Boustead Singapore

[BlackCat]

In Boustead Singapore's and Boustead Project's latest results, their borrowings are exactly the same:

 Boustead Singapore (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295

Boustead Projects (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295


Since Boustead Properties is a 51% owned subsidiary, then (51% of) its results are consolidated into Boustead Singapore's results.  Very unlikely the numbers would be the same.  Seems like a typo.

Does anyone have another explanation for this?

[TTTI]

In Boustead Singapore's and Boustead Project's latest results, their borrowings are exactly the same:

 Boustead Singapore (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295

Boustead Projects (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295


Since Boustead Properties is a 51% owned subsidiary, then (51% of) its results are consolidated into Boustead Singapore's results.  Very unlikely the numbers would be the same.  Seems like a typo.

Does anyone have another explanation for this?

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

[ksir]

In Boustead Singapore's and Boustead Project's latest results, their borrowings are exactly the same:

 Boustead Singapore (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295

Boustead Projects (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295


Since Boustead Properties is a 51% owned subsidiary, then (51% of) its results are consolidated into Boustead Singapore's results.  Very unlikely the numbers would be the same.  Seems like a typo.

Does anyone have another explanation for this?

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

Which also obviously means that excluding BP, Boustead holdings hold no debts and swimming in cash. Productive cash? Not quite. Keep hunting patiently FF.

[BlackCat]

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

Thanks TTTI.  Much clearer to me now.

[TTTI]

In Boustead Singapore's and Boustead Project's latest results, their borrowings are exactly the same:

 Boustead Singapore (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295

Boustead Projects (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295


Since Boustead Properties is a 51% owned subsidiary, then (51% of) its results are consolidated into Boustead Singapore's results.  Very unlikely the numbers would be the same.  Seems like a typo.

Does anyone have another explanation for this?

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

Which also obviously means that excluding BP, Boustead holdings hold no debts and swimming in cash. Productive cash? Not quite. Keep hunting patiently FF.

yup. Boustead has been net cash for a long time, and the cash pile keeps growing because they are extremely CF generative.

I'm sure FF Wong is constantly looking at ways to deploy. Last year, Boustead looked at 3 deals, of which only 1 was officially announced, and it finally got canned. It was only in the AR that FF Wong gave more details about the other 2 deals.
So I'm sure that they're looking at venues to deploy cash, but just keeps turning down deals that are not onerous enough.
We'll only hear about it if there's a real chance that it will go through.

[TTTI]

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

Thanks TTTI.  Much clearer to me now.

You're welcome, Felicia Hardy.
haha

[ksir]

In Boustead Singapore's and Boustead Project's latest results, their borrowings are exactly the same:

 Boustead Singapore (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295

Boustead Projects (2017 results), p6:
  LT borrowings: 70,059
  ST borrowings: 18,295


Since Boustead Properties is a 51% owned subsidiary, then (51% of) its results are consolidated into Boustead Singapore's results.  Very unlikely the numbers would be the same.  Seems like a typo.

Does anyone have another explanation for this?

It's not a typo.
The financials are consolidated, meaning that the debt of BP will be 100% reflected in Boustead, the 49% that's not attributable to Boustead will be backed out of Boustead's BS as "non controlling interests"

Which also obviously means that excluding BP, Boustead holdings hold no debts and swimming in cash. Productive cash? Not quite. Keep hunting patiently FF.

yup. Boustead has been net cash for a long time, and the cash pile keeps growing because they are extremely CF generative.

I'm sure FF Wong is constantly looking at ways to deploy. Last year, Boustead looked at 3 deals, of which only 1 was officially announced, and it finally got canned. It was only in the AR that FF Wong gave more details about the other 2 deals.
So I'm sure that they're looking at venues to deploy cash, but just keeps turning down deals that are not onerous enough.
We'll only hear about it if there's a real chance that it will go through.

Right.
OTOH the opportunity to deploy capital is actually more on BP side, although the ROI is no longer to their liking (as per the decent past returns).

I really hope that there will be a huge investment opportunity for FF Wong to close his book in Boustead before his handing over the baton to next gen (which I am not optimistic due to the investment result of boustead thus far).
Again OTOH, BP did have some rather fruitful investment ventures.
I am biased since I invested far more significant in BP, but to me, BP future seems to be more assured than Boustead (to say the least).

[vingaard]

ESRI was a very good growth business for Boustead. Unfortunately, it seems growth has stalled in the past few years despite the frequent mention of its potential.

Good thing FF Wong exited the venture with OM Holdings. That was a timely exit and it preserved Boustead's capital.

Anyway, if there are no good investment opportunities, I do hope Boustead returns the money to shareholders.


Sent from my iPad using Tapatalk

[BlackCat]

Transcript for Boustead's May 2017 conference call.

https://finance.yahoo.com/news/edited-tr...rc=applewf

First time I've seen the conference call transcripts for an SGX listed company.

[touzi]

Transcript for Boustead's May 2017 conference call.

https://finance.yahoo.com/news/edited-tr...rc=applewf

First time I've seen the conference call transcripts for an SGX listed company.

Keppel Corp has it too.