Wednesday, November 30, 2016

Further Analysis to a Straits Time Article

Just saw this article on Straits Times with the headline, "ABSD deadline fast approaching, but developers stay cool".

Thus, I felt that it is good to find out who are the developers of these properties.

After all, I do have numerous developers in my portfolio (most probably will do an update on my portfolio soon) and hopefully none of the properties belong to the developers I have.

Another reason to list out these developers is to find out who they are and understand what are the various tactics they will take on. These tactics that they take on may positively or negative impact their share prices. This may then lead to opportunities for me to "pound" on.

Some of the tactics we have encountered developers to engage in, in order not to pay ABSD or Qualifying Certificates Charges, are as follows:
- Delisting
- Selling to a Singapore Subsidiary
- Selling to its parent company
- Bulk Sales

As per Straits Time Article
Bartley Ridge - City Developments Ltd

The Trilinq - IOI Properties Group (Parent Company is IOI Corporation Berhad one of Malaysia's biggest conglomerates)

Mon Jervois - Singapore Land Ltd (Parent Company is UIC Ltd)

Eco - Far East Organization, Frasers Centrepoint Ltd and Sekisui House Ltd

Kingsford Hillview Peak - Kingsford Development Pte Ltd (Parent Company is a Hong Kong registered company Kingsford Investments)

Stratum - Elitist Development Pte. Ltd

Vue 8 Residence - Publique Realty (Pasir Ris) Pte Ltd

Pollen & Bleu - Singapore Land Ltd (Parent Company is UIC Ltd)

Sant Ritz - Santarli Realty Pte Ltd (Majority interest from Santarli Group of Companies)

The Siena -  Far East SOHO Pte. Ltd. (Parent Company is Far East Organization)

The Venue Residences - City Developments Ltd

The Crest - Wingcrown Investment Pte Ltd (Jointly developed by WingTai Land, Metro Australia Holdings Pte Ltd & Maxdin Pte Ltd)

The Glades - Sherwood Development Pte Ltd. (Parent Company is Keppel Land)

Sky Vue - Allamanda Residential Development Pte Ltd (Parent Company is CapitaLand Ltd)

Alex Residences - Singapore Land Ltd (Parent Company is UIC Ltd)

My Analysis

This post is mainly for my own knowledge as well and for reference in 2017 for new developers to add into my portfolio. Thus, I will ignore overseas developers and private limited developers listed above,

From the initial view, it seems that UIC Ltd and City Developments Ltd has been appearing more than once. In fact, UIC Ltd has 3 developments listed in the table.

However, the most important thing is to understand the percentage of units that has been sold out and the urgency of selling the remaining units.

Therefore, if I only take the first 3 months of 2017, UIC Ltd seems to be worst hit by the ABSD charges with Mon Jervois at only 58.7% sold.

If the first 6 months in 2017 is to be taken into account, UIC Ltd is, again, the worst hit with Mon Jervois as well as Pollen & Bleu with ONLY 12.3% SOLD!

This is followed by CapitaLand Ltd on the VUE 8 Residences with only 81.9% sold - Although the percentages seem high, but it remains 84 units yet to be sold.

In Short

This is not the first time I have talked about UIC Ltd. It is currently a deep value stock. It will be interesting to see what it will do to "escape" these charges and how it will affect its ultimate parent companies, UOB Kay Hian, UOL and UOB.

For those who are interested in the Enhanced Triple S Scorecard, do not hesitate to contact me directly.

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Sunday, November 27, 2016

"This is the Gem I was talking about"

Update on 29 Nov 2016: Just realise as per 26 Sep 2016 there was an off-market transaction for Star Attraction Limited of 4.47M of shares at 1.455. Privatisation is highly possible.

Previously, I had said that through the InvestingNote platform, I was able to find a gem from one of the thread discussion.

I had also talk about this company in another of my previous post.

This company is Wheelock Properties (Singapore) Limited.

In the past, I was very skeptical about this company as its ultimate shareholder, Wheelock and Company Limited, is located in Hongkong. I had some bad experience of holding listed entities (Top Global Ltd) with overseas parent company before. Thus, I was not ready to take the plunge then.

It was after some deep analysis and numerous reading that I decided to invest in this company.

Do note that this is not part of my dividend series.

