New Toyo

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(30-03-2012, 05:20 PM)potatolover Wrote: I agreed that the focus should be on New Toyo and not SAH...

How much further upside can be seen in SAH?
Also, I dont think SAH should go into RTO, etc...Most of the shareholders just want every single cent back asap. I believe New Toyo is also supportive of a full payout.

Be very conservative. Just factor in 50%. The other is probably retainer demanded by Liu Brothers. Unlikely to see daylight. Getting 50% back after the high profile listing of SAH in 2004 is already very lucky. Imagine, SAH's core suddenly became sunset post listing and they have to commit huge capex on Aluminium packaging (N Toyo participated in fund raising) is a huge strained on hard earned cash.

If anyone of you didn't realise, SAH is a Singapore incorporated company and hence its existence till today unlike other tax haven domiciled S chips that have already evaporated. In addition, the spat and departure of some N Toyo backed directors must not be forgotten in the longdrawn asset disposal process. At least, in comparison, Metro had a smoother path in their latest closure of Metro City Beijing (despite warnings that sale may fell through)
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Even after return of cash, doesnt New Toyo still own the stake in SHA if SHA is not a shell Co? Even if its a shell Co. with listed status, New Toyo will still own a stake. There is no mention that SHA Major sharehldrs want to take the Co. private and pay off all existing shldrs right.

So if some1 comes up with RTO idea, New Toyo will still get a stake in it.

New Toyo is now a waiting game - they are a conservative mgmt Co. and most probably do not want anything to do with RTO, more than likely, if they have nothing to do with the funds and are confident of their operation, they will not hold on to cash.
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BAT looks set to renew and expand its IT infra - is it expanding further?

Will New Toyo or Tien Wah get more jobs from BAT?

*************

http://www.sys-con.com/node/2230428

Mega-deal: British American Tobacco goes Cloud with Deutsche Telekom

TROY, Mich., April 2, 2012 /PRNewswire/ -- Deutsche Telekom's IT subsidiary T-Systems has been awarded one of the largest cloud deals in the company's history. The landmark seven-year contract is worth more than 160 million Euros. With more than 200 brands in its portfolio, British American Tobacco quality brands are sold in around 180 markets worldwide. It has 45 cigarette factories around the globe and employs over 60,000 people. As a result of this deal, British American Tobacco will buy much of its IT dynamically to increase flexibility at work and to reduce costs.

British American Tobacco uses SAP systems to operate its businesses around the world and is making a significant investment in a consolidation program that will culminate in a single instance of SAP operating in 65 global markets by 2016.

Over a two-year period, British American Tobacco and T-Systems will transition the business software into the cloud so that SAP services will exactly mirror British American Tobacco's cyclical demands and will couple cost to real usage. This will provide British American Tobacco with a competitive edge in a highly dynamic business.

Phil Colman, British American Tobacco's CIO, said: "British American Tobacco is the world's most international tobacco group. It is successfully pursuing a consistent strategy that is building shareholder value. Our IT strategy focuses on a single portfolio of connected applications running on standardised contemporary technology to drive competitive advantage across the business. This agreement with T-Systems will help us to deliver that strategy."

Reinhard Clemens, member of the Deutsche Telekom Board of Management and CEO of T-Systems, said: "This mega-deal proves once again that our customers acknowledge our know-how in transitioning their traditional IT into the cloud and operating it in a safe environment. And I am proud to say that we have developed our cloud skills long before dynamic services became the hype of our industry."

As part of the deal, T-Systems will consolidate ten international British American Tobacco data centers into three global data centres in Europe, Asia and South America.

[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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I know little of accounting.
Is the EBITDA of the reduced group not the present EBITDA less New Toyo's share of profit in SAH?
By the way, New Toyo's EBITDA for 2011 will be revealed in its soon-to-be-released annual report.
My estimate of 2011 EBITDA is based on profit before tax, depreciation & amortisation and interest expense.
They sum to $36.5m in 2010, slightly higher than from official figure of $36.14m in the 2010 annual report.
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$45.56mil - $8.867 = $36.7mil .
6 times adjusted EBITDA will give 50 cents.

Add back 13 cents will give 63 cents.

Breaking New Toyo up and selling the various parts will give a higher valuation?

Any comments pls?

