The main reason why they won't get an upgraded takeover bid is that the Singaporean 'white night' now holds well over 20% of capital and intend to use the takeover creep provisions to get up the register without ever making an offer.....I think it's an outrage personally, but its an open market, if the stock is 1.25 and a Singaporean company wants to gobble it up using concessional provisions, so be it...
As for the actual company, I did a revenue/cost/profit ratio analysis the other day, which yielded a few surprises....
The stock price is now about the same as when I first owned it in 2005....the stock made about 7 cents EPS back then...last year it made nearly 20.7cents, down from its best year 2009 when it made 22 cents......
As for the quality of margins, which I like such ascetics...
TGR made about 16.4 cents profit for each dollar of revenue last financial....the best ratio ever.....in 2009, it made 10.6 cents profit from each dollar of revenue...
Where does such a margin expansion come from? Well, in 2009, about 73 cents of each dollar of revenue went into fish 'raw materials'........last year, just over 53 cents of each dollar went to raw materials
That's something you don't see everyday....the 20% has been offset by increases in all other costs....employees, depreciation and finance...
Still, I would pay a lot more for that company than the one in 2009, or 2005, but that's what makes the stock market so great:)
TGR Price at posting:
$1.25 Sentiment: None Disclosure: Held
