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Latest Forum Topics / Boustead    Last:2.02    -0.01  Post Reply
Boustead on the move now
lifeisgood
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24-Feb-2023 11:24     
 
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 Alert Admin 		I guess those were the speculators hoping for a $1.20 revised offer. But it didnt happen. 

maxlim3      ( Date: 23-Feb-2023 16:35) Posted:

Since the final offer price is 95 cents, may I know why there were people buying at a higher price than 95 cents after the revised offer was announced? Thank you.

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maxlim3
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23-Feb-2023 16:35     
 
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 Alert Admin 		Since the final offer price is 95 cents, may I know why there were people buying at a higher price than 95 cents after the revised offer was announced? Thank you.
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Joelton
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23-Feb-2023 10:16     
 
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 Alert Admin
Boustead Singapore revises privatisation offer for subsidiary Boustead Projects to 95 cents
 
Boustead Singapore has heeded calls to improve its offer for separately-listed subsidiary Boustead Projects.
 
The engineering and property firm will now offer 95 cents to take its property-focused subsidiary private. This is 5 cents more than the original offer of 90 cents, but 4 cents below Boustead Projects&rsquo last traded price of 99 cents.
 
According to Boustead Singapore after market closed on Feb 22, the revised offer price is final, unless there&rsquo s a &ldquo competitive situation.&rdquo
 
After Boustead Singapore made the initial offer, there have been suggestions that the original offer price, at just 0.7 times Boustead Projects' book value of $1.265 per share, is too low.
 
SIAS president David Gerald has urged Boustead Singapore to improve its offer to a level nearer to Boustead Project&rsquo s book value.
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HVRRVH
Elite
21-Feb-2023 10:51     
 
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 Alert Admin 		Their NAV not quite the same, 90 cents vs $1.26. But ya, if BSL is going to buy BPJ below BPJ' s NAV, then it is advantageous to BSL so on that premise, can buy BSL share. Having said that, maybe BPJ shareholders are not into other aspects of BSL' s businesses so they rather BSL buy BPJ nearer to its $1.26 NAV. 

lifeisgood      ( Date: 20-Feb-2023 16:41) Posted:

Thanks. I just read it.
Since BP and BSL NAV about the same pre-takeover, the disgruntled shareholders of BP shares should quickly exchange BP shares for shares of BSL, and pocket the 11 cents discount (and will then still hold BP shares indrectly via BSL). Does it make sense?

HVRRVH      ( Date: 20-Feb-2023 15:53) Posted:

@ lifeisgood
This Angmoh' s calciulation is akin to my calculation. As far as NAV of Boustead post acquisition of BPJ is concerned. You may read it if it interest you. 

https://www.asiancenturystocks.com/p/deep-dive-2023-3-boustead-singapore
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lifeisgood
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20-Feb-2023 16:41     
 
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 Alert Admin 		Thanks. I just read it.
Since BP and BSL NAV about the same pre-takeover, the disgruntled shareholders of BP shares should quickly exchange BP shares for shares of BSL, and pocket the 11 cents discount (and will then still hold BP shares indrectly via BSL). Does it make sense?

HVRRVH      ( Date: 20-Feb-2023 15:53) Posted:

@ lifeisgood
This Angmoh' s calciulation is akin to my calculation. As far as NAV of Boustead post acquisition of BPJ is concerned. You may read it if it interest you. 

https://www.asiancenturystocks.com/p/deep-dive-2023-3-boustead-singapore

HVRRVH      ( Date: 16-Feb-2023 13:49) Posted:

Market price for BPJ should hit 96 cents today, a good 6 cents above offer price. Even then, it is still cheap for BSL to get BPJ at such price. As of now, BPJ has about 313261000 outstanding shares, with NAV per share of $1.26. On the other hand, BSL' s NAV is about 90 cents with larger share base of about 477473000 outstanding shares. Therefore, if BSL pay 90 cents per share for BPJ, it will have to cough up $281934900 and the ' net gain' for the book will be $394708860 [actual book value of $1.26 per share] - $281934900 [offer price of 90 cents per share] = $112773960 divide by 47743000 shares = 23.6 cents per BSL share. So BSL' s NAV should increase from 90 cents plus 23.6 cents = $1.136 new NAV. I think the market know so keep pushing up BPJ price. 
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HVRRVH
Elite
20-Feb-2023 15:53     
 
