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phileas LV13
发表于 25-9-2009 17:37:55
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转一个CNA的人发的
underdog@25aug09
I will not profess to be an expert though admittedly I have a very keen following on the company given the fact that it account for 30-35% of my total portfolio. I have shared previously (see earlier posting) all the impending opportunities the company is tapping both in Singapore and further abroad in Greater China, Malaysia, Europe, US and Canada. As exciting as it seems, Singapore accounts for only 41% of its total business base today.
Total debt (long- and short-term) stands at a mere $950k against an equity base of $48.5m i.e. its gearing ratio is a ridiculously low 0.02! It generates a strong operating cash flow of between $4.5-5m per quarter and currently has $21.4m as of end Jun '09. Its strong cash balance and operating cash flows also explains the regularity of its dividend streams that is an added attractiveness of holding the shares over the long-term.
Gross margins and net margins for the business overall (segment breakdown not available) are 25.2% and 6.7% respectively for the most recent quarter reported.
There are inherent risks in every industry and similarly Kingsmen will also be exposed to macroeconomic factors beyond its control such as H1N1, prolonged economic slow-down, negative investment sentiments leading to reduced spending by its customers etc. Nevertheless, it happens to be currently in a sweet spot where a combination of government spending in the IR/MICE space and infrastructure (including the re-making of ket retail spots across the island e.g. Orchard Road) mitigates much of the recessionary pressures facing the economy at large.
From my re-collection, its highest price prior to the sub-prime crisis had never exceed 65 cents but I cannot be absolutely sure. There was also a 3 for 2 stock split in the interim from the onset of the sub-prime episode till now so if you will have to take this into account too.
Inclusive of dividends, I have obtained an extremely good return on Kingsmen over the past 2.5 coming to 3 years. It continues to be a stock I buy-in regularly. Hope you will find this compelling as well.
Valuations are still compelling at current prices especially when it started dipping below 70 cents today. Cheers!
underdog@7sep09
A few more days to ex-dividend! 1.5 cents per share
underdog@23sep09
Excellent entry price at 65 cents with fair value at 85 cents! Good time to accumulate. |
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