United Engineers

Re: United Engineers

Postby behappyalways » Fri Aug 08, 2014 9:56 am

United Engineers (RD▼, TP:S$2.22▲) - Positives fully valued
http://sgx.i3investor.com/servlets/ptres/6652.jsp
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Re: United Engineers

Postby behappyalways » Thu Aug 21, 2014 3:14 pm

so it is Charoen but strange to sell after the takeover of WBL by UE



OCBC Said in Talks to Sell United Engineers Stake to Charoen
http://www.bloomberg.com/news/2014-08-2 ... en-1-.html

behappyalways wrote:Notice some accumulation in this counter and in a smaller way UE E&C too. The accumulation of UE has been on-going for quite some time before the 1Q result and when the result came out, the buyers kinda muted for a while then now they are back. Seems strange to me because UE at present is not really a good buy in a short term because of debts load and restructuring going on. But someone is buying.....maybe Straits Trading who bided for WBL. With UE price falling due to the takeover of WBL, maybe it is going for the 'parent' instead since it owns WBL, its initial target.
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Re: United Engineers

Postby behappyalways » Tue Aug 26, 2014 8:12 am

UE said to be in final stages of Wearnes Auto sale
http://www.businesstimes.com.sg/premium ... e-20140826
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Re: United Engineers

Postby behappyalways » Tue Aug 26, 2014 9:14 am

PROPOSED DISPOSAL OF WBL’S AUTOMOTIVE DIVISION
http://infopub.sgx.com/FileOpen/UE_Prop ... eID=312330


behappyalways wrote:UE said to be in final stages of Wearnes Auto sale
http://www.businesstimes.com.sg/premium ... e-20140826
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Re: United Engineers

Postby behappyalways » Tue Dec 02, 2014 5:04 pm

For reading interest


UEL could be the kingmaker

Cover Story: Rift in Lysaght family
http://www.theedgemarkets.com/my/articl ... ght-family
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Re: United Engineers

Postby winston » Mon Feb 16, 2015 6:12 pm

not vested

Contrary to our expectations of a positive outcome, OCBC ($10.39, down 14 cents) and Great Eastern ($25.85, down 4 cents) said that their exclusive agreement with Charoen has expired and that they could not reach an agreement on an appropriate transaction structure for the possible transaction.

As a result, United Engineers ($3.17, down 11 cents) share price will come under significant selling pressure today. This is especially so given the huge speculative positions taken ahead of last Friday’s deadline.

The 6-month daily average trading volume of the stock was only 2.2mln shares compared to last Wed to Friday’s average of 14.29mln shares (was a
significant 20.36mln shares last Thursday alone).

The un-winding of the huge speculative positions in the near term will likely see the stock being sold-down way beyond its fundamentals.

We note that before Charoen came into the picture at end Aug’14, the stock was trading close to the $2.30-2.40 level, pricing it at about 0.83x its
NAV then.

Notwithstanding this, we would like to highlight several key points that medium to longer term investors should bear in mind.

Firstly, the company’s Dec’14 NAV remains intact at $2.92/share while RNAV is estimated to be around $3.60/share. Peers in the market such as Capital Land and UOL are currently trading at 0.8 to 1x NAV. Keppel Corp recently launched a privatization offer for Keppel Land at $4.38-4.60/share. At the higher end, Keppel Land would be valued at 0.93x NAV.

OCBC said in their recent results briefing that while the company is not under time pressure to sell-non-core assets, it does not intend to hold on to these assets “forever”. OCBC’s inability to sell UE to Charoen means that they are now open to other potential buyers. While the timing of this remains uncertain, the possibility will continue to remain relevant.

UE has been consistently disposing assets in the past 2 years (UE Biz Hub East, UE E&C, Wearnes Automotive, MFS Tech’s core PCB Biz, a service and maintenance management company and several plots of land in China) and the recent departures of high level executives such as Jackson Yap (CEO), Lester Wong (CFO) and David Liew (MD) without replacements likely suggest that the disposals will continue going forward.

We also understand that UE has been placed on the restricted list of several investment banks given the on-going engagement to help them dispose assets.

In 2013, UE paid 5 cents normal and 2 cents special dividends. We believe in 2014 (when results are announced at end Feb’15), the special dividends will likely continue or could even be more given the disposal gains of UE E&C, Wearnes Automotive, MFS Tech’s core PCB Biz, a service and maintenance management company and several other smallish assets.

We would like to highlight that before UE sold their 68% stake in UE E&C, UE E&C also declared 5 cents normal and 2 cents special dividends (relative to their share price of $1 then)

Given the above, investors with a short-term horizon should “exit the stock” while investors with a longer-term horizon should “wait” for the speculative positions to be un-wound (which is admittedly hard to know exactly when) and the stock to stabilize on more normal trading volumes before “adding”. (Regretfully, we are also removing UE from our 2015 top-pick list)

Source: Lim & Tan
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Re: United Engineers

Postby behappyalways » Wed Jun 17, 2015 5:09 pm

MATTERS CONCERNING IRREGULARITIES UNCOVERED IN RESPECT OF SUBSIDIARIES OF THE COMPANY
http://infopub.sgx.com/FileOpen/General ... eID=356278
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Re: United Engineers

Postby behappyalways » Fri Aug 07, 2015 10:28 am

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Re: United Engineers

Postby behappyalways » Fri Feb 05, 2016 4:32 pm

PROPOSED TRANSACTION RELATING TO THE SHARES IN MULTI-FINELINE ELECTRONIX, INC., AN INDIRECTLY OWNED SUBSIDIARY OF THE COMPANY
http://infopub.sgx.com/FileOpen/UEL_Tra ... eID=388719
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Re: United Engineers

Postby behappyalways » Sat Feb 27, 2016 4:59 pm

Not vested

EPS 16 cents
NTA $2.97
Dividend 8 cents
Almost fully sold Eight Riversuites should TOP in 2016


FY2015
http://infopub.sgx.com/FileOpen/Q4_2015 ... eID=391527


behappyalways wrote:PROPOSED TRANSACTION RELATING TO THE SHARES IN MULTI-FINELINE ELECTRONIX, INC., AN INDIRECTLY OWNED SUBSIDIARY OF THE COMPANY
http://infopub.sgx.com/FileOpen/UEL_Tra ... eID=388719
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