China Star Food Group Ltd

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13 Nov 2018 10:48 #24554 by josephyeo
Below are some figures on the 2Q results released on the 12 Nov '18:

1. revenue S$34.9 mil

2. profit S$4.4 mil

3 earning per share 1.2 cts

4 price earning ratio half year 2.2 X

5. 52 weeks high 13.0 cts

6. 52 weeks low 3.3 cts

7. current price 3.6 cts

8. nta .. 28.2 cts

9. cash S$32.0 mil

10. capitalisation .. S$9.8 mil

11. cash backing per share 10.8 cts

12. number of shares 296909000

Above for info n sharing only. Pls note China Star Food is an s-chip.

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13 Nov 2018 12:21 #24555 by walterlim
Replied by walterlim on topic China Star Food Group Ltd
Thank you for sharing Joseph. I am also holding on to this deeply undervalued shares. Reminds me of Sinostar PEC a few years ago where cash was also higher than market cap

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13 Nov 2018 16:03 #24558 by josephyeo
Replied by josephyeo on topic China Star Food Group Ltd
You are most welcome Walterlim.

My entry into this counter was triggered by:
1. low forward p/e of around 1.1 X
2. it has bottomed at 3.3 cts from a 52 weeks high of 13.0 cts.
3. its cash per share after debt is 9.4 cts. This is almost 3 times its low price of 3.3 cts

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13 Nov 2018 16:54 #24559 by walterlim
Replied by walterlim on topic China Star Food Group Ltd
my only concern is that the financial results are unaudited. however, i still think it is undervalued taking into considerations there might be discrepancies in the calculation of earnings

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15 Nov 2018 15:58 #24566 by walterlim
Replied by walterlim on topic China Star Food Group Ltd
Q1Y2019 result is
1. 67% of FY2016
2. 51% of FY2017
3. 88% of FY2018

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11 Dec 2018 14:04 #24598 by josephyeo
Replied by josephyeo on topic China Star Food Group Ltd
According to the 2nd quarter Unaudited Financial Statements and Dividend Announcement, the company has borrowing of RMB 20.300 mil and cash and cash equivalent of RMB 160.341. Cash is almost 8X debt.

I am surprise that despite this high cash level, the company still go for a cash call. It doesnt make sense to me.

In view of the above, i decide to exit the counter at a loss. It seems that all the low valuation and high cash level get negated.

In my earlier posting, i had highlighted that this is an s-chip n one has to be careful when putting money into s-chip.

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