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Metro Holdings

metro holdings

A back of the envelope calculation would show that the NTA / Share is at 0.8869.

Guess Singaporeans would have known this company called Metro. However most of us would not know what the main bulk of their business is doing. This is an company which was listed in the 90s and have been giving dividends since 1993 without skipping dividends. This alone is an amazing feat for a Singapore Listed company.

Let us now take a look at their dividends since 2004.

2004 – 0.02

2005 – 0.02

2006 – 0.05

2007 – 0.09

2008 – 0.01

2009 – 0.02

2010  – 0.05

2011 – 0.03

2012 – 0.06

2013 – 0.04

2014 – 0.06 (6.74% based on last done price at 0.89)

Although there is no clear uptrend of dividend growth, strategy would be to get vested in this counter, collect dividends while waiting for value to be unlocked. Value trap or Value bet? Only time can tell, thus do not go all in but just nibble on this as there is no clear dividends policy although company have more than 20 years of dividends history and have not skipped even for a year. What I am not comfortable in is the large amount of investments in China. Let’s hope this nibble will prove to be fruitful.

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This is a company specializing in distribution of IT products. Hmm sounds quite sunset. For more info you can see the website below.

http://www.powermatic.com.sg/

With Cash at $18749 and Properties valued at $18608. This company has a Net tangible asset value of $37357. From its balance sheet it does not have any long term liabilities. So current liabilities stand at $3646. So with its share base of 173289, Powermatic data system ltd has a NTA per share of 0.194 which it is trading now at about 8% discount(current share price is 0.182).

However you need to take note that this is an illiquid stock so the price is only as good as the seller who wants to sell it to you. Collecting this share will take lots of time. Let us take a look at its dividends history.

They have given dividends from 1993 – 2003 and then stopped until 2008. Lets take a look at the dividends history since 2008. (Note this data was retrieved from an app and may not be 100% accurate) Ignoring the 2003- 2008 period. It maintains a steady dividend stream of $0.01. – This feels like Nat steel.

2008 – $0.01

2009 – $0.01

2010 – $0.01

2011 – $0.01

2012 – $0.01

2013 – $0.01

2014 – $0.01

Vested in it due to the steady stream of dividends and the assumption that the dividends can be maintain. This is a case of buy the assets and get the business for free. By the way I am still collecting it at $0.182. Patience is the key. No point pressing up the price as this will affect my dividends yield. Strategy for me is to collect dividends(>5%) for this counter while waiting for value to be unlocked.

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Heeton Holdings

A back of the envelope calculations. Net tangible assets refer to properties and cash only. With net tangible assets of $656609 and total liabilities of 465316, we derive a NTA less liabilities per share of $0.80.

heeton

With the current share price at $0.62, it has a margin of safety of roughly 22%. Let us take a look at the dividends yield history. (Value retrieved from mobile app and may not be 100% accurate)

 

2004 – 0.002

2005 – 0.002

2006 – 0.003

2007 – 0.004

2008 – 0.0095

2009 – 0.0055

2010 – 0.01

2011 – 0.011

2012 – 0.011

2013 – 0.013

2014 – 0.018

There is a clear uptrend of dividends history except 2009.

Vested in a small quantity as I try to continue to get dividends while waiting for value to be unlocked.

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