The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I'd be tempted to top up if it wasn't for the comedy spread :(. Holding for now.
“…there are other parts of Asia that are incredibly innovative from a technology perspective, like Japan, Taiwan, Korea, Australia and India. JADE is to be a more diversified portfolio with more positions and smaller investments…”
https://total-market-solutions.com/2022/07/jade-road-investments-limited-july-2022/
Certainly not everyones cup of tea but the (partially realised ) value of Meize fully covers the m/c. Everything else in for nothing. Not worth selling at this price and a fair speculative punt for the brave.
This one is full of red flags - I'm glad I got out despite the apparent and tempting dislocation of value.
No word of the restaurant Fook Lam that they "lost" ownership of.
No update on the Dolomite mine instead some general ramble about Chinese Magnesium sales in 2021.
I could go on.....
But a dreadful result, and a complete lack of transparency and accountability.
In my opinion you'd be throwing your money in the bin investing here.
NAV $68m v market cap of £7.5m.
Something not adding up !
Well I decided to sell out of this today. My reasoning:
1. Several emails to the Investor Relations unanswered..... RUDE!
2. The twitter comprises weird "general interest business news" stuff - nothing to do with their portfolio whatsoever, apart from a 2 minute video
3. Their last quarterly update was 6 months ago. Errr ... Quarterly?!
I have concluded rightly or wrongly that this is the sort of share you lose your shirt on. They appear to have given up or have something to hide or are just incompetent. Don't know which and I'm not waiting any longer to find out.
Lost 8% but I'd rather have my remaining 92% doing something productive. I've lost a lot less than someone who bought in some time ago.
Robert Corden ‘slams’ Jade Road Investments (JADE) in the latest PIWORLD/Stockopedia StockSlam at 33m30s
Watch the video here: https://www.piworld.co.uk/education-videos/stockopedia-piworld-stockslam-jaunary-2022/
Or listen to the podcast here: https://piworld.podbean.com/e/stockopediapiworld-stockslam-january-2022/
12 Companies to follow in 2022 from @TMsreach
https://total-market-solutions.com/2021/12/12-companies-to-follow-in-2022/
Hi Agricore. The main issue for me is whether 1. Jade can find a buyer for Future and Maize and 2 Are these investments held by companies outside China and, if not, can the proceeds be remitted for hard currency. They haven't made this clear. As you say, the discount to NAV is ridiculous and I would hope for another announcement from Jade in the near future
Well here's a thought Silverknight: 45.6% of the NAV is the magnesium open pit called Future so valued at approx 29p per share of NAV.
It is operational, and has been for 18 months. It's had investment in 2021 to optimise its operation. 80% is qualified dolomite - use to smelt magnesium. Magnesium is up 22% this morning (24th Dec); it's up 220% in 2021. The Chinese are going to be announcing further infrastructure stimulus spending ($1-2 trillion?) and Magnesium will be one of the metals in demand. I can't find any numbers as to tonnes mined/sold unfortunately. Looking at their videos it would appear to be something like 10,000-20,000 tonnes per annum of material operation - so possibly $4-6m profitability?
I guess if Jade can offload it at a decent price then yeah, selling it could be good. But equally if they can't then in such a buoyant environment this asset should be able to significantly contribute to 2021 and 2022 profit.
If this were a mining share and not an investment co (assuming my estimates are accurate) then this would be far too cheap. In its present form Jade is half a mining co given the large proportion of future to Jade's portfolio.
What's interesting too is the future importance and direction of magnesium beyond what's happened in 2021 e.g. read this:
https://stockhead.com.au/resources/the-magnesium-market-could-double-in-under-a-decade-and-one-asx-listed-company-is-ready-to-make-its-move/
My concern is more about the Chinese companies. I imagined that the Japan, Singapore and Hong Kong holdings would be the safe support (relatively). If they can dispose of Future that will put a whole new aspect on the situation. I'm in two minds about averaging down right now
Last reported NAV is 65p so NAV is just over $100m. So Fook Lam Moon is worth $26.5m (ignoring the lost income which isn't part of that 65p NAV). So we are potentially (worst case scenario) looking at a 16p per share loss. So reduces to 49p NAV for a share buyable at 8p. So remains at a 83% discount to NAV! The OCF is a bit eyewatering but for someone looking for compelling value and a recovery play in a fast growing area (SE Asia and China) then this is very interesting. The spread is a painful 33% so I've put a limit buy and let's see if one of the MMs accept my above mid point offer.