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 Alert Admin 		@ lifeisgood
This Angmoh' s calciulation is akin to my calculation. As far as NAV of Boustead post acquisition of BPJ is concerned. You may read it if it interest you. 

https://www.asiancenturystocks.com/p/deep-dive-2023-3-boustead-singapore

HVRRVH      ( Date: 16-Feb-2023 13:49) Posted:

Market price for BPJ should hit 96 cents today, a good 6 cents above offer price. Even then, it is still cheap for BSL to get BPJ at such price. As of now, BPJ has about 313261000 outstanding shares, with NAV per share of $1.26. On the other hand, BSL' s NAV is about 90 cents with larger share base of about 477473000 outstanding shares. Therefore, if BSL pay 90 cents per share for BPJ, it will have to cough up $281934900 and the ' net gain' for the book will be $394708860 [actual book value of $1.26 per share] - $281934900 [offer price of 90 cents per share] = $112773960 divide by 47743000 shares = 23.6 cents per BSL share. So BSL' s NAV should increase from 90 cents plus 23.6 cents = $1.136 new NAV. I think the market know so keep pushing up BPJ price. 

lifeisgood      ( Date: 16-Feb-2023 11:14) Posted:

Assuming Boustead successfully acquired Boustead Projects at the offer price (of 90 cents), or higher (say 95 cents - $1.00), how much would the re-computed NAV of Boustead be?  Would appreciate if someone shares his calculations. Thanks in advance
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lifeisgood
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20-Feb-2023 13:19     
 
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 Alert Admin 		Actually I am thinking, no offense to holders of BP, but if they think BSL is having a very good deal in taking over BP cheaply, wouldn' t it be a good idea to sell some BP, and use the proceeds to convert into BSL, which is trading at least 10 cents cheaper, then become a happy BSL shareholder? After all, if u cannot beat them, join them. Turn from being a victim to a beneficiary. 
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HVRRVH
Elite
20-Feb-2023 12:20     
 
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 Alert Admin 		I think it?s a right move to bring BPJ back under BSL. Whatever plan under BPJ can still be carried out, I am referring to BIF, which after obtained some scale should be listed as a reit. I think Metro, the major partner of BIF would want the listing too. Today can see some party buying into BSL and it?s worth to keep a lookout.

lifeisgood      ( Date: 20-Feb-2023 12:01) Posted:

Last time at AGM, some Boustead Sg shareholders asked whether Boustead can distribute out more cash back to shareholders.

The boss WFF said something like quite a lot of cash is stuck at its subsi Boustead Projects.

So if after taking over BP, I think Wong will have more access to the excess cash.  After all, BP has a separate management. Certain things need the BP management approval

HVRRVH      ( Date: 19-Feb-2023 13:45) Posted:

It only matters if the market ' take into consideration' of the RNAV. Boustead used to trade above its NAV too at above $1 level. I see it as an opportunity to collect more now as it is trading below its NAV of about 90 cents and with the acquisition of BPJ in progress. Already, analysts consensus was that the acquistition favour Boustead. Fortunately I have some BPJ so right now, I can wait and see a bit but increasingly, if BPJ start to trade above $1, even at $1.01, I may sell it in open market so that I can access the fund quicker and buy more Boustead instead. 
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lifeisgood
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20-Feb-2023 12:01     
 
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 Alert Admin 		Last time at AGM, some Boustead Sg shareholders asked whether Boustead can distribute out more cash back to shareholders.

The boss WFF said something like quite a lot of cash is stuck at its subsi Boustead Projects.

