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Fu Yu
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Goldminer
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easywin
Supreme |
15-Apr-2019 11:05
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Already very long maxinium is $0.21, is not easy to trade counter | ||||
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SmallSmall
Supreme |
15-Apr-2019 09:29
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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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johnng
Supreme |
12-Mar-2019 13:20
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i think got chance breakout today 21cents | ||||
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zandlery
Supreme |
27-Feb-2019 17:25
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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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gravity8888
Supreme |
27-Feb-2019 15:17
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Today high vol hor | ||||
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easywin
Supreme |
27-Feb-2019 13:27
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$0.25 on the way | ||||
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easywin
Supreme |
27-Feb-2019 09:23
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fully value for the money. all tech stocks flying are this being overlooked? |
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Lugx76@
Member |
26-Feb-2019 23:22
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Results out already.. tomorrow will fly.. | ||||
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tcshares
Senior |
12-Feb-2019 16:19
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slowly and surely | ||||
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ysh2006
Supreme |
09-Jan-2019 14:30
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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 !!...
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easywin
Supreme |
09-Jan-2019 13:45
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Cash rich company. Highly recommended. | ||||
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bigeater
Member |
08-Jan-2019 17:47
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Price going up again..... | ||||
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arkan1111
Veteran |
05-Dec-2018 16:16
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Today pay 0.003 divident, halt soon. No reason to stay in SGX anymore.
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qwertyuiop00
Veteran |
05-Dec-2018 16:06
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Or maybe 5 years later too lol | ||||
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qwertyuiop00
Veteran |
05-Dec-2018 16:04
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Maybe tonight lolol
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Brianfoo
Senior |
05-Dec-2018 14:11
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Anyone please can advise? | ||||
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Brianfoo
Senior |
05-Dec-2018 12:14
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Hihi may i know when fu yu will be privatialised please? | ||||
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tcshares
Senior |
28-Nov-2018 12:49
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load up!! | ||||
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think2profit
Master |
28-Nov-2018 10:21
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Lets see if it can sail pass 20c. | ||||
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think2profit
Master |
28-Nov-2018 10:04
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Look extremely cheap below 20c with such good matrix.
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