Logistics Holdings

[smallcaps]

Personally, feel strongly against classifying dividends to be paid to pre-IPO shareholders under trade and other payables. It should emphasized more in the prospectus... 2 mil out of 8.8 mil book value is quite significant, and the way it is presented in the balance sheet affects one's view of its quality.

Extracted from prospectus:

As at 30 June 2012, trade and other payables constituted approximately S$14.89 million or
approximately 91.14% of total current liabilities. Our trade and other payables mainly comprise of
trade payables to third parties of approximately S$5.90 million, amount due to contract customers
of approximately S$1.29 million, interim dividend payable to shareholders of approximately
S$1.98 million and accruals of approximately S$5.65 million. The accruals were in relation to
project costs and staff costs of approximately S$5.41 million and approximately S$0.25 million
respectively.

[blackvice]

Any views ?

Logistics Holdings’ 1H FY2014 profit to shareholders up
17.0% to S$2.6 million
• 1H FY2014 revenue surged 57.6% to S$64.8 million on revenue recognised
for work completed on new projects awarded and substantial progress of
on-going projects
• Newly secured S$31.7 million HDB design and build contract boosts order
book to S$245.9 million
• Group has taken over vacant possession of freehold property located at 21
Paya Lebar Crescent (“Freehold Property”), commences planning and
redevelopment
• Expected strong construction demand for 2014 bodes well for the Group’s
business

[Nick]

Any views ?

Logistics Holdings’ 1H FY2014 profit to shareholders up
17.0% to S$2.6 million
• 1H FY2014 revenue surged 57.6% to S$64.8 million on revenue recognised
for work completed on new projects awarded and substantial progress of
on-going projects
• Newly secured S$31.7 million HDB design and build contract boosts order
book to S$245.9 million
• Group has taken over vacant possession of freehold property located at 21
Paya Lebar Crescent (“Freehold Property”), commences planning and
redevelopment
• Expected strong construction demand for 2014 bodes well for the Group’s
business

What's your views on this Company if you don't mind sharing ?

(Not Vested)

[blackvice]

FCF of 5.052 m ( Net operating cash of 6.102m - Capital Expenditure 1.05m ) June 2013 to Dec 2013 , Roe of 11.89%

Any veterans please correct me if i am wrong ..

I see growth in this company( at least till 2016 ) as HDB seems to be giving projects for renovation , and installation works for public housing to them, they had taken the ride on Iskandar properties works as well . Order book has been increasing steadily .

Main concern would be bank borrowings and debts , and perhaps delayed billings by sub-contractors.

Need more views and monitoring .

[greengiraffe]

http://www.businesstimes.com.sg/premium/...t-20140904

PUBLISHED SEPTEMBER 04, 2014
Logistics to acquire Johor land for development
BYCHAN YI WEN
yiwenc@sph.com.sg

LOCAL construction group Logistics Holdings is acquiring a plot of industrial land in Johor for RM38.8 million (S$15.3 million) for its maiden overseas property development venture.
In a bid to diversify its income stream within the property industry, the group entered into a sale and purchase agreement (SPA), through its indirect wholly owned subsidiary Le Premier Development, with the vendor, Budi Sejati, on Aug 28. The acquisition will take place within three months from the date of the SPA.
Due to local regulatory requirements, manpower shortages and increased foreign labour levies, business in Singapore has been tougher, said director Eric Ng.
In September last year, the group also entered into an 80 per cent owned joint venture with another Singaporean firm, Concrete Innovators, to build a precast plant with annual capacity of 21,000 cubic metres in Iskandar - the main southern development region of Johor - which commenced operation in July this year. The precast manufacturing operation will primarily serve the group's projects in Singapore, while the excess may be sold to external customers.