BBR Holdings

[GFG]

Indeed, the way the announcement was made is indeed disappointing - quite contrary to their clear and transparent style over the past few years. Not sure if everything is under control or there might be more surprises in the next quarter.

Sold down my holdings to realise a small gain that is barely worth the few years staying vested, didn't think it was worth the risk to wait out to find out in Q4 to see if the value story remained intact.

Trust is really hard to gain an easy to lose!

(and today's announcement of $200m MTN programme also doesn't look positive to me, debt and low margins doesn't go well - unless they have something good up their sleeves to create value! will be watching from the sidelines on this..)

Although I agree with most of the stated views here, I actually added to my holdings yesterday and today at 0.27-0.275
My opinion is that the bad news is out in this quarter and there are no more surprises for q4
Even though it's a disappointing quarter, the overall valuations are still compelling
Qualitatively, I have quite a bit of experience with companies in this sector and I am optimistic the competitive advantage is still intact

The other project I will be monitoring is the NTU one
Being one of the earliest to utilize PPVC is not easy
I think that project too will incur cost issues. I think management is willing to take losses to "learn" in certain projects, like in this case, where PPVC is utilized.
Whether they can capitalize on their 1st mover advantage in the long run is the key though