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hem2998 Veteran	17-Feb-2015 09:43        hem2998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	haha...actually we are all hoping for a shotgun wedding with Boy O.... pirateboy      ( Date: 17-Feb-2015 09:37) Posted: Boy C ask Girl U whether he can be her exclusive girlfriend. Girl U says ok, for 6 months try-try. Boy C is so happy, start to get to know relationship. After 6 months, Girl U says end of exclusivity, but Boy C says extend for another 2 weeks. Girl U say ok lor. But  expiry, Girl U says it is end of the the exclusivity because of structure (of what?) and price (of what?). So far Boy C never said anything. Girl U also didn' t further clarify. In the meantime, everyone is punting that they will announce marriage...   IBanalystslave      ( Date: 17-Feb-2015 08:54) Posted: while we can' t confirm, if you use a logical perspective, Charoen was the one who approached OCBC for the stake, it is also usually the buyer who wants the exclusivity, and he has spent money to conduct due diligence. the heading was phrased OCBC not selling it UE stake to Charoen, and not Charoen not buying OCBC' s stake, further there was a reference to the non-agreement to price. the bloomberg headline also said OCBC allowed the exclusivity to lapse, not Charoen. this would be an educated and logical guess.
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pirateboy Member	17-Feb-2015 09:37        pirateboy About Contact  Quote this Post!
x 0   x 0  Alert Admin	Boy C ask Girl U whether he can be her exclusive girlfriend. Girl U says ok, for 6 months try-try. Boy C is so happy, start to get to know relationship. After 6 months, Girl U says end of exclusivity, but Boy C says extend for another 2 weeks. Girl U say ok lor. But  expiry, Girl U says it is end of the the exclusivity because of structure (of what?) and price (of what?). So far Boy C never said anything. Girl U also didn' t further clarify. In the meantime, everyone is punting that they will announce marriage...   IBanalystslave      ( Date: 17-Feb-2015 08:54) Posted: while we can' t confirm, if you use a logical perspective, Charoen was the one who approached OCBC for the stake, it is also usually the buyer who wants the exclusivity, and he has spent money to conduct due diligence. the heading was phrased OCBC not selling it UE stake to Charoen, and not Charoen not buying OCBC' s stake, further there was a reference to the non-agreement to price. the bloomberg headline also said OCBC allowed the exclusivity to lapse, not Charoen. this would be an educated and logical guess. hem2998      ( Date: 17-Feb-2015 08:52) Posted: actually the article did not state that. It just stated it could not come to an agreement on the transaction. this can mean many many things.   Thats why i hope OCBC will come out to clarify....but till now, nothing.
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Mark_tan Member	17-Feb-2015 09:27        Mark_tan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks for clarifying IBanalayst   IBanalystslave      ( Date: 17-Feb-2015 08:54) Posted: while we can' t confirm, if you use a logical perspective, Charoen was the one who approached OCBC for the stake, it is also usually the buyer who wants the exclusivity, and he has spent money to conduct due diligence. the heading was phrased OCBC not selling it UE stake to Charoen, and not Charoen not buying OCBC' s stake, further there was a reference to the non-agreement to price. the bloomberg headline also said OCBC allowed the exclusivity to lapse, not Charoen. this would be an educated and logical guess. hem2998      ( Date: 17-Feb-2015 08:52) Posted: actually the article did not state that. It just stated it could not come to an agreement on the transaction. this can mean many many things.   Thats why i hope OCBC will come out to clarify....but till now, nothing.
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nea03177 Senior	17-Feb-2015 09:23        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Congrats! Moving up Bigmama      ( Date: 17-Feb-2015 08:02) Posted: After all said, if there is no more deal and no more development in this story......we all knows where it will go right?
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IBanalystslave Member	17-Feb-2015 08:54        IBanalystslave About Contact  Quote this Post!
x 0   x 0  Alert Admin	while we can' t confirm, if you use a logical perspective, Charoen was the one who approached OCBC for the stake, it is also usually the buyer who wants the exclusivity, and he has spent money to conduct due diligence. the heading was phrased OCBC not selling it UE stake to Charoen, and not Charoen not buying OCBC' s stake, further there was a reference to the non-agreement to price. the bloomberg headline also said OCBC allowed the exclusivity to lapse, not Charoen. this would be an educated and logical guess. hem2998      ( Date: 17-Feb-2015 08:52) Posted: actually the article did not state that. It just stated it could not come to an agreement on the transaction. this can mean many many things.   Thats why i hope OCBC will come out to clarify....but till now, nothing. Mark_tan      ( Date: 16-Feb-2015 23:46) Posted: Not true. Saturday article in straits time says price was rejected by OCBC.
