Dear valued clients,
I feel that I am obligated to post this article in I3 because I am the
one who recommended PJDev-WC in this forum. I had to highlight the
fundamental of PJDev so that the readers can make good decision to
decide to "sell or hold" this stock.
This is a voluntary
takeover of PJDev by OSKH, it is actually injecting OLH's family stake
of PJDev into OSKH so that OSKH can control PJDev.
Please reject this offer, PJDev will continue to be listed in KLSE like
Encorp. The share price will drop temporary, it will be back to normal
if all shareholders reject this takeover.
Mr OLH previous dealing
OSK Iinvestment Bank merged with RHBCap, Mr OLH asked for the below price of OSK investment Bank.
1.77 times Book Value (BV)
18.9 times historical PER.
CIMB and RHBCap merging plan
RHBCap merges with CIMB,
1.5 times Book Value.
What is the fair price of PJDev and OSKProp ?
1.5 times Book Value of PJDev is 3.76
1.5 times Book Value of OSKProp is 2.77
Is the offer price of OSKH to PJDev at 1.60 and OSKProp at 2.00 respectively fair ?
Ans : Totally unfair and unacceptable. Please reject this offer.
Thank you.
Ooi
The FA report of PJDev and OSKProp are as follows :-
| Description | ||||
| Year | STD | 2014 Q4 | 2014 Q2 | |
| Stock name | PJDEV | OSKPROP | ||
| Share price | 1.67 | 2.27 | ||
| No. of shares | 456,137 | 243,743 | ||
| Market cap | 761,749 | 553,297 | ||
| Sales | 1,169,502 | 618,849 | ||
| Net profit | 223,999 | 88,070 | ||
| EBIT | 265,210 | 126,368 | ||
| EPS | 0.49 | 0.37 | ||
| P/E | <=10 | 3.38 | 6.14 | |
| Total Asset | 1,777,818 | 1,005,378 | ||
| Equity | 1,144,830 | 450,037 | ||
| Total liabilities | 640,801 | 536,888 | ||
| Borrowings | 272,177 | 190,234 | ||
| Minority interest | -7,813 | 18,453 | ||
| Cash & Securities | 136,976 | 149,856 | ||
| Stock | 160,822 | 170,181 | ||
| EV = Market Cap + Mi + (Borrowings - Cash) | 889,137 | 612,128 | ||
| EV/EBIT | <8.0 | 3.35 | 4.84 | |
| NTA | 2.54 | 1.87 | ||
| Cash Flow From Operation (CFFO) | >Net profit | 24,874 | 44,281 | |
| Free cash flow | >10% sale | 188,740 | 4,016 | |
| Dividend (cent) | 5.00 | 5.00 | ||
| Dividend Yield | 3.0% | 2.2% | ||
| Net profit margin (N.profit/sales) | >8% | 19.15% | 14.23% | |
| Asset turnover (sales/t.asset) | >0.5 | 0.66 | 0.62 | |
| Financial leverage (Total asset/equity) | <2.0 | 1.55 | 2.23 | |
| ROE | >10% | 19.57% | 19.57% | |
| Price/Book Value | 0.67 | 1.23 | ||
| 3 years returns | 37.66% | 57.12% | ||
| Method 1 | ||||
| Target price (EV/EBIT=8) | 4.37 | 3.91 | ||
| Current Price | 1.67 | 2.27 | ||
| Margin of Safety | 61.80% | 41.89% | ||
| Potential gain | 161.80% | 72.08% | ||
| Method 2 | ||||
| ROE | 19.57% | 19.57% | ||
| Rr, % | 8.00% | 8.00% | ||
| NTA | 2.54 | 1.87 | ||
| IV= ROE/ Rr*NTA | 6.21 | 4.57 | ||
| Current Price | 1.67 | 2.27 | ||
| Margin of Safety | 73.12% | 50.38% | ||
| Potential gain | 271.99% | 101.51% | ||
| Method 3 | ||||
| (22.5*EPS*Book value per share)^0.5 | ||||
| EPS | 0.49 | 0.37 | ||
| Total equity | 1144830 | 450037 | ||
| Number of shares | 456137 | 243743 | ||
| (22.5*EPS*Total Equity/share)^0.5 | 5.29 | 3.92 | ||
| Current price | 1.67 | 2.27 | ||
| Margin of Safety | 68.40% | 42.10% | ||
| Potential gain | 216.50% | 72.71% | ||
| Warrant | PJDEV-WC | OSKP-WC | ||
| Target | Target | |||
| Expiration date | 5/12/2020 | Price | 28/8/2017 | Price |
| Exercise price | 1.00 | 1.00 | 1.00 | 1.00 |
| Price of Mother share (Lowest) | 1.67 | 3.76 | 2.27 | 2.77 |
| Intrinsic value of WA | 0.67 | 2.76 | 1.27 | 1.77 |
| Actual price of WA | 0.800 | 2.76 | 1.22 | 1.77 |
| Premium or Discount | 7.78% | 0.00% | -2.20% | 0.00% |
| Gearing | 2.09 | 1.36 | 1.86 | 1.56 |
| Current | Target | Gain % | ||
| Actual price (PJDev-WC) | 0.80 | 2.76 | 245% | |
| Current | Target | Gain % | ||
| Actual price (OSKProp-WC) | 1.22 | 1.77 | 45% | |
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