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SlothSG Senior	06-Sep-2023 20:15        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sell sell sell and let' s see how much SBB will take place. Also very keen to pick more durians 😂
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Alignment Member	02-Sep-2023 11:08        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	The trigger is not specifically 90% for Richard Li, but 90% not in public hands. Shares held by directors are (I believe not) counted as being in public hands, so the 5.01m shares held by Peter Allen also counts towards that. So following the most recent share buyback, I make it 2.96m shares short of 90% so pretty close. Obviously though PCRD is not going to go over this by accident. Richard Li will need to make a conscious choice to buy out the remaining PCRD shareholders and eliminate this link in the holding structure chain through which he controls PCCW. In the past, PCRD was useful to him because it provided a means of raising additional cheap leverage which allowed him to control PCCW (and hence HKT) with less funds than would otherwise have been required, and also without overgearing either PCCW or HKT themselves. Since the recent rise of interest rates from 2022  and the increasing likelihood of higher rates for longer, PCRD' s benefit to him in this way has diminished (as per PCRD now paying down debt). Together with the current PCRD share price where it is, it would seem to make sense for him to now buy everyone else out.
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fruitfulness Senior	01-Sep-2023 14:40        fruitfulness About Contact  Quote this Post!   Yells: "May the Lord God establish the works of my hands!"
x 0   x 0  Alert Admin	Was pleasantly surprised by the SBB of 168500 shares, to support the share price. Indeed, we may view PCRD as being underpriced as compared to PCCW, its pre-eminent dominant component. Perhaps 90% of PCRD is constituted by 22% of PCCW. 22% of PCCW would amount to $1.1b market cap, whereas PCRD market cap is only about $768m, notwithstanding the slightly higher debt profile.  Let' s see if there would be continued SBB. It is still some 3m ++ shares (??) away before Richard Li will cross the 90% holding threshold, and thereby trigger a delisting offer! Alignment      ( Date: 01-Sep-2023 13:28) Posted: Yes the first buyback since early covid times in 1H20. Not quite as cheap today relative to then at least in comparison to the underlying sum-of-parts value at the time, but given the still massive discount of the current share price to the current sum-of-parts not a surprise that the company is now buying back shares, especially given the company itself certainly understands its own underlying value unlike some market participants who may be confused by the accounting. Early days, but the company is buying back aggressively - 168,500 shares in one day 56% (!) of the day' s volume and 242% (!) of the average daily traded volume over the past 3 months. Not declaring a dividend for 1H23, triggering the sharp drop in share price, which now has created the opportunity to buy back shares, has resulted / is resulting in a transfer of value from those investors who sold / are selling out post 1H23 results at the current price, to the benefit of those investors buying at the current share price (including implicitly those existing shareholders not selling who are benefitting from the accretion caused by the buyback). Hence, ignoring the current mark-to-market decline, existing investors who hold are actually better off now vs the situation had the company declared a dividend...
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Alignment Member	01-Sep-2023 13:28        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Yes the first buyback since early covid times in 1H20. Not quite as cheap today relative to then at least in comparison to the underlying sum-of-parts value at the time, but given the still massive discount of the current share price to the current sum-of-parts not a surprise that the company is now buying back shares, especially given the company itself certainly understands its own underlying value unlike some market participants who may be confused by the accounting. Early days, but the company is buying back aggressively - 168,500 shares in one day 56% (!) of the day' s volume and 242% (!) of the average daily traded volume over the past 3 months. Not declaring a dividend for 1H23, triggering the sharp drop in share price, which now has created the opportunity to buy back shares, has resulted / is resulting in a transfer of value from those investors who sold / are selling out post 1H23 results at the current price, to the benefit of those investors buying at the current share price (including implicitly those existing shareholders not selling who are benefitting from the accretion caused by the buyback). Hence, ignoring the current mark-to-market decline, existing investors who hold are actually better off now vs the situation had the company declared a dividend...
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SlothSG Senior	01-Sep-2023 08:37        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Kio some yesterday..... effectively increase my position by another 25%. Also noted SBB after so long by company. Huat Arh!
