maybulk has the put options to sell the POSH shares at 25% above its investment cost of RM800mil. so it worth RM1 billion. Thus, if we use the USD1 billion market cap of POSH (from the article) and no offer for sales from maybulk as assumption, the value of POSH share in maybulk hand is only worth not more than RM704 mil ($1 bil x 3.2 x 22%) due to new share offering. That's is not attractive. What do you think?
So,... the listing price per share is less than the $6.50 paid. So.. is this good or bad? If the listing price is less than $6.50 then can Maybulk sell it back at 25% premium?
Contribution from POSH went from RM13.4m last quarter to RM18.2m. RM18.2m is equivalent to 1.82 cents per share and if PER of 18 is assumed, Maybulk's stake in POSH alone is worth RM1.30 per share. Perdana is trading at PER of 18, and based on size POSH should theoretically fetch a better price.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
inwest88
5,628 posts
Posted by inwest88 > 2013-07-26 13:42 | Report Abuse
Maybulk is owned by Sugar King Robert Kuok. Plenty of cash. Very solid. Used to be above RM3 when business was good. Read the Star today.