New Toyo

[Underdogger]

That is why Tien Wah has already appointed Mr Ong Kiok Teng back in 2008 to head the property division to look into unleashing the asset values of the various properties and land holdings.

Refer to Tien Wah's AR (2008 & 2009) for more detailed info.

For New Toyo itself, the investment properties are valued at $28.4mil (as of Dec 2010). The corresponding BV was only $15.6 mil.

(As of Dec 2009 - MV = $26.4mil; BV = $16.1mil). So probably, as of end 2011, we have crossed the $30mil mark for MV.

Based on Dec 2010 MV of $28.4mil, EPS = 6.5 cents.
This is a very conservative figure that does not include Tien Wah's properties and landholdings.

[portuser]

I see.
This was asked during an AGM a couple of years ago. The properties were bought for production. For example, the one comprising office, factory and warehouse in South Australia was for production of specialty paper. When the operations were shifted to Singapore, it was rented out, and reclassified accordingly. Rental yield of the portfolio of investment properties is 10% on the book value of $15.6m, or 6% on the market value of $28.3m; based on 2010 annual report.
The company has been selling off investment properties progressively.

[Underdogger]

Tobacco Packaging contribution to Amcor's Revenue has increased from 6.6% (2009) to 9.8% in 2011.


Proportion of Tobacco Packaging
2011 - 9.8% (out of revenue base of $12billion Aussie Dollars)
2010 - 8.6%
2009 - 6.6%

Amcor has stated in its AR that it sees Tobacco Packaging in Emerging Markets as Growth Markets.
It started to invest in this segment back in 2008 when it pumped $281mil SG to acquire shares in HK publicly-listed company AMVIG, which has 20% of tobacco carton market in China.

Since then contribution of this segment to overall revenue has increased.

[rexace]

WHAT !!!!! APPOINTED IN 2008 !!!!!! that's like 4 years already
what has he been doing all these years ??? where are the results to show for unleashing the potential ???

if he was a football manager, would have kanna 'peng gan' ( fried ) already

That is why Tien Wah has already appointed Mr Ong Kiok Teng back in 2008 to head the property division to look into unleashing the asset values of the various properties and land holdings.

Refer to Tien Wah's AR (2008 & 2009) for more detailed info.

For New Toyo itself, the investment properties are valued at $28.4mil (as of Dec 2010). The corresponding BV was only $15.6 mil.

(As of Dec 2009 - MV = $26.4mil; BV = $16.1mil). So probably, as of end 2011, we have crossed the $30mil mark for MV.

Based on Dec 2010 MV of $28.4mil, EPS = 6.5 cents.
This is a very conservative figure that does not include Tien Wah's properties and landholdings.

[portuser]

Underdogger
Your have written that New Toyo's "investment properties are valued at $28.4mil (as of Dec 2010). The corresponding BV was only $15.6 mil.
(As of Dec 2009 - MV = $26.4mil; BV = $16.1mil). So probably, as of end 2011, we have crossed the $30mil mark for MV."
Your inference that market value of investment properties is rising may be valid. But your forecast about the market value crossing the $30m mark by the end of 2011 seems unrealistic.
During the year, properties costing $3.04 m were sold for a gain of $ 0.86m, leaving a residual book value of $12.3m as at 31 Dec 2011. It is highly unlikely for these properties to have a market value of 2.5 times book value.

[Underdogger]

Tien Wah's Financials at a glance
[New Toyo has a 54% share]

http://markets.ft.com/Research/Markets/T...IENWAH:KLS

[Underdogger]

Tks for pointing it out.

Based on historical ratio of 1.8 times BV, the MV as of end 2011 should be around $22mil (BV = $12.3mil) or 5 cents per share.

Underdogger
Your have written that New Toyo's "investment properties are valued at $28.4mil (as of Dec 2010). The corresponding BV was only $15.6 mil.
(As of Dec 2009 - MV = $26.4mil; BV = $16.1mil). So probably, as of end 2011, we have crossed the $30mil mark for MV."
Your inference that market value of investment properties is rising may be valid. But your forecast about the market value crossing the $30m mark by the end of 2011 seems unrealistic.
During the year, properties costing $3.04 m were sold for a gain of $ 0.86m, leaving a residual book value of $12.3m as at 31 Dec 2011. It is highly unlikely for these properties to have a market value of 2.5 times book value.

[Curiousparty]

Actually there are many tabacco packaging companies around the world.
There is no definite certainty that Amcor would be interested in New Toyo. Amcor would have to assess the merits of any acquisition deals and get approval from ACCC.

Would ACCC get apprehensive if Amcor gets too big ? i.e. Amcor controls too much market share and monopolize the industry..

Tobacco Packaging contribution to Amcor's Revenue has increased from 6.6% (2009) to 9.8% in 2011.


Proportion of Tobacco Packaging
2011 - 9.8% (out of revenue base of $12billion Aussie Dollars)
2010 - 8.6%
2009 - 6.6%

Amcor has stated in its AR that it sees Tobacco Packaging in Emerging Markets as Growth Markets.
It started to invest in this segment back in 2008 when it pumped $281mil SG to acquire shares in HK publicly-listed company AMVIG, which has 20% of tobacco carton market in China.

Since then contribution of this segment to overall revenue has increased.

[Underdogger]

Of course, things are always very fluid and all the M&A deals are always fraught with GREAT uncertainties and surprises..

No one should be naive enough to take every single posting at this forum at its ace value without doing his/her own objective evaluation..

Actually there are many tabacco packaging companies around the world.
There is no definite certainty that Amcor would be interested in New Toyo. Amcor would have to assess the merits of any acquisition deals and get approval from ACCC.

Would ACCC get apprehensive if Amcor gets too big ? i.e. Amcor controls too much market share and monopolize the industry..

Tobacco Packaging contribution to Amcor's Revenue has increased from 6.6% (2009) to 9.8% in 2011.


Proportion of Tobacco Packaging
2011 - 9.8% (out of revenue base of $12billion Aussie Dollars)
2010 - 8.6%
2009 - 6.6%

Amcor has stated in its AR that it sees Tobacco Packaging in Emerging Markets as Growth Markets.
It started to invest in this segment back in 2008 when it pumped $281mil SG to acquire shares in HK publicly-listed company AMVIG, which has 20% of tobacco carton market in China.

Since then contribution of this segment to overall revenue has increased.

[rexace]

I don't understand why the focus is on any M&A.

the most immediate and realistic focus is a special dividend of
5-6c. That alone can help the stock price propel to between 35-37c.

Of course, things are always very fluid and all the M&A deals are always fraught with GREAT uncertainies and surprises..

No one should be naive enough to take every single posting at this forum at face value without doing his/her own objective evaluation..

Actually there are many tabacco packaging companies around the world.
There is no definite certainty that Amcor would be interested in New Toyo. Amcor would have to assess the merits of any acquisition deals and get approval from ACCC.

Would ACCC get apprehensive if Amcor gets too big ? i.e. Amcor controls too much market share and monopolize the industry..

Tobacco Packaging contribution to Amcor's Revenue has increased from 6.6% (2009) to 9.8% in 2011.


Proportion of Tobacco Packaging
2011 - 9.8% (out of revenue base of $12billion Aussie Dollars)
2010 - 8.6%
2009 - 6.6%

Amcor has stated in its AR that it sees Tobacco Packaging in Emerging Markets as Growth Markets.
It started to invest in this segment back in 2008 when it pumped $281mil SG to acquire shares in HK publicly-listed company AMVIG, which has 20% of tobacco carton market in China.

Since then contribution of this segment to overall revenue has increased.