So if after taking over BP, I think Wong will have more access to the excess cash.  After all, BP has a separate management. Certain things need the BP management approval

HVRRVH      ( Date: 19-Feb-2023 13:45) Posted:

It only matters if the market ' take into consideration' of the RNAV. Boustead used to trade above its NAV too at above $1 level. I see it as an opportunity to collect more now as it is trading below its NAV of about 90 cents and with the acquisition of BPJ in progress. Already, analysts consensus was that the acquistition favour Boustead. Fortunately I have some BPJ so right now, I can wait and see a bit but increasingly, if BPJ start to trade above $1, even at $1.01, I may sell it in open market so that I can access the fund quicker and buy more Boustead instead. 

tangsookiam1947      ( Date: 18-Feb-2023 15:00) Posted:

does the RNAV of $1.79 take into account the latest acquistion of the freehold property in the prime location of Orchard Road?

this FREEHOLD property (mixed use) should be worth a lot more now!
====

Boustead Projects JV Picks Up 30 Bideford Road in Singapore - Mingtiandi
A joint venture led by developer Boustead Projects has agreed to acquire a mixed-use building near Singapore&rsquo s swanky Orchard Road for S$515 million ($371 million), taking advantage of a distressed-asset sale to pick up a prime property at a discount.
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HVRRVH
Elite
19-Feb-2023 13:45     
 
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 Alert Admin 		It only matters if the market ' take into consideration' of the RNAV. Boustead used to trade above its NAV too at above $1 level. I see it as an opportunity to collect more now as it is trading below its NAV of about 90 cents and with the acquisition of BPJ in progress. Already, analysts consensus was that the acquistition favour Boustead. Fortunately I have some BPJ so right now, I can wait and see a bit but increasingly, if BPJ start to trade above $1, even at $1.01, I may sell it in open market so that I can access the fund quicker and buy more Boustead instead. 

tangsookiam1947      ( Date: 18-Feb-2023 15:00) Posted:

does the RNAV of $1.79 take into account the latest acquistion of the freehold property in the prime location of Orchard Road?

this FREEHOLD property (mixed use) should be worth a lot more now!
====

Boustead Projects JV Picks Up 30 Bideford Road in Singapore - Mingtiandi
A joint venture led by developer Boustead Projects has agreed to acquire a mixed-use building near Singapore&rsquo s swanky Orchard Road for S$515 million ($371 million), taking advantage of a distressed-asset sale to pick up a prime property at a discount.

HVRRVH      ( Date: 16-Feb-2023 14:12) Posted:



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tangsookiam1947
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18-Feb-2023 15:00     
 
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 Alert Admin 		does the RNAV of $1.79 take into account the latest acquistion of the freehold property in the prime location of Orchard Road?

this FREEHOLD property (mixed use) should be worth a lot more now!
====

Boustead Projects JV Picks Up 30 Bideford Road in Singapore - Mingtiandi
A joint venture led by developer Boustead Projects has agreed to acquire a mixed-use building near Singapore&rsquo s swanky Orchard Road for S$515 million ($371 million), taking advantage of a distressed-asset sale to pick up a prime property at a discount.

HVRRVH      ( Date: 16-Feb-2023 14:12) Posted:


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HVRRVH
Elite
17-Feb-2023 22:47     
 
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 Alert Admin 		It does imply that Boustead shold worth a lot more. More so if BP eventually come fully under BSL. However, market has its unique way of pricing a stock, so what to do. 

I have added a bit BSL already but will buy a bit more after I eventually dispose off my BP shares, be it thru open market or thru accepting the offer. It is likely that there will be a revise upward offer, seeing how today the price tested $1. 
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tangsookiam1947
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17-Feb-2023 19:54     
 
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 Alert Admin 		does this imply that the parent company Boustead should be worth a lot more?

BP Book NAV = $1.265
BP RNAV = $1.8?

dont know why Boustead is still trading below 90 cents?

HVRRVH      ( Date: 16-Feb-2023 14:12) Posted:


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HVRRVH
Elite
16-Feb-2023 14:12     
 
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 Alert Admin 		BPJ' s revalued NAV is $1.79! The current NAV is based on historical cost. 

https://www.theedgesingapore.com/news/company-news/sias-urges-boustead-singapore-improve-privatisation-offer-subsidiary-boustead
 
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HVRRVH
Elite
16-Feb-2023 13:57     
 
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 Alert Admin 		I think this is also why one day after the offer news broke, BSL' s price was pushed up to as high as 91 cents but since BPJ' s price was being pushed, it stall now await further development but I have added a bit when price came down to current level. 

