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15-Apr-2019 11:05

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Already very long maxinium is $0.21, is not easy to trade counter

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15-Apr-2019 09:29

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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UOB Kay Hian report this morning

Fu Yu Corp (FUYU SP)
Massive Hidden Value In Properties Recognised At Cost
FUYU&rsquo s conservative accounting policy in recognising its properties at book
value has undervalued the assets by S$50m, or 33% of its market cap, based on
its 2018 annual report. Any disposal to unlock value could further rerate the
stock. The hidden value of these properties, its cheap valuation, diversified
operations and low utilisation rate make FUYU an attractive takeover target. FUYU
offers dividend yield of 8.5% for 2019, and net cash forms 53% of its market cap.
Maintain BUY and TP of S$0.285.
WHAT&rsquo S NEW
&bull Disclosure of properties&rsquo market value in 2018 annual report indicates massive
hidden value. In its latest 2018 annual report, Fu Yu Corp (FUYU) revealed that the
fair value of its leasehold properties amounts to S$65.7m, with carrying amount of
S$15.6m. This S$50m discrepancy indicates FUYU&rsquo s book value is undervalued by 7
S cts/share or 33% of its market cap.
&bull Deeper research on FUYU&rsquo s properties shows consistent data. To uncover the
up-to-date value of FUYU&rsquo s properties, we pegged the value of its land to the latest
transaction price. As a result, we derived a value of S$62.5m, slightly below the fair
value estimated by FUYU in its 2018 annual report that amounted to S$65.7m. In
addition, we note that FUYU&rsquo s most valuable properties are located in Singapore,
followed by Malaysia and China. To recap, all nine of FUYU&rsquo s properties including an
investment property in Malaysia, are being recognised on its balance sheet at cost
less accumulated depreciation.
&bull Potential disposal of properties could unlock value, and hidden value makes
FUYU an attractive takeover target. We believe any potential disposal of properties
to further streamline its operations could unlock the hidden value and reduce
operational costs. Furthermore, the hidden value of its assets, on top of its cheap
valuation, diversified operations and low utilisation rate, makes FUYU an attractive
takeover target.
&bull Recent takeover offer of PCI at attractive premium could lead to re-rating. On 4
Jan 19, PCI announced it had received a takeover offer from Platinum at S$1.33 per
share, a premium of 60.1% over the volume weighted average price of the shares for
the 12-month period up to 17 Sep 18. The valuation metrics of 5.5x TTM EV/EBITDA
based on the offer price is 83% higher than FUYU&rsquo s 3.0x 2019F EV/EBITDA.

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12-Mar-2019 13:20

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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i think got chance breakout today 21cents

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27-Feb-2019 17:25

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Spike of volume but price never move much....... Seen like hidden player coming...... Maybe anticipate positive trade talk news to pump..... Jus speculation.

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27-Feb-2019 15:17

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Today high vol hor

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27-Feb-2019 13:27

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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$0.25 on the way

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27-Feb-2019 09:23

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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fully value for the money. all tech stocks flying are this being overlooked?

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26-Feb-2019 23:22

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Results out already.. tomorrow will fly..

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12-Feb-2019 16:19

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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slowly and surely

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09-Jan-2019 14:30

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Good question .....MFS last time also take years ...UOBKH said likely but last time they said Tuan Sing likely privatised too !!...

Brianfoo ( Date: 05-Dec-2018 12:14) Posted:

Hihi may i know when fu yu will be privatialised please?

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09-Jan-2019 13:45

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Cash rich company. Highly recommended.

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08-Jan-2019 17:47

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Price going up again.....

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05-Dec-2018 16:16

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Today pay 0.003 divident, halt soon. No reason to stay in SGX anymore.

Brianfoo ( Date: 05-Dec-2018 14:11) Posted:

Anyone please can advise?

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05-Dec-2018 16:06

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Or maybe 5 years later too lol

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05-Dec-2018 16:04

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Maybe tonight lolol

Brianfoo ( Date: 05-Dec-2018 14:11) Posted:

Anyone please can advise?

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05-Dec-2018 14:11

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Anyone please can advise?

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05-Dec-2018 12:14

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Hihi may i know when fu yu will be privatialised please?

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28-Nov-2018 12:49

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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load up!!

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28-Nov-2018 10:21

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Lets see if it can sail pass 20c.

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28-Nov-2018 10:04

Fu Yu / 1 cent divi+ Prime takeover/Privitsation candidate

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Look extremely cheap below 20c with such good matrix.

tonylim ( Date: 28-Nov-2018 10:01) Posted:

Just bought some. Ya, the dividend pretty attractive Dividend Yield(TTM) = 9.69% and TP is 27 cents by UOB.

Secret_Squirrel ( Date: 27-Nov-2018 22:29) Posted:

Past dividend ex-date usually in May, August, Nov.
But they usually paid the dividend quite fast after the dividend ex-date about 2 weeks later of shorter.

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