AAT Corporation – Suspended since 21 February 2014. The Company’s shares were listed on the ASX on 30 January 1986 and subsequently dual listed and traded on the SGX-ST on 3 May 2001. The principal activities of the consolidated entity are as follows:-- Assembly and manufacturing of printed circuit boards and electronics accessories;- Design and manufacturing of industrial machinery and robotic and automated systems; and- Investment in the potential of good commercially viable assets.
ABR Holdings – ABR Holdings primarily manages, franchises and operates a portfolio of well-known food and beverage companies and brands, including Swensen's Yogen Fruz, Season, The Cocoa Trees and Europa, with outlets located both locally as well as regionally. In 2006, the Company acquired home-grown Japanese style pizza delivery business Oishi Pizza. In the same year, ABR also took up a 50% stake in the master franchise of Gloria Jean's Coffees in Singapore. The Company also created a new Earle Swensen's, and the first outlet was opened at VivoCity in October. Beyond Singapore, the Group began to establish a distribution network for premium chocolates and confectionary in China.
3Q14 result was released on 12 November 14. 3Q and 9M YTD revenue increased by 2.6% and 5.45 respectively while gross profit increased by 4.2% and 2.5% respectively. Profit before tax for 3Q14 is $2.3m, which is 42.2% higher than 3Q13. Profit before tax for 9M14 is $6.4m, which is 8.5% higher than 3Q13. It has $79.4m of cash and cash equivalents and borrowing is only $284k. With total number of issued shares stands at 200,996,000, net cash per share is 39.4 cents. Net cash generated from operating activities for 3Q14 and 9M14 are $2.9m and $5.3m respectively. Capital expenditure for 9M14 is $1.2m. EPS for 9M14 is 2.71. Full year EPS should be about 3.7 cents. NAV is 46.8 cents. Though it has operation also in Malaysia and China, the restaurant operation in Singapore continues to be the main profit contributor. In fact losses are incurred in its China operation. At price of 73.0 per share, it is trading at projected PER of 19.7 and P/B of 1.56. While regular dividend is only 2.5 cents, which translates to a yield of 3.4%, a special dividend of 30 cents and regular dividend of 1 cent were given out in FY2012 when the cash hoard was $127.8m. As it has substantial amount of cash, the ex-cash PER is only 9.1. It appears that operating restaurants is a tough business in Singapore. Despites of many popular and well-known restaurants under its wind, the profit is decent but not fantastic. It is a stock to be kept in the watch list as when it is able to build up a cash hoard of more than $100m, shareholders may be surprised with a special dividend.
AEI Corporation – AEI principally engaged in the production of quality precision aluminum alloy extruded profiles. It also provides anodizing services in order to meet the customers' finishing requirements. Its business is categorized into two broad segments, namely, (a) electronics and precision engineering, and (b) construction and infrastructure building.
With a market capitalization of $30.1m, AEI only needs to do half-yearly reporting. The 1H14 result was released on 7 August 2014. Revenue dropped by 21.9% while gross profit dropped by 87.9%. It incurred a loss of $1,881k for both before and after tax because income tax is zero. It has cash of $22,950k while borrowing is only $2,428k. Net cash is about 68.1% of its market capitalization and as it has 251,196,667 issued shares, net cash per share is 8.17 cents. Net asset value per share is 20.9 cents. Despite of the loss, net cash generated from operating activities is $807k. Its poor performance for 1H14 was largely due to the weak demand from the its core Electronic and Precision Engineering segment and because it was not able to participate in certain customer programs due to issues in the specifications of materials. It is presently stepping up its production capability to meet the new material specifications of these customer programs.
AEI has high cash level and the present price offers a significant discount to book value. Nonetheless, the short-term business prospect remains weak and it is not an attractive investment.
AEM Holding – It acquired Microcircuit Technology in 2002and became the only plant in Singapore producing organic Ball Grid Array and Chipscale Packages (BGA/CSP) substrates for the electronics industry. AEM has 6 R&D centres and 8 manufacturing plants in Singapore, Malaysia and China with a market presence in 20 countries spanning Asia, Europe and United States. At the last transacted price of 5.6 cents, it market capitalization is only $24.9 million. It has incurred losses since FY2012 and only paid 0.7 cents of dividend in FY12 since 2010. P/B is 0.83 while cash on hand is 2.1 cents per share. 3Q14 result was released on 13 November 2014. It incurred $17.0m of loss in 3Q14 and $24.6m of loss in 9M14. This is the type of counter to avoid.
AIM – Advanced Integrated Manufacturing Corp. Ltd. (AIM) and its subsidiary companies, is an integrated EMS provider specializing in medium to high-end applications, servicing OEMs/MNCs mainly in the aerospace-avionics, medical/life and analytical sciences, electronics-data storage and semiconductor, and telecommunications-fibre optics industries. The Group's head-office is located in Singapore and its manufacturing facilities are located in Singapore, Indonesia as well as China.
At the last transacted price of 5.3 cents per share, its market capitalization is $34.1m. Its 3Q14 result was released on 4 November 2014. 3Q14 and 9M14 increased by 22.4% and 11.1% respectively while gross profit increased by 11.9 and 6.2% respectively. Profit before tax for 3Q14 and 9M14 are $828K and $1,848k respectively, which are 40.1% and 25.0% higher than the corresponding periods in the last FY. Cash is $7,378k while borrowing is $20,376k. Net cahs generated from operating activities is $2,116k for 3Q14 and $1,818k for 9M14. EPS is 0.13 cents for 3Q14 and 0.24 cents for 9M14. 4Q14 should be between 0.32 and 0.37 cents, which translate into PER in the range of 15.1 to 17.5. NAV is 4.7 cents and it is trading with a premium above NAV. It has paid dividend for the last 4 FYs and the dividend paid for the last two FYs was 0.16 cent per share, which translates into a yield of 3.1%. This does not appear to be an attractive investment.
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