OngEric avatar
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408
OngEric

$SUTL Enterprise(BHU.SI) Hi Guys, I have written a research idea on SUTL, owner of ONE15 Marina Club brand in Sentosa. But its such a under covered company among value investors. I believed it is currently misplaced because the market is discounting its ONE15 Sentosa earnings at 15% discount rate. Too high for a listed company.

We have also made a site visit to Puteri Harbour, Malaysia to see the potential for our very own eyes.

Readers of my previous articles on $Duty Free Intl(5SO.SI) and $ComfortDelGro(C52.SI) should enjoy this.

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11 people like this.
OngEric :

Anyone who entered SUTL these few days?

OngEric :

Slow and steady. I think should have a move in light of end of year coming and pending Pantai Jarkata and Puteri Harbour announcements.

kangweeeee :

Very insightful write-up! Especially appreciate the part on the site visit which gives us more clarity on how the business is doing.

OngEric :

Reply to @kangweeeee : Thank you. I try my best. We should meet up to discuss investment ideas.

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OngEric avatar
Rank sm
408
OngEric

$Duty Free Intl(5SO.SI)
To:
BB (Duty Free)

Sell down to 20cts if you want, don't slowly sell day by day. I'll wait at 20-24cts.

Thank you

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OngEric avatar
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408
OngEric
Expiry:
Target Price
$1.0
(+41.84%)
NOW:

$SUTL Enterprise(BHU.SI) Mispriced by the market. Should aim for $1 in 1.5 years.

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OngEric avatar
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408
OngEric

$ComfortDelGro(C52.SI) released its Q3 results today. My Q3 operating profit estimates missed the results by S$10m! (1% of revenue). I estimated $102m while CDG Q3 came in at $111.5m. The main difference came in estimating interest income and expense (difficult). Need to put in more work and try harder!

Overall CDG net profit of $91.7m much better than my net profit estimate of $74m.

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$ComfortDelGro(C52.SI)
*21/09/2017 ComfortDelGro: Is our transport giant breaking down?
*Edited on 25/09/2017

ComfortDelGro Thesis
1. The double whammy of bad news (i) Exodus of CDG drivers to Grab and (ii) Failure to cliché the tender for Thomson – East Coast Line has resulted in massive sell down on CDG share. We believed institutional players are selling due to the “loyalty” of CDG retail shareholders. The ferocity of the sell down also points to institutions exiting.

2. We believe there is value in CDG. The strong cash flow generated from the bus and taxi operations globally is impressive and consistent. Although its moat is being attacked, CDG is likely to defend its moat for at least 10 years to come. Higher private car hires regulations from Singapore and China government increases CDG moat.

3. High depreciation added back to free cash flow and Singapore’s Bus Contracting Model improves CDG free cash flow and we believe the market underestimates this.

4. The upcoming BCM tender for the Bukit Merah Package belonged to SBS and there is a high possibility that SBS will lose the tender (Decrease in bus revenue of $90m / year). Given the short-term possibility of a downward pressure, there is opportunity for investors to pick up CDG with a larger margin of safety.

Detailed analysis and numerical impact on CDG as attached in report by @OngEric

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OngEric avatar
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408
OngEric
Expiry:
Target Price
$0.37
(+34.55%)
NOW:

$Duty Free Intl(5SO.SI) After the price spike from the hype of Heinemann stake, we see Duty Free balance sheet slowly transformed into an efficient business model. This should enable Duty Free to be more nimble in the competitive retail business.

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OngEric avatar
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408
OngEric

$Duty Free Intl(5SO.SI) I have released an analysis of DFI. Very solid business and company with strong growth potential. Readers of my previous analysis on $ComfortDelGro(C52.SI) (ComfortDelGro : Is our transport giant breaking down?) would be familiar with our in-depth analysis. Please give your feedback! Thanks.

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