Profile In Short (Directly taken from Company's website)

Wheelock Properties (Singapore) Limited, formerly known as Marco Polo Developments Limited, was incorporated in Singapore on 19th December 1972 and listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 6th May 1981. Its principal activities are that of property investor and developer, with a focus on luxury residences. The company is a subsidiary of Wheelock and Company Limited, a major Hong Kong group whose core businesses are property and hotels, container port operations and communications, media and entertainment.

Currently the company owns 2 investment properties, Wheelock Place and Scotts Square, located in Orchard Road.

It is also in the mist of selling 3 developments in Singapore - Ardmore Three, Residences located at Scotts Square and The Panorama.

It is also developing an area(?) called "雍景山", sited at Fuyang City, which is 22 km away from Hangzhou, China. Construction of Phase 1, comprising four villas, 111 townhouses, 140 duplexes and 222 high-rise units, is in progress and it is expected to complete in 2016. (Not that I encourage or like companies that expands into China. I am treating this as a extra only.)

Based on Enhanced Triple S Scorecard with Dividend Scorecard Portion (Present Price of $1.465 as of 29 Nov 2016):

Yes, as per the pictures above, this stock fails the Enhanced Triple S Scorecard with Dividend Scorecard Portion. 

Do note that I have always told readers/users that any company that fail the scorecards does not mean that they are lousy investment. It is just that the stock is not significantly undervalued. Furthermore, another way to use the scorecard is to see where does the company lack in and understand your risk if you intend to purchase it.

So why do I still deem that Wheelock Properties (Singapore) Limited as a Gem?

1. Net Current Asset Value is not negative, unlike the others developers that also has a share price of more than $1.

As per the comparison table below (shown in my previous post), Wheelock Properties (Singapore) Limited is the only company that has a positive Net Current Asset Value.

The reason for this is due to happen is because the company managed to pay off almost all of their DEBTS!

2. Limited Bank Borrowings and Liabilities

I have only come across a few developers without significant bank borrowings. Wheelock Properties (Singapore) Limited happened to one of them. In addition, it is important to note the company's ability to pay off so much debt even in this "not-so-good" economy.

Just to emphasize the reduction in the amount of liabilities and bank borrowings, here is the picture of the total liabilities in the latest financial:
A Drop from $687 Million to just $262 Million!
3. Investment properties unencumbered

Another factor I have to emphasized is that since the 2015 Annual Report, I realise Wheelock Properties (Singapore) Limited's investment properties are unencumbered!

Normally, developers will leverage using their investment properties in order to increase their cash position, so that they can grow via purchases of land banks or start on new developments.

However, for this company, Wheelock Place and Scotts Square is actually not leveraged - Over $900 Million worth of Fixed Assets!

This also meant that in future if the company require to more cash, they can obtain significant bank loans using these investment properties as collateral.

4. Consistent Dividend

This company has been very generous to their minority shareholders. It has actually gave 6 cents dividend every year since 2008. Furthermore, it has actually gave out dividend for all of the last 10 years.

Here is the evidence from SGX:

But what are the possible risks?

1. Unsold Units of Ardmore Three and Qualifying Certificate (QC) charges

As per latest financials, there is a situation - "Ardmore Three was relaunched for sales on 14 April 2016. As at 30 September 2016, 60% (50 units) of the 84 units were sold at an average price of $2,900 psf."

As of Nov 2016, it was explained that, in a website shared on InvestingNote that there are currently 53 units sold.

However, in Dec 16, do note that if Wheelock Properties (Singapore) Limited is unable to sell of all the units in Ardmore Three, it will need to pay QC charges!

On the contrary, some of us that calculated the QC Charges and expected it to be less than $5 Million - which should not hurt the company's financials.

As for the other developments, there will not be any QC Charges soon and more than 85% of the units of the other developments has already been sold.

2. High Possibility of Privatization and Delisting

Currently, the ultimate shareholder, Wheelock and Company Limited, owns about 75.84% of the shareholdings. As per 2015 Annual Report, the top 20 shareholders owns 89.23% of the shareholdings. Thus, it is actually very easy to delist the company.

Although delisting could be an interesting option, but it can also allow the purchaser to buy at a price that is lower than my purchase share price.

This will happen if the share price continues to be on a downtrend, the purchaser could provide an offer price that may end up lower than my purchase share price. Thus, we will need to consistently monitor and average down if necessary.

3. Failing both scorecards

Although we understand that the Enhanced Triple S Scorecard with Dividend Scorecard Portion has failed, but from the above explanations, the company's balance sheet is strong, especially from a developer point of view.

