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13-11-2020, 08:02 PM
(This post was last modified: 13-11-2020, 08:03 PM by ksir.)
As much as the Management didn't want to admit, it seems the pandemic did benefit ESRI positively!
Even after they said there're voluntary works for ESRI with free license during pandemic.
The Engineering unit PBT margin is surprisingly high even in this depressed oil price environment.
The good news is the warchest seems to be growing rapidly and the bad news is they seem to miss out the crisis (again).
After holding so much cash over the past 10+ years, it seems there's no intention to either put it to good use or distribute more out!
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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They did alot of share buyback few years back. If I rem correctly, the former chairman, and WFF bro in law all sold out their shares. Imagine they sell in open market if Boustead didnt buy back those shares from them.
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I am pretty sure it's not accurate! or rather, I don't think it's even factual.
Better back it up with data!
In term of buyback they didn't overpay and had done a not-bad job.
Mr Wong did say they sometimes did a buyback when they are informed of substantial shareholding unloading the shares.
I will be very concern if Mr Wong himself selling out, but so far, that is just not the case!
He even added more on BP, which I think he has more confident of its growth potential.
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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(14-11-2020, 11:05 PM)Bibi Wrote: 1) https://www.businesstimes.com.sg/compani...ke-in-firm
"SUBSTANTIAL shareholder and former deputy chairman of Boustead Singapore, Saiman Ernawan, has pared his entire stake in the company." and Boustead bought back those shares.
2) https://links.sgx.com/FileOpen/_eFORM1V2...eID=578354
https://links.sgx.com/FileOpen/_eFORM1V2...eID=578357
Chong Ngien Cheong, wff brother in law sold out. Married deal and sold to wff
WFF can choose not to buy from him and CNC will surely proceed to sell in open market.
Exactly and the fact that FF Wong bought from his in law speaks a volume.
One is Executive Director (actively involved in business) and the other is a passive non-Exec shareholder.
It's no brainer who has more skin in the game!
I am not saying that Boustead is darn good company (good in term of operation but not really in term of capital allocation, yeap that idling giant warchest!).
Mr Ernawan was another non-exec director since I first invested in the company in 2010. I never ever saw him in AGM since 2010 (which I attended mostly).
I've voiced out the concern of them using company capital to buyback the unloading from substantial investors (although mostly from passive investors).
But if it were me holding so much cash, I'd also want to buyback whenever there is a chance to buy a big stakes from shareholders.
Buying back from market is tedious and costly especially in company with such low liquidity.
My views are your Gilbert & Sullivan's:
"The flowers that bloom in the spring, have nothing to do with the case".
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the elephant in the room is that there is only one BUYER.....haha..
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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04-01-2021, 09:48 PM
(This post was last modified: 04-01-2021, 09:49 PM by Curiousparty.)
BP still have many big and recent properties yet to be divested.
Boustead will continue to benefit from BP's subsequent batches of divestments
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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17-01-2021, 12:41 PM
(This post was last modified: 17-01-2021, 12:42 PM by Curiousparty.)
Main Beneficiary from Current/Future divestments by Boustead Project
Boustead owns 53% of BP.
- NTA of BP will be lifted from $0.96 to $1.39 or 43 cents increase (from this first batch of divestment)
- BP is expected to recognize a gain (net cash proceeds) on disposal of approximately S$136.1 million , being a net gain on the Proposed Divestment after deducting the professional and other fees and expenses in connection with the Proposed Transactions.
About 44 cents NAV gain for BP.
For Boustead => NAV gain is about 15 cents.
Boustead has net cash close to 50 cents. Plus this 15 cents => Total Net Cash 65 cents. Boustead is now trading at only 90 cents.
Effectively, from Boustead' s perspective, investor is only paying 25 cents (90 - 65) for
- Geo-spatial (cash cow and still growing year after year)
- Engineering segment (oil price recovering!)
- 53% of BP (1st batch of divestment and future batches to come)
- Healthcare segment (up and coming new segment)
Also, this is not over because the newer properties (in BP) are still being nurtured and have not been divested. Hence, we will see more properties (and the bigger ones e.g. Alice, Braddell Road, etc.) being divested over next few years!!
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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18-01-2021, 11:22 PM
(This post was last modified: 19-01-2021, 10:41 PM by Curiousparty.)
Parent (Boustead) and fast growing kid (BP).
Parent is the one who is much more cash-rich (and net-cash) and diversified compared to kid....
Look at the net profit margin of geo-spatial segment!!!
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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