Chuan Hup Holdings

[desmondxyz]

Many ppl will be disappointed that no special dividend was announced

[opmi]

may be got privatization offer coming. Dont pay dividend and add to Offer Price. Make it look good.

Or use it to privatize PCI.

CHO money in already?

[greengiraffe]

Finbar hits four-year low
Larry Schlesinger
248 words
28 Jul 2015
The Australian Financial Review
AFNR
English

Finbar, Perth's biggest apartment developer, has forecast its weakest full-year profit result in four years with a 30 per cent slump expected.

The listed developer forecast a full-year net profit of $25.5 million in 2015 compared with $36.5 million in 2014, $31 million in 2013 and $28 million in 2012.

Managing director Darren Pateman blamed the result on the timing of project completions and the fact it was taking on bigger projects, while noting local market conditions had deteriorated and were affecting other developers.

Finbar is preparing to launch its $400 million Civic Heart mixed-use project in South Perth, its largest project to date. It has a $2 billion pipeline of projects and aims to complete 2800 Perth apartments by the end of 2019.

"The majority of the effect is timing. When projects get larger, which they are, it can have less of a smoothing effect on your earnings growth. We do not manage the project completions so that we are able to report a perfectly smooth growth in earnings. Instead we work as hard as we can to bring projects in as early as possible, whenever possible, which is better for the company and shareholders," he said.

"The downside is sometimes, like this year, timing does not work in your favour for reporting earnings growth."

The message appears lost on shareholders, with Finbar shares down 24 per cent over the past 12 months.


Fairfax Media Management Pty Limited

Document AFNR000020150727eb7s00004

[BlueKelah]

With the disposal there is a high possibility of bonus dividend payout up to 10cents?. But it seems not much change in value to the company other than cash coming in.

Aussie side property will be a downer, prop market is in downturn in Perth now where all of Finbar's projects are. Sales figures are also pretty bad, in Sydney/Melbourne usually big projects are fully sold in a few hours. Of course forex is a risk.

PCI just had a very good quarter, better to buy the child which has high cash and yield. Very limited shares in PCI too so any catalyst the price will skyrocket/gap up.

But at 30cents today, CHH still ok to buy in hope for the 10cent dividend which may see price skyrocket to 40c. Net cash % will be 77%+ after the sale of CHO so payout is likely gonna happen.

Note my comment on Finbar, granted its taken half a year for the cracks to show.

sent from my Galaxy Tab S

[SLC81]

Chuan Hup is supposed to announce for fy15 result in the next couple of days. It will be interesting to know what are they going to do with the cash file in their treasure chest

[johnnydash]

3 cents dividend declared.
That works out to be 8.5% of last done price.
Congrats to all vested.

22 cents net cash.
45 cents book value, which is below instrinsic value.
Company that is steadily profitable and have been so over the years.



Lets hope the market start to take note of this company and accord it a fairer valuation. Expect to see yield compression. I wont be surprised to see it hitting 45 -50 cents under normal condtions. In this climate it seems, safe and steady companies will be favoured.

(vested)

[newyorkcityboy]

Agree. 3 cents (1 cents ordinary and 2 cents special). So at 34 cents, it is 8.8% yield.

Besides being a discount to book, 65% of its market cap is cash. The cash laden balance sheet is important in this environment.

[cyclone]

Morph Investments emerges at top 20 largest shareholders list with 3,345,000 shares, as at 16 September 2015.

Ex dividend date for 3 cents dividend : 03/11/2015.

Assets in United Kingdom increase from 16.434 millions USD to 77.584 millions USD (page 87 AR2015), I wonder what asset it is. Investment securities ???

<vested>

[BlueKelah]

Morph seems to have their finger in every undervalued asset pie, many of them value traps. With so many stocks their CAGR is unlikely impressive. Wouldnt cite their involvement in any stock as a reason that share is good investment and will rocket up. Their past success in some stocks is a given as they own so many undervalued stocks some will sure go up but many ppl dun notice the dud stocks they have.

However if morph buys, u can be sure that stock has undervalued assets and follow to buy without doing much homework on the stock urself

sent from my Galaxy Tab S

[desmondxyz]

How much does CHH worth?

1) Based on last traded price of $0.52, 76.7% stake in PCI =                             SGD 79.4 mils
2) Based on last traded price of A$1.125, 18% stake in Finbar = A$46.25 mils = SGD  46.7 mils
3) Base on June 2015 valuation, GB Building investment = US$ 24.4 mils =        SGD  34.2 mils
4) Cost of development properties = USD 39.8 mils =                                      SGD  55.7 mils
5) Investment Securities = USD 77.6 mils =                                                    SGD 108.6 mils
6) Cash = USD 158.5 mils =                                                                          SGD 221.9 mils
7) Borrowings = USD 11.6 mils =                                                                  SGD (16.2) mils
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Total                                                                                                           SGD  530.3 mils
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Outstanding shares                                                                                              930 mils
Value per share                                                                                           SGD  0.57
20% discount to its sum-of-parts valuation                                                   SGD  0.456
--------------------------------------------------------------------------------------------------------------------- 

The calculation excluded unlisted investments. CHH last traded price is SGD 0.34, potential 34% upside !!! Am I too optimistic?