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Neutral_Guy Member	16-Aug-2023 15:28        Neutral_Guy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Started accumulating at 0.29 liao. This is a good entry point
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SlothSG Senior	10-Aug-2023 18:17        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Vested and shared the same view. Have been holding this company since 2019 and very rewarding journey. Also always mentioned in the Annual report,   " The result of the Group are substantially dependent on the results of the Group' s major investment, PCCW. Happy hunting ..... Alignment      ( Date: 10-Aug-2023 15:02) Posted: This company is a great company to trade in and out of. Over time the price has swung very significantly both up and down because many shareholders react strongly to changes in dividend payments, not understanding that the fundamental value hasn' t in fact changed (which is not surprising given the underlying asset (HKT) is a dominant infrastucure company in its market). Hence at some points in time this company has been significantly overvalued, and at other points in time significantly undervalued.
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Alignment Member	10-Aug-2023 15:02        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	This company is a great company to trade in and out of. Over time the price has swung very significantly both up and down because many shareholders react strongly to changes in dividend payments, not understanding that the fundamental value hasn' t in fact changed (which is not surprising given the underlying asset (HKT) is a dominant infrastucure company in its market). Hence at some points in time this company has been significantly overvalued, and at other points in time significantly undervalued.
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TA_Expert Supreme	09-Aug-2023 21:08        TA_Expert About Contact  Quote this Post!   Yells: "The World has changed"
x 0   x 0  Alert Admin	This gem is a gone case.
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SlothSG Senior	09-Aug-2023 18:42        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks for sharing. Very helpful. Alignment      ( Date: 09-Aug-2023 15:55) Posted: Exoduspoint is a multi-strategy hedge fund manager - an investment strategy that aims to deliver attractive volatility adjusted returns. PCRD at some point in the past gave Exoduspoint some money to manage. From an absolute return perspective however, those returns are probably below what one might perceive the cost of equity of a listed company like PCRD should be - case in point, based on PCRD' s accounts it seems in 1H23 the performance on this investment was only 2.2%. Hence an investment in a fund managed by Exoduspoint is probably more appropriate for a institutional pension fund or a HNW individual than a listed company like PCRD. In PCRD' s 1H23 accounts it has indicated that it is redeeming 50% of its investment. Typically when you redeem from a hedge fund, contractually there are limits to how much you can redeem each quarter, hence staggering out the redemption process. Because of this, it may be the case that PCRD intends to also redeem the remaining 50% asap. As per my earlier comments this is clearly a good move - PCRD is better off cashing in this investment, and given the complexity of its accounts it may be the case that the market is not according full (if any) value to this investment. As at 1H23, PCRD' s entire investment in the fund was worth S$64.4m i.e. S$0.024 a share i.e. 8.2% of PCRD' s current share price
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Alignment Member	09-Aug-2023 15:55        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Exoduspoint is a multi-strategy hedge fund manager - an investment strategy that aims to deliver attractive volatility adjusted returns. PCRD at some point in the past gave Exoduspoint some money to manage. From an absolute return perspective however, those returns are probably below what one might perceive the cost of equity of a listed company like PCRD should be - case in point, based on PCRD' s accounts it seems in 1H23 the performance on this investment was only 2.2%. Hence an investment in a fund managed by Exoduspoint is probably more appropriate for a institutional pension fund or a HNW individual than a listed company like PCRD. In PCRD' s 1H23 accounts it has indicated that it is redeeming 50% of its investment. Typically when you redeem from a hedge fund, contractually there are limits to how much you can redeem each quarter, hence staggering out the redemption process. Because of this, it may be the case that PCRD intends to also redeem the remaining 50% asap. As per my earlier comments this is clearly a good move - PCRD is better off cashing in this investment, and given the complexity of its accounts it may be the case that the market is not according full (if any) value to this investment. As at 1H23, PCRD' s entire investment in the fund was worth S$64.4m i.e. S$0.024 a share i.e. 8.2% of PCRD' s current share price
