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Farmer,
Thanks......yes, it is not without risks.
Just take note of its outlook before investing more $ ........
Outlook
- Towards the last quarter of 2007, the sub-prime issues emanating from the US, coupled with the subsequent tight liquidity conditions were well documented. As an almost worldwide phenomenon, BBSFF is not immune to these adverse external market conditions. We will continue to monitor the assets closely however at this stage we expect BBSFF's portfolio of assets to continue to perform in line with 2007 performance, - Ms Wiggins added.
- We are undertaking a strategic review of whether the debt available to renew the corporate facility is in the best interests of BBSFF or whether in volatile times potential divestments of assets to reduce debt would best serve the interests of BBSFF's shareholders. BBSFF will keep the market informed of the outcome of the review, - Ms Wiggins concluded.
Shplayer, Thank you, you are right !
When I was in NUH seeing doctor, noted the mistake, intend to correct it, but my queue number is calling.
So, EPS yoy is 17.85 (diluted) therefore PE is only 4.18 % something like tat, wat I was happy to say is that this counter's financial report is quite clear and easy to read and undersand, with the price now 0.74, it is under-value, will accumulate somemore if it stays at 0.73335 (I think this is possible by Monday)
Gees. Thanks shplayer.
raymondho,
Profit for FY07 is 68.718m., eps is 17.93 c.....that profit of 34.498m is profit 4Q07.
Therefore P/E is 4.18X (based on 75c share price).
Good job, raymondho. Its now very clear.
NAV for the year 2007 looks not too bad:
NAV 2007 : 309,382,000
Total shares : 387,630,000
NAV per share : 309,382/387,630 = S$0.798 9 (2006's NAV 0.85)
Todate share px : S$ 0.75
I think this burger is actually undrvalue, worth to consider buy up.
EPS
Earning for year 2007 : S$34,498,000
Weighted number of share : 386,927,000
Basic EPS : S$34,498,000/386,927,000 = S$0.0892
Considering the closing price at 0.75, the PE is actually 8.4, vested, will accumulate some more, as the dividents pay out is very attractive. anyway it's only personal view and decision.
Actually, YoY the Net asset increased from 303,810,000 in FY06 to 309,382,000 in FY07.
Oops! Looking at the wrong column for EPS.....
FY- EPS actually increase from 3.68---17.93cts
But that still doesn't seems good to me as its NAV decrease while EPS increase? Maybe they've issue too much new share partly.
Farmer,
errrh, you want to re read the financials again and clarify your last post.....?????
http://www.bbstructuredfinance.com/media/336341/270208%20sgx%20report%20for%20the%20financial%20year.pdf
Now that sound bad.
Yes, results may be good. But, I have to tell you the 2 important facts by looking at its numbers.....
FY- NAV reduce from 0.85 --- 0.79cts
FY- EPS reduce from 17.9 --- 8.9cts
So, its outlook doesn't look good isn't it? May be it's already factor into the current trading price. Any comments?
Good results.
Ok, finally, here's the result and outlook:
Babcock & Brown Structured Finance Fund Limited
- Cash economic income for FY07 is S$44.8 million (29.5% above Prospectus Projections)
- Full year 2007 revenue of S$96.3 million and profit after tax of S$68.7 million (118% and 153% over Prospectus Projections respectively)
- Full year 2007 profit after tax includes the capital gain from the monetisation of JET-i Holdings LLC of US$17.1 million
- Revised FY2008 dividend guidance, with 1H08 dividend guidance of 5.20 Singapore cents per share provided
Outlook
?Towards the last quarter of 2007, the sub-prime issues emanating from the US, coupled with the subsequent tight liquidity conditions were well documented. As an almost worldwide phenomenon, BBSFF is not immune to these adverse external market conditions. We will continue to monitor the assets closely however at this stage we expect BBSFF?s portfolio of assets to continue to perform in line with 2007 performance,? Ms Wiggins added.
?We are undertaking a strategic review of whether the debt available to renew the corporate facility is in the best interests of BBSFF or whether in volatile times potential divestments of assets to reduce debt would best serve the interests of BBSFF?s shareholders. BBSFF will keep the market informed of the outcome of the review,? Ms Wiggins concluded.
ENDS
Shplayer, are u suggesting that its a bargain right now since its close to all time low price?
I actually want to accumulate more if not for the CDO-CLO issues. I guess its final Q result which is due by Feb end should provide some clue of its involvement if any.
Farmer,
In this market, I try to put my $$$ into relatively safe investments that can give me a better yield than the pittance the banks are offering.
The CDO problems faced by banks and financial institutions does not affect the fundamentals of BBSFF. I view the sell down by these institutions as an opportunity to buy.
Look at it this way.
If I put my $$$ the bank.....what do I get....1% interest? So, at the end of the year, my 76cts becomes 76.76 cts.
If I buy BBSSF @ 76 ct.....at the end of the year I would have got 10.2 ct div. This means that even if BBSSF price went down to (76.76 - 10.2 = 66.56.....say 67 ct to cover brokerage costs), I will break even with the bank option.
But, then of course, if it goes down to 67 cts, I will be picking up more cos now P/B is 0.74X (26% disc on NAV) and Yield is 15.2%.
Yes, got the date from broker believe is KE. I understand that CDO problem is affecting the CLO market now. That's why a bit concern here.
Like to share this post from CNA by someone call AlwayHumber on late Dec last year:
IMHO if someone holds BBSFF from IPO until now, the person would have made a loss on his position including all the dividend. If someone buy the counter during its rally to 1.22, he or she would have lost more. Only if you buy at the low of 0.80plus then you are still green?
The more fundamental question is why the price is dropping if the yield is very attractive. I believe all the high yielding stocks was affected by the credit crunch due to the sub prime loss. Why? Major players such as funds, financial institution such as banks have to liquidate their holdings of global stocks to raise cash. This caused the price of such stocks to drop substantially. Few months ago, investors are not asking for high returns on their investment such as convertible bonds. In fact a lot of M&A activity was done cheaply. Look at the present situation?UBS are paying 9% to GIC per annual for their investment. Morgan stanley is paying the sament to China fund. Citigroup is paying 11% (if i am not wrong) to their middle east investor. This shows that investors are asking for much higher yield in the current market.
Let me post a question for thoughts?If you are a institutional investor, would you lend your money to UBS or Morgan Stanley at 9% or buy BBSFF at much higher yield?
I am not trying to talk down the share price of BBSFF but i just want to explain the logic why the high yield of BBSSF is not able to support the share price.
Personally vested in BBSFF (net loss)
shplayer, that sound good. My average buy price is 0.845 but dividend yield is still good.
left bug,
Unless you are planning to contra, there should be no problem with this investment.
Babcock Brown Australia released FY 07 results yesterday 21 Feb. The Spore unit will release results late Feb.
In their 3Q 07 report, NAV is 90 ct and forecast FY08 div is at least 10.2 ct.
Assume you bought at 76 ct, your P/B is 0.844X and yield 13.4%. so, fundamentally sound with healthy div.
This stock is like an infrasture reit.......(similiar to Macquarie) so don't expect violent movements. Buy on dips, keep for dividents.
Kim Eng's announcement list stated babcock will release their results on 21 Feb. but I don't see that info thru SGX net. Maybe I missed. Anyway, I sold lippo at a small loss to buy some more of this. Did I make a wrong decidion or what because Lippo's price is rising. Man, that sucks.