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Hafary proposes acquisition of remaining 19% share capital in World Furnishing Hub for $4.5 mil
Hafary Holdings 5VS - has announced the proposed acquisition of the remaining 19.0% issued share capital of subsidiary World Furnishing Hub (WFH) for $4.5 million.
On Jan 17, the company announced that its wholly-owned subsidiary had entered into a sale and purchase agreement with non-executive director and controlling shareholder Low See Ching for the purchase of the target shares.
According to Hafary 5VS - , the proposed acquisition represents an opportunity to increase its stake in WFH at a favourable price. WFH' s principal asset is the leasehold interest of the property located at 18 Sungei Kadut Street 2.
Based on the management accounts of WFH for the FY2023 ended Dec 31 and based on a valuation conducted on the property by independent valuer Orangetee Advisory, the market value of the property is $72 million, which ascribes a value of $4.76 million to the target shares.
Upon completion of the sale, the company' s legal and beneficial ownership of the share capital of WFH will increase from 81.0% to 100.0%.
Financials look very enticing
Key Statistics
| EPS (SGD) a | 0.06822 | Trailing EPS (SGD) b | 0.08071 | NAV (SGD) c | 0.2347 |
|---|---|---|---|---|---|
| PE a | 4.691 | Trailing PE d | 3.965 | Price / NAV c | 1.3634 |
| Dividend Yield (%) e | 4.688 | Cash In Hand (SGD) f | 0.0563 | Issued & Paid-up Shares g | 430,550,000 |
| Piotroski F Score | 5 | Market Cap (M) | 137.776 | Free Float (%) | 8.4 |
| Return on Equity (ROE) (%) h | 34.396 | Revenue Growth (%) TTM i | 43.566 | ||
| Net Earnings Growth (%) j | 105.932 | Net Debt/Equity k | 2.562 | Net Debt (SGD ' 000) | 251,959 |
Something is brewing
Another blowout first half with massive profit increase. Interim dividend increased from 0.75 cents to 1.25 cents. Even if final dividend is held constant (it should definitely increase), yield is 9.5%. Current P/E is only 4x for a company experiencing massive growth. As always, DYODD but to me, this is an amazing buying opportunity.
Ahh yes, so your analyst estimate is in fact from 7 years ago. Not sure what to say about that. On dividends, already mentioned below.
Ftyeng ( Date: 18-Jul-2023 09:01) Posted:
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Dividend link ($0.0075+$0.0075=$0.015) : https://www.dividends.sg/view/5VS .
Target Price: Found in " Analyst Estimates" under " Concensus" (for Hafary) in IPad App.
Target Price: Found in " Analyst Estimates" under " Concensus" (for Hafary) in IPad App.
gametheory99 ( Date: 18-Jul-2023 08:23) Posted:
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Care to share the link? The only report I can find is dated in 2016 so hopefully you were referring to something else.
2023 yield (so far) is only 1.5 cents. The company pays dividend twice a year.
Ftyeng ( Date: 18-Jul-2023 03:33) Posted:
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Source: Philips Securities.
2023 Yield = 0.015/0.295 = 5.08%.
Thanks for concern, I never " shorted" in my entire life.
2023 Yield = 0.015/0.295 = 5.08%.
Thanks for concern, I never " shorted" in my entire life.
gametheory99 ( Date: 17-Jul-2023 22:26) Posted:
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Source for the target price? Also, interesting that you call an almost 8% yield currently "average", that too with such a low payout ratio. Hoping for your sake that you didn't short!
Ftyeng ( Date: 17-Jul-2023 18:18) Posted:
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The listed Target-Price is S$0.25. Currently, it is already trading at S$0.295.
Also this is penny-stock and one cannot invest in every one of them and must selectively select some due to cashflow constraits. Unfortunately this is one company that I do not buy their products (now) and hence I by-pass it partially also due to average dividends (payout ratio roughly 20%).
Also this is penny-stock and one cannot invest in every one of them and must selectively select some due to cashflow constraits. Unfortunately this is one company that I do not buy their products (now) and hence I by-pass it partially also due to average dividends (payout ratio roughly 20%).
gametheory99 ( Date: 17-Jul-2023 10:24) Posted:
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Seems to be running!
gametheory99 ( Date: 17-Jul-2023 10:24) Posted:
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This is definitely a big undervalued counter. Did some digging and agree with other comments below. Based on half-year EPS of 4.4 cents, currently trading at an annualized p/e of only 3x. Tiles likely to be in demand as construction is ramped up, providing good tailwind.
Recently paid 1.5 cents final dividend, if same is paid for interim, yield is 10%. And this is conservative because payout ratio, even if 3 cents dividend, is only about 30%.
Market seems to be taking notice but IMO, still a lot of room to run. Even if trading at 8x multiple, can cross 70 cents. DYODD.
Eventually market will take notice. Same thing was for excelpoint, the run up was fast and furious once the market took notice. Just a matter of time before this one runs up.
