Member Info for bangrak

$3m in salary and bonus for 3 directors is generous and if comparisons are being made to SLP, SLP paid out about $800k. Just making sure the Cypriot father and son are not being too greedy with their 44% holding and treating like a private company. Genuinely looking at this seriously so digging about as you do.

Last half-yearly chrome sales added $42m and the average price was $138 ton, has this altered, I see $138 was mentioned below as the current price?
Where is the cash going I see they have halted cap-ex on a mine but almost all funds seem to go on cap-ex?

71 to 73 might take some work but around early 60-62 looks safe. It's had quite a few positive articles written about it, a Rhodium rise, and some good results. Great company but might need to bump about here before it moves towards 97 to 115.

Oversold because it seems expectations were being hyped up and the results caught some people out who had not worked out the value. I think around 95-102p is about right as things stand today. If gas and oil stay where they are for a while then 115-130p towards the end of the year. Broker estimates look a bit low for 2021 at 19c I think 25c more likely with a higher percentage of income assuming SQZ get 100% of the income then?

https://www.metalsdaily.com/live-prices/pgms/

Now $14,100 oz and just slightly short of $3000 oz basket price. 70k oz @ $3000 with a substantial profit margin.

I think when there was a sudden rush from RRE to SQZ without a great deal of thought as to the actual value then he has a very good point. Analysts have been revising down the EPS for SQZ for a while so today's results should have been predicted. Investing without knowing the value of something isn't a great plan.

I think when there was a sudden rush from RRE to SQZ without a great deal of thought as to the actual va;ue then he has a ve

Nothing about fundamentals in there, the underlying price of the metals & basket price, fx rates, demand from China, scrap metal shipments, baltic dry index, analysts upgrades or downgrades, chrome prices, buybacks, political instability, or anything else that indicates early or sudden changes in demand or sp direction that follow no patters. It's impossible to look back 5 years and say this year the pattern will be the same, this made very little profit before now it makes a lot thanks to Rhodium.

Not a lot new in that presentation except slight changes in the prill split, I'm not including the 0.3% gold in calculations as its small so as things stand according to the averages on the 3 metals with mattey this year, we have Rh $9832, Pal $2176, Pl $874, giving a basket of $2329oz so an EPS of around 18p. Currently, the basket is $2834 or EPS 22p. Cheap still 100-135p is about right i think.

Thanks for posting this. I'm sure many have a very good idea how much free cash this is generating now with a basket price 41% above that mentioned in the results. I have at least $11m a quarter and I see that the broker also has $21m extra cash by the end of H1 and I think this is conservative. $76m in cash appears excessive to me, ditch this overly complicated metals windfall, and just agree to pay out 25-30% of net profits in dividends, that way dividends are sustainable Lewanne.

Broker note out, they are expecting a 3.9c payment early next year so if correct its a reasonably healthy 7-8% dividend on 60p including the 1.6p.
"After a 77% rise in the PGM Rand basket price in FY20, the group is making an enormous amount of free cashflow, even in spite of COVID-19’s impact on production. We believe that the PGM basket price strength will continue, supported by the structural factors for rhodium and palladium (see here) and a weakening Rand. The group is trading on a FY21 FCF yield of 32% on spot and we estimate the company will pay a special dividend of c.$10m (3.9 cents per share) in Q3’ FY2021"

Results, as expected really except the impairment charge (conservative approach not actually needed) knocked the net profit down from $51m to $41m but the rest is as expected. More info needed on this special dividend early next year as they are using some pretty low assumptions on basket prices in Appendix 1 of the presentation $1500-1829 sop that could be large. Whilst I'm disappointed the dividend is not much higher, to make this kind of profit and pay any dividend during a pretty bad time is excellent. The average basket price was $2015, today its $2827 as they have revised the prill split to 12.5% Rh, 25.5% Pall and 61.7% platinum, so plenty more to come here. Managed to buy back quite a lot at 54p so pleased about that. BOD does seem a conservative bunch of penny pinchers, i think they need to release more of the cash or explain what they will do with it to add value.

I have 158-189p however I just cannot put my finger on why I just don't have a good feeling about this one. If they can demonstrate significant free cash flow then its a possibility. Far too many bad experiences in business with Cypriots.

The share price is about 50% of where it should be when you look at today's basket price which is $2936, this should be generating a profit of £60m so a price of 112p to 134p is undemanding. Profit for last year will be $51m, cash up $34m including lots spent on dividends and buybacks, rhodium is up 50% in a month so that $51m & $34m will be smashed next year. I actually like the fact that the BOD doesn't issue endless RNS's or engage people like proactive or vox to pump the price, there is no need, anyone can see the incredible value here. Just give a minimum 6p dividend and discuss another special dividend of 6p+ and buy back more shares at a higher price & talk about how much demand there is for rhodium and reiterate your prill split being 13% Rhodium, 25% Palladium. Mention a possible deal to sell the asset for$40m with cashback to shareholders and watch the price take care of itself. It could all be done in 2-3 minutes.

it would ease back and cool off to retest 61p area but there is too much interest/excitement, results are due and ST has given it a boost in IC, creates some fantastic liquidity for those wishing to buy and sell in large blocks, the simon thompson effect i think Nearey called it. Very greedy when the fear was at 28-40p, just had to offload some excess weight but still think this is one of the best companies on AIM when you look at the figures. EPS today 18-21p worth and easy 100p on an African discount ignoring cash.

Que sera sera even, i think this has had a very good rise and i think it's about time it had a rest, i took the opportunity to sell some of my shares yesterday but still hold 650k, under normal circums

Velo, I think until August there has been an overwhelming number of traders who focus on the chart here & the effect of Palladium & Platinum only on the basket price. In August, the car industry in China issued some very good figures which took a while to boost the price of the PGM's particularly Rhodium. If you are a chart person surly you have been following the rise in Rhodium and the rise in the basket price from $2200 to $2816 an oz in august? A unique situation is developing here post lockdown, and I do feel more investors are realizing this Rhodium position & those trading the odd £5k-10k blocks are being eaten up by the £25k blocks. A very decent broker report which chartists generally won't read and substantial upgrades in EPS by 63% too, it's why I'm sat firmly in the middle of chartists and fundamental in my approach. I trade things but I'm an investor on a much larger scale when i and the brokers can clearly see 100% within a year. I would welcome a dip now just before the excellent results we are waiting for, I'm sure there is money waiting below.

Rhodium is $12,500 on the Hong Kong exchange now so the basket price today is $2789 oz or an EPS of 21.46p, EPS for the year so far 17.89p. I do understand some get a little giddy when shares go up 50% off their lows and take some profits but my own belief is that there is 100%+ available here from the 40p area with great support in the mid 50's. This was given a large EPS upgrade on 2021 figures by the broker last week placing it back on the Zulu screen.

If I put my chart hat on I would say 70.6p being the top of a longer-term channel. However, Rhodium is now $12,000 an oz, therefore, making the basket price here $2738 oz versus $1832 oz used by the broker in its 105p target so the broker I feel is way off the mark. Palladium looks like it will reach $2700 if it can pass $2248 and Platinum $1050 if passes $994, they all look good. Cheap is a PE of 5 so cheap is 105p. I did read somewhere that the French were doing well on car sales also.