Monday, October 17, 2011

Hap Seng Consolidated, A Very Safe Pick-Up From Here

What an eventful  past 12 months for Hap Seng. The grand plans were great, although there were some hiccups towards the end - it is still a good plan and the less than favourable take up for the "rights issue" meant that the dilution effect would not be so great in the end.


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Look at the ex-all adjusted chart of Hap Seng, the stock was moved way too high prior to the announcement of the exercise. Fundamentals are intact, following the recent sell down owing to the Eurozone crisis, Hap Seng is itching to get back to saner levels.




11/10/2011  1.30  1.31 - 1.331.32+0.02 (1.51%) 772,800
12/10/2011  1.32  1.31 - 1.351.33+0.01 (0.75%) 1,842,000
13/10/2011  1.33  1.34 - 1.401.40+0.07 (5%) 3,513,100
14/10/2011  1.40  1.40 - 1.501.48+0.08 (5.40%) 7,485,900


One of the key is looking at volume build up. No one is going to be ballsy enough to buy on 11 Oct with volume of less than 1m. Now the next 3 days would indicate that the engine has started. Timing is critical for value-momentum investing. Looks ripe for a hike back to RM1.65 at least.
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Looking at the most recent results, earnings are on track, but the share prices have been volatile. Naturally, the recent big corporate exercise did contribute to that. If you note, the controlling shareholders may be a little tight and we can probably expect "strong interim dividends" for the next few quarters.


SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2011


       
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
       
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
       
30/06/2011
30/06/2010
30/06/2011
30/06/2010
       
$$'000
$$'000
$$'000
$$'000
1Revenue
958,521
664,517
1,709,868
1,251,697
2Profit/(loss) before tax
171,132
169,498
316,117
243,443
3Profit/(loss) for the period
125,805
151,568
235,043
209,006
4Profit/(loss) attributable to ordinary equity holders of the parent
90,533
132,674
172,707
172,156
5Basic earnings/(loss) per share (Subunit)
4.82
7.32
9.35
9.49
6Proposed/Declared dividend per share (Subunit)
3.90
6.00
3.90
6.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7Net assets per share attributable to ordinary equity holders of the parent ($$)
4.7100
4.5900

5 comments:

Mr ICICI said...

salvatore, who is the model in the photos?

SqaureOne said...

24 Aug 2011 HAPSENG Interim Dividend 3.9 Sen Single-tier T.E. 9 Sep 2011 28 Sep 2011 13 Sep 2011
5 Jul 2011 HAPSENG Right Issue 1 + 1 Warrant : 5 (after Bonus Issue) 15 Jul 2011 - 19 Jul 2011
5 Jul 2011 HAPSENG Bonus Issue 2 : 1 15 Jul 2011 - 19 Jul 2011

eQEEN said...

very beautiful model..very nice posting too me

lai said...

Hi Dali,

What happen to KSL??

Mind sharing your comment?

Thanks.

Akee said...

i still prefer zhou wei tong