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hem2998 Veteran	17-Feb-2015 08:52        hem2998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	actually the article did not state that. It just stated it could not come to an agreement on the transaction. this can mean many many things.   Thats why i hope OCBC will come out to clarify....but till now, nothing. Mark_tan      ( Date: 16-Feb-2015 23:46) Posted: Not true. Saturday article in straits time says price was rejected by OCBC.    nea03177      ( Date: 16-Feb-2015 22:58) Posted: OCBC and GE's announcement said they cannot agree on the structure. So price is not the issue.
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kirana Senior	17-Feb-2015 08:07        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	This topic in this forum will be quite again
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Bigmama Elite	17-Feb-2015 08:02        Bigmama About Contact  Quote this Post!
x 0   x 0  Alert Admin	After all said, if there is no more deal and no more development in this story......we all knows where it will go right?
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kirana Senior	17-Feb-2015 07:56        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	This can get more complicated. C may offer with shares of FCL, F&N, etc. but most retailer like us wanted cash. So maybe he even offer crates of beer so that we all can celebrate perpetually.
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kirana Senior	17-Feb-2015 07:51        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	Dont blacklist me. I am only using chicken rice analogy. Looks like they are really selling chicken by the plates. It could be few parties share a whole chicken, chaisim. Me i usually add rice la
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pirateboy Member	17-Feb-2015 07:43        pirateboy About Contact  Quote this Post!
x 0   x 0  Alert Admin	thats freedom in the internet for you! we can alternatively ask admin for ability to individually blacklist posters Kyoto2008      ( Date: 17-Feb-2015 00:44) Posted: Easily identifiable imbecile with the parasitic need to feed on ppl' s misery.    I know who he is. IBanalystslave      ( Date: 17-Feb-2015 00:17) Posted: I believe most people here have common sense and will look at how the numbers are derived and if they make sense and not at some guy just pulling numbers and screaming them off. don' t bother.
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9hly99 Veteran	17-Feb-2015 07:18        9hly99 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Price to settle at 222....back to basics
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Kyoto2008 Elite	17-Feb-2015 00:44        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Easily identifiable imbecile with the parasitic need to feed on ppl' s misery.    I know who he is. IBanalystslave      ( Date: 17-Feb-2015 00:17) Posted: I believe most people here have common sense and will look at how the numbers are derived and if they make sense and not at some guy just pulling numbers and screaming them off. don' t bother. Kyoto2008      ( Date: 17-Feb-2015 00:12) Posted: Suggest as many pple as possible, complain to Admin. We want this fella banned.  If he resurface in BOLD RED, just complain again.  Imbecile, with nothing better to do!
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IBanalystslave Member	17-Feb-2015 00:17        IBanalystslave About Contact  Quote this Post!
x 0   x 0  Alert Admin	I believe most people here have common sense and will look at how the numbers are derived and if they make sense and not at some guy just pulling numbers and screaming them off. don' t bother. Kyoto2008      ( Date: 17-Feb-2015 00:12) Posted: Suggest as many pple as possible, complain to Admin. We want this fella banned.  If he resurface in BOLD RED, just complain again.  Imbecile, with nothing better to do! nea03177      ( Date: 16-Feb-2015 14:50) Posted: Don't be a nuisance here, like what you do in other topics. Got scolding there still not enough! Your name suits you Siao Sia
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Kyoto2008 Elite	17-Feb-2015 00:16        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thanks very much.  It cleared up a mystery that was in my mind all this time.    nea03177      ( Date: 17-Feb-2015 00:13) Posted: On 30 Jan 2015, at FCL AGM, someone asked about development in China. One of Charoen's representative indicated they may look into team up with another Developer and Capitaland was mentioned. Shareholder's question is to get company to enhance value of it's properties in China. So to my mind, he may want the China properties. This is not heresy. I was present. Nobody dare mention UE because that day happens to be the deadline for his answer to the exclusivity which was further extended to 13 Feb. Kyoto2008      ( Date: 16-Feb-2015 23:59) Posted: If it' s price, it' s haggling over a single transfer price....3.50 or 3.80, etc, etc. If it' s structure, it' s haggling over whether at 3.50 Ah Chai will buy all except the China properties. Am I right?    Plse correct me if I am wrong, for the benefit of everyone.  What' s the diff between structure and price?    3.50, 3.80 are hypothetical, it could be any figure.....
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nea03177 Senior	17-Feb-2015 00:13        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	On 30 Jan 2015, at FCL AGM, someone asked about development in China. One of Charoen's representative indicated they may look into team up with another Developer and Capitaland was mentioned. Shareholder's question is to get company to enhance value of it's properties in China. So to my mind, he may want the China properties. This is not heresy. I was present. Nobody dare mention UE because that day happens to be the deadline for his answer to the exclusivity which was further extended to 13 Feb. Kyoto2008      ( Date: 16-Feb-2015 23:59) Posted: If it' s price, it' s haggling over a single transfer price....3.50 or 3.80, etc, etc. If it' s structure, it' s haggling over whether at 3.50 Ah Chai will buy all except the China properties. Am I right?    Plse correct me if I am wrong, for the benefit of everyone.  What' s the diff between structure and price?    3.50, 3.80 are hypothetical, it could be any figure.....
