Sunright

[behappyalways]

looking at the vol.....I guess takeover offer by significant shareholder Sunright or that they are going to sell off the 48% stake to another party. But NTA is RM5.56 so might be too cheap if it is so. My guess is maybe privatisation offer and just keep Sunright listed...save on cost

KESM has 43m shares....Sunright holds 20.8m and today volume is 4m which is 10% of the total issued shares

[behappyalways]

KESM surges with volume today. Result for 2Q2014 should be out soon
http://www.bursamalaysia.com/market/lis ... _code=9334

[behappyalways]

48% associate KESM 2Q2014 result. Result is so-so to me yet share price shoots up so much

http://www.bursamalaysia.com/market/lis ... ts/1562509

[behappyalways]

1h2014 result
http://infopub.sgx.com/FileOpen/SRResul ... eID=288216

surprisingly it is still loss-making in 1h2014.

[behappyalways]

Quite surprised share price was up. Maybe this is the reason

Associate KESM's 3Q2014 result
http://www.bursamalaysia.com/market/lis ... ts/1639525

[behappyalways]

KESM's price shooting up today.....
http://www.bursamalaysia.com/market/lis ... _code=9334

[behappyalways]

Sunright 1h2014 Balance sheet

Non Current Assets = $63.3m
Current Assets = $28.3m
Non Current Liabilities = $5.8m
Current Liablities = $14.6m
Total Equity = $71.2m
Number of shares = 122.806m
NAV = 58 cents

Non Current Assets consist of $57m worth of associates of which it includes KESM Industries Berhad (Traded in KLSE) , KESM Test, KESP Sdn Bhd and KESM Industries (Tianjin).

As of 31 July 2013, fair value of investment in associates for which there is a published price quotation is $15.025m (KESM)

NTA of KESM as of 31 July 2013 is RM$5.4732. Sunright owns 48% or 20.8m shares of KESM. Taking a currency exchange rate of 1 Sing Dollar for 2.58 Malaysian Ringgit. The value on book is $44.1m which meant the other unquoted associates are worth around $13m at cost.....

One reason why Sunright is trading at a discount because the fair value of KESM is less than book.

At today share price of RM$3.10 for KESM, Sunright's stake in KESM would be worth around $25m. Let's give a nil value for the other associates so at today valuation, Sunright would have to write down $32m ($57m-$25m)

That meant total equity = $39.2m ($71.2m - $32m)
or NAV = 32 cents.

1h2014 result
http://infopub.sgx.com/FileOpen/SRResul ... eID=288216

surprisingly it is still loss-making in 1h2014.

[behappyalways]

Kesm 4Q2014 result

http://www.bursamalaysia.com/market/lis ... ts/1743005

[behappyalways]

Turnaround. Looks like KESM is improving their results and with book to bill above 1, most likely their result will get better (hopefully)..

Sunright 2014
http://infopub.sgx.com/FileOpen/SRAnnou ... eID=316005

http://infopub.sgx.com/FileOpen/SRPress ... eID=316006

[behappyalways]

(Market value of the company = $15.96m. Cash received from sale =$13.23m. Dividend from KESM Test = $3.926m. Total cash received = $13.23m +$3.926m = $17.156m > Market value of the company. Hence market value of 48.41% stake in Malaysia listed associate KESM is negative ^^^^^)


The aggregate value of the Consideration to be received by the Group =
S$13.23 million

The Company’s market capitalisation based on the total number of issued
shares excluding treasury shares multiplied by the weighted average price
of such shares transacted on the market day preceding the date of the SSA
= S$15.96 million.

Relative figure = 82.89%



For clarification purposes, the above proforma effects have not taken into account the impact of the interim dividend for the financial year ending 31 July 2015 declared by KESM Test on 5 February 2015 amounting to RM30.00 million, of which the Company’s proportionate share is RM10.39 million (approximately S$3,926,000). Had the interim dividend been accounted for, the net tangible assets and net tangible assets per Share would be S$75,063,000 and S$0.61 respectively.

THE PROPOSED DISPOSAL OF APPROXIMATELY 34.62% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF KESM TEST (M) SDN BHD TO KESM INDUSTRIES BERHAD
http://infopub.sgx.com/FileOpen/Annt-Pr ... eID=335045


Sunright Streamlines Business
http://infopub.sgx.com/FileOpen/Sunrigh ... eID=335046