Member Info for the_shareminator

Still don't understand why anyone would put any faith in the NAV here. "If we disregard the asset revaluation and FX losses as a result of the Ukrainian Crisis... It is the first year in the history of the Company that our revenues topped €3,6 million, while our EBITDA surpassed €0,8 million, more than quadrupling in comparison to 2013. Finally the Company has profits after tax of ~€1 million indicating an even better year to come." These are paltry amounts and with the Euro expected to weaken further will translate to smaller revenue and profit figures going forward. The major headache though has to be the Ukrainian assets which have lost significance value, not just because of the continuing devaluation of the Hryvnia but also the exodus of capital from the country. Assets are depressed there for a reason and will continue to fall as the economy contracts - 9% according to the IMF http://www.bbc.co.uk/news/business-32954874 Greek assets will fare far worse if the country pull out of the Euro. Worse still are the balance sheets! Total equity down 38m to 33m whilst total liabilities up from 13.5m to 33.5m in the year! The value of properties has increased from 39m to 62m as of the last update. But this valuation exercise is fruitless and the company won't dispose of all assets, no they intend to retain them in order to chisel out less than £1m profit per annum

Going nowhere... a nice earner for the director & officer lending a combined £100k though.. 8% per annum. Bravo!

Half Year Results and Dividend around September

Dividend tracker, looks like a solid earner and under the radar

On the watchlist

Revenues for the first two months of 2015 were approximately RMB 156m (unaudited), some 4.9% down on the RMB 164m generated in the first two months of 2014. The Group's original order book for its spring/summer collection 2015 (H1:2015) was RMB 378m, some 13% down on the H1:2014 order book. However, the difficult trading conditions within China at the current time have resulted in cancellations of orders. Added to this, increased price pressure and competitiveness from international brands has necessitated price reductions of between 5% and 12% across the Group's brands with effect from 1 April 2015. This has resulted in the final order book standing at RMB 269m, 38% down on the H1:2014 order book. The Directors anticipate that a similar trend will be experienced for the Group's H2:2015 order book. The Board continues to review the Group's cost base in 2015. On the verge of huge losses and contracting revenue, depleting cash position... looks cheap though!

Second Wednesday in June we'll see how the market reacts to improving trade results... ongoing sale process should only excite punter more I would think. Not sure if Directors will be able to buy like in the weeks after as what happened last year.

Oops spoke too soon! Still likely to see an offer at a premium to current £40m price tag. With revenues of £50m, cash generation after tax of around £4m per annum and room for organic growth, efficiency savings and further acquisitions this is only going to be snapped up. Blinking cheap but nobody here knows it... except for those funds buying in last month

This is due a correction downwards. Recent developments translate as follows... 17 Dec 2014 - outstanding loan balance with Investec Bank plc repaid. New loan taken out with M & M Investment Company plc, a company associated with Midas Investment Management Limited and Mark Sheppard, the asset manager to the Company who have, along with their associates, an interest over 51.4% of the Company's share capital. The total amount outstanding to M & M Investment Company plc and their associates is £1,652,000 (approx €2,270,000) 29 Jan 15 - sale of two properties at a combined sales price of €461,884. The total loan owing to M & M Investment Company plc (and any associates) is now €1,823,017. The annualised rent roll decreased to 'around €529,470'. 02 Mar 15 - sale of property at a sales price of €149,791.92. The total loan owing to M & M Investment Company plc. fell to €1,673,225.30. The Company's annualised rent roll decreased to 'around €495,270'. ~ ANALYSIS: I make that a reduction in rent of €34k (6.4% of rent roll) presumably as a result of currency depreciation as well as sale of property 30 Apr 15 - sale of property at a sales price of £187,300 (€257,000 approx). The total loan now owing to M & M Investment Company plc (and any associates) is now €1,415,688. The Company's annualised rent roll fell to 'around €482,000'. ~ ANALYSIS: I make that a reduction in rent of €13k (2.6% of rent roll) With a bit of guesswork it's possible to estimate when PHU will be able to clear the entire remaining loan of €1.42m. Judging by recent sales the rent roll will likely continue to fall to around €320-340k at today exchange rate. This would also result in a reduction in assets through the sale of properties amounting to the value of the €1.42m remaining loan. Property investments are falling and will likely end up around €4m once the loan is cleared. This is a projection in order to repay loans, but perhaps the company can raise money through a placing and retain a larger portion of holdings. Rental yield has performed poorly owing to weak currency movements and the debt financed in UK sterling. This should get cheaper.