Dividend Payout has also been rather consistent. Note that most developers' dividend payout is lumpy.

As per P/FCF, the company seems to be turning around. For Last 12 months PS and PE, I believe as the year end financial results are released, it should go lower - Based on the current price. These are most probably the risk I am taking on.

As for the dividend scorecard, it doesn't matter as of now. This is because my focus on this stock is more on the balance sheet and not the dividend.

In Short

Wheelock Properties (Singapore) Limited is in the same situation as Sing Holdings at that time when I bought the latter. But Sing Holdings was more valuable at that point in time - It was a Current Net Asset Value stock.

On the other hand, Wheelock Properties (Singapore) Limited maybe better as there is still room to grow in terms of financials. The company already have significant investment properties, which meant significant recurring income, and do not need to bid for any land bank at the moment (before they sell off all their developments).

Regardless, with the above advantages, the company seem to be a worthwhile stock to purchase now.

Current Price: $1.465 as of 11 August 2016.

Please do your own due diligence before you invest in this stock.

Do note the author is vested in this stock/company at $1.490. 

For those who are interested in the Enhanced Triple S Scorecard, do not hesitate to contact me directly.

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

Wednesday, November 23, 2016

I Managed To Close All My Positions Using Deep Value Strategy

If you have read about my previous post about changing plans, I have finally did it.
I had CLOSED all my positions in my portfolio that was involved in the deep value strategy.
I have always emphasize that this is a high risk, high return strategy. However, during such bad times, I came to a realisation that eventually all the stocks in SGX will be in deep value. In that situation, will you rather buy a deep value penny stock or a deep value blue chip?

After all, once STI reach lower grounds, blue chip will soon become "blue cheap*".
*Just to digress a bit, some of the reasons I read that explain why Blue Chips becoming Blue Cheap are that:
  • Funds maybe exiting Singapore to go back to USA after Trump won, maybe due to the high possibility of protectionism of USA Businesses.
  • There could also be margin call from the banks and investors were made to force sell some of their positions.

Anyway, back to the topic, I did have some good capital gains from this deep value strategy before. But as time goes by, losses increased as well.
Eventually, my position in this part of my portfolio was about negative 10%.
One of the main contributor (to the losses) was USP Group Ltd. I recognized it was a gamble. However, I was pleased that I calculated the Net Asset Value correctly prior to them releasing their consolidated financials (after the acquisitions of Koon Cheng Development Pte Ltd and Supratechnic Pte Ltd). This meant that I had the first mover advantage. My expectation was that the price will SHOOT UP when the company announced the consolidated financial statements.
But I have forget to expect the unexpected. Even after announcing of the financial statements and turnaround from losses to profit, the stock continue to be on a downtrend.
Along the few months that I was holding on to this stock, many people actually advised me to give up. But I held on. Nevertheless, I gave up after their most recent release of their quarterly financials.
It stated, "For the FYE March 2016, the Group made an impairment of S$1.5 mil and reclassified the remaining investment as available for sale quoted equity securities amounting to S$3.655 million. Unfortunately the discussions have not progressed and in October, the major shareholder attempted to trigger a voluntarily winding up of SGSS. The Group is seeking legal advice and have secured access to SGSS accounts to evaluate its options. In the meanwhile, the Directors are of the opinion that the remaining investment will have to be impaired in the next reporting period, Q3 2017. This may significantly impact the results for Q3 2017."

This is not their first impairment. This is not their first "seeking of legal advice". Their small profit obtained will may end up as a loss in the 3rd Quarter. Furthermore, the company's  response to SGX queries was like "you might as well don't answer".
So I said bye bye to USP Group Ltd and was hit by a 60% loss.

Oh... and do remember, please like our Facebook page (T.U.B Investing) and follow me on InvestingNote.

I have been using InvestingNote!

Recently, I have been using InvestingNote actively, much more than Facebook.

I was initially very skeptical about InvestingNote, thinking it was just another website/app about stocks flooding with investing/trading courses and news.

But how wrong I was?

Ever since I started using InvestingNote, I realised I have spent much lesser time on Facebook. It has currently become the most active application on my phone.

There are quite a few reasons why I like InvestingNote, but here are 2 reasons and I will leave you to find out the rest.

1. InvestingNote has a great interactive community.

I am able to find new conversations created on a daily basis. Everyone is ready to interact with one another. There are also very interesting and informative chat threads created, such as one which everyone will provide the counterparty in their trades.