17th December RNS said:
The Company holds a Convertible Bond of US$26.5 million in Fook Lam Moon Holdings. The Convertible Bond has a maturity of 5 years ending November 2023 and pays a coupon of 5.0% per annum (3.0% paid in cash with the remainder rolled up with the principal amount outstanding).
· As of 30 June 2021, the carrying value of the Convertible Bond was US$29.1 million taking into account the current face value of the instrument, accrued PIK interest and cash interest receivable, less an Expected Credit Loss ("ECL") provision of US$0.7 million against aged cash interest receivables accounting for approximately 27% of the Company's Net Asset Value as at 30 June 2021.
· The Company has recently become aware that the underlying group structure of FLM may have changed such that FLM is no longer the 71% owned controlling shareholder in the Hong Kong based restaurant group ('the Restaurant Group').
· The Company and its Investment Manager are actively working to secure more information to clearly understand what potential impact this ownership change may have on the value attributed to the Convertible Bond and the level of any new ownership in the Restaurant Group .
· In order to be prudent, at this point in time, the Company believes it likely that a provision may be taken against the Convertible Bond ranging from a partial to a full provision in its 2021 year end accounts.
· The Company will also explore all legal options available to it under the Convertible Bond documentation if its rights to knowledge of and possible consents to a disposal of a controlling stake in the Restaurant Group have been breached and will consider all courses of action to protect its interest as more information comes to light.
· The Company will provide relevant updates upon further information becoming available.
“…Why invest in Jade Road? If you want some exposure to the private sector space in Asia, then we are the only public listed vehicle listed on the LSE that gives you that exposure to that space…”
https://total-market-solutions.com/2021/11/jade-road-nov-2021/
On a ridiculous discount to NAV. Future Metal's worth more than JADE and it's an interesting portfolio. Bottom drawer it-I have.
“…we are aware of a number of a companies that are close to going to IPO but are not yet public and looking to do pre-IPO rounds…”
https://total-market-solutions.com/2021/08/jade-road-investments_august-2021/
“…There’s plenty of Alibaba’s and Alipay’s in China and we’re confident Jade Road have access to a number of those opportunities…”
https://total-market-solutions.com/2021/06/jade-road-investments_june-2021/
Tomorrow, I'll becoming a new investor in the company. I usually spend any spare time on a Sunday to see if any particular investment threatens to make my tight fisted hands prize some money out from my hard earned savings. Today I've went over at least 20 companies that have article's wrote in depth about them. Each & everyone promised to provide me wealth that I will never have. It doesn't stop me trying or hoping. One of the articles was about jade. Funnily enough it was one that didn't go overboard with fantastic profit making headlines. Just a decent well wrote piece that caught my interest. After spending the last couple of hours trying to find out the far end of a fart about the company. I've decided to add the company as a long term investment to my portfolio. Hopefully any existing holders, as well as any new ones like myself do well here. Best of luck to all invested here & all future investors here. Have a good week all & remember putting sand in the vaseline isn't big, clever or a sensible thing to do on a Sunday evening.
NAV at year end 67p, current mid price 21p. Crazy discount.
ESG policy integrated into investment decisions.
Needs more publicity to raise its profile. Should appeal to long term investors, e.g. pension funds.
look very good at a glance
And suddenly some interest appears with what looks like one keen buyer hoovering up and 22 trades in one day. But looking at the algorithmic split of trades into buys and sells, the drop in price looks strange. Anyway, this looks like a share for the patient. GLA.
same to you m8.
blimey,160ft blades,i wouldnt like too get caught,in them things.lol.
cheers tro . atb m8
here ya go m8,an interview
https://www.proactiveinvestors.co.uk/companies/news/947877/jade-road-investments--outlook-for-renewable-energy-in-china-947877.html