InvestIdeas

Tai Sin H1 net profit doubles to $6.8m By CHEW XIANG

Tai Sin Electric said on Friday that net profit for the half year to Dec 31 more than doubled to $6.8 million from $3.1 million a year ago.

Sales fell slightly to $96.3 million from $111.2 million. Fully diluted earnings per share increased to 1.75 cent for the period, compared to 0.8 cent last year.

Tai Sin said sales fell due to a decline in revenue from the cable and wire segment. It is declaring a 0.75 cent per share dividend.

Source: Business Times

I wonder what is the future of such a company.
By the numbers, it is not at all a bad company. However, its capitalization is so small, that I wonder why it is still maintaining the high cost of listing and all the ancillary regulatory costs.
Also they say very little about their markets and what is happening in the cable industry in their markets.
It is like a black box which eventually will continue to give decent dividends. Not very inspiring.

Results of 9M are in today :
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C158B10307A36341482579FB0036D655/$file/Q3_ANNOUNCE_FY_2012.pdf?openelement

some elements :
- revenue increased by 11% (YoY, over 9M periods)
- operative margin increases from about 5,5% to 6,5%
- net income almost double to 13,9M
- net cash flows from Op. act. from -1,2M to + 9,1M.

This company is presently valued roughly at :
- Ev/ebitda at 5,6
- P/B at 0,7
- P/E at 4,7

Yet it achieves ROE of 15%, it distributes nice dividend of about 8% (estim. div.FY12 at 1,6c), with pay-out ratio of about 40% on earnings and 66% on estim. Op. CF (estim. 10M on full FY12). Or, with a FCFY of about 9,5% and a dividend of 8%, it has still a comfortable margin.
The gearing is low at about 0,2, the interest cover is about 15 (seen as Op. income / interest).

Of course, this company is tiny. Volumes are minuscule. Some day, there is no transaction at all. And probably some ill-minded traders/gangsters could manipulate the share value up and down as they wish, for some time at least, for the direction of the company seems to not care very much about it (no buy-back program for that matter)

add: a synoptic summary

results for FY2012: http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C664D50E4511824D48257A6900394653/$file/FULLYEAR_ANNOUNCE_FY2012.pdf?openelement

some elements :
- revenue increased by 13% (YoY)
- operative margin increases from about 5,5% to 8,3%
- net income increases by 73% to 18,2M
- net cash flows from Op. act. from -1,2M (LY) to + 14,5M (TY) - this was the bit I was nervously expecting for OCF had been a bit weak those late years
- final div is 1,5c (+ 0,6c interim div) -> total div for FY2012 : 2,1c (ie 8,6% with today's valuation of S$0,245).

This company is presently (at S$0,245 today) valued roughly at :
- Ev/Ebitda at 5,0
- P/B at 0,86
- P/E at 5,6

With a NAV per share of S$0,171 at 30/06/2006 and now of S$0,286 at 30/06/2012, this represents an CAGR of 8,95% annually over 6 years, while distributing 10,2c over the period. I have seen worse...

results for 1H13:
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6A87F31A11E3306548257B0800352677/$file/Q2_ANNOUNCE_DecFY2013.pdf?openelement

some elements:
revenue : +14% YoY at 150M$.
net income : +48% at 11,4M$.
OCF before Var. CA: +40% at 15,9M$. (OCF after var. CA impacted by mainly restocking (+ tax payment)).
interim div 0,75c vs 0,6 LY.

NAV reasonably set at S$0,295 per share at 30/6/2013 vs S$0,171 on 30/6/2006, ie on track to maintain a cagr of about 8% over 7 years, plus a generous dividend (about 2,3c for FY2013 ?).

tai-sin-posts-347-decline-1q-earnings-32-mil
https://www.theedgesingapore.com/tai-si ... ngs-32-mil

Tai Sin reports 23% lower 9M earnings of $7.3 mil on margin decline
https://www.theedgesingapore.com/tai-si ... in-decline

Other operating income increased more than four times to $14.4 million from $3.0 million due to higher fair value gain on derivative financial instruments of $7.6 million as the group benefitted from the increase in the price of copper.


Tai Sin reports 123% higher 6M earnings of $18.1 million on fair value gain
https://www.theedgesingapore.com/capita ... value-gain

Tai Sin Electric posts earnings of $22 mil with demand for electronics sustained in FY2022
https://www.theedgesingapore.com/capita ... ned-fy2022

Tai Sin Electric reports 1HFY2023 earnings of $11.9 mil, 40.4% higher y-o-y
https://www.theedgesingapore.com/capita ... gher-y-o-y