Thoughts from the last Interim results, expanding 'rapidly' especially the cost base. The number of people employed and location of operations might push up revenues but we've yet to discover if the group are growing profitably as a results. The falling value of the SGD, RM, PHP etc over the past 6-12 months weakens the existing cash position further and relative to cashflow figures. These are the negatives that caught my eye... I've experienced the negative side of rapid business expansion in the far east and it is not always positive. For £8.5m looking at revenues of less than £3.25m with operational profits expected around £800k it looks fairly priced to me. MBO operate in Malaysia and with £50m revenue for just £2.5m market cap look a better punt than this, despite RCI experiencing this growth phase. Also note RCI completed placings in the previous year to retain a more-or-less stable cash position... MBO have been through expansion in other South East Asian countries but this proved a loss making investment and they closed down those operations last year. Given the margins of operations, if they prove it is scalable then this will look cheap in a year or two, just depends on timescales and continued growth targets met - that's the proof of the pudding

Yes more share buybacks would be a sensible use of those cash reserves! Hopefully the management will do something exciting... I agree about the sells today, interesting they definitely didn't show at the time. Likely a market maker reducing into a little volume perhaps? Whoever it was they acted at the time, ie they were not limit sells as the 375 would have triggered sooner... If a large private investor they'll have plenty of opportunity in the coming weeks to dispose of their stock... The increased volume here today, more than has been usual over the past few weeks hasn't helped the share price and the discount remains. Note the £14k buy over on DWHT... I would have expected a few people to sell into that but not yet.

Deadlines passed, fingers crossed no takeover...

Just making a note on the 'currency exchange effect' for future reference - "Revenues from the operating business for the year increased to £20.7m from £20.0m in 2013. This is despite the movement in exchange rates which impacted the Group revenues. Had the exchange rate been the same as the corresponding exchange rates used in 2013 the revenues reported would have been £21.6m for 2014." Not sure why currency had a 5% negative impact on revenue figures, but yeah despite that those results last month were impressive. And more so will be DWHT/A's, one of the safest holdings in the PF right now :)

Looks like support of 480 pretty firm, see if it moves back above £5 now

Haha it won't happen! If it does we'll both be in heavy :) There's now a premium to buy over 1000 here, 600p paid for £14k buy this afternoon bodes well for tomorrow and into next week. So that's 383 over 600 now comparing the asking price, what is with the discount? N/V shares getting cheaper.. decisions :)

Yep that's true, no indication how well operations have gone recently... given track record, and outlook from last results they shouldn't disappoint. Discount here may be punters not knowing 'A' shares and the lulls during the year don't help but Is there anything better priced with results due out in the next 2-3 weeks?

Ø Europe - The European market, being so diverse, is serviced by subsidiaries based in four locations: Ø UK - the UK is responsible for business conducted in the UK, management of the Group's distribution network and sales into other locations where the Group does not have a physical presence. The UK business contributed 26% (2013: 23%) to Group revenues. Ø France - the subsidiary in France is responsible for business conducted in France and with French customers whose manufacturing operations may be located elsewhere in the world. The French business contributed 13% (2013: 10%) to Group revenues. Ø Nordic - Densitron Nordic is the Group's subsidiary located in Finland and servicing business locally along with Sweden and customers located in the Baltic region. The Finnish business contributed 2% (2013: 1%) to Group revenues. Ø Germany - Densitron Deutschland is the Group's subsidiary based in Germany. It is responsible for business conducted in Germany, Switzerland and Austria and through the Group's distributor based in Germany. The German business contributed 8% (2013: 9%) to Group revenues. In total the European region represented the largest part of the business contributing 49% (2013: 43%) to Group revenues. Ø US - the US segment is responsible for business conducted in the US, Canada and Central and South America. It represents 39% (2013: 41%) of the Group total revenues. Ø Asia - The Asian segment is made up of subsidiaries located in Japan and Taiwan. Ø Japan - Densitron Japan is responsible for sales into Japan. It contributed 10% (2013: 14%) to Group revenues. Ø Taiwan - Densitron Asia is the Group's subsidiary located in Taiwan. It is primarily a facilitating function for the rest of the Group managing suppliers located in Taiwan and China. It contributed 2% (2013: 2%) to Group revenues.

I wouldn't be selling either mate, better to load up in the 'A' shares of course but results just around the corner id be more inclined to reduce elsewhere to load up. Just my two cent all the best

Aye I was working off 380 / 580 - 200p difference being 50% rise from current DWHA price but yes agreed 35% discount working backwards haha anyway both looking cheap and unloved right now :)

SEA stocks suffered in 2014 but good to see this one bounce back from recent lows.