Yoma represents Mitsubishi Corp in servicing and distribution of passenger vehicles and light commercial vehicles. Photo: CompanyYOMA STRATEGIC: Q3 2015 revenue of S$20 million represents a 52% drop as compared to Q3 2014. 

Net loss of $256,000 was reported as compared to a net profit of $16 million for Q3 2014. 

Besides lower gross margin from lower sales, higher administrative and finance costs have contributed to the poor profits. 

Nine months YTD net profit was $2.4 million, a 87% decline from last year YTD of $19.5 million. 

Expected EPS for the whole year is about 0.2 cents, which translates into a PE of 247 times! 

NAV per share is 37 cents SGD. Certainly, the share price is grossly overvalued based on PE multiple alone.


NERA TELECOM: On the face of it, this company's revenue and profits are going downhill.

Q3 profit of $2 million was 43% lower than prior year's Q3, while its 9 months YTD profit came in at $9 million, a 22% decline.

Full year earnings per share outlook expected to be around 3.3 cents vs prior year's of 4.5 cents.

PE ratio is 19 times.

NAV is 14 cents which gives a price-to-book ratio of 4.5 times.

Balance sheet is weakening. Equity has dropped from $61 millio
n in December 2014 to $51 million currently, due to dividend payout from reserves and FX translation losses.

Borrowings have increased during the period, from $4.7 million at previous financial close to $15.8 million currently.

Don't expect current full year profits to achieve last year's profit of $16.2 million, unless miracle happen.

Dividends may be cut unless the company continue to borrow to pay dividends.

ChanKitWhyePrior to his retirement, Chan Kit Whye (left) 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.

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