Chasen

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30 May 2018 08:23 #24373 by josephyeo
Replied by josephyeo on topic Chasen
Chasen has released its 4th quarter/full year results.

Profit has jumped from S$2,596,000 to S$5,486,000

an improvement of 111% and an earning per share of 1.48.

See announcement on sgx for details.

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05 Jun 2018 23:16 #24375 by josephyeo
Replied by josephyeo on topic Chasen
Below is a quote from the management:

Quote
Mr Low Weng Fatt, Chasen's Managing Director and CEO, said: We expect to continue doing well in FY2019 as demand for our specialist relocation services remains encouraging, particularly in China, and cross-border land freight continues to grow across Southeast Asia. In addition, the continued on-shoring of manufacturing to the US bodes well for a company like ours. We also expect our technical and engineering business segment to pick up in FY2019 following our streamlining efforts over the past year.
Unquote.

At today's price of 7.1 cts, the company is trading at a p/e of 4.87 X only.
Nta is 17.99 cts

Just sharing ... not a buy/sell call
The following user(s) said Thank You: faith

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06 Jun 2018 08:55 #24376 by hh488
Replied by hh488 on topic Chasen
Good results but never announce any dividends for the full year?

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06 Jun 2018 12:34 #24377 by josephyeo
Replied by josephyeo on topic Chasen
company will be annoucing a dividend later

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06 Jun 2018 19:40 #24378 by faith
Replied by faith on topic Chasen
Hi Joseph,

Thanks for your sharing. I only started monitoring this company after chancing upon your thread this year. Unfortunately its share price has doubled from when you first shared in this forum so I am still observing it and wondering if it's wise of me to pick up any of its shares. I have a few questions which I hope you can help shed some light.

1. How do you value a company? Do you work out its intrinsic value or use its NTA as a guide? In other words, how do you determine if it's still safe to buy the shares of a company and when to sell?

2. You shared in another thread that you hold your shares for a long time, like 3 to 5 years but in the case of Chasen and JEP, which share price have run up two-fold (for JEP it was more than three-fold at a point in time), would you have taken partial profit some point in time or would you continue to hold the companies till their values are fully realised? If you take partial profit, how much do you sell as a percentage of your holding? If you hold till their values are fully realised, you must then have an idea how much the companies are worth, which will then link to my first question.

3. How do you manage your risks investing in these companies since they are mostly turn-around companies? Do you have a cut loss plan if the company does not turn-around as you expect it to?

Thanks in advance for taking the time to read. It would be nice if you answer these questions but if you don't, I understand too.

Blessings
Faith

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07 Jun 2018 10:28 #24379 by josephyeo
Replied by josephyeo on topic Chasen
Hi faith,
post below is my original post for chasen. In the post
you will see the many reasons why i took up Chasen.

ust to share w you my posting on ShareJunction:

Chasen operated at a loss of S$1.5 mil in financial year 2016.
It has turnaround this current year. Profit for the 9 months
current year stands at S$1.3 mil. If current profit hold, full year
profits are likely to be above S$2 mil.

Price earning ratio (pe ratio):

PE for 9 months for current year is 8.9x. If 4th quarter results is as
good as 3rd, the profit for the full year would be around S$2.5 mil.
Company is currently capitalised at S$12 mil. A profit of S$2.5 will
give the company a PE ratio of 4.8x. This implies that the company
is under valued.
Given the improvements in top n bottom line in the last 3 quarters,
there is a fair chance that the 3rd quarter profit could be maintained.

NTA

Current price of 3.6 cts is 80% below its nta of 18.6 cts.

Cash / debt

Company has cash n cash equivalent of S$8.8 mil against debt
of S$33 mil. The cash backing per share is 2.6 cts which is fairly
close to the last traded price of 3.6 cts.

Dividends

Company has been consistent in giving dividends though the level
of dividends fluctuates. A divdend of 0.05 cts was declared in the
last financial year giving a yield of 1.39%. Previous years (2013 to
2015) dividends were between 0.01 to 0.2 cts per share. With
improved profits, dividend could be higher for this financial year.

Price history

52 weeks high is 6.2 cts and low is 1.9 cts. Price on date of posting is
3.6 cts.
5 year high is 45.1 and low is 1.9 cts.

Conclusion:

In conclusion, i like the counter for the following reasons:
its trading far below its nta level, its showing improvements in top
and bottom line in the last 3 quarters, it gives dividend, its trading
at 40plus % below its 52 weeks high. Balance sheet looks ok and
every share is backed up with 2.6 cts cash.
Company would be grossly under valued if company is able to
hold its profit at the 3rd quarter level of S$1.2 mil.

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