Spindex Industries

[dydx]

FY13 (ended 30Jun13) full-year results out last evening.....
http://infopub.sgx.com/FileOpen/Spindex_...eID=253805
Despite a rather challenging operating environment - subdued global demand, strong SGD, cost and CNY pressures in PRC, etc. - Spindex managed to post a 5.2% YoY increase in Revenue to new record of SGD92.6m, and a 4.8% YoY increase in PBT to SGD8.7m - a new high in the last 6 FYs since FY08. As usual, after-tax FCF (before capex) of approx. SGD11.0m a year - i.e. equivalent to over 11% of Revenue - and the latest 30Jun13 B/S remained rock-solid, with Total Equity at SGD68.5m (equivalent to SGD0.5942/share) also at a new record high, and Net Cash at SGD24.6m (equivalent to SGD0.2133/share). An unchanged Final dividend of $0.018/share declared.

It is relevant to note that in Jul12 Spindex added a new factory (next to its existing factory) in Ulu Tiram, Johor, Malaysia, for approx. SGD3.8m.....
http://infopub.sgx.com/FileOpen/Acquisit...leID=32955
I suppose we can reasonably expect Spindex's strategy to add/upgrade production capacity in a steady way to continue.

Would Mr Market look at giving this grossly under-priced stock a lift to its justified fair value - which by rationally thinking should be at least at a premium over its NAV/share - any time soon?

More info on Spindex.....
http://www.spindex.com.sg/index.htm

[dydx]

Spindex has caught the eyes of a U.S. private fund - SC Fund Management LLC / SC Fundamental Value Fund, L.P. - which has raised its shareholding to 5.32% after adding 3,002,942 shares on 31Dec12 and paying $0.365/share.....
http://infopub.sgx.com/FileOpen/FORM3V49...eID=257348

There is little on this U.S. based fund manager from the web...
http://www.manta.com/c/mmnnwys/sc-fund-management-llc

[D123]

Spindex has caught the eyes of a U.S. private fund - SC Fund Management LLC / SC Fundamental Value Fund, L.P. - which has raised its shareholding to 5.32% after adding 3,002,942 shares on 31Dec12 and paying $0.365/share.....
http://infopub.sgx.com/FileOpen/FORM3V49...eID=257348

There is little on this U.S. based fund manager from the web...
http://www.manta.com/c/mmnnwys/sc-fund-management-llc

It seems to be the one managed by Peter Collery, the same guy who has been substantial shareholder in Spindex for a few years. Not a new player.

http://www.businessinsider.com/david-ein...le-2010-12 (first paragraph)

[BlueKelah]

40cents now! is it moving up with the market or someone buying in?

shitload of cash still

[dydx]

FY13 (ended 30Jun13) AR is out and makes interesting reading.....
http://infopub.sgx.com/FileOpen/Spindex%...leID=19500

Spindex's management continues to run a tight ship, and the steadily expanding business continues to generate a load of free cash more than enough to fund both replacement and expansion capex - which in last FY included a new factory building in Johore next to an existing factory.

I look forward to the $0.018/share Final dividend which will be paid on 19Nov13, with 'XD' date fixed for 4Nov13.

[dydx]

Much improved 1H results - pointing towards likely further improvements - with steady profitability and strong positive operating FCF/cash generation, in excess of recurrent and expansion capex…..
http://infopub.sgx.com/FileOpen/SpindexI...eID=274092

[BlueKelah]

Much improved 1H results - pointing towards likely further improvements - with steady profitability and strong positive operating FCF/cash generation, in excess of recurrent and expansion capex…..
http://infopub.sgx.com/FileOpen/SpindexI...eID=274092

Finally deep value play showing some turnaround. They did just setup a small subsidiary to venture into Oil and Gas when the industry is struggling. good venture or not?

hope this stock has some more increased volume to push.
NAV is 62 cents so some more room to increase but the dividend yield is now less than 4%. so unless they decide to give out dividend from the 50% net cash they have later this year it will be bye bye to this baby once it reach my 60 cents target.

-vested-

[BlueKelah]

Slow and steady climber almost fully valued now, only 7.5 cents more to go .

August results very likely to be good given US automobile industry is doing well and the music still going on over there.

[heifien91]

Slow and steady climber almost fully valued now, only 75 cents more to go .

August results very likely to be good given US automobile industry is doing well and the music still going on over there.

Haha you mean 7.5c is it? Got me all excited for the moment there...

(not vested)

[nervesofsteel]

Slow and steady climber almost fully valued now, only 75 cents more to go .

August results very likely to be good given US automobile industry is doing well and the music still going on over there.

Haha you mean 7.5c is it? Got me all excited for the moment there...

(not vested)

Not sure if 60 cts shd be considered fully valued.

Looking at its strong core earnings it seems higher quality compared to its peers and consistently profitable.Also it is 23 cts net cash.