Attilan Group (formerly: Asiasons Capital)

[valuebuddies]

At current price of less than 12c, I am not only think that it was oversold, but also undervalued.

Lately almost 200m of shares were issued to 4 fund/investment companies based in US at a price of approximately $1.20. Unless these 4 fund/investment companies are significantly related to the controlling shareholders of Asiasons, I don't see any reason why these 4 guys would subscribe the shares if Asiasons/Black Elk doesn't worth the value.

I could be very wrong but just to make a simple calculation:

1. Forgetting the rest of assets under the portfolios and the liabilities
2. Consider only Black Elk which was recently purchased at US150m (or S$190m)
3. Assume that the number of shares now is 1.2b (980m in Sept + the recent private placements)
4. NAV = 0.158

Do I missed anything? Please help to enlighten.

[ForeverAlone]

whats the PE ratio?

[valuebuddies]

whats the PE ratio?

should it be negative based on the Q3 result? It was due to the fair value losses on the funds it owned.

[Clement]

At current price of less than 12c, I am not only think that it was oversold, but also undervalued.

Lately almost 200m of shares were issued to 4 fund/investment companies based in US at a price of approximately $1.20. Unless these 4 fund/investment companies are significantly related to the controlling shareholders of Asiasons, I don't see any reason why these 4 guys would subscribe the shares if Asiasons/Black Elk doesn't worth the value.

I could be very wrong but just to make a simple calculation:

1. Forgetting the rest of assets under the portfolios and the liabilities
2. Consider only Black Elk which was recently purchased at US150m (or S$190m)
3. Assume that the number of shares now is 1.2b (980m in Sept + the recent private placements)
4. NAV = 0.158

Do I missed anything? Please help to enlighten.

http://infopub.sgx.com/FileOpen/ACL_2609...eID=257719

From what i see,

1) It is unclear if the placement to the 4 funds has been finalised before the recent crash.
2) Black Elk has negative NTA and is loss making.
3) In it's illustrative projection submitted to SGX, Asiasons declared that it's NTA will be 11.10 Singapore cents after the effects of the acquisition.

[valuebuddies]

From what i see,

1) It is unclear if the placement has been finalised before the recent crash.
2) Black Elk has negative NTA and is loss making.
3) In it's illustrative projection submitted to SGX, Asiasons declared that it's NTA will be 11.10 Singapore cents after the effects of the acquisition.

Thanks Clement, you are very resourceful! By the way how do you retrieve the financial information of Black Elk? At the end of the day, it comes to a question as to whether the controlling shareholders are controlling the 4 US investment companies/fund, I will not be surprised if this is the fact, but I think somehow unlikely.

[Clement]

From what i see,

1) It is unclear if the placement has been finalised before the recent crash.
2) Black Elk has negative NTA and is loss making.
3) In it's illustrative projection submitted to SGX, Asiasons declared that it's NTA will be 11.10 Singapore cents after the effects of the acquisition.

Thanks Clement, you are very resourceful! By the way how do you retrieve the financial information of Black Elk? At the end of the day, it comes to a question as to whether the controlling shareholders are controlling the 4 US investment companies/fund, I will not be surprised if this is the fact, but I think somehow unlikely.

Haha, well the purpose of a forum is to share information and to learn from one another.

For the acquisition, in my opinion, the fact that Black Elk was willing to accept Asiasons shares at that price as payment for their stake speaks volumes about the management there.

[weijian]

hey please this is a value forum, if you like to talk about how u speculated and made profits go elsewhere thanks

Speculative trading is also another dimension of how the value investor judges the mood of the market. It is pretty similar to things like 'huat ah' or 'smiley faces' or the first post in this thread. Of course, too much of such talk will tip the whole forum to become meaningless, but i do see value in the occasional 'speculative in nature' posting that the forumer can't resist making when he/she is bullish/happy with himself/herself.

[ForeverAlone]

this company doesnt even have earnings
so how do u derive a fair value?

i think its a 100% speculative counter, not one for value investors to touch

[kbl]

I can see <1 value here>- Hi 5

http://asiasons.com/blog/portfolio/hi-5/

<not vested>

[mulyc]

All the recent news and potential acquisitions not withstanding, their current existing portfolio not only includes Hi5, but EMS Entertainment, Chaswood Resources, NV Multi asia, LionGold and Narong Seafood.