It was in one of this threads that I found another GEM that I have invested in recently! (Will write about it soon).

2. InvestingNote has a great REWARD System if you interact actively!

Another main difference between Facebook and InvestingNote is that interaction is rewarded.

When using Facebook, interaction is dependent on one’s willingness to share. However, if you use InvestingNote, interaction is encouraged via a points rewards system. After earning enough points, you can exchange the points for REAL CASH Vouchers too!

Being an investor, every tiny bit of extra return is a GOOD. These cash vouchers can really help me save up when I am buying Christmas Presents.

These are the 2 reasons and I will leave you to find out the rest.

So do sign up now and follow me in InvestingNote!

Oh... this does not mean I will stopped contributing to my Facebook Page... Do like my Facebook Page as well – T.U.B Investing.

Thursday, November 17, 2016

Is Fraser Centrepoint Ltd still the best?

Update 17 Nov 2016: Please note that as per Scorecard comparison below, Amara Holdings Ltd should deserved a "yellow cell" for having the lowest Last 12 Months PE. Thus, this will basically change the Fraser Centrepoint Ltd from 5 yellow cells to 4 yellow cells - Which Meant the company is no longer the BEST! Nevertheless, its Last 12 Months PE is still the 2nd lowest. 

If you remember my last in-depth analysis post on Fraser Centrepoint Ltd, you will know that I did that with a comparison with 4 other companies.

After Fraser Centrepoint Ltd released their 4th Quarter results and announced another 6.2 cents of final dividend, I decided to do another update on this company. However, this time, I added Wheelock Properties Ltd and Amara Holdings Ltd into the comparison mix.

The table below shows the comparison of my Enhanced Triple S Scorecard criteria across 7 different companies - Capitaland Ltd, Fraser Centrepoint Ltd, UIC Ltd, OUE Ltd, Far East Orchard Ltd, Wheelock Properties Ltd and Amara Holdings Ltd:

Click on it!
Yellow - Best Among 7 Companies
Green - Worse Among 7 Companies
Before I start explaining, it is important to address on the dividend yield of Far East Orchard Ltd. It actually much higher as it give out 6 cents per year. However, I believe they gave them out in scrip dividend, thus my scorecard did not register them as "dividend" per se.

I do not have a preference if my dividend comes in scrip or cash, but if its in scrip, it will dilute the shares and I deem it as a negative if I STILL DO NOT HOLD ANY OF THEM. Thus, Far East Orchard Ltd was punished for that.

Back to the main question, is Fraser Centrepoint Ltd still the best?

It does have 5 yellow cells across all the criteria, which is the highest number of yellow cells among the 7 companies.

Nevertheless, in order to provide a more balance view, it is important to note that Fraser Centrepoint Ltd is still significantly leveraged, with very low Net Asset Value as well as a negative price to free cashflow ratio.

But I also do notice a drop in liabilities and debt. In addition, Fraser Centrepoint Ltd has managed to achieve positive free cash flow 2 years in a row! Furthermore, other than those criteria related to balance sheet, Fraser Centrepoint Ltd did score quite well for other criteria as well.

There are also 2 other companies, which is on my radar - OUE Ltd and Wheelock Properties Ltd.

An interesting observation is that Fraser Centrepoint Ltd, OUE Ltd and Wheelock Properties Ltd, ultimate shareholder is a non-Singaporean Company.

Finally, I look forward to you sharing your comments and views on Fraser Centrepoint Ltd or the other 7 companies, if you have any!

Current Price: $1.515 as of 15 Nov 2016.

Please do your own due diligence before you invest in this stock.

Do note the author is vested in this stock/company at $1.490  

For those who are interested to understand and find out more about the calculations shown above based on the Enhanced Triple S Scorecard with the Dividend Scorecard Portion, you can come for the 4th Sharing Session with T.U.B! If you are interested to attend, do not hesitate to contact me directly.

Oh... and do remember, please like our Facebook page - T.U.B Investing.

Tuesday, November 15, 2016

Are you prepared for Trump?

Trump claims the White House. That must spell disaster for the market, right?

What a lie.

Not only did the market not crash, it reacted well to President Trump. Bloomberg didn’t think the market would be remotely excited about Trump as the president. How wrong that was.

No one took Trump seriously when he first started. How wrong that was too.

Now, we think Asia is in trouble because of Trump’s nationalistic statements. Should you believe that?

