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Ellipsiz
08-07-2016, 09:24 AM.
Post: #21
RE: Ellipsiz
Last year, David Lum paid as high as $0.15 per share (post consolidation: $0.50) and became a substantial shareholder. He can definitely do better than the current offer price of $0.38.

http://infopub.sgx.com/FileOpen/_Form3_D...eID=341764

++++++

Strange observation. The 7,932,000 shares transaction yesterday seemed to change hands at $0.36. Maybe something is wrong with my data feed.

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08-07-2016, 12:24 PM.
Post: #22
RE: Ellipsiz
Well said. If Mr David Lum is part of the Bevrian family group of companies, then the highest price paid by Mr Lum should be reflected, hence the 50 ct.

Maybe someone can bring matter up to SIAC to request them to re-offer at the more realistic pricing if they are dead serious?

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08-07-2016, 01:41 PM.
Post: #23
RE: Ellipsiz
(08-07-2016, 12:24 PM)hh488 Wrote: Well said.  If Mr David Lum is part of the Bevrian family group of companies, then the highest price paid by Mr Lum should be reflected, hence the 50 ct.

Maybe someone can bring matter up to SIAC to request them to re-offer at the more realistic pricing if they are dead serious?

If I'm not wrong, 15 years ago the takeover code required the minimum price to be the highest price paid in the preceding 12 months

For now, it is 6 months.

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04-08-2016, 10:55 PM.
Post: #24
RE: Ellipsiz
Just wrote a piece on Ellipsiz Ltd

http://tubinvesting.blogspot.sg/2016/08/...-year.html

Pros
- Increasing Dividend
- Very Low Debt to Equity
- Decreasing Capex
- Good Management

But I still have concerns...
- The slowdown of the economy and increasing competition
- Huge Intangibles

<vested>

http://tubinvesting.blogspot.sg/

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03-09-2016, 09:03 AM.
Post: #25
RE: Ellipsiz
I've just noticed this company due to the coverage in TheFinance.sg yesterday. Original post: https://financialveracity.com/2016/09/02...n-a-stock/

After going through its statements, I'd like to give my 2 cents:

Good things are:
1) positive operation cash flow though largely fluctuating (~3.7 M - 14.1 M in 2011 - present);
2) cash rich (S$ 0.19 - 0.25 per share in 2011 - present);
3) low short/long-term debts as compared to current assets in the past 5 years;
4) improving current ratio in the past 5 years (1.982 in 2012 Jun vs. 3.196 as of 2016 Jun);
5) improving RoE (2.234% in 2012 Jun vs. 7.683% as of 2016 Jun).

My concerns are:
1) slowly shrinking revenues (~176 M - 116 M from 2011 - present) and slow growth in GDP;
2) two main businesses: outsourced services provider & probe cards. I think the outlook probe card is ok because ICs always need testing and debugging. ICs are widely needed, for instances, robots and auto-pilot cars. On the other hand, the outsource business may have difficulties in competing with those in China. Note: Point 2) here is my speculation. No actual data supported;
3) lots of goodwill and intangibles (~S$ 0.239 - 0.245 per share since 2014, and S$ 0.036 before 2014). Frankly speaking, it is difficult to believe that this unknown small cap (despite well managed) deserves so much good wills at present;
4) Not too cheap. Let's take 2/3 x (current assets - total liabilities) / #shares = ~S$ 0.231 per share which is lower than the current price of S$ 0.38.

References:
1) SGX stock facts
2) Morningstar
3) Company homepage

Not vested.

I am a young beginner and this is my first post.
Welcome any comments.

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08-01-2017, 12:28 PM. (This post was last modified: 08-01-2017, 05:11 PM by BlueKelah.)
Post: #26
RE: Ellipsiz
sale of Kita completed http://infopub.sgx.com/Apps?A=COW_CorpAn...5Jan17.pdf

Given today's exchange rate, the USD6m (SGD8.6m) coming in will take the cash eq. to ~52.9m which will put co. in ~78% net cash position. 

that means USD 6m(SGD 8.6m/ 5.1c) cash coming into the company and likely a bonus dividend. Revenue of Kita is 20m and 0.82m profit a year, which means Ellipsiz will make around only 0.5m gain on disposal of this company but will take a hit of 0.5c to EPS.  Doesn't seem like a smart move but maybe part of streamlining the company to concentrate more on core businesses. What do you guys think?

- n v yet -
=========== Signature ===========
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com

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24-02-2017, 09:56 PM.
Post: #27
RE: Ellipsiz
Since I last mentioned the sale of assets, run up to almost 50c again liao lol, market rally really does wonders...

EPS ~1c /quarter not that impressive and revenue down.

Dividend decreased from last year 3.3c to 2.5c and XD liao. 

Seems like Lum is not interested to push the price anymore and just sit on the sidelines for now. Dun think he will privatise so fast, await his next move Big Grin
=========== Signature ===========
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com

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25-02-2017, 12:31 AM.
Post: #28
RE: Ellipsiz
(24-02-2017, 09:56 PM)BlueKelah Wrote: Since I last mentioned the sale of assets, run up to almost 50c again liao lol, market rally really does wonders...

EPS ~1c /quarter not that impressive and revenue down.

Dividend decreased from last year 3.3c to 2.5c and XD liao. 

Seems like Lum is not interested to push the price anymore and just sit on the sidelines for now. Dun think he will privatise so fast, await his next move Big Grin

The interim dividend last year was 0.7ct. This year, it's 2.5ct (1ct ordinary, 1.5ct special).

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26-02-2017, 10:12 PM.
Post: #29
RE: Ellipsiz
(25-02-2017, 12:31 AM)cif5000 Wrote:
(24-02-2017, 09:56 PM)BlueKelah Wrote: Since I last mentioned the sale of assets, run up to almost 50c again liao lol, market rally really does wonders...

EPS ~1c /quarter not that impressive and revenue down.

Dividend decreased from last year 3.3c to 2.5c and XD liao. 

Seems like Lum is not interested to push the price anymore and just sit on the sidelines for now. Dun think he will privatise so fast, await his next move Big Grin

The interim dividend last year was 0.7ct. This year, it's 2.5ct (1ct ordinary, 1.5ct special).

Revenue down could be due to sale of asset? Overall margins improved due to lower cost and expenses.

With Lum as majority shareholder, it could mean that Ellipsiz will be streamlining and not look to expand further from their probe card business (SV probe is the gem), so that the majority of their earnings can be returned back to them as dividends.

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27-02-2017, 02:48 PM.
Post: #30
RE: Ellipsiz
It does look like Lum has some further plans for the company. Sale of Kita stake will bring in 8.6m this will make net cash to Mcap around 65%+ at current prices.

Either he is streamlining or he is doing the usual sell off assets and build up cash reserve, then wait for share price go down and then do SBB and open market purchase and then privatise loh.

It sure does look like he is going down the privatisation route though.

Lum Chang do construction one rite? how come wanna buy up this kind of stock? is Ellipsiz sitting on some land parcel that they are interested in getting their hands on? or is it just the cash pile they are interested in?

-n v yet-
=========== Signature ===========
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com

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