Auric Pacific Group

[dydx]

AA (Dr Andy Adhiwana, ED) is buying more Auric Pacific shares from the open-market again.....
http://infopub.sgx.com/FileOpen/_AA_eFOR...eID=383840
This time is pre-Christmas shopping on 23Dec15, but only 8000 shares at $0.72/share.

I thought it is interesting that the man is willing to add even more shares after Auric Pacific's horrible 3Q result (first released on 11Nov15).....
http://infopub.sgx.com/FileOpen/APGL_SGX...eID=377622

[dydx]

AA added another 50000 Auric Pacific shares yesterday (28Dec15) in 2 separate transactions, and the highest price paid was $0.73/share.....
http://infopub.sgx.com/FileOpen/_AA_eFOR...eID=383906
His latest holding now stands at 28,006,311 shares, or a stake of 22.29%. The man is getting serious!

[greengiraffe]

If anyone wants to have a better understanding of Indonesian business families and their business dealings, its good to have a good read on the book Liem Soe Leong... if i get the spelling right.

Auric Pac has destroyed more value historically than any listco. 

The Indo owners have other agendas for their listcos IMHO.

Odd Lots Vested
GG

[thor666]

If anyone wants to have a better understanding of Indonesian business families and their business dealings, its good to have a good read on the book Liem Soe Leong... if i get the spelling right.

Auric Pac has destroyed more value historically than any listco. 

The Indo owners have other agendas for their listcos IMHO.

Odd Lots Vested
GG

Hi gg,

Curious.. Do u have any idea why first REIT is a particular anomaly of the riady empire?

I noticed auric, lmrt and oue having poor-to-average returns but first REIT had brought many including myself outperformance.. Currently monitoring to see if the riady family will delist and relist in indon stock exchange as they claim they wanted to.

Apologies to sidetrack but thought this would be a meaningful viewpoint for those vested in riady listcos.


Sent from my iPad using Tapatalk

[greengiraffe]

If anyone wants to have a better understanding of Indonesian business families and their business dealings, its good to have a good read on the book Liem Soe Leong... if i get the spelling right.

Auric Pac has destroyed more value historically than any listco. 

The Indo owners have other agendas for their listcos IMHO.

Odd Lots Vested
GG

Hi gg,

Curious.. Do u have any idea why first REIT is a particular anomaly of the riady empire?

I noticed auric, lmrt and oue having poor-to-average returns but first REIT had brought many including myself outperformance.. Currently monitoring to see if the riady family will delist and relist in indon stock exchange as they claim they wanted to.

Apologies to sidetrack but thought this would be a meaningful viewpoint for those vested in riady listcos.


Sent from my iPad using Tapatalk

I have no answer for u on First REIT.

Raidys are top notch investment bankers that survived the AFC.

I think there is a lot of financial engineering that goes on in First REIT.

I don't have any insights on how they can do that unless there is some sacrifice on the part of the family within the lease terms.

Basically, after my horror experience at Auric, I have already stayed far far away from this family and even on Auric's track record over the years, they have bought Delifrance, Food Junction and Robinsons and continuing with their existing trading business... they came out marginally in Robinsons largely due to a bidding war but the rest they have proven to be bad managers of inorganic businesses being added.

Odd Lots Vested
GG

[thor666]

Thank u gg. I will take heed. Appreciated ur insight.

Sent from my D5503 using Tapatalk

[dydx]

AA added another 37900 Auric Pacific shares yesterday (29Dec15) and paid $0.73/share.....
http://www.valuebuddies.com/thread-789-p...#pid124159

[thor666]

Ouch.

http://infopub.sgx.com/Apps?A=COW_CorpAn...41e3a46204

AURIC PACIFIC GROUP LIMITED

Company Registration Number: 198802981D

PROFIT GUIDANCE
The Board of Directors of Auric Pacific Group Limited (the “Company”, and collectively
with its subsidiaries, the “Group”), wishes to inform shareholders that the full year
financial results of the Group for the financial year ended 31 December 2015 is expected
to report a significant loss due to the impairment of intangible assets, impairment in an
associated company, costs attributed to the closure of non-performing retail outlets,
impairment on an unquoted investment and provisions for costs.

This profit guidance is based on a preliminary assessment of the unaudited full year
financial results of the Group. Further details of the Group’s performance will be disclosed
when the Company finalises and announces its full year unaudited financial results for the
financial year ended 31 December 2015 in due course.
Shareholders are advised to exercise caution when dealing in the shares of the Company.

BY ORDER OF THE BOARD
Tan T’eng Ta’ Benedict
Company Secretary
23 February 2016

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[dydx]

FY15 (ended 31Dec15) AR is out and worth a serious read.....
http://infopub.sgx.com/FileOpen/APGL_201...eID=397381

I guess it is important to note that despite the reported big accounting loss mainly caused by investment write-offs and closure costs related to under-performing businesses (Delifrance, especially in Malaysia; and restaurants), and the cut of the final dividend, Auric Pacific's performing businesses (Sunshine Bakeries and other own brands of food products; foodcourt chain under Food Junction Group; and the Food Wholesale & Distribution division in SG and Malaysia) are still doing OK.

With a current market cap of $92.4m (based on the 125.67m outstanding issued shares, and the last done share price of $0.735), it appears that Auric Pacific remains grossly under-priced by Mr Market.

Going forward, can we reasonably expect a nice bounce in Auric Pacific's operating earnings?

[money]

After reading the chairman's message, it seems to me that shareholders paid the price of diworsification while management earns the lesson.

Chairman's message " Excluding the exceptional items, the Group would actually had seen pre-tax profit rise to $4.5 million."

pretax profit of 4.5m as a percentage of market cap of 92.4m doesnt seem exciting to me. The company will be worth far more if it is stripped apart and sold. i align myself closer to GG's view that management is value destructive.