Boustead Singapore

[financiallyfree]

Hi, does anyone know why both Boustead and Boustead Project drop 9.5 and 8.5% respectively today on high vol?

[money]

No idea. Looks like someone with big holdings sold a large block today

[ksir]

preparing my tiny shotgun if can get at today price or better yet lower!


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[thor666]

Substantial shareholder seems like below.

http://sbr.com.sg/building-engineering/p...y-chairman

http://infopub.sgx.com/Apps?A=COW_CorpAn...3.2018.pdf


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[cyclone]

Financial Results for the Financial Year ended 31 March 2018

Highlights :
1. Revenue was 5% lower year-on-year at S$414.1 million
2. Total profit were 23% lower year-on-year at S$41.1 million
3. Net profit were 24% lower year-on-year at S$25.4 million
4. Net asset value per share was 62.7 cents as at 31 March 2018
5. The Group’s current order book backlog stands at S$307 million
6. The Board has proposed a final ordinary dividend of 2 cents per share
7. Together with the interim ordinary dividend paid of 1 cent per share, the total ordinary dividend for FY2018 would be 3 cents per share.

More details in :
1. http://infopub.sgx.com/FileOpen/Boustead...eID=507040
2. http://infopub.sgx.com/FileOpen/Boustead...eID=507042
3. http://infopub.sgx.com/FileOpen/Boustead...eID=507043

Boustead Singapore today closed at 0.785 (+0.005).

[cyclone]

Proposed Acquisition of Asia-Focused Healthcare Business

Boustead Singapore Limited announced that it has on 24 May 2018 entered into a sale and purchase agreement with WhiteRock Medical Company Pte Ltd ("WhiteRock Medco") to acquire 100% of the shareholding of WhiteRock Incorporation Pte Ltd ("WRI"), comprising a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand.

Boustead has agreed to an acquisition price of S$19,016,000, which is approximately equivalent to the adjusted unaudited net asset value of WRI as presented by WhiteRock MedCo at the end of its financial year ended 31 December 2017. The Acquisition Price represents the equivalent of the adjusted unaudited net asset value, 1.3x the unaudited net tangible asset value or a price-to-earnings ratio of 15.1x WRI’s proforma unaudited profit after tax for the financial year ended 31 December 2017.

About WhiteRock Incorporation Pte Ltd
WRI is an equipment and services provider for rehabilitative care, sleep care and sports science.

WRI’s primary focus is in addressing the needs of healthcare institutions caused by rising aging populations, which require a significant increase in long-term healthcare infrastructure and skilled healthcare manpower. This in turn drives demand for WRI’s equipment and services in the long-term care market, especially in community hospitals, nursing homes and outpatient centres. WRI’s focus on innovative technologies and patient care services help it to address the pain points of these healthcare institutions by promoting faster recovery and higher productivity, both aimed at addressing the resource shortages faced by the healthcare industry.

More details in http://infopub.sgx.com/FileOpen/Boustead...eID=507213

[sykn]

Proposed Acquisition of Asia-Focused Healthcare Business

Boustead Singapore Limited announced that it has on 24 May 2018 entered into a sale and purchase agreement with WhiteRock Medical Company Pte Ltd ("WhiteRock Medco") to acquire 100% of the shareholding of WhiteRock Incorporation Pte Ltd ("WRI"), comprising a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand.

Boustead has agreed to an acquisition price of S$19,016,000, which is approximately equivalent to the adjusted unaudited net asset value of WRI as presented by WhiteRock MedCo at the end of its financial year ended 31 December 2017. The Acquisition Price represents the equivalent of the adjusted unaudited net asset value, 1.3x the unaudited net tangible asset value or a price-to-earnings ratio of 15.1x WRI’s proforma unaudited profit after tax for the financial year ended 31 December 2017.

About WhiteRock Incorporation Pte Ltd
WRI is an equipment and services provider for rehabilitative care, sleep care and sports science.

