I have been with TA for more than 5 years, it used to be a very healthy and solid company with current ratio close to 3-5.
To fuel the growth, the company borrowed heavily to acquire assets (like hotels etc.) to provide the steady income stream for future. the total liabilities (3.4bil) has surpassed the total shareholders equity (3.1bil). I would love to see the companies to grow too!!!!
It's fundamentally strong, but deeply undervalued!
This TA really have to be patient and keep for medium terms. As long as TA doesn't sell its shares brokering business, there is no catalyst to boost it up.
It is an attractive price, but maybe can still go lower. Watch the fed as an increase in interest rates could affect property counters. Real estate is in bubble territory in many countries.
200million of non-cash item added back to the cash flow statement... wth..the business has generated 235mil of cash from the operations... maybe he does not wan to pay dividend next year... argh~~
After the refurbishment works in Swissotel Singapore are done, earning will improve from Swissotel. TAE’s property development earnings is expected to step-up in FY17 from the completion of Trump International Hotel (slated for mid-CY16). Further property development launches from its Damansara Avenue and Dutamas project could provide additional lift to earnings going forward.
the management of TA has been running a stock brokerage for many years now. Sad to say that despite all the experience etc (together with managing other business}, it has failed the investing public. Other similar brokerage businesses have expanded and made fantastic profit unlike TA. Its share price is hovering around 55 sens and may be dipping to new low in the coming months.
How disappointing the TA management. Not adapting with the times and little effort? One day soon it will be who and what is TA. Their views not relevant.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
AdCool
3,864 posts
Posted by AdCool > 2015-10-06 18:35 | Report Abuse
CFFO is healthy even with hotels under renovation.