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G0I:SES - Nam Lee Pressed Metal Industries Ltd


matjone
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I came across this one while looking through some stocks in Singapore.  They were also written up on Alpha Vulture's blog .  He  does a better job than I can do of writing about the company.  You can see his writeup here

 

http://alphavulture.com/2013/10/04/more-from-singapore-nam-lee-pressed-metal-industries/

 

I am mainly interested in it because it is under NCAV, has a lot of cash, and has been profitable.

 

The most recent balance sheet shows

 

26 m cash

106 m curast

6 m bond investment not counted in current assets

21 m current liabilities

24 m total liabilities

about 1 m debt

 

over the last 5 yrs they've averaged about 11 m operating income on an average of 150 m of sales.  The market cap is 77 m.

 

I bought a small amount to get started.  Hoping it falls and I can average down at prices below NCAV.

 

The excess cash is a big factor on this one.  I actually started this post in general discussion as a discussion about excess cash and valuation, but I changed my mind and decided I might as well share the idea, so I posted it here. It seems to me that there is probably a decent amount of excess cash/bonds, but coming up with a reasonably accurate figure is hard, and  figuring out how that plays into the valuation is another matter.

 

One other thing I am trying to figure out is how much I'll get taxed on dividends.  I bought it in my ROTH account, and I am unsure of the rules for dividends from Singapore.  If anyone has any experience with this I'd like to hear from you.  And if anyone has any info or insights on Nam Lee in particular I'd love to hear it.  Thanks

 

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I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it.  I agree with the thesis on this one.

 

are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials.

 

TIA

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I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it.  I agree with the thesis on this one.

 

are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials.

 

TIA

You can find full annual reports on sgx.com

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I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it.  I agree with the thesis on this one.

 

are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials.

 

TIA

You can find full annual reports on sgx.com

 

I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ?

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I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it.  I agree with the thesis on this one.

 

are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials.

 

TIA

You can find full annual reports on sgx.com

 

I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ?

 

Yes, the SGX website is hard to navigate, if you play around with the types of filings you want to see eventually you'll be able to get the full annual reports.

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I wrote this up for last month's GuruFocus newsletter, I'm not allowed to repost it.  I agree with the thesis on this one.

 

are there full annual reports or are we only just getting the statistics ? For some reason i was unable to find anything but the financials.

 

TIA

You can find full annual reports on sgx.com

 

I've only been able to find annual reports with 12 pages of financials on that site. am i looking at the wrong place ?

 

Yes, the SGX website is hard to navigate, if you play around with the types of filings you want to see eventually you'll be able to get the full annual reports.

 

OK found them thank you both for the help  ;D

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