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Lian Beng
05-08-2016, 04:42 AM.
Post: #51
RE: Lian Beng
2 big catalyst coming up.. Hexcube and mandai foodlink TOP this year.

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06-11-2016, 09:38 AM. (This post was last modified: 06-11-2016, 09:41 AM by bardsmanship.)
Post: #52
RE: Lian Beng
(05-08-2016, 04:42 AM)Sincerity Wrote: 2 big catalyst coming up.. Hexcube and mandai foodlink TOP this year.

Are you sure that revenue recognition for Hexacube and Mandai Foodlink is only upon TOP?
From Lian Beng's 2016 AR:

Quote:The Group principally operates fixed price contracts. Contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (the percentage of completion method), when the outcome of a contract can be estimated reliably...

In applying the percentage of completion method, revenue recognised corresponds to the total contract revenue (as defined below) multiplied by the actual completion rate based on value of work performed as certified by the architects or quantity surveyors to the total contract sum.

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06-11-2016, 07:24 PM.
Post: #53
RE: Lian Beng
(05-08-2016, 04:42 AM)Sincerity Wrote: 2 big catalyst coming up.. Hexcube and mandai foodlink TOP this year.

Hi, Catalyst or not, can't understand why this counter selling so cheap: less than 1/2 NAV with strong balance sheet. And recent year dividend 3cents, meaning dividend yield around 6%.

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07-11-2016, 07:07 AM. (This post was last modified: 07-11-2016, 07:07 AM by bardsmanship.)
Post: #54
RE: Lian Beng
(06-11-2016, 07:24 PM)davisng Wrote: Hi, Catalyst or not, can't understand why this counter selling so cheap: less than 1/2 NAV with strong balance sheet. And recent year dividend 3cents, meaning dividend yield around 6%.

Well, in their latest annual report their order book is only $346 mil. This is lower than even FY 2009's order book, which was $516 mil. I looked through their press releases for this year and didn't see a single contract win.

Also they and their partners bought a bunch of UK properties in the months leading up to Brexit. The pound has dropped substantially since then, so the value of these assets are lower than before. (Though admittedly the devaluation of the pound should make the UK a more attractive destination for travellers, which is a positive for their hotels).

Not saying Lian Beng isn't a BUY at current prices, but if you wanted some reasons to be concerned, here are some.

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07-11-2016, 08:24 AM.
Post: #55
RE: Lian Beng
Note that the uk investments are mostly jv, meaning that the risks are shared.
In the past 2years or so, we can see that Lian Beng spent some 200m to buy several heartland potties and freehold Khong Guan building, which is significant figure relative to its cap. This would definitely provide recurring income and also provide hard asset backing in the share price.

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03-03-2017, 11:04 PM.
Post: #56
RE: Lian Beng
I calculated lian beng NAV per share myself. Its net asset is $637,742,000 and outstanding share is 499,89,200. So if i use $633,742,000 /499,689,200 and NAV per share around $1.27.

But then on the page 10 of its latest report, it states that NAV per share $1.1085. What did i do wrong? can anyone shed some light?
http://infopub.sgx.com/FileOpen/Results....eID=435563

Thank you.

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04-03-2017, 08:17 PM.
Post: #57
RE: Lian Beng
(03-03-2017, 11:04 PM)financialfreedom Wrote: I calculated lian beng NAV per share myself.   Its net asset is $637,742,000 and outstanding share is 499,89,200.  So if i use $633,742,000 /499,689,200 and  NAV per share around $1.27.  

But then on the page 10 of its latest report,  it states that NAV per share $1.1085. What did i do wrong? can anyone shed some light?
http://infopub.sgx.com/FileOpen/Results....eID=435563

Thank you.

There is different between net asset and equity attributable to shareholders

The equity attributable to shareholdres is 553,927,000 or $1.1085 per share based on weighted average 499,689,200 shares

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04-03-2017, 10:54 PM. (This post was last modified: 04-03-2017, 10:54 PM by financialfreedom.)
Post: #58
RE: Lian Beng
(04-03-2017, 08:17 PM)YMPL Wrote:
(03-03-2017, 11:04 PM)financialfreedom Wrote: I calculated lian beng NAV per share myself.   Its net asset is $637,742,000 and outstanding share is 499,89,200.  So if i use $633,742,000 /499,689,200 and  NAV per share around $1.27.  

But then on the page 10 of its latest report,  it states that NAV per share $1.1085. What did i do wrong? can anyone shed some light?
http://infopub.sgx.com/FileOpen/Results....eID=435563

Thank you.

There is different between net asset and equity attributable to shareholders

The equity attributable to shareholdres is 553,927,000 or $1.1085 per share based on weighted average 499,689,200 shares


Thank you.  That means they exclude non-controlling interests  83,815,000, which is in fact portion of equity ownership.

When we evaluate the net value of the company per share, should we take into account this part? 

Because if we take into this part, then Lian beng currently is traded at 60% discount that is even higher that the case that when we use NAV $1.10 as the number. It is greatly undervalued, though i am not sure this is a value trap or not.

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04-03-2017, 11:12 PM.
Post: #59
RE: Lian Beng
Non controlling interest should be excluded

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05-03-2017, 12:10 PM.
Post: #60
RE: Lian Beng
(04-03-2017, 10:54 PM)financialfreedom Wrote:
(04-03-2017, 08:17 PM)YMPL Wrote:
(03-03-2017, 11:04 PM)financialfreedom Wrote: I calculated lian beng NAV per share myself.   Its net asset is $637,742,000 and outstanding share is 499,89,200.  So if i use $633,742,000 /499,689,200 and  NAV per share around $1.27.  

But then on the page 10 of its latest report,  it states that NAV per share $1.1085. What did i do wrong? can anyone shed some light?
http://infopub.sgx.com/FileOpen/Results....eID=435563

Thank you.

There is different between net asset and equity attributable to shareholders

The equity attributable to shareholdres is 553,927,000 or $1.1085 per share based on weighted average 499,689,200 shares


Thank you.  That means they exclude non-controlling interests  83,815,000, which is in fact portion of equity ownership.

When we evaluate the net value of the company per share, should we take into account this part? 

Because if we take into this part, then Lian beng currently is traded at 60% discount that is even higher that the case that when we use NAV $1.10 as the number. It is greatly undervalued, though i am not sure this is a value trap or not.

You may want to review your understanding of non-controlling interest.

http://www.investopedia.com/articles/inv...terest.asp

You buy Lian Beng share, is to own a part of the equity attributable to shareholders, not the net asset (w/ NCI)

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