MBULLISH ( Date: 06-Apr-2023 16:27) Posted:
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Unfortunately no one seems keen
dont know why
I store in freezer til the boss buyout then
dont know why
I store in freezer til the boss buyout then
BBBulll ( Date: 06-Apr-2023 16:00) Posted:
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Gem of a counter that is super undervalued. Based on half-year EPS of 4.4 cents, currently trading at an annualized p/e of only 3x. Tiles likely to be in demand as construction is ramped up, providing good tailwind. Latest dividend of 1.5 cents brings full year dividend yield to 8.3%, which is likely to increase further. After my Excelpoint recommendation previously, I think this may be the next one to huat big time. Like always, DYODD
Gained 12.5%. Closed at 0.27.
Hafary H2 profit increases 187.1% to S$19.8 million
TILE specialist Hafary Holdings : 5VS +2.27% posted a profit net of tax of S$19.8 million for the second half of the financial year ended Dec 31, 2022, up 187.1 per year on year from S$6.9 million.
Revenue climbed up by 44.6 per cent to S$97.6 million, from S$67.5 million a year earlier.
In a business update on Friday (Feb 17), the mainboard-listed company noted that this was fuelled by revenue growth in both its general and project segments.
Revenue in its general segment &ndash where customers include homeowners, architecture, interior design and renovation firms &ndash had risen by 40.3 per cent to S$62.6 million in H2, supported by the &ldquo active resale market&rdquo and &ldquo robust demand from homebuyers&rdquo .
In its project segment &ndash where customers include architecture firms, property developers and construction companies &ndash revenue also soared by 52.9 per cent to S$35 million, as construction activity resumed post-pandemic.
For the full-year FY2022, profit net of tax increased 148.8 per cent year on year to S$30.6 million, while revenue rose 34 per cent year on year to S$168.9 million. This translated to an earnings per share increase to S$0.0682 for FY2022, from the previous year&rsquo s S$0.0269.
Looking ahead, Hafary expects demand for residential and industrial building construction to remain at levels comparable to last year&rsquo s, underpinned by the development of new condominiums and high-specification industrial buildings.
Still, the company noted that potential risks include growing inflationary pressures and rising interest rates that might crimp homebuyers&rsquo loan capacities.
&ldquo The unfulfilled pent-up consumption demand may likely go towards overseas travel, rather than domestic spending,&rdquo it added. &ldquo Nevertheless, (we remain) committed to weathering the challenging business environment as market risks remain elevated and will also closely monitor its supply chain activities.&rdquo
INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2022
Net Profit 19.8m for 2H2022 compared to 6.9m for 2H2021.
Full details :
https://links.sgx.com/1.0.0/corporate-announcements/82CYY4U2ORB02JDS/03ba5998a95482525fe5f55e74aaaaf4d34c48e8a46fe3e44fdb524fcd9f5785
Net Profit 19.8m for 2H2022 compared to 6.9m for 2H2021.
Full details :
https://links.sgx.com/1.0.0/corporate-announcements/82CYY4U2ORB02JDS/03ba5998a95482525fe5f55e74aaaaf4d34c48e8a46fe3e44fdb524fcd9f5785
Hafary to add manufacturing capabilities to portfolio via JV
Mainboard-listed Hafary Holdings, which supplies premium tiles, as well as other fittings, has expanded its operations to include manufacturing capabilities on Dec 15.
The expansion was made through the incorporation of a new joint venture company (JVCo), International Ceramics Manufacturing Hub Sdn Bhd with Guangdong ITA Element Building Materials Co. Limited (ITA) and CNA Pte Ltd, an established premium tile manufacturer.
According to a release by Hafary, the new JV will enable the group to &ldquo move upstream&rdquo and overcome supply constraints. It will also leverage on its majority shareholder, Hap Seng Consolidated Berhad&rsquo s MML brand, as well as Hap Seng&rsquo s distribution networks to grow sales in Malaysia and the regional export market.
Through the JV, the group will lease two manufacturing plants in Johor, Malaysia, from Hap Seng Group.
CNA will also bring its years of experience (over 13 years operating manufacturing plants in China and over three years in Malaysia) into the JV.
&ldquo Coupled with ITA&rsquo s fine expertise in tile design patterns, Hafary is on track to become a key player in Southeast Asia&rsquo s ceramic industry,&rdquo reads the statement.
To further build on their core capabilities, Hafary has plans to invest approximately 40 million ringgit ($12.3 million) to ramp up the plants&rsquo production capacity from 16,000 sqm to 41,000 sqm per day.
In addition to helming Hap Seng Group&rsquo s ceramic business division, Hafary will also distribute the MML brand of ceramic tiles through its wholly-owned subsidiary Hafary Trading Sdn Bhd (HTSB) for retail, project as well as export markets.
The undertaking of the distribution will allow Hafary to have greater control over its supply chain and fully capture MML&rsquo s steadily growing demand. On this, Hafary will also be better equipped to take on larger project opportunities.
Hafary poised to become a key player in Southeast Asia&rsquo s ceramic industry - JV to add manufacturing capabilities to its portfolio
Full details at Sgx Co announcements :
https://links.sgx.com/1.0.0/corporate-announcements/5FP4OSOYO8ZRQM9L/2510038c21d0d197915987f82c84f39e13c66e73fbd4b5c0eed2d551d515b7de
Full details at Sgx Co announcements :
https://links.sgx.com/1.0.0/corporate-announcements/5FP4OSOYO8ZRQM9L/2510038c21d0d197915987f82c84f39e13c66e73fbd4b5c0eed2d551d515b7de