|Shares Out. (in M):||6,875||P/E||n/a||n/a|
|Market Cap (in M):||352||P/FCF||n/a||n/a|
|Net Debt (in M):||43||EBIT||0||0|
|Entry||06/17/2011 11:05 AM|
thanks for the idea. do you think it would make sense to subtract out deferred taxes? if so, what is the cost basis of the holdings and what is the applicable tax rate
|Entry||06/20/2011 07:10 AM|
Good question. The short answer is I don't know. I've had a look at the filings and there isn't enough information. I will get on to the company. Good question and one I should have asked already. Thanks.
|Subject||RE: Why does this exist?|
|Entry||06/20/2011 07:11 AM|
Don't think it has a raison d'etre really. Sadly I don't have an inside line on whether it is about to cease existing either though that would almost certainly be a good thing for investors. Sorry.
|Entry||06/20/2011 07:30 AM|
As a Bermuda corporation operating in Hong Kong, my guess is that APAC will not pay tax on sale of shareholdings. The financial statements say: "The Group has no significant unprovided deferred taxation at the reporting date."
|Entry||06/28/2011 06:51 AM|
How do you get comfortable with Fraud Risk? Auditor is Graham H. Y. Chan & Co. Do you know them? Are they reputable?
|Entry||07/06/2011 05:37 PM|
Thanks for the post. It looks like these guys are pledging a little over half of their investments in these listed securities to a stock-brokerage to secure margin loan facilities which they're ostensibly then turning around and betting in the commodities market. I looks like the value of these pledged securities is roughly in line with the NAV discount.
|Entry||07/12/2011 10:33 AM|
Hi Lukai. I'm not sure I understand what you mean. They do have about HKD400m in 'other securities' which have some borrowing raised against them of around HK160m but on top of that there are the stakes in MGX, MLX and KAH. What do you mean when you write that this accounts for the NAV discount?
|Subject||RE: Fraud Risk|
|Entry||07/12/2011 10:36 AM|
They have just changed auditor from Mr Chan to Deloitte so I guess that is a step in the right direction (CCME notwithstanding...) but my main comfort is that the company do actually own these stakes so while we could be defrauded any number of ways this isn't an outright fraud (ie Mount Gibson's annual report says that APAC owns 27% of it). I take your point though, good as Mr Chan is I'm glad to see him go.