(04-04-2012, 12:27 PM)portuser Wrote: I know little of accounting.
Is the EBITDA of the reduced group not the present EBITDA less New Toyo's share of profit in SAH?
By the way, New Toyo's EBITDA for 2011 will be revealed in its soon-to-be-released annual report.
My estimate of 2011 EBITDA is based on profit before tax, depreciation & amortisation and interest expense.
They sum to $36.5m in 2010, slightly higher than from official figure of $36.14m in the 2010 annual report.

[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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Just a suggestion.

You might want to exclude the SAH's contribution to New Toyo to arrive at the EPS that excludes SAH operations as SAH is going to be sold off.

Typical take-over valuation is around 10 times P/E.
But, we can add back 13 cents from SAH sales proceeds.



(29-03-2012, 05:49 PM)ken Wrote: Hi Portuser,

My simple calculations,

2011 Earnings per share 4.51 cts.
2011 Dividends per share 1.94 cts.
Therefore, payout rate is about 43% of net profits, which is considered quite high.

If 50%, then dividends should be 2.25 cts.Smile

Of course, dividends paid through cashflow has to be sustainable.Cool

(just vested)
[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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Can any1 confirm how much SAH dividend contribution to New Toyo bottomline? I saw it in quarterly report but could not find it again? Its not small and hopefully Tien Wah or Australian operation can improve on the lost of SAH? What will the new EPS be?
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$19.8mil less New Toyo's 34% share of SAH FY2011 profit of 120mil RMB ($8mil) = $11.8mil , add back the proposed retirement gratuity ($2.25mil) for Mr yen.

$14mil or 3.2 cents EPS.

FY2011 EPS = 3.2 cents [excluding SAH]
FY2010 EPS = 3.91 cents [inclusive of SAH]

So we can see that there is a drop in EPS if SAH's contribution is excluded. But don't forget there is a 13 cents from SAH's sales proceeds attributable to New Toyo.

In time to come, lost EPS from SAH will probably be made up by additional contribution from Tien Wah. Smile

(05-04-2012, 03:30 PM)ValueBeliever Wrote: Can any1 confirm how much SAH dividend contribution to New Toyo bottomline? I saw it in quarterly report but could not find it again? Its not small and hopefully Tien Wah or Australian operation can improve on the lost of SAH? What will the new EPS be?
[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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(07-04-2012, 12:13 PM)Underdogger Wrote: The valuation basis should be EBITDA multiples if Amcor is in the picture.

To date, Amcor has acquired companies based on EBITDA valuation from a low of 4 to as high as 6.7. [See Amcor's Website]

EBITDA of New Toyo (without SAH) = $38mil.
[Working:45mil - 8.9mil + 2.2mil]

35 cents to 58 cents
Add back 13 cents from SAH sales proceed

All in all, we should get 48 cents to 71 cents.

(05-04-2012, 05:59 PM)Curiousparty Wrote: $19.8mil less New Toyo's 34% share of SAH FY2011 profit of 120mil RMB ($8mil) = $11.8mil , add back the proposed retirement gratuity ($2.25mil) for Mr yen.

$14mil or 3.2 cents EPS.

FY2011 EPS = 3.2 cents [excluding SAH]
FY2010 EPS = 3.91 cents [inclusive of SAH]

So we can see that there is a drop in EPS if SAH's contribution is excluded. But don't forget there is a 13 cents from SAH's sales proceeds attributable to New Toyo.

In time to come, lost EPS from SAH will probably be made up by additional contribution from Tien Wah. Smile

(05-04-2012, 03:30 PM)ValueBeliever Wrote: Can any1 confirm how much SAH dividend contribution to New Toyo bottomline? I saw it in quarterly report but could not find it again? Its not small and hopefully Tien Wah or Australian operation can improve on the lost of SAH? What will the new EPS be?

What has happened to the money from Shanghai Asia? Shanghai Asia should go into Guinness Book of Records for:

(1) The company that sold its most valuable and critical part of its business at Rock Bottom Price;

(2) The company that takes the longest time (still do not know when) to sell its most valuable business.
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Those who wait patiently will be handsomely rewarded Smile

SWP acquisition has already closed Smile

This has been announced by SAH in march 2012.
So it is only a matter of time Smile


Attached Files
.pdf   SAH announcement dated March 2012.pdf (Size: 34.27 KB / Downloads: 6)
[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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