Parkson remain William Cheng's favourite business. The answer is simple. The business generates positive cash flow in practically all reporting quarters. A good ratio of cash over debt. Grossly undervalued Malls and landbank not revalued to books. A household name in the region. Profitable for some time now at the operating level for the China and Malaysian business before Covid-19. Share price selling at only 0.127 times to book value. Need I say more, cheers.
When the Bursa rebounded from Mar 20 low, practically all shares shot up including shit companies losing all their lives with few sen book value but not Parkson. Why???? It is because of this stupid Cambodian debacle arranged by corrupt people to issue a ridiculous award in favour of the plaintiff when they were clearly the culprit. Now that the Tribunal has overturned the decision and awarded compensation to Parkson, it is hoped that the poor perception can be cleared although Parkson had strenuously stated that the liability to PHB was negligible and impaired in the books in prior years. So, what's next? I think William Cheng lost a golden opportunity to at least do a share buyback at fire sale prices. Better still, he should have launched a takeover of the remaining shares not owned by him and parties acting in concert. Even a Novice businessman would have done it. No point keeping the listing when the market do not accord any reasonable value to the business and assets owned by Parkson. Why keep Parkson listed at this ridiculous price??? Might as well delist and repackage to relist later when market favours the Retail business again. Wonder what William Cheng has up his sleeves as it seem very disappointing. Best to step down as CEO if the right decision for the good of the company is not coming. Maybe, one of his daughters can assumed the role and do justice for the minority shareholders, cheers.
OTHERS Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving Parkson (Cambodia) Co., Ltd PARKSON HOLDINGS BERHAD
Type Announcement Subject OTHERS Description Announcement by Parkson Retail Asia Limited - Update on Legal Proceedings involving Parkson (Cambodia) Co., Ltd Reference is made to the announcements made by Parkson Holdings Berhad (“PHB” or the “Company”) on 15 November 2018, 29 October 2019, 27 April 2020 and 21 May 2020 in relation to the announcements made to the Singapore Exchange Securities Trading Limited (“SGX-ST”) by Parkson Retail Asia Limited (“PRA”), a 67.96% owned subsidiary of the Company listed on the SGX-ST, in respect of the issuance of Notice of Arbitration to Hassan (Cambodia) Development Co., Ltd. (“Lessor”) and the update on the litigation in relation thereto (“Announcements”). Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Announcements. On 15 September 2020, PRA had announced that it was informed on even date that Parkson (Cambodia) Co., Ltd (“PCCO”)'s lawyers had received the final award (“SIAC Award”) from the tribunal hearing the SIAC Arbitration (“Tribunal”) (“PRA Announcement”). The Tribunal had found, inter alia, that the Lease Agreement was lawfully terminated by PCCO, and has ordered the Lessor to pay to PCCO approximately SGD10,641,471, which includes: 1. security deposit of USD2,463,750 (approximately SGD3,363,167); 2. advance rental of USD2,025,000 (approximately SGD2,764,247); 3. costs and expenses incurred by PCCO of USD2,692,253 (approximately SGD3,675,087) which has been wasted as a result of the Lessor’s breach of the Lease Agreement; and 4. costs and expenses of the SIAC Arbitration, and legal fees and various disbursements and expenses incurred in connection with the proceedings of approximately SGD838,970. A copy of the PRA Announcement is attached herewith. Following the receipt of the SIAC Award, PCCO will continue to work closely with its Cambodian lawyers, and PRA will make the relevant announcements as and when there are material developments. The SIAC Award does not have a material impact on the earnings of the PHB Group for the financial year ending 30 June 2021 and the net assets of the PHB Group based on the audited consolidated statement of financial position of the Company as at 30 June 2019.
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....
Hidup_PN
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Posted by Hidup_PN > 2020-09-15 12:28 | Report Abuse
Shopping+vaccine good idea?