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SlothSG Senior	09-Aug-2023 10:14        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nicely stated ..... can u elaborate on " Exoduspoint" mentioned. Thanks.   Alignment      ( Date: 09-Aug-2023 00:48) Posted: Actually the results were good but it is difficult to see this purely by looking at the consolidated PCRD accounts - one needs to dig into the individual HKT and PCCW accounts to understand what is going on. Within the HKT/PCCW/PCRD chain there are only two operating companies - HKT (by far the largest) and PCCW' s media business. PCCW and PCRD are otherwise effectively holding companies. HKT' s results were good - you can see this from their standalone accounts in Hong Kong, and PCCW' s media business did great as well with its value shown by the price Canal+ paid for a minority stake in June. As a result both HKT and PCCW paid increased dividends in their results, which had PCRD chosen to pass through to shareholders as had happened in the past then that would have resulted in a very large dividend. This time round however PCRD management chose to use the dividends to pay down debt instead, which is understandable - PCRD' s debt is HIBOR linked so their current interest cost is circa 7-8%. Whilst some shareholders may have preferred to receive the dividends, it may be better to pay down debt now and pay out a higher dividend later when HIBOR is lower again. Also of note in these results is that PCRD is redeeming its investment in Exoduspoint - this will further clean up the PCRD structure after the earlier HKT in specie distribution and may of course lead to further special dividends should PCRD choose to pay out the proceeds once the redemption has happened.
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Alignment Member	09-Aug-2023 00:48        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Actually the results were good but it is difficult to see this purely by looking at the consolidated PCRD accounts - one needs to dig into the individual HKT and PCCW accounts to understand what is going on. Within the HKT/PCCW/PCRD chain there are only two operating companies - HKT (by far the largest) and PCCW' s media business. PCCW and PCRD are otherwise effectively holding companies. HKT' s results were good - you can see this from their standalone accounts in Hong Kong, and PCCW' s media business did great as well with its value shown by the price Canal+ paid for a minority stake in June. As a result both HKT and PCCW paid increased dividends in their results, which had PCRD chosen to pass through to shareholders as had happened in the past then that would have resulted in a very large dividend. This time round however PCRD management chose to use the dividends to pay down debt instead, which is understandable - PCRD' s debt is HIBOR linked so their current interest cost is circa 7-8%. Whilst some shareholders may have preferred to receive the dividends, it may be better to pay down debt now and pay out a higher dividend later when HIBOR is lower again. Also of note in these results is that PCRD is redeeming its investment in Exoduspoint - this will further clean up the PCRD structure after the earlier HKT in specie distribution and may of course lead to further special dividends should PCRD choose to pay out the proceeds once the redemption has happened.
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Observers Elite	08-Aug-2023 07:34        Observers About Contact  Quote this Post!
x 0   x 0  Alert Admin	I went thru cheong kongs most recent results on the SGX. Think they were required to report becuase got some debt listed here. Skim thru it but didn' t find the reason why their telco sector under so much pressure. iirc almost no profit compared to the previous reporting season. Anyone got any idea? Maybe reported in HK business media?
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SlothSG Senior	07-Aug-2023 21:50        SlothSG About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wow .... dropped so much..... result so bad / no more dividend distribution? Sigh .... will accumulate when price is right .... time for me to Kio durians. Vested .... pls dyodd.
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Wordee Member	07-Aug-2023 19:32        Wordee About Contact  Quote this Post!
x 0   x 0  Alert Admin	ok had a good run last few years, time to consolidate
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SmallSmall Supreme	07-Aug-2023 12:40        SmallSmall About Contact  Quote this Post!
x 0   x 0  Alert Admin	Creative accounting. Core earnings all improved actually. But losses from other sources from PCCW. Have no idea where it came from. Accounting treatment? Any expert accountants here?
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lsk007 Senior	07-Aug-2023 12:02        lsk007 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Taking back what it has given to shareholders. Might hit 20ish soon.
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justinetan Member	06-Jun-2023 19:18        justinetan About Contact  Quote this Post!
x 0   x 0  Alert Admin	PCRD is rather quiet for the last 2 months. Aee there any interesting developments coming up ?
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lsk007 Senior	02-Mar-2023 22:55        lsk007 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Musical chairs have stopped?
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