感谢网友Calvin Tan,trader8899,SKLYTE之前对Asb 1481 的价值分析:
a)In the 2015 Annual Report of ASB Under Top 10 Properties
A Freehold Industrial Land & Building Was Purchased In Section 22, Shah Alam, Selangor In Year 2003 for RM31,909,000
The Land size is 61,492 sq meter.
Now let's do a simple Calculation & Then Its Valuation
Land is 61,402 sq. meter. 1 sq meter = 10.7639 sq ft
So 61,402 x 10.7639 = 660,924 sq ft.
According to PROPERTYGURU MY Listing. Industrial Land With Buildings are priced between RM200 psf to RM600 psf. For Section 22 Freehold Factories & Lands They are Priced around RM580 psf.
Let's take a very conservative figure of The Very Lowest Price at Only RM200 psf
So 660,924 x RM200 = RM132,184,800
Now Minus Original Purchase Price of RM31,909,000 (Year Bought 2003 - 11 years ago)
So RM132,184,800 - RM31,909,000 = A Surplus or Profit if Sold = RM100,275,000
Now let's divide by outstanding shares of ASB - 513,720,000 shares
So 100,275,000 divided by 513,720,000 = 19.5 Cts
YES THIS WILL BE THE NET PROFIT IF THE SHAH ALAM SECTION 22 LAND & BUILDING IS SOLD.
So at Current Price of 17 cts ASB IS SELLING FAR FAR BELOW NTA AND ALSO BELOW NET CASH VALUE IF JUST ONE PROPERTY IS SOLD.
AND THERE ARE 7 MORE VERY HIGHLY VALUABLE PROPERTIES IN ASB'S TOTAL HOLDINGS.
NOW CAN YOU SEE WHY ASB IS FAR MORE VALUABLE THAN LCTH MANY TIMES!
Do Your Own Due Diligence.
Get Accountants & Valuers To Double Check What I Say Whether It's True or Not
2.30a.m. 20.05.2014 Singapore Time
b)Let's Look At Another Interesting Property By ASB
c)ASB potential take over target?
ASB can be a potential takeover target with ample liquidity from the assets disposal of France properties and a free float shares of 62 percent. Based on 2012 Annual Report major shareholders hold about 38% of the share.
In my previous article of July 28, 2013 posted on Trade Signum I had highlighted that we do not even have to evaluated the fixed assets of ASB because the current assets alone can cover for all their total debts outstandings.
One just have to borrow RM 45-75 million to take majority control of the company. I was very surprised that it took close to a year for investors to take notice what this company is doing for the past few years. Restructuring and Reorganising.
This counter like many said was the darling back then in 1999 when Mr. Quek Leng Chan and companies took a substantial stake in it. http://klse.i3investor.com/servlets/stk/annchsh/1481.jsp
If that were the case, shouldn’t they have more knowledge what the shares price is worth now?
Friends or Foes this counter is going to generate more excitements once it break the 22 sen major resistance level with volume support never seen before in the last 2 days.
It is now high time for many analysts to take a second look at this counter that has so many business interests all over the world and in particular their undervalued properties asset.
Just because earnings were not fantastic, this counter is only valued at RM70mio in 2013 Wakey! Wakey! Guys. RE RATE THIS COUNTER.
-------------------------------------------------------------my posting in tradesignum in 2013......
Market capitalisation of ASB as at 26 July 2013 is only RM 75 mio.
Assuming u take a loan of RM 75 mio and buy over all the shares of this company.
Now after you have acquired the company start the assets stripping exercise.
1. Use the Current Assets of RM 286 mio to settle all the liabilities of RM 137 mio.
Now you still have a balance of RM 149 mio and use this to settle your initial loan of RM 75 mio.
2. Now you have a cool RM 74 mio of Current Assets.
3. That's not all. Take a quick look at the FIxed and Long Term Assets ,-
Property, plant and Equip............ RM 156 mio
Long Term Investment.................RM 69 mio
Other Long Term Assets...............RM 11 mio
Other Intangible...........................RM 8 mio
So basically you are taking home over RM 318 mio or 62 sen a share without the goodwill of RM100 mio.
This is a highly illiquid shares so patience is the virtue.
Happy Investing! Invest at your own risk.
by trader8899 28-Jul-2013 9:34 AM reply
D)I recommended ASB to Regain Choco Ship people in hope that they make some money. You see ASB was traded range bound between 13 cts to 17 cts. So at 14.5 cts the downside is very limited.