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Mainboard-listed Xpress Holdings Ltd has agreed to sell 10 per cent of its stake in Shenzhen Jiaxinda to three buyers for a total of $7.7 million.
In a stock exchange filing on Sunday, the firm said this will reduce its equity interest in Jiaxinda — which is involved in large-volume print services — from 19.9 per cent to 9.9 per cent.
Xpress said it is disposing parts of its holding in Jiaxingda to take advantage of its high valuation as a result of the favourable investment climate. It will use the net proceeds of $7.49 million for working capital and expansion of its services in print and supply chain management.
It also plans to acquire new, advanced machinery to improve its production capabilities.
Subject to discussion with its auditors, Xpress said its consolidated results for the financial year may include profit of $4.3 million upon transaction completion.
Friday: 23 APRIL 2010 TGiF
befOre lUnch: prOfit TAKE
after lUnch: chEEry PiCK
4:30PM: FRiDAY WiNDOW DRESSING
BEWARE AWARE SCARE CARE
pharoah88 ( Date: 21-Apr-2010 11:45) Posted:
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#### The AGE Of STUPID ####
whO are sElling ? ? ? ?
they bOught HiGH sEll lOw ? ? ? ?
Or
they sEll HiGH bUy lOw ? ? ? ?
whO sO stUpid tO sEll lOw nOw ? ? ? ?
Wednesday: 7 APRIL 2010 10:31:00
Interests have returned
when did Xpress reduce market exposure in China?
CHINA is their HQ and BASE for regional expansion ?
Hulumas ( Date: 19-Mar-2010 13:33) Posted:
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pharoah88 ( Date: 19-Mar-2010 10:55) Posted:
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An income statement (for the group), together with a comparative statement for the
corresponding period of the immediately preceding financial year
Increase / Increase /
Note 31 Jan 2010
$'000
31 Jan 2009 (decrease) 31 Jan 2010 31 Jan 2009 (decrease)$'000 % $'000 $'000 %Revenue
Other income
12,947 12,586 2.9% 25,756 27,755 (7.2%)2 232 183 26.8% 428 546 (21.6%)Total Revenue 13,179
12,769 3.2% 26,184 28,301 (7.5%)Costs and expenses
Changes in inventories of
finished goods and work-in-progress
Raw materials and consumables used
Staff costs
Depreciation
Foreign currency gains/(losses)
Other operating expenses
Finance costs
Share of associate's results
5 9 19 210.5% 137 (2) N.M.(5,991) (5,533) 8.3% (11,450) (13,082) (12.5%)(3,256) (3,058) 6.5% (5,853) (6,281) (6.8%)(776) (765) 1.4% (1,572) (1,513) 3.9%(34) (192) (82.3%) (617) 485 N.M.(2,351) (2,736) (14.1%) (4,375) (5,123) (14.6%)3 (241) (361) (33.2%) (435) (606) (28.2%)- 403 N.M. - 506 N.M.Profit before tax 4 589
Income tax
546 7.9% 2,019 2,685 (24.8%)5 (21) (56) (62.5%) (385) 1,258 N.M.Net profit for the period 568 490 15.9% 1,634 3,943 (58.6%)
Trading volume went up 35x.
17.6 mil vs 500k daily.
Looks like it will drop back to low vol tomorrow. Underlying worth 9.5 cents and market support at 8.5-9.0 cents
Xpress up 11% already. going strong at 9.5 cents. NTA at 9.4 cents, definitely worth more than 9.5 cents. 19.9% of JXD not yet recognized $10mil profit. JXD IPO would bring this number much higher.
Based on current issued shares of 1,544,519,374 , $10mil impact is 0.64 cents and the 0.15 cents. This is equate the company share net price to be 9.5 cents already.
No way you get people to sell at 9 cents...
That is one part that isn't too well told I guess. I also don't see exactly. I believe the company is overly cash rich at this moment having more than $10mil and the gearing ratio is simply too low. This is a.k.a not expanding.
However, there is some good approaches to their problems. A shift from printing to print solution and consultancy. developing new market while singapore saturates.
The fundamental numbers are still good meaning the company can raise capital and go into high gear any time to expand.
We should not see anymore rights or share placement given these numbers. They can borrow at decent rate from banks. What is missing is more detailed expansion plans.
frosin ( Date: 22-Sep-2009 19:43) Posted:
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Xpress announced that its profit is up 27% to $13mil and NTA is at 9.4 cents while stock is trading at 8.5 cents. They have sold 10.1% of their 30% in their china jiaxinda subsidiary at profit of 5.1mil. Jiaxinda is undergoing the process to get listed. Their remaining 19.9% will likely bring more than 10mil in profit if Jiaxinda gets listed.
"The early redemption of the convertible bonds allowed xpress to lower its gearing considerably, reducing total interest-bearing loans and borrowings by almost 37% as at the end of FY2009." The company saved $0.44 mil on interest expense.
Their printing business is declining but gross profit margin is improving. The management might be doing a decent job.
Stock previously trading at 12.1x P/E. Based on new earning per share of $0.0093. The stock should start trade at 11.5 cents tomorrow if the P/E is unchanged. However, these things never happen in singapore for the lesser traded shares. Some times even trade below book (9.4 cents) to sell like on sales.
Value buy at 8.5 cents. Cut at 8 cents. Sell at 10.5 cents. Potential 11.5 cent.