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Jackpot, how do you come to this conclusion? Wingtai is cash rich and its gross margin is over 40%, low gearing and high NTA. I think it is undervalued and waiting to be noticed!
Jackpot2010 ( Date: 12-May-2012 11:53) Posted:
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I received mine too.
Offer price of $1.39 is too cheap.
hi guys. i just recieve the offer document but got no intention or whatsoever as my vested price is higher than what they are offering.
can i just throw that document away?
my take is px will drop further b'cos this is not a privatisation exercise or delisting.
now trading @ $1.30, lower than offer px $1.39.
tea444u ( Date: 12-May-2012 00:44) Posted:
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Sporeguy ( Date: 10-May-2012 15:25) Posted:
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Another view from DMG
Partial offer by management. It was just announced that the Chairman of Wing Tai, Mr Cheng Wai Keung (through vehicle Ascend Capital) is launching a voluntary conditional cash partial offer to acquire 15% of the outstanding shares of Wing Tai not currently owned by the Cheng family or treasury shares, which translates to c.8.7% of Wing Tai’s share base. The offer price of the partial offer is S$1.39 per share, representing a premium of c.18.3% over the last closing price of S$1.175 before the trading halt. The controlling shareholders would own c.50.6% of Wing Tai subsequent to likely full take-up of the partial offer.
Corporate signalling. While the rationale of the partial offer stated in the offer documents articulate management motivations to gain statutory control of the company, we note that management have been acquiring shares of Wing Tai of late (c.8.5m shares acquired in June 10 in the price range of S$1.52-S$1.62) as well as 975,000 shares acquired in Sept 11 recently at an average price of S$1.366). We believe the management is of the view that the share price is currently under-valued, trading at 0.51*x P/B and is signalling to the market of this view. Management is not likely to seek a delisting or privatisation of the company moving forward.
Near term strength expected, but maintain NEUTRAL. While the share price performance may remain firm in the near term attributed to the partial offer, we are maintaining our TPS$1.16 based on 50% discount to RNAV. This is in view of the gradual moderation in private residential prices moving forward, 41% GAV exposure to the high-end segment in which we are less sanguine, as well as rising policy risks in which sustained share pricing re-rating is unlikely moving forward. However we see limited downside for the stock trading at 0.51*x P/B and 0.55*x P/RNAV. Maintain NEUTRAL.
From UOBKH
Wing Tai Holdings - Cash partial offer: Hold for higher returns.
(BUY/S$ 1.31/Target: S$1.50)
FY12F Dividend yield (%): 3.8 FY13F Dividend yield (%): 3.1
Cash partial offer for 8.7% of issued shares at S$1.39/share. Ascend Capital, owned by Mr.Cheng Wai Keung (Chairman & Managing director of Wing Tai Holdings) has made a cash partial offer for 8.7% of the total issued shares (or 15% of the company’s shares other than treasury shares and those already owned or controlled by the offeror). The offer price of S$1.39/share represents an 18.3% premium over its last traded price of S$1.175/share and a 9.6% premium over 3-month volume-weighted average price (VWAP).
Maintain BUY, target Price of S$1.50 pegged at 30% discount to our RNAV of S$2.16/share.The stock is currently trading at 48% discount to its NAV of S$2.51/share.
Disclaimer : Just sharing. I'm not vested.
Sporeguy ( Date: 10-May-2012 23:47) Posted:
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UIC's share price of $2.76 = 87% of its NAV $3.16 bcos of 2 big shareholders quietly fighting for control.
In contrast WT's offer price is only $1.39 = 55% of NAV of $2.51 bcos only 1 big shareholder. The partial offer is let the Cheng bros to increase their shares to slightly about 50% to ward off any opponents. Hope someone will challenge them for control so that the share price will move nearer to its NAV.
banchinf1 ( Date: 10-May-2012 22:44) Posted:
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Dear Sporeguy
Can elabolate more simple?will market price reach $1.39?
Repost due to not totally comptible with SGX attachments.
Net asset value per ordinary share based on issued share capital excluding treasury
shares (S$) 2.51as at 31-03-2012.
So partial offer at $1.39 is not attractive to shareholders.
Net asset value per ordinary share based on issued share capital excluding treasury
shares (S$)
So partial offer at $1.39 is not attractive to shareholders.
2.51as at 31-03-2012.Offer Shares.
Shares (other than the Shares held in treasury) not already owned, controlled or
agreed to be acquired by the Offeror and the Cheng Brothers (the "
at the Record Date. As at the date of this Announcement (the “
Date
Shares held in treasury and the 326,966,314 Shares already owned, controlled or
agreed to be acquired by the Offeror and the Cheng Brothers, the Offer Shares
comprise 68,082,712 Shares, representing approximately fifteen per cent. (15%) of
453,884,746 Shares (the “
Each Relevant Shareholder will be entitled to accept the Partial Offer in respect of
fifteen per cent. (15%) of the Relevant Shares (for example, 150 Shares for every
1,000 Shares) held by him as at the Record Date, fractional entitlements to be
disregarded (the “
may accept the Partial Offer in respect of all or any part of his Relevant Percentage
Offer Shares.
Each Relevant Shareholder may, in addition, tender Shares that are in excess of the
number of his Relevant Percentage Offer Shares (the “
acceptance under the Partial Offer in the event that any one or more Relevant
Shareholders do not accept their full entitlement of their respective Relevant
Percentage Offer Shares.
Under the terms of the Partial Offer, the Offeror is permitted to acquire only the Offer
Shares and is not permitted to acquire any additional Shares which may be tendered
for acceptance under the Partial Offer. Where the aggregate number of the Shares
accepted and the Excess Shares tendered by the Relevant Shareholders exceeds
the number of the Offer Shares, the Excess Shares tendered will be accepted up to
the number of Offer Shares on a pro-rata basis (but in a manner which minimises the
number of new odd-lot shareholdings as the Offeror may in its absolute discretion
deem fit in the interest of the Offeror), provided that the Partial Offer becomes
unconditional in all respects from such acceptance.
(c)
Share (the “
Ascend Capital Limited (the " Offeror" ) intends to acquire 15.0% of the issued shares (" Shares" ) in Wing Tai Holdings Limited (the " Company" ), other than the Shares held in treasury and those already owned, controlled or agreed to be acquired by the Offeror and the Cheng Brothers (the " Partial Offer" )
The Partial Offer is NOT a privatisation exercise and the Company’s listing status on the SGX-ST will be maintained
The offer price of S$1.39 per Share (" Offer Price" ) represents a premium of
o 18.3% over S$1.175, being the last transacted price quoted on the last trading day prior to the date of announcement of the Partial Offer (the " Offer Announcement Date" ) (the " Last Trading Day" ), and
o 14.3%, 9.6% and 21.5% over the volume weighted average price (" VWAP" ) for the one-month, three-month and six-month periods, respectively, up to and including the Last Trading Day