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United Engineers
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mrwonderful
Veteran |
31-Jan-2015 10:20
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They keep extending the deadline, will extend to 2016 or not?? Say the word deadline also got no meaning already. IMO is very likely will takeover, see how UE is furiously dumping their assets except their property arm. It' s obvious Chaoren is only interested in their property and requested they get rid of everything else before he offers. TCC has no desire to go into the construction or tech biz for sure. The big question is now pricing. I think Chaoren will offer $3.33, he likese these nice numbers, similar to F& N $8.88. Stingy Thai man won' t overbid for anything. I guess $3.33 is decent enough, very small chance there will be counteroffer. Anyway all this is only my opinion, it' s up to you to decide. |
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kirana
Senior |
31-Jan-2015 10:00
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Dont forget there are other major-minoritas shareholders/fund house. | ||||
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nea03177
Senior |
31-Jan-2015 08:30
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Bro-Our OCBC and GE lose out to Ah Chai in haggling. Sold their F&n to Ah Chai @ 8.88. APB also give to Ah Chai. Think the executives not like Ah Chai so street wise. Don't expect too much from them. Hope for the best. Man plan, God delivers. Have a blessed weekend.
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hem2998
Veteran |
31-Jan-2015 08:15
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Thanks.
How abt the auto deal? Deadline was also 2359 yest.
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nea03177
Senior |
31-Jan-2015 07:27
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UE is not announcing anything. It must come from GE &OCBC when 13 Feb 2359 hours hit. If there is a confirmed deal or postponement check SGX for daily notice or last 3 months notice. Don't key in securities name. Then you won't miss.
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hem2998
Veteran |
31-Jan-2015 06:56
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No announcement from UE yet..very strange.
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Kyoto2008
Elite |
31-Jan-2015 01:53
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3.60 to 4 is only 40 cents. That guy can afford it lah! He calculated it all the way before Aug. And the reason for the delays in my humble opinion it is to get the best price. Not only Singaporeans know how to haggle, and not only Singaporeans are the most kiasu kia see pple in the world. It seems our Ah Chai is worse.
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Kyoto2008
Elite |
31-Jan-2015 01:43
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Hehe, scare you? The logic is like this. Supposing OCBC sells at 3.60. We assume Ah Chai wants 51% to control UE. Reasonable? So where is he going to get the 51%? From you and me. We deny him. Unless he pay four bucks.
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nea03177
Senior |
31-Jan-2015 01:27
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Wow! You aim so high! Lim & Tan's Research says Revised NAV is 3.60. So if they give 3.60, I will be happy. But I don't understand your meaning of unagreed price. There is also speculation that Chew Gek Khim is coming in to get back WBL. That's why Straits Trading Shares go up. Here we don't have CEO like previous F&N who engineered OUE to bid a higher price for F&N. Lim&Tan also tell us not to panic with the 23 cents drop in price on Thursday. They say accumulate on weakness.
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Kyoto2008
Elite |
31-Jan-2015 01:07
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Believe the deal will come through. Remember, though our minds are fixated on the agreed price, there is also the " unagreed" price if you know what I mean. $4.00 is the deal price for you and me. Agreed? |
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nea03177
Senior |
31-Jan-2015 00:59
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The announcement to extend up to 13 Feb 23.59. If good news will be great Valentine Day's present. Haha!
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nea03177
Senior |
31-Jan-2015 00:56
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You are fast. I check UE announcement. Forgot TCC is talking to Great Eastern and OCBC. Their joint announcement on SGX at 17.33
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hem2998
Veteran |
30-Jan-2015 20:19
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Sgx stockfacts
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kirana
Senior |
30-Jan-2015 20:06
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So both sides has agreed to 2 more weeks of due diligence. We must also DYODD | ||||
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Tinklez
Member |
30-Jan-2015 10:16
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May I know where you find the information from sgx?? Thanks
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hem2998
Veteran |
30-Jan-2015 10:10
