CDW Holdings

[GFG]

1Q15 results out

and

COMPLETION OF LIQUIDATION OF CRYSTAL DISPLAY COMPONENTS (SUZHOU) CO.,LIMITED with USD $5million translational gains to be recorded in next quarter results, should improve earnings by 1c.

pretty ok results for 1Q, hopefully revenue picks up next quarter.

-v-

Agreed that the 1Q results were within expectations.
Seems like the markets haven't taken into account the 5mil gain on long term currency gains that will be recorded in FY15Q2
It's actually rather substantial considering whole year profit after tax in 2014 is around 8.3mil USD.

1 thing that I'll disagree with regarding their accounting is the calculation of NAV/book value.
They disregard the outstanding 19mil employee share options in the reporting. But these options are deeply "in the money" (in using options language)
They will likely be exercised unless something catastrophic happens.
I'd rather be conservative and include the 19mil shares as issued shares.
With that, the book value is actually currently around 14.5 US cents or approximately 18.8 SG cents

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