We don’t have a crystal ball in gaze into. But we do know, Donald Trump is first and foremost, a businessman.

Growth in Asia isn’t going to stop. Business here remains as promising as ever, with or without United States. The tech giants, from Alibaba to Amazon to Google are pouring investment into Asia. We are living in a challenging yet exciting times. It will be U.S. loss to neglect Asia.

But all these are of little relevance to investors. Unless it answers the fundamental question for investors – What do I do?

Here’s one way to look at it, we will never be able to fully anticipate the events happening around the world. Would you have bet your fortune on Donald Trump winning?

The bigger the company, the more susceptible it is to global waves. GLP with its massive investment in United States would undoubtedly be affected. Everyone believes blue chip counters are your safest bet, do you believe that mantra too?

Small companies are far more insulated from global trends by focusing on their line of business. Keep their customers happy and dividends will be paid. If you are already picking up great companies to invest in, keep it going. We believe you will emerge stronger (and richer) in the turbulent market.

If you aren’t familiar with valuing small companies, why not consider a two hours crash course, the 4th Sharing Session with T.U.B, to understand how to invest in small-cap stocks? As the finale session for 2016, I will be extending 5 final slots for this course before I close the chapter for the year.

Details of the Sharing Session:

Location: 73 Ayer Rajah Cresent, #01-11/12, Singapore (139952). (Walkable distance from One-North Circle Line MRT Station)

Date: 18 Nov 2016 (Friday)

Timing: 7.00pm to 9.30pm.

Price: $68 (via bank transfer. Contact me for account number). Each confirm slot will be given upon the successful bank transfer. 

Participants of this sharing session will eventually be receiving a soft-copy of the Enhanced Triple S Scorecard with Dividend Scorecard Portion, which I only passed to the participants of the Sharing Session with T.U.B so far.

If you have any queries, please feel free to contact me directly.

Oh... and do remember, please like our Facebook page too - T.U.B Investing.

Monday, November 7, 2016

M1 Ltd - A Different Perspective

M1 Ltd has been falling for a prolonged period, from the heights of $3.930 on April 2015, till $2.020 on 31 Oct 2016, before recovering slightly recently. Over the period of freefall, there was also a slight recovery during this period of fall.

Nevertheless, as per the chart below, the share price is currently at the lowest point over the last 5 years.


Many factors has caused this downfall, such as the pending establishment of the 4th Telco, the Jan-Feb 2016 correction, the insider selling by the CEO and also the recently released 3rd Quarter financials which were deem to be "very poor".

These factors were further enhanced by analyst reports that states M1 Ltd will be the worst hit among the 3 Telcos. Yes, people continues to be "addicted" to analyst reports.

So there are some truth...

1. M1 will be the most badly hit by the emergence of 4th Telco - This factor, as reported by many analyst reports, is due to M1's business model. Being the smallest Telco, non-diversified business that solely focus on telco business and having mainly customers in Singapore are some of the reasons many believe will cause M1 revenue and net profit to fall greatly in future. This will then in turn affect the company's dividend payment in future.

2. Quarterly Revenue and Net Profit on a downward trend - By looking at the last 4 quarters' revenue and net profit, you can't help but notice the downward trend the company is in.

3. Lack of Catalyst and Direction - With Singtel going into cyber-security, and Starhub also going into cyber-security and investing in MM2 Asia Ltd as well, M1 seem to be directionless.

4. CEO actually sold some shares recently - This one I got nothing to say.

But it is still NOT the end of the world...

1. It is still early days for 4th Telco - Does anyone still remember Virgin Mobile? The telecom company that was in Singapore for less than half a year. This indicate that it is actually very hard to to break into the current Singapore Telco Industry. Furthermore, I have stated before;

"(6) Bidders of the 4th Telco "expects" to gain about 10% to 15% of the market share. This is not drastic to M1 or Starhub. Nevertheless even if a dropped in Revenue, a company may still maintain its dividend amount."

YES, a 10% to 15% drop in market share will not be drastic. AND M1 will not be the only telco company that will be affected. Singtel and Starhub will ALSO BE AFFECTED! Wake up!

2. 4th Telco is already out - Circles.Life can actually be the 4th Telco. This telco service is formed from the partnership of M1 and Liberty Wireless. With many people already switching over to Circles.Life, you can actually state that this partnership is the 4th Telco. Furthermore, do note that this is a partnership with M1. Thus, even if M1 losses some customers, it may still stand to gain as we do not really know what is stated in the agreement. But if customers leave Starhub or Singtel, there is only loss for these companies.