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United Engineer&rsquo s ($2.97, down 23 cents) share price took a beating yesterday, falling 23 cents or 7.2% to $2.97 on higher than average 7.8mln shares traded on concerns that TCC may extend the offer or even walk away to buyout OCBC and its concerted parties&rsquo 34% stake in the company. While one can never be 100% certain about the eventual outcome, we continue to advise investors to keep faith in the stock as UE&rsquo s &ldquo unique proposition&rdquo as a takeover candidate remains relevant to our investment thesis. The reasons are as follows: 1) Given OCBC and Great Eastern&rsquo s grant and extension of their &ldquo exclusive&rdquo agreement for TCC to conduct its due diligence on United Engineers till end Jan&rsquo 15 (from end Aug&rsquo 14), we believe TCC would have likely given a minimum indication of a potential bid price that have likely met the minimum expectations of OCBC and Great Eastern. 2) In order to make an &ldquo educated&rdquo guess on the potential offer price for UE, we use WBL&rsquo s Independent Financial Adviser (IFA) methodology as a benchmark (during 2013 takeover battle between Straits Trading and UE) to define what is fair in OCBC and Great Eastern point of view given that UE currently owns 67.6% of WBL and OCBC and its related parties the rest. 3) According to the Independent Financial Adviser report (refer to note 7.7 of the IFA letter in WBL Corp), &ldquo the intrinsic value of WBL Corp was arrived using a range of lower and upper RNAV estimates with no conglomerate discount applied&rdquo . If we apply the IFA&rsquo s &ldquo fair value&rdquo methodology to United Engineer&rsquo s case, the current consensus RNAV estimate is bandied around the $3.60/share range (+/-5%). 4) If we cross check this with UE&rsquo s Dec&rsquo 14 estimated book value of $2.92/ share (after incorporating the disposal gains of UE E& C and Wearnes Automotive), it would translate to a price to book ratio of 1.23x. This is reasonable given that Popular&rsquo s privatization bid by its Founder and Chairman was recently done at 1.15x book, Aspial and Fragrance bid for LCD Global was at 1.22x, Ong Beng Seng and Wheellock&rsquo s bid for HPL was at 1.24x, Capitalland&rsquo s bid for CapMallsAsia was at 1.26x, UOL&rsquo s bid for Pan Pac Hotel was at 1.62x and Simon Cheong&rsquo s bid for SC Global was at 1.15x. 5) While KeppelCorp&rsquo s privatization bid for Keppel Land at 0.93x book likely pales in comparison, we note that in Keppel Land&rsquo s case, it is a &ldquo privatization offer&rdquo with no change in &ldquo control&rdquo while in OCBC&rsquo s case, it is giving up control of UE and hence requires a &ldquo control premium&rdquo . TCC under Charoen only needs to buy over OCBC and its concert parties 34% holding and it is ensured of control of UE. 6) We believe there is a strategic fi t between UE&rsquo s assets and Charoen&rsquo s owned Fraser&rsquo s suite of companies. UE&rsquo s UE Sq and Park Avenue Service Suites in Clemenceau is located right across the road in Clemenceau Ave to Frasers Service Apartments and retail assets (under Frasers Centrepoint Trust). UE&rsquo s other office properties such as UE Bizhub Tower and 450 Alexandra Road can be injected into Fraser Commercial Trust while retail assets such as Rochester Mall and Seletar Mall can be injected into Frasers Centrepoint Trust. Its other service apartments in Rochester and Robertson can be injected into recently listed Frasers Hospitality Trust. Its 2 remaining industrial properties have right of first refusal by Viva Industrial Trust which will be transferred to the eventual buyer of UE. 7) OCBC has said that it will dispose its non-core assets, which includes UE. Even before Charoen&rsquo s TCC came into the picture in Aug&rsquo 14, we note that UE has been disposing assets. It sold UE Bizhub East (a 53 leasehold property) to Viva Industrial Trust end&rsquo 2013 for close to $500mln or 2x price to book and also UE E& C to Southern Capital for 1.36x book, MFS Tech&rsquo s core PCB business for 1x book and Wearnes Automotive for 1.1x book. Most recently, it sold a service and maintenance company for 1.5x book and some land and assets in China at about 1x book. And there has been several key resignations from UE in the past few months, including David Liew, MD of its largest business division and CEO Jackson Yap without replacements. This suggests that even without an outright sale of the entire company to Charoen, UE will be sold on a piecemeal basis. Based on the above-mentioned factors, we believe UE has become even more attractive after the 7.2% pullback yesterday, pricing it at close to its Dec&rsquo 14 book value and 18% discount to its RNAV estimate of $3.60/share. (Note that the deadline for the exclusive agreement between TCC and OCBC ends tonight at 2359 hours.) - Lim & Tan Daily Review 30/1/2015 |
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Qanghoo
Supreme |
30-Jan-2015 09:46
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Get hold the cks phone line n we can make as much. Why the extraordinary movements over the last few days n no query? I recall one newspaper article sometime back asking the qn " Astitute trading or insider trading" . In a nutshell, what it was implying was whether people were anticipating corporate movements with foresight or trading on insider info. Decide for yourself.
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kirana
Senior |
30-Jan-2015 09:44
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Yeah. Money talks. Yet ties also counts. Its a difficult decision to make on the OCBC part. | ||||
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hem2998
Veteran |
30-Jan-2015 09:33
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the dealine is 2359 today. lets just enjoy the show as it unfolds. Mr C is very shrewed. still holding on to my shares.
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kirana
Senior |
30-Jan-2015 09:29
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Heard there will be a tussle. You guys got anything? Same old story. The Churchill prediction is credible. | ||||
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