from OSK-DMG on Feb, 5, 2013 :
"XMH announced a massive organic growth plan yesterday, with the purchase of a 1.5ha piece of land for SGD8m on which management intends to build a $60m facility. We estimate SGD5m of incremental earnings by FY18F from this facility, using conservative assumptions. We value XMH at 8x FY13F EPS plus expected ending net cash balance for a TP of $0.35, up from $0.32."
Today, XMH is valued S$0,295.
One can note or infer the following :- NAV at S$0,11 / 0,115, ie a
P/B ratio of about 2,6- a div of about 1c (no big history yet), ie a
div yield of about 3,4%. That would be a pay-out ratio of 40% on a eps of about 2,5c this FY (04/2013).
- OCF of about 10/11 millions S$.
- no debt (and 47 millions S$ of cash at 31/10/2012).
- a current valorisation by
Ev/Nopat at about
8 (about the same as Tai Sin, or Lian Beng, a bit lower than CSE Global (8,4) or MTQ (8,8), all other interesting singaporean SMEs that I like presently (vested in all). While we are at it, Allan Inter. on HKEx is better though, at 7,2 Ev/Nopat, a P/B at 0,87, no debt and comparable industrial ROE & ROCE and good FCFY and higher div yield)
.)
I think it is an interesting company to follow. (Not vested).