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pending material announcement?
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NextEvolution
Elite |
27-Jun-2018 08:25
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Another suspension, a seemingly "profitable" company with financial and accounting issue.
VOLUNTARY TRADING SUSPENSION AND APPOINTMENT OF INDEPENDENT FINANCIAL ADVISOR The board of directors of Ryobi Kiso Holdings Ltd. (the ?Company?, together with its subsidiaries, the (?Group?)) wishes to inform that the Company has requested for a voluntary suspension of the trading of its shares and related securities with immediate effect. The Company wishes to emphasize that this is a voluntary suspension pursuant to Rule 1302 of the Singapore Exchange Securities Trading Limited Listing Manual. The Company will seek to lift the trading suspension as soon as it is appropriate to do so without compromising the interests of all stakeholder groups. The Company?s subsidiary, Ryobi Kiso (S) Pte Ltd (?RKS?), has not been able to meet its repayment obligations to certain bank lenders and is currently in breach of the corresponding banking facilities. The Company has appointed PricewaterhouseCoopers LLP (?PwC?) as its independent financial advisor to work with the Group to: (a) Establish the current financial position and projections of the Group moving forward and (b) Work out a restructuring proposal together with the bank lenders in order for the Group to continue their operations and tide over the current situation. The occurrence of the matters above may trigger cross default provisions in other banking facilities and project contracts of the Group. The Company, together with PwC and its legal advisors, is assessing the financial impact of the matters above on the banking facilities and project contracts of the Group. It will keep its shareholders updated on material developments arising from the above. Holders of the Company?s shares and securities (?Holders?) as well as potential investors are advised to read this announcement and any further announcements by the Company carefully. Holders are also advised to refrain from taking any action in respect of their shares and/or securities (as the case may be) in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the shares and/or securities of the Company. In the event of any doubt, Holders and potential investors should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers. BY ORDER OF THE BOARD Ong Tiong Siew Chief Executive Officer and Executive Director |
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longterminvestor
Veteran |
31-Jan-2013 21:52
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CLOSED $0.13 .....last minute pump up by BBs..... |
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tedsokny
Senior |
27-Aug-2012 21:05
Yells: "Have a Angkor Beer!" |
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Full Year Revenue Bounced Back Ryobi Kiso Holdings Ltd’s (Ryobi) revenue grew by 24.4% in FY2012 to S$153.3m on the back of its regionalization plan. However, gross profit declined by 30% to S$19.1m due to intense competition and rising labor costs. Despite PATMI coming in at only S$3.4m, operating cash flow before working capital changes remained strong at S$15.9m as Ryobi incurred high depreciation expense on its equipment. Financial position remains healthy with current ratio stood at 1.7x. Maintain Increase Exposure with an intrinsic value of S$0.190 per share. Key Highlights: Expanding Beyond Singapore: According to World Market Intelligence, construction industry in Vietnam is expected to achieve a CAGR of 18.2% to 2015. Given Ryobi’s current presence in Vietnam, we are of the view that Ryobi is wellposition to ride on the tide in the future. In FY12, Vietnam contributed S$13.4m of revenue as compared to S$0.25m in FY11. We expect Ryobi to recognize about S$24m of revenue from its existing project in Vietnam in FY13F, based on our estimates. The Australia acquisitions were completed in July and Ryobi is currently exploring opportunities in the country. Strong Construction Demand: According to BCA estimates, the construction demand in 2012 is expected to be between S$21 billion and S$29 billion. Demand from the public sector is expected to account for more than 50% of total demand. As such, we still see some potential for Ryobi to grow its revenue in FY13. Challenging Operating Environment: We recognized that intense competition and rising operating costs may continue to hurt Ryobi’s gross margin but we see limited downside from the current level. In light of rising costs, Ryobi also took measures to manage its cost efficiency such as tightly controlled its headcount. As one of the largest piling players in Singapore, we believe Ryobi will be able to weather through this challenging time and probably emerge as a stronger player when its operating enviroment improves. Revenue Continued to Grow: Revenue grew by 7% QoQ to S$43.7m in 4Q FY12, bringing full year revenue to S$153.3m, only S$7m shy of record revenuein FY09. Ryobi has been booking more than S$40m of revenue for 3 consecutive quarters and we expect this momentum to continue in FY13F.Despite booking higher revenue in the last 3 quarters, net order book still holds up well at S$104.4m as at 30 Jun 2012. Margin Hurt by Rising Costs: Gross margin continued to remain weak at 13% in the quarter due to (1) higher raw material costs, (2) labor costs and (3) pricing pressure from intense competition in the industry. Going forward, we expect weak margin to continue for quite some time. In light of challenging operating environment, Ryobi was still able to turn in a profit in FY12. We expect net profit margin to slightly improve in FY13F on the back of higher revenue. Order Book Still Above S$100m: Ryobi’s net order book stood at S$104.4m as of 30 June 2012, or 68% (about 8 months) of FY12 full year revenue. According to the management, current equipment’s utilization rate is about 80-85%. We expect current revenue momentum to continue in FY13F and look forward to more new projects in the subsequent quarters. Maintain Forecast and Valuation: We raised our revenue forecast for FY13F from S$142.4m to S$176.3m on the back of healthy order book. Our model also assume a slightly higher gross margin of 13.5% in FY13F. Besides, we also lower our PATMI forecast in FY13F to S$5.9m, forecasting a 73% YoY growth in FY13F on higher revenue and cost control. Currently, Ryobi is trading at 26% discount to its NAV. As one of the largest players in the industry, we are of the view that Ryobi’s operating profit will recover strongly when the operating environment improves. Maintain Increase Exposure rating with an intrinsic value of S$0.190 per share. At our valuation, Ryobi will be trading at 1.14x P/B in FY15F. Source: SIAS |
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tradehuathuat
Veteran |
19-Mar-2012 08:38
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new leg of growth ahead........... |
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tradehuathuat
Veteran |
15-Mar-2012 13:30
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pending material announcement? any news?/?? |
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