ChanKitWhyePrior to his retirement, Chan Kit Whye worked more than 30 years as Regional Finance Director, Financial Controller and Manager in a multinational specialty chemical business. He has played an active role in CPA (Australia) Singapore Branch, taking up positions in its Continuing Professional Development and Social Committees. Kit Whye is a Fellow of CPA Australia, CA of Institute of Singapore Chartered Accountants and CA of the Malaysian Institute of Accountants. He holds a BBus(Transport) Degree from RMIT, MAcc Degree from Charles Sturt University and MBA from Durham Business School.

Oxley Holdings: Net profit attributable to shareholders surged to $275.9 million for the six months ended 31 December 2013 compared to $18.0 million in the previous corresponding period. This was on a 709% surge in revenue to $888.2 million.

It has financed most of its deals via debt, and the debt financing model is good only when interest rates remain low.

If one looks at its gearing, one can certainly get a shock, but its margin from revenue is way above its interest costs.

When interest rates move up, the only way Oxley can survive is to unwind its portfolio and reduce gearing.

valuetronics_boxbuild2.14The box-build assembly is where operators assemble completed PCBAs and other mechanical components such as plastic housing and metal parts into the finished product. Valuetronics: Reported 5.1% rise in 9MFY14 revenue to HK$1.8 billion. Net profit from continued operations rose 17.1% to HK$108.4 million.

This company is expected to deliver 6 cents SGD earnings per share for the coming year and has a NAV of about 30 Singapore cents.

Not much publicity given to this counter. Free cash flow looks good.

But it is Hongkong based and listed in Singapore.

(See forum postings on Valuetronics here. )

Nam Cheong: Revenue surged 71% to RM851 million for 9M2013 while net profit rose 55% to RM135 m.

Need to understand from management: (1) Why Nam Cheong prefers to list in Singapore instead of Bursa Malaysia?;

(2) How does Nam Cheong hedge its ringgit exposure since its minority shareholders are in Singapore, and dividend is paid in Singapore currency;

(3) besides scalability, what is Nam Cheong's competitive edge and its critical success factors?

570_Namcheong_mpsvNam Cheong's Multi-Purpose Support Vessel: These vessels offer sophisticated equipment and capabilities such as dynamic positioning, firefighting, cranes, moonpools, and helipads.
Photo: Company

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