Dear Friends of i3 Forum,
Today Pelikan announced an EGM to vote for An Asset sale
See
PELIKAN INTERNATIONAL CORPORATION BERHAD |
Type of Meeting | Extraordinary |
Indicator | Notice of Meeting |
Description |
Pelikan International Corporation Berhad ("PICB") - Notice of the Extraordinary General Meeting to be conducted on fully virtual basis and entirely via Remote Participation and Voting facilities |
Date of Meeting | 05 Nov 2021 |
Time | 03:00 PM |
Venue(s) |
Online Meeting Platform via TIIH Online website at https://tiih.online provided by Tricor Investor & Issuing House Services Sdn Bhd Malaysia |
Date of General Meeting Record of Depositors | 27 Oct 2021 |
Resolutions |
|
1. Ordinary Resolution |
|
Description |
Proposed disposal by Pelikan Group GmbH, a subsidiary of PICB, of its logistics centre located at Straße Der Einheit 142-148, 14621 Falkensee, Germany for a consideration of EUR81,000,000 to be satisfied entirely in cash and the subsequent proposed lease of parts of the property by Pelikan Group GmbH from HE4 Falkensee 2 S.àr.l. |
Shareholder’s Action | For Voting |
Please refer attachment below.
Let us take a look
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
30 Jun 2021
|
30 Jun 2020
|
30 Jun 2021
|
30 Jun 2020
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
287,326
|
255,412
|
489,736
|
462,690
|
2 | Profit/(loss) before tax |
20,848
|
20,590
|
11,458
|
14,304
|
3 | Profit/(loss) for the period |
18,027
|
20,172
|
7,148
|
11,317
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
17,948
|
20,096
|
5,223
|
11,762
|
5 | Basic earnings/(loss) per share (Subunit) |
2.98
|
3.33
|
0.87
|
1.95
|
6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.7700
|
0.7600
|
RM399,330,000 divides by Rm17,948,000 multiply by 2.98
= 22.249 sen x 2.98
= 66.30 sen CASH a Share
Today Peliken closed at 47.5 sen
So at 66.30 its Cash 1.39 times share price
Estimated net profit from disposl is
See
SUMMARY OF KEY FINANCIAL INFORMATION
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
30 Jun 2021
|
30 Jun 2020
|
30 Jun 2021
|
30 Jun 2020
|
||
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
1 | Revenue |
287,326
|
255,412
|
489,736
|
462,690
|
2 | Profit/(loss) before tax |
20,848
|
20,590
|
11,458
|
14,304
|
3 | Profit/(loss) for the period |
18,027
|
20,172
|
7,148
|
11,317
|
4 | Profit/(loss) attributable to ordinary equity holders of the parent |
17,948
|
20,096
|
5,223
|
11,762
|
5 | Basic earnings/(loss) per share (Subunit) |
2.98
|
3.33
|
0.87
|
1.95
|
6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.7700
|
0.7600
|
Chart | Stock Name | Last | Change | Volume |
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Created by calvintaneng | Aug 30, 2024
Created by calvintaneng | Aug 30, 2024
Created by calvintaneng | Aug 29, 2024
Created by calvintaneng | Aug 28, 2024
Created by calvintaneng | Aug 23, 2024
Created by calvintaneng | Aug 22, 2024
oh thank you
Will change is immediately
20 sen Special dividend is announced again
See
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3202626
2021-10-22 15:09
Latest QR of 2.98 is a flash in the pan! If extrapolated , this means EPS of approx. 12 sen pa. Such an annual earning is impossible for this Co in its current set up, structure and capacity. Thus, PE valuation is misleading more so given the non accretive business it is in!
Current price is app 50 sen, which has partly factored in the 20 sen dividend, thus assuming ex div value of 50-2-=30 sen, and the multiples of 15 for this business, it derives EPS of 30/15 = 2, which in itself is a bloated earnings!
Doubt if any other sale of asset will bring in any additional value without sacrificing earnings quality! Those in the money should be careful and exit!
As shareholder, I m yet to receive the EGM notification and am sure many are in the same connundrum too!
2021-10-24 18:09
If one values it on combo of NTA and disposal gain only - Current NTA is 77 sen. the sale will bring in RM185mil, ie gain of 31 sen, thus valuing it at RM1.08 cum dividend!
The only laggard here is, if the operations will be earnings dilutive!
As long as PEILKAN is profitable, such above level should stay!
2021-10-24 18:33
I already called Pelikan Office and they confirmed that Egm will be on Nov 5 for voting of assets sale
As the assets disposal has shown a clear 100% profit since purchase we can also see other assets are similar
So by way of deduction we can also give a general rule that other assets should also increase by the same quantum of 100%
From here we can multiply Nav of 77 sen by 2 which is Rm1.54 (if revalued and updated to current value)
Taking Benjamin Graham required 30% discount to Nav the intrinsic value of Pelikan
Rm1.54 x .7
= Rm1.07
Our target price of Rm1.00 is still below intrinsic value with 30% margin of safety
As for P/E with the Cash settlement of Rm200 million loans there will be a saving on bank interest of Rm8 millions per year which will show up in lower gearing and higher profits
The Extra 10 sen surplus could be used to generate more revenue and profits
If not for this generous unlocking of value by assets disposal and dividend payout of 20 sen we would not have given Pelikan a second look
By this very pro active move we see Pelikan is "doing something " positive
2021-10-24 19:48
Pelikan Buy Call 47 sen
Dividend was 20 sen
Now another 75 sen dividend from another asset disposal
Pelikan Rm1.00 target will cross soon
This shows investing in asset play and hold tight till value unlock is one form of successful investment
2023-12-14 23:23
Another Asset play is Bplant
Buy call
57 sen
After 24 sen dividend
Bplant real time cost 33 sen
Now Ltat offers Rm1.55 to take Bplant private
So 33 sen to Rm1.55 is up 369%
Another potential Asset plays are Thplant & Tsh Resources
2023-12-14 23:33
calvintaneng
Peliken has Pelican as its logo
Hopefully time for it to fly
https://www.youtube.com/watch?v=KjsBkElRDSk
2021-10-21 22:13