WRI’s primary focus is in addressing the needs of healthcare institutions caused by rising aging populations, which require a significant increase in long-term healthcare infrastructure and skilled healthcare manpower. This in turn drives demand for WRI’s equipment and services in the long-term care market, especially in community hospitals, nursing homes and outpatient centres. WRI’s focus on innovative technologies and patient care services help it to address the pain points of these healthcare institutions by promoting faster recovery and higher productivity, both aimed at addressing the resource shortages faced by the healthcare industry.

More details in http://infopub.sgx.com/FileOpen/Boustead...eID=507213

WFF is moving! Interesting that the acquirer is not BPL but BSL. I think this may give some fillip to the future value of BSL biz.

[ksir]

Proposed Acquisition of Asia-Focused Healthcare Business

Boustead Singapore Limited announced that it has on 24 May 2018 entered into a sale and purchase agreement with WhiteRock Medical Company Pte Ltd ("WhiteRock Medco") to acquire 100% of the shareholding of WhiteRock Incorporation Pte Ltd ("WRI"), comprising a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand.

Boustead has agreed to an acquisition price of S$19,016,000, which is approximately equivalent to the adjusted unaudited net asset value of WRI as presented by WhiteRock MedCo at the end of its financial year ended 31 December 2017. The Acquisition Price represents the equivalent of the adjusted unaudited net asset value, 1.3x the unaudited net tangible asset value or a price-to-earnings ratio of 15.1x WRI’s proforma unaudited profit after tax for the financial year ended 31 December 2017.

About WhiteRock Incorporation Pte Ltd


WRI’s primary focus is in addressing the needs of healthcare institutions caused by rising aging populations, which require a significant increase in long-term healthcare infrastructure and skilled healthcare manpower. This in turn drives demand for WRI’s equipment and services in the long-term care market, especially in community hospitals, nursing homes and outpatient centres. WRI’s focus on innovative technologies and patient care services help it to address the pain points of these healthcare institutions by promoting faster recovery and higher productivity, both aimed at addressing the resource shortages faced by the healthcare industry.

More details in http://infopub.sgx.com/FileOpen/Boustead...eID=507213

WFF is moving! Interesting that the acquirer is not BPL but BSL. I think this may give some fillip to the future value of BSL biz.

why BP?
WRI is an equipment and services provider for rehabilitative care, sleep care and sports science.
And BP doesn't have the issue of idled warchest.
Interesting acquisition but just too small considering the small stake in Tongzhou already more than that.


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[Bibi]

I was listening to the live webcast during the result presentation. Someone asked WFF why he bought Falcon. He replied he felt o&g has bottomed and falcon shld be able to survive and become profitable. Another asked him his opinion on whether o&g industry currently is just cyclical or a sunset industry. His opinion is cyclical. Unfortunately, I couldnt hear further cos my son was in my room and making loud noises.
My thoughts are, if he feels its just cyclical, why did he buy a totally new healthcare business. Why didnt he use boustead resources to buy into Falcon shares? (Although I prefer him not to . Profitability seems very cyclical and unpredictable)

[ksir]

I was listening to the live webcast during the result presentation. Someone asked WFF why he bought Falcon. He replied he felt o&g has bottomed and falcon shld be able to survive and become profitable. Another asked him his opinion on whether o&g industry currently is just cyclical or a sunset industry. His opinion is cyclical. Unfortunately, I couldnt hear further cos my son was in my room and making loud noises.
My thoughts are, if he feels its just cyclical, why did he buy a totally new healthcare business. Why didnt he use boustead resources to buy into Falcon shares? (Although I prefer him not to . Profitability seems very cyclical and unpredictable)

Don't really need another since bih is there to benefit from any strong recovery of the o&g. It has even started to show in the orders won.

The only stable and less (or non) cyclical business is geo-spatial.
This should be another leg to stabilize the company especially during the downturn of o&g and industrial.

The 2 concerns i have in regards to the acquisition:
1. It is quite small and while they can ride on long term aging trend, i am not sure it can grow big even in next 5-10 years.
2. The seller (and the CEO) not keeping any stakes after the sell.
Hence the issue of not much skin in the game.
The interest alignment may not be there.