matjone Posted October 11, 2013 Share Posted October 11, 2013 I came across this one while looking through some stocks in Singapore. They were also written up on Alpha Vulture's blog . He does a better job than I can do of writing about the company. You can see his writeup here http://alphavulture.com/2013/10/04/more-from-singapore-nam-lee-pressed-metal-industries/ I am mainly interested in it because it is under NCAV, has a lot of cash, and has been profitable. The most recent balance sheet shows 26 m cash 106 m curast 6 m bond investment not counted in current assets 21 m current liabilities 24 m total liabilities about 1 m debt over the last 5 yrs they've averaged about 11 m operating income on an average of 150 m of sales. The market cap is 77 m. I bought a small amount to get started. Hoping it falls and I can average down at prices below NCAV. The excess cash is a big factor on this one. I actually started this post in general discussion as a discussion about excess cash and valuation, but I changed my mind and decided I might as well share the idea, so I posted it here. It seems to me that there is probably a decent amount of excess cash/bonds, but coming up with a reasonably accurate figure is hard, and figuring out how that plays into the valuation is another matter. One other thing I am trying to figure out is how much I'll get taxed on dividends. I bought it in my ROTH account, and I am unsure of the rules for dividends from Singapore. If anyone has any experience with this I'd like to hear from you. And if anyone has any info or insights on Nam Lee in particular I'd love to hear it. Thanks Link to comment Share on other sites More sharing options...
Hielko Posted October 11, 2013 Share Posted October 11, 2013 Don't think dividends are taxed in Singapore Link to comment Share on other sites More sharing options...
oddballstocks Posted October 11, 2013 Share Posted October 11, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. Link to comment Share on other sites More sharing options...
Green King Posted October 11, 2013 Share Posted October 11, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials. TIA Link to comment Share on other sites More sharing options...
Hielko Posted October 11, 2013 Share Posted October 11, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials. TIA You can find full annual reports on sgx.com Link to comment Share on other sites More sharing options...
Green King Posted October 11, 2013 Share Posted October 11, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials. TIA You can find full annual reports on sgx.com I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ? Link to comment Share on other sites More sharing options...
oddballstocks Posted October 12, 2013 Share Posted October 12, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials. TIA You can find full annual reports on sgx.com I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ? Yes, the SGX website is hard to navigate, if you play around with the types of filings you want to see eventually you'll be able to get the full annual reports. Link to comment Share on other sites More sharing options...
Green King Posted October 12, 2013 Share Posted October 12, 2013 I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it. I agree with the thesis on this one. are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials. TIA You can find full annual reports on sgx.com I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ? Yes, the SGX website is hard to navigate, if you play around with the types of filings you want to see eventually you'll be able to get the full annual reports. OK found them thank you both for the help ;D Link to comment Share on other sites More sharing options...
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