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CIMB has a non-rated report on the counter post FY13 results, highlighting that its valuations are currently undemanding and earnings expansion could be in the cards. Fischer Tech believes that the strategy for a more stable earnings profile involves a deepening of its auto business and becoming a strategic partner to its customers. There are plans to expand its capacity in China significantly, a move that could lead to earnings expansion over the next few years. Funding is unlikely to be an issue given its net cash position which allows it to take on some debt, if necessary. If expansion pans out, Fischer Tech could be a value play, as the counter currently trades at a historical P/B of 0.46x.
Thinking to invest in this counter as everythings seems great..eps..dividen..but later good eps mainly because sales of assets and ceo pay quit high after reading the report...so maybe stay sideline to wait for stronger earning before i invest..
FS - year ended 31 Mar 08
Loss -$5.09mln
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_91E4A3E620EA3F57482574570030E8AB/$file/FTAnnResults31_3_08.pdf?openelement
Did anyone attended the AGM yesterday? Any info to share?
The AGM is ongoing now...... anyone who attended got anything to share? Questions like the status of Amtek's share holding after it was buy over by CVC should be ask. Any comments anyone?
Correction - there are 3 major shareholders (not 2). The other one is Univac Precision Engineering (UPE) holds 22.86% of FischerTech. UPE in turn is100% owned by Venture Corp Ltd.
FisherTech (FT) is a very likely takeover target 'cos its 2 major shareholders hold 45.72%, viz. Amtek Engineering (22.86%) and Tan Choon King (President & CEO of FT) holds 22.86%. CVC recently acquired Amtek so it is a logical conclusion that CVC will take FT private too. IF so, what is the likely offer price? Referencing Amtek NTA of 67.09, the offer was about 1.64x NTA = $1.10. Based on FT NTA = 33.28, @ 1.64x, the offer price for FT could be about 54.58c vs today's closing = 32c. Very safe bet!
watch for 0.34 breakout if it happens...
last post from me liao...
ps: wish all i know continue to make $$$.... busy with other thingy...
wait long long
coz not all things are equal
beyonics, sunningTech, HiP have gained the ground... this may go in tandem also...