HVRRVH      ( Date: 16-Feb-2023 13:49) Posted:

Market price for BPJ should hit 96 cents today, a good 6 cents above offer price. Even then, it is still cheap for BSL to get BPJ at such price. As of now, BPJ has about 313261000 outstanding shares, with NAV per share of $1.26. On the other hand, BSL' s NAV is about 90 cents with larger share base of about 477473000 outstanding shares. Therefore, if BSL pay 90 cents per share for BPJ, it will have to cough up $281934900 and the ' net gain' for the book will be $394708860 [actual book value of $1.26 per share] - $281934900 [offer price of 90 cents per share] = $112773960 divide by 47743000 shares = 23.6 cents per BSL share. So BSL' s NAV should increase from 90 cents plus 23.6 cents = $1.136 new NAV. I think the market know so keep pushing up BPJ price. 

lifeisgood      ( Date: 16-Feb-2023 11:14) Posted:

Assuming Boustead successfully acquired Boustead Projects at the offer price (of 90 cents), or higher (say 95 cents - $1.00), how much would the re-computed NAV of Boustead be?  Would appreciate if someone shares his calculations. Thanks in advance
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HVRRVH
Elite
16-Feb-2023 13:49     
 
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 Alert Admin 		Market price for BPJ should hit 96 cents today, a good 6 cents above offer price. Even then, it is still cheap for BSL to get BPJ at such price. As of now, BPJ has about 313261000 outstanding shares, with NAV per share of $1.26. On the other hand, BSL' s NAV is about 90 cents with larger share base of about 477473000 outstanding shares. Therefore, if BSL pay 90 cents per share for BPJ, it will have to cough up $281934900 and the ' net gain' for the book will be $394708860 [actual book value of $1.26 per share] - $281934900 [offer price of 90 cents per share] = $112773960 divide by 47743000 shares = 23.6 cents per BSL share. So BSL' s NAV should increase from 90 cents plus 23.6 cents = $1.136 new NAV. I think the market know so keep pushing up BPJ price. 

lifeisgood      ( Date: 16-Feb-2023 11:14) Posted:

Assuming Boustead successfully acquired Boustead Projects at the offer price (of 90 cents), or higher (say 95 cents - $1.00), how much would the re-computed NAV of Boustead be?  Would appreciate if someone shares his calculations. Thanks in advance
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lifeisgood
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16-Feb-2023 11:14     
 
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 Alert Admin 		Assuming Boustead successfully acquired Boustead Projects at the offer price (of 90 cents), or higher (say 95 cents - $1.00), how much would the re-computed NAV of Boustead be?  Would appreciate if someone shares his calculations. Thanks in advance
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HVRRVH
Elite
15-Feb-2023 11:40     
 
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 Alert Admin 		Added some since the offer news broke. BPJ comes under BSL should enhance the value of BSL. 
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HVRRVH
Elite
14-Feb-2023 14:52     
 
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 Alert Admin 		The reasons for privatising Boustead Project, chiefly, low trading volume, can apply to parent Boustead Singapore Limited as well. Therefore, it is not unthinkable that BSL may be privatise too in time to come. It is really a shame that under SGX, good companies keep getting delisted and lousy companies get IPO. All small fries with listing price of 20 over cents and as time progresses, they drift further to super penny status and trading at the like of 0.008..., 0.018... or at most like 0.1 to 0.2. Of course if nitpick, we do have few successful cases but in general, more good, profitable and dividend paying companeis are delisting than good companies getting IPO. Just look at both the Bousteads, prices only jump after news of privatisation broke. Even then, their prices are still well below their respective NAVs. For Boustead, if they stay listed, probably it will be due to the fact that they may embark on listing of a Reit for thier industrial/commercial properties and in they indeed does so, they may delist Boustead after the Reit listing too. In short, potential good value may be unlocked if Boustead want to do a Reit listing so it may be worthwhile to hold on to Boustead for this purpose. 
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penguinn
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13-Feb-2023 17:37     
 
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 Alert Admin 		Its currently trading above privatization offer price of 90.  Will there be a revised up offer ?  smiley

lifeisgood      ( Date: 09-Feb-2023 10:01) Posted:

This stock used to trade in lock step with Boustead Projects. Now Boustead Projects share price is supported by the offer price of 90 cents. So would Boustead also move up to 90 cents?

lifeisgood      ( Date: 08-Feb-2023 22:54) Posted:

Thanks for info.
 
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