MFG Integration - Special Dividend/Capital reduction

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21 Sep 2019 07:05 #25021 by divads
this one 8.3 cents now. Super undevalued counter.
NTA 10.5 cents cash and Yishun industrial properties and another 3.5 cents in Escrow account giving out as dividend next year. No debts.

Potential candidate for Reverse Take Over which usually means the 10.5 cents per share + 3.5 cents will be given back to shareholders and then converted to another company with new business.

Potential candidate for delisting too as now taking over the shares at around 10 cents is less than the the 14 cents NTA pure liquid assets aka cash + yishun properties.

The NTA of 10.5 cents valued Yishun properties at book value of $8.5 million but the current market value is $12 million meaning the real NTA is around 12 cnets. + the Escrow 3.5 cents, the actual liquid NTA is actually 15.5 cents (pure cash if they sell the yishun properties) and may even goes up to 18 cents pure cash if they manage to sell the yishun properties at MARKET value only. wow.. super undervalued counter.

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09 Oct 2019 17:41 #25037 by divads
last traded 7.9 cents.. UNBELIEVABLE super undervalued.

After getting ur 3.5 cents dividend from the Escrow account  next August. U are actually paying 4.4 cents for a company having cash of  4+ cents/share + 5+ cents/share for the Yishun properties. No debts. Technically is almost considered NET CASH of 10+ cents per share so u are paying 4.4 cents for a company with net cash of 10+ cents..

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11 Oct 2019 05:36 #25040 by divads
I betting on a Reverse Take Over RTO ... With a RTO, expect the company to return the excess cash to shareholders which may include selling away the yishun properties. So in this case shareholders are looking at a dividend of 10 cents. + The company having a new business and change of company's name which itself means the share will be worth anywhere from 10 cents to 30 cents depending on which company is doing the RTO. Imagine a popular company like Bee Cheng Hiang bak kwa doing the RTO.. then we will be looking at 40-50 cents.. who knows.

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14 Oct 2019 06:07 #25043 by Garak
Yes, it is very undervalued but there are a few other considerations -- shldn't you apply a discount to property value (same as for property counters), consider that remaining biz has yet to report profitability, low liqudity of stock, and it being a micro cap?

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26 Feb 2020 18:36 #25267 by divads
NTA 8.6 cents.. 42% in cash (not counting the 3.5 cents held by the escrow account in bank), the rest in the yishun industrial properties quoted at book value. Market value is higher than book value so real NTA should be around 10 cents. Company indicating in August we should be getting the rest of the cash that is in Escrow account. Once we get the 3.5 cents dividend by year end, we are actually looking for paying market price - 3.5 cents = 8.5 - 3.5 = we are paying 5 cents for a company with real NTA of 10 cents which 42% is in cash. If they sell their yishun properties, we are looking at a cash pile of almost 9+ cents vs 5 cents that we actually paid if u buy the share at 8.5 cents. Hopefully they sell the yishun properties and return all the cash to shareholders and delist. :) then looking at 100% profit. Keeping fingers crossed.

Market price of yishun properties is higher than book value.. so it may fetch even higher price or yes even lower price. So conservatively, we can assume is worth the book value.
We have seen companies selling their properties at much higher valuation than market price too... so can go both ways

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22 Apr 2020 07:18 - 22 Apr 2020 07:19 #25311 by divads
Potential catalyst: RTO on the card. RTO usually is a multibagger. RTO after getting 3.5 cents dividend after aug perhaps,


Extract from it's latest released annual report
Attachments:
Last edit: 22 Apr 2020 07:19 by divads.

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