I have a strange sense of humour - possibly
Quote:
Originally Posted by
Paper Tiger
...I am definitely going to give the entire 147 page announcement a proper look over (accounts first and then the frippery) but superficially it looks good to me...
So on Page 98 - Note 26 Contingent liabilities (many pages still to go ;))
"Contingent liabilities are not recognised in the SOFP1 but are disclosed where settlement is less than probable but more than remote. If settlement becomes probable, a provision is recognised"
Made me smile :D.
Best Wishes
Paper Tiger
PS "At the year-end there were no contingent liabilities (2014: nil)." :t_up:
1Statement Of Financial Position
Been a bit slow out of the starting blocks on this race
Research all done and dusted for now
Findings:
Should have bought them when they listed - I would have a tidy paper profit by now.
Missed the day the results actually came out as I was on an airplane (AirAsia X, not Air New Zealand).
They have an office here in Kuala Lumpur! Not far from the Petronas Towers and the KLCC branch of NZ Curry House. By a quirk of fate I walked by them today having been to listen to the Malaysian Philharmonic Orchestra (Sibelius: Symphony No 1; Nielsen: Flute Concerto; Liszt: Hungarian Rhapsody for Orchestra No 1).
The 20.88cps earning is based on a weighted 170M shares and not the end of year 220M, which would give about 16.1cps.
But by the time you have manipulated the numbers for the one-offness of the IPO you can accept 20cps as a reasonable picture of where they were.
Cash flow has been good.
The figures for Assetinsure since acquisition look like an outlier which bolstered the result significantly.
They have cash to use for more acquisitions & expansion, so if they do it mostly right then generally they should be able to grow profits over the next few years by say 10%.
Guess cps of $0.21 for FY16, and a few years of averaging 10% growth then I would value them at $2.60 now looking at $2.74 at year end.
So, not a convincing buy for me.
I will try to remember to keep an eye on them. I might buy a few, in case they surprise on the upside.
Best Wishes
Paper Tiger
Can one have too much insurance
Thought I should mention that I bought some of these and was about 5% in profit at close yesterday, plus I have the dividend (about which there is a long story and involves Computershare receiving the Wrath of the Tiger).
Feeling a little more positive about their future and I would probably buy some more but the sell side is ridiculously thin.
As Always Please Do Your Own Research.
Best Wishes
Paper Tiger