Kingsmen Creatives

By: La Papillion I promised Cheng I'll do a valuation of Kingsmen, so that he can compare with his method of using FCF as a basis for the numerical intrinsic value. I did not undertake a check on the figures he passed on the the spreadsheet, so all the figures are taken from it. A few things to point out: 1. I do not know the business of Kingsmen Creatives as intimately as him, as such, I'm … [Read more...]

End-August 2008 Portfolio Summary and Review

By: musicwhiz If I had thought the first half of August 2008 was quiet, at least it was punctuated by the results releases from the companies I own. The second half of August 2008, without any earnings release, would thus qualify as probably the quietest half-month since I started preparing my half-monthly portfolio summaries. There was not a whisper of news from the companies I own except … [Read more...]

FJ Benjamin FY08 results

By: La Papillion FJ Benjamin released its full year results for FY08 recently. I’m not interested in this company though I’m interested in the business. I followed this company since a number of forum friends had or once had vested interest in this company, so I’m doing it for the intellectual challenge that it might pose. The press release as usual gave a very clear summary of how FJ ben is … [Read more...]

Swiber – 1H FY 2008 Financial Review and Analysis

By: musicwhiz It’s been a while since I had blogged about Swiber and related updates from the company. The company released its 1H 2008 financial results on August 13, 2008, and all I can say is that much was in line with what I expected, though quite a large part of its future is still uncertain at this point in time due to the absence of news about potential developments. Swiber’s … [Read more...]

Financial Results

By: Drizzt Courage Marine 2nd Quarter Results The first company i am covering is Courage Marine. despite the fall in Baltic Dry Shipping Index, results have been pretty strong. Profit for the period improved by 67% from the previous year. Operating cashflow generated was 20 million vs 7.8 million from previous year. Read more... Food Junction 3rd Quarter Results This company, which … [Read more...]

China Sports International 2008 Q2 result

By: Alen It is interesting to evaluate other sports player result also. Following is the China Sports International result for Q2. Revenue +50% Cost of sales +49.9% (in sync with revenue) Selling and distribution expense +281.5% Administrative expense +387.3% Profit before tax increased only 25.7% as a result of high expenses incurred. The group is probably trying to put resource to grow … [Read more...]

China milk and Swiber results

By: La Papillion China milk 1Q09 Not sure if they are going to give interim dividends for the next 3 quarters. If they do, that will give an annualised dividend yield of around 3% at last closing price. Great growth from EPS - what's good is that they are not as badly hit by rising material cost as other companies. In fact, they played the inflation game pretty well. Read that they had to buy … [Read more...]

Financial Results

A slew of financial reports were released and our logger bloggers wasted no time in analyzing and interpreting their results. C&G Industrial holdings By: La Papillion C&G Industrial holdings had a ninja 2QFY08 announcement on 3rd August, yesterday. It is rare to see a company giving its result announcement on Sunday. Caught me off guard, so to speak :) I noticed it when I saw a big … [Read more...]

End-July 2008 Portfolio Summary and Review

By: musicwhiz The second half of July 2008 was much quieter, if you compare it to the flurry of activity which characterized the first half of July 2008. There were no significant updates from the companies I own and only Suntec REIT and FSL Trust released their results. DPU, fortunately, was higher than expected and continued to provide me with high yield amid the current high inflationary … [Read more...]

Feeble defense of Hongcheng

By: La Papillion What an interesting forum! Someone launching attack on FA people on huatopedia. Basically, millionairemind is trying to question an assumption held by some- that there is a PE where the stock will not go any lower. The thread is about busting common investing myths - excellent discussion going on there :) He argued that, "If a stock you are looking at has a PE ratio of … [Read more...]

SPC: Singapore Petroleum Corporation second quarter results

By: Drizzt Just got wind from Maki that SPC have just released their second quarter results. so how did they fair? Revenue Growth was 64% However, net profit grow by only 0.5% Compare to previous year cash position was drastically reduced to 290 mil from 475 mil However, what has increased are derivative instruments from 7 mil to 64 mil Increase in operations have caused … [Read more...]

Osim 2Q and SMRT 1Q

By: La Papillion Seems like earnings seasons are coming, this means that I have a lot more to do analysing and musing over their results. I'm looking for signs of a general global slowdown due to the subprime fallout (if any). So I'll be looking briefly at results of companies which are of interest to me. 1. Osim announced their 2Q08 results. My take: Still losing money but compared to … [Read more...]

New news

By: La Papillion Hmm, I realised it's been such a long while since I commented on the market or the announcement which I read daily from sgx website. I haven't commented on such things since I stopped blogging daily. Hoho, to think that I once used to blog daily...where got time now? :) Today, several news caught my eyes as I was roaming through the announcement website. 1. Singtel … [Read more...]

Boustead – FY 2008 Financials Review and Discussion Part 3

By: musicwhiz This final section discusses the prospects of Boustead’s business units and also the plans put in place by Management to grow each division. A little of the macro-environment will be discussed as well as FF Wong’s view of how the company, as a whole, will explore new opportunities to further enhance shareholder value. This section was compiled from Boustead’s recent audiocast, FF … [Read more...]

ST Engineering: Might not be as cheap as you think

By: Drizzt Readers from SGFunds would have notice that in one of the topics i did my usual rant on things that gets me frustrated. I am vested in ST Engineering and not in the usual way since I have company units in there. And pretty much this would explain a huge portion of why i am so pissed off with the recent share price fall. Units are link to share price and its a bit like DCA into … [Read more...]

Boustead – FY 2008 Financials Review and Discussion Part 2

By: musicwhiz Segmental and Divisional Review and Analysis The table below shows the breakdown of revenues by business segment, for FY 2008 versus FY 2007. Engineering services formed the bulk of revenues, contributing 83.6% of total revenues. This was not much different from FY 2007 where it took up 81.2% of total revenues. However, the Engineering division saw growth of 31.2% in total … [Read more...]

Mid-July 2008 Portfolio Summary and Review

By: musicwhiz The first half of July 2008 was relatively exciting, as there were several key business announcements and updates from the companies which I own, culminating into a busy half-month in terms of tracking and following my companies’ progress. Fortunately, most of the news reported has been positive (not always the case, when you consider that a fire broke out at Kreuz Shipyard just … [Read more...]

Boustead – FY 2008 Financials Review and Discussion Part 1

By: musicwhiz I guess this was long overdue, but a review and analysis of Boustead should not be done in a hurry anyway. The company is slowly and steadily growing its business and its order book, and the CEO has expressed optimism recently that a turnaround can be expected in the water and wastewater division. I will be analysing the P&L, Balance Sheet, Cash Flow Statement as well as … [Read more...]

Orient Century undervalued?

By: Drizzt I haven’t check out some companies that i analyzed in the past, possibly due to work and not giving a damn about finding companies for a couple of months. Thats when i really felt in the mood to look for something to buy should the market snap back. I notice Orient Century again. Back some time ago, I analyzed the full year earnings of Orient Century, and i state that it has a … [Read more...]

Pacific Andes – A Discussion of the Scrip Dividend Scheme

By: musicwhiz The circular for the proposed scrip dividend scheme implemented by Pacific Andes (PAH) had just arrived yesterday, and I spent some time reading it and digesting the facts; and some more time after that lying in bed thinking about the ramifications, possible effects and choice to be made. Suffice to say that this scheme is new to me as well as I had never invested in a company … [Read more...]