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Kyoto2008 Elite	17-Feb-2015 00:12        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Suggest as many pple as possible, complain to Admin. We want this fella banned.  If he resurface in BOLD RED, just complain again.  Imbecile, with nothing better to do! nea03177      ( Date: 16-Feb-2015 14:50) Posted: Don't be a nuisance here, like what you do in other topics. Got scolding there still not enough! Your name suits you Siao Siao disiaosiao      ( Date: 16-Feb-2015 12:37) Posted: RUNNNNNNNNNNNNNNNNNNNNNNN!!!!! It will crash to 2.3 soon!!!!!!!!!!!!!!!
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IBanalystslave Member	17-Feb-2015 00:11        IBanalystslave About Contact  Quote this Post!
x 0   x 0  Alert Admin	I didn' t pluck this number out from nowhere. I' m using what investment bankers usually use in M& A valuation transactions for capital intensive companies such as banks and property companies. As i said, the Keppel transaction is not a good guide because its consumated internally and there is no need for a premium. Bidders would have to buy from OCBC which is non-related thereby having to offer OCBC a premium for their substantial stake that would result in them gaining control. My analysis from the previous post using the Pan Pac and HPL offers:   & ldquo Analysts say that, if redevelopment is indeed on the cards, minority shareholders should hang on to their stock instead, especially since the offer isn& rsquo t particularly attractive. As Lim & Tan notes, $3.50 per share values the stock at just 1.13 times its [book value per share] of $3.13, & ldquo which pales in comparison to UOL& rsquo s 1.65 times price-to-book offer for Pan Pacific Hotels in Oct 2013.& rdquo Shares in HPL have shot up in value in the last couple of days, surpassing the $3.50 point and closed at a high of $3.75 on Apr 17.& rdquo [The Edge]  Precedent Comparables:  Kep Corp & Kep Land: 0.92 P/BV  UOL & Pan Pacific: 1.65 P/BV  HPL: 1.13 P/BV (current price at $4.05 is higher than offer at $3.50)  UE and (Potential Bidder): Using last announced NAV at $2.89 At 0.92 P/BV: $2.65 At 1.13 P/BV: $3.26 At 1.65 P/BV: $4.76 If NAV is revised to at least $3: At 0.92 P/BV: $2.76 At 1.13 P/BV: $3.39 At 1.65 P/BV: $4.95 While I have included the Keppel transaction, it has to be noted that there wouldn& rsquo t be a premium paid for an internal takeover in Keppel& rsquo s case while for pan pacific, it demanded a premium. As such I would use the average of both the HPL and Pan Pac offers as a guide (< 1.65+1.13> /2=1.39) At 1.39x $2.89: $4 At 1.39x $3: 4.17 Using the comparable method, a $4 to $4.17 range would be a good offer Even if the Kep transaction is included, the average P/BV would be (< 0.92+1.13+1.65> /2=1.23) At 1.23x $2.89: $3.55 At 1.23x $3: $3.69 Kyoto2008      ( Date: 17-Feb-2015 00:02) Posted: Bro I think we are on the same frequency.        If a takeover is on, $4 will be likely end price....I think. IBanalystslave      ( Date: 16-Feb-2015 23:53) Posted: The key here is what price was offered by Charoen to them. If it' s the 3.60+/- as put forth by some of the analysts then we are looking at something nearer to 4.
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Kyoto2008 Elite	17-Feb-2015 00:10        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good point.    OCBC not selling, that' s different from Ah Chai not buying.    Personally I still like 2.63, but then it' s me.....tomorrow, who knows what happens?   IBanalystslave      ( Date: 17-Feb-2015 00:05) Posted: while we can' t confirm, if you use a logical perspective, Charoen was the one who approached OCBC for the stake, it is also usually the buyer who wants the exclusivity, and he has spent money to conduct due diligence. the heading was phrased OCBC not selling it UE stake to Charoen, and not Charoen not buying OCBC' s stake, further there was a reference to the non-agreement to price. the bloomberg headline also said OCBC allowed the exclusivity to lapse, not Charoen. this would be an educated and logical guess.
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Kyoto2008 Elite	17-Feb-2015 00:08        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I said if,.....if... Price is very volatile, we still need to see if there is serious sustained buying like an imminent takeover will happen...plse study the MD every single day to see the signs.    Don take anything in the forum as 100% correct, we are all guessing.    Kyoto2008      ( Date: 17-Feb-2015 00:02) Posted: Bro I think we are on the same frequency.        If a takeover is on, $4 will be likely end price....I think. IBanalystslave      ( Date: 16-Feb-2015 23:53) Posted: The key here is what price was offered by Charoen to them. If it' s the 3.60+/- as put forth by some of the analysts then we are looking at something nearer to 4.
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