Posted by Flintstones > 2017-04-06 23:28 | Report Abuse

Nice write up. Where can i find Gdex md comment about the b2c business?

Posted by sosfinance > 2017-04-07 07:26 | Report Abuse

@Flinstones, The Edge Financial Daily a few days ago.

Posted by sosfinance > 2017-04-08 11:09 | Report Abuse

CJ Logistics (CJKE) listed in Korea, with market capital of about RM15 billion. Century will be a mini-CJ Logistics for Asean countries, easily should worth RM1.5 billion in next few years (only 10% of CJKE).

Posted by sosfinance > 2017-04-08 16:35 | Report Abuse

Nanyang news:

http://www.sinchew.com.my/node/1631524/新股东协同效应%EF%BC%8E世纪通运料多赚25

CAGR 25% for next 4 years.

Posted by Flintstones > 2017-04-09 20:46 | Report Abuse

sosfinance, just saw your comments about good f&b business breakeven period. any good source to read up more?

Posted by Apollo Ang > 2017-04-09 20:47 | Report Abuse

already up so much this couple of weeks

Posted by sosfinance > 2017-04-10 10:50 | Report Abuse

1. The CJ "brandname" is under appreciated.
2. Its ambition to grow its revenue 5 fold by 2020 in ASEAN is also overlooked.
3. So, at 122, is it expensive? Looking into next couple of years, doubling Century's profits will deemed as an "underperformance" for CJ.

Posted by sosfinance > 2017-04-11 15:48 | Report Abuse

Century trying to achieve what GDex's revenue of RM240m by 2020. That will contribute about RM29m to RM36m. Let just said, Century can attain about RM30m x PE40x (still continue to grow) = RM1.2 billion. Just the B2C itself is already RM1.2b.

What about the B2B, assuming growth 20% in 3-2 years, PAT of B2B is about RM26m x PE18x = RM500m.

Fair value of B2B and B2C = RM1.7b divided by 391m shares, it is about RM4.35 per share or PE of 30x, still lower than POS and GDex PE of 45x and 86x respectively. Even GDex can double their profit by 2020, its PE is 43x.