don't think this quarterly loss warrants Matex to trade 40% lower since then and currently at 0.35x NCAV. As mentioned earlier, they have also been granted an extension of time to meet the watch-list requirements.

I think the current pessimism in the price could be due to the loss making years of 2010-2012 and the fact that they are placed on the watchlist, albeit returning to profitability since 2013. Their operating cash flow has been improving every year since 2010. I think downside is severely protected with an extremely wide margin of safety.

Would love to hear any thoughts. Seems like all the watch-list attention has been given to Avi-Tech recently.

[beau]

They recently posted their corporate video on their website, both in English and Mandarin.

https://www.youtube.com/watch?v=tasH59Xl6QI

https://www.youtube.com/watch?v=BudAqHlx0CU

[Nebula]

Net net currently trading at 0.35x NCAV at the time of posting. P/B ratio at 0.346, P/E at 4.89.



They have returned to profitability since 2013, and so have been granted an extention of time to meet watch list exit requirements.


They are set for a RTO by Blackgold Intl Holdings Ltd.:

Australian-listed coal miner Blackgold International Holdings Ltd. said Wednesday it has signed a S$475 million ($348.7 million) conditional sale agreement with Matex International Ltd. for its Hong Kong unit with four Chinese mines.
In the deal, Singapore-listed Matex International will acquire Blackgold Holdings HongKong Ltd. with its four underground thermal coal mines situated in Chongqing, China, and associated coal trading and logistics businesses resulting in the subsidiary being listed on the Singapore Stock Exchange through a “reverse takeover” under the exchange listing rules, Blackgold said in a statement.

http://www.law360.com/articles/638145/ma...coal-mines

Anyone vested?

i am not really certain about the implications of this deal, to me it looks like its value destroying to current shareholders because there is a large dilution in their stake. on the announcement dated 1 april 2015, it says that NTA before the proposed disposal and acquisition is $0.1542 and $0.0511 after the event.
the BV of the target is AUD 180 million and $450 million is being paid for it partly in share and partly in cash, which, in fact belongs to the current shareholders.

seems like a pretty lousy deal to current shareholders even at a seemingly low price of $0.041.

am i missing something here? seems like a terrible deal to me.

http://infopub.sgx.com/FileOpen/ANNOUNCE...eID=341206

not vested

[beau]

Quarterly Activities Report for Blackgold International Holdings Ltd released on the ASX today.


http://www.asx.com.au/asx/statistics/dis...d=01689417