3. M1's Fibre Boardband Customer - Despite a drop in M1's mobile customer, but M1 continues to increase its fibre broadband customers. M1 has been stepping up on getting more fibre boardband customer, ever since Singapore started to have fibre boardband. In my opinion, M1 has the first mover advantage in this area.

4. The future is bright - Despite not having much news about its future, M1 has actually made some progress;
 - M1 and Ascendas-Singbridge will start on the 1st fibre-ready building installation that will be completed in 2018
 - M1 purchase of shares in Octopus Retail Management Pte Ltd.

5. Temasek Holding bought M1 shares recently - This is what sparks the recent mini recovery. You will feel amazed if you actually purchased M1 at a share price that is lower than what Temasek Holding bought them for.

6. In my opinion, M1 is better than Starhub - In the business world, M1 is focusing on fibre boardband and data, while Starhub continues its hubbing strategy. I believe this will not work that well for Starhub because we can forgo SCV and use data to stream online. In this way, a M1 user can watch the shows, that is actually shown on SCV, on other website and they do not need to pay extra. But a Starhub user may need to pay slightly more for SCV.

7. M1 Ltd continues to enjoy the competitive advantage of being the only 3 or 4 Telecommunication companies industry - With such high barriers to entry, M1 continues to enjoy being one of main telecommunications operator in Singapore. This can be emphasize by the announcement of 4th Telco, which IDA has to take such a long time to decide on who can be the 4th Telco in Singapore.

8. Humans are generally lazy - In my opinion, I believe that switching telco company is not such a easy thing to do. This is because humans are generally lazy. If there is no issue, why change? Furthermore, all of us sign on for 2 years. To switch mobile operator, you need to wait 2 years.

In Short 

In view of the reasons above, instead of selling my M1 shares, I will continue to buy and average down my share price for M1 Ltd.

Current Price: $2.100 as of 7 Nov 2016.

Please do your own due diligence before you invest in this stock.

Do note the author is vested in this stock/company at an average share price of $2.390. 

For those who are interested to understand and find out more about the Enhanced Triple S Scorecard with the Dividend Scorecard Portion, you can come for the 4th Sharing Session with T.U.B! If you are interested to attend, do not hesitate to contact me directly.

For those who intend to try the Enhanced Triple S Scorecard first before attending the sharing session, you can contact me directly as well

Oh... and do remember, please like our Facebook page - T.U.B Investing

Finally, I like to make a shout out for Investing Note. I have been quite active on this platform lately and learnt quite a lot of things from the other users as well. Thus, if you have yet to try this platform, do get on-board soon and follow me there as well!

Thursday, November 3, 2016

"One with the F&B Business That Got Listed Recently"

I thought about whether I want to really write about this "falling knife" since it only gotten listed recently. Writing it may make it worse for the existing shareholders.

My rationale for looking at this stock was because:
1. It is in the food and beverage business - something my portfolio is lacking and something I am interested in.

2. The price has been falling - After reaching the heights of 40 cents after IPO, the stock has been coming down till $0.240 as of today.

This stock is Katrina Holdings Ltd.

It is a F&B management company of the branded restaurants below:

However, I will not doing much analysis on this stock because I decided to ignore it once I saw its latest half-year balance sheet.

The printscreen of the balance sheet is shown below:

Do note that this balance sheet was in Jun 2016 prior to the group getting listed in Jul 2016.

So did you notice the issue?

There is actually an amount of $10 Million that is due to directors prior to listing. Why?

This actually make me question the rationale of getting the stock listed. I meant once listed, wouldn't the company use the funds to expand rather than pay back the directors?

Furthermore, this also meant there will be less money for dividend right? Since $10 Million will be paid to the directors first.

This just does not make sense to be part of its minority shareholders. But never say never, if it falls until a very low price (below IPO price for example), I will also come back and review the financials again.

For those who are interested to understand and find out more about the Enhanced Triple S Scorecard with the Dividend Scorecard Portion, you can come for the 4th Sharing Session with T.U.B! If you are interested to attend, do not hesitate to contact me directly.

For those who intend to try the Enhanced Triple S Scorecard first before attending the sharing session, you can contact me directly as well

Oh... and do remember, please like our Facebook page - T.U.B Investing.