New Toyo

[Underdogger]

The approval note for asset sales from SAH to SWP is out !

Payout from SAH to New Toyo should be happening very soon !

[cif5000]

Good call Underdogger!

Still, I think it is best for NTI to unload some stuffs to SAH.

[Underdogger]

Will NTI shoot itself in the feet by offloading its profitable businesses (printing & lamination) to SAH?

[rexace]

Underdogger,
there is no doubt the sum of parts are attractive.
what makes you say that they will liquidate their properties ?
if they do not liquidate their properties, it will be like SAH sitting on their books and remain undervalued
its only upon realization of SAH that we are seeing price move.

[rexace]

personally property realization is a bonus IF it happens. but just base on core earnings numbers,
FY10 net profit $18.05m, 9M FY11 already $20.8m. I think it is very possible to end FY11 at $25m. that's a 38% increase in Net profit.
whats more interesting is 9M cash flow is also much stronger than FY10, so the attraction is, there is scope for even the regular dividends to
increase.

The asset realization of SAH or properties will be additional bonus.

[rexace]

Underdogger,

Tooy's share of SAH is indeed 13c, but then SAH only committed to pay back 50% of the proceeds to shareholders, leaving an empty shell to look for a new business.

thus, Toyo will get back around 6.5c, not 13c.
Personally, a special div of 5c is realistic

these are not additional bonus.
- SAH sales proceed
- property rationalization payout

Company has since a few years back appointed a consultancy panel to look into rationalizing and consolidating property holdings. For SAH sales proceed, company is very likely to pay out in full as there is no real need to reduce their borrowings which are at very sustainable level, and can be paid off easily from CF from existing operations.

All these info are already in the public domain. Investors just did not pay enough attention.
Look at the profit of Tien Wah - going to at least double from last FY ....!!!

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I guess soon there will be more buyers to come in and makan all the sellers all the way to 35 cents or higher

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[rexace]

UnderDogger,

its good to be confident, but on this VALUEbuddy site, we have to adhere to a value investors' values and character, if not this will be called hoothoot buddies.
thus to me, i will assume, 50% pay out and a conservative 5c special. anything else will be bonus.

anyway I am vested since 2010 after the rights issue but before the SAH sale announcement in 2010.
a 10% dividend yield and a growing business was the reason why I kept till now.

[portuser]

FY10 net profit $18.05m, 9M FY11 already $20.8m. I think it is very possible to end FY11 at $25m. that's a 38% increase in Net profit.
whats more interesting is 9M cash flow is also much stronger than FY10, so the attraction is, there is scope for even the regular dividends to increase.

Rexace
The figures ($18.5m for 2010 and $20.8m for 9m 2011) quoted by you are group profits. As some of the subsidiaries are not wholly-owned by New Toyo, the more relevant figure should be attributable profit.
2010's attributable profit is $15.1m; and 9m 2011's attributable profit is $ 16.4m. The minority interests amounting to $4.5m for 9m 2011 is quite substantial because Tien Wah (54% owned by New Toyo) did well.
Tien Wah has been equipping itself to meet BAT's demand, and cash flow improved when equipment purchase scaled down. The new quipment has also resulted in profit mprovement.

[Underdogger]

Tien Wah's full year results are just out today. Interested parties can take a look.
Hope you dont fall off your chair by the huge improvement in net profit

No inducement to buy or sell

[rexace]

maybe should buy TW instead of Toyo , maybe TW AND Toyo