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Popular, good to buy and hold for long term?
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ah_huat
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18-Aug-2011 15:34
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Also, for those brudder attending AGM, can u help me take note of how many proxies/numbers vote in favour of the resolutions, especially for resolution no.9.    If there’s a count.   
Thanks hor. |
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ah_huat
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18-Aug-2011 15:29
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sorry, when for long lunch..... 2nd question.  Can they have more transparency on the breakdown of valuation by individual properties in their future ARs.  Shouldn’t be too difficult, just a small column by the side.  And I am pretty sure they already have all the numbers.  Afterall, the valuation of $36.4m gotta come fr somewhere right?  Reason?  See point no. 1 on alarm bells. |
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ah_huat
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18-Aug-2011 11:24
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U think their PR people don’t read this forum? 
IMHO, they are already ON the forum.  Just read the back post and u will know what I mean.  If fact, I think they probably reading this right now and trying to come up with a response as to why this valuation shouldn’t be done. Lol.   I am guessing tomorrow’s mgmt response will probably be “we’ll think about it” and then…..take a whole yr to do so.  Lol. 
Or perhaps site cost as an issue.  |
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ah_huat
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18-Aug-2011 11:15
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So why independent directors and not mgmt?  Well, as you can see for yourself, their valuation technique is probably already quite flawed, so you think they’ll do any better this time round? IMHO, if it wasn’t for me asking my stupid $27m question back in early July, there is a probability we would not even see this current valuations of $36.4m.   Don’t believe?  AR (Annual report) 2009 valuation $27m, AR 2010 valuation $27.6m, AR 2011 valuation $36.4m!  Kinda sounds like the Mastercard ads on TV…. Priceless!  Lol. |
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ah_huat
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18-Aug-2011 11:03
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ok, I ask questions leow ah. 1st. Ask them to do one off revaluation of all retail and office assets in their books to reflex the true market value of these assets, based on proper valuation done by a reputable valuer and selected based on the recommendation by the independent directors.   Even better still, appointed by me! Lol.  Why is this important?  Well, for starters, it will prevent & deter insiders fr hiving off any assets below market value without setting off any alarm.  Fr past experience, notice how hardly anybody ask any questions when mgmt (in general) sells off assets above book value and report a profit?  And I believe I already made my point below as to HOW UNDERVALUED their retail/office assets are.  Also, it would potentially boost NTA per share by anywhere between 5 – 10 cents.   Good for minority shareholders.  But “shiiiii” don’t tell them the last part hor. Lol.   |
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ah_huat
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18-Aug-2011 10:49
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The retail shop space in
17,486 sqft in Blk 86 Marine Parade Central (opposite e Hawker Centre at Blk 84)
6,401 sqft in Bras Basah Complex
3,840 sqft in |
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Richman
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18-Aug-2011 10:42
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I am planning to upload soon! | ||
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ah_huat
Member |
18-Aug-2011 10:38
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The retail shop space in Singapore that they own include:- 17,486 sqft in Blk 86 Marine Parade Central (opposite e Hawker Centre at Blk 84) 6,401 sqft in Bras Basah Complex 3,840 sqft in Bukit Timah Plaza | ||
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ah_huat
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18-Aug-2011 10:24
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Some are owned.  Like I said below, those owned by them include.  86,400 sqft of retail shopping centre space in Malaysia, 45,300 sqft office premise in Hong Kong, 3,100 sqft office premise in Canada, 27,700 sqft retail shop space in Singapore. |
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parimas8
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18-Aug-2011 10:08
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arent most of their retail shops rented from the shopping centre landlords? | ||
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ah_huat
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18-Aug-2011 09:59
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Any brudders going for the AGM tommorrow?  10 o'cock at Old Toh Tuck Rd? If so, can u help me ask  a few questions and update me latter?  Look like I can't make this one.  Gotta go Batam see my girlfriend. Thank hor.     |
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ah_huat
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11-Aug-2011 05:41
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To make a point. Let say we assign a ZERO value to  their 86k sqft Malaysia retail shop space, ZERO value to their 45k sqft HK office premise, and ZERO value to their 3k sqft Canada office space. At $21.8m net book value (for ALL properties), that would mean that their Singapore retail shop space is valued at $787 psf! Don't talk abt relatively prime retail shop space.  At that price, I can't even buy a condo.  Even the recent condo by Cheung Kong in " ulu" upper thomson is already selling for $1,400 psf! lol         |
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ah_huat
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11-Aug-2011 05:22
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IMHO, just their Singapore properties ALONE (based on current market values) could already be worth 2 to 3 times that of their net book value, i.e. $21.8m. | ||
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ah_huat
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11-Aug-2011 05:02
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Total sq of retail (shopping centre/ shop house) and office space in their books:-
  Based on their latest valuation, this is worth $36.4m.  Seriously?   Even at this valuations, it don't mean squat coz in their books (under net book value on page 90 of their latest AR), all of these are recorded at a princely sum of $21.8m.   p.s. AGM coming up        |
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ah_huat
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03-Aug-2011 01:06
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So, can anyone answer my $27 million dollar question?  Retail assets undervalued or not?  By the way, it's on page 128 of their 2010 annual report. | ||
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ah_huat
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02-Aug-2011 18:47
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er, who's/what's BB?  lol " do you think ppl are idoit, ppl will have come to know and syn will have push up the px," Er, here's the reality of things.  Can u name " ONE" company which has been taken over private by management/ insiders  that has seen their share price pushed up prior their privatisation/ delisting announcement?  Say over  a 1 to 3 mth period prior to delisting?  Simple question... share price Up or down?      I don't even ve to look to give u that answer lah.... Down!!  So how come those  syn and ppl u mentioned never push up the price leh?    |
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andreytan
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02-Aug-2011 17:10
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  He can be successful only if the mkt is very bad, economy is real bad, maybe BB need fund so will sell him their stake at slightly higher than mkt px.  |
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andreytan
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02-Aug-2011 17:08
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you think so easy, if like that, why BB offer ppl prenium over mkt px??? if say Popular boss want to buy fr mkt, and if he already own half, he got to buy 3000lot everyday for a year.  do you think ppl are idoit, ppl will have come to know and syn will have push up the px, unless, he find big invester to sell him their stake., and even that, he still got to offer the remain small invester a higher px. 
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ah_huat
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02-Aug-2011 16:32
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I mean, I do think so... lol | ||
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ah_huat
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02-Aug-2011 16:29
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Yup, I think do so.  And I don't think they gonna pay anything more than NTA.  Personally, if it were me, I wouldn't! | ||
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