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Ann: Preliminary Final Report, page-35

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DONACO88

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03/03/19

17:48

Post #: 37636333
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Originally posted by danbradster: ↑

The other undervalued metric is the cash at bank (up for the year, down for the quarter, which may be expected for the Dec quarter).

$49m cash vs $10m market cap.

For the year, their market share seemed to be falling due to increasing competition in Chinese sports shoe manufacturing, but they seemed to remain profitable by reducing the large marketing budget (NPAT up to $9.7m).

In an optimistic scenario where China has allowed dividends and the directors approved it, a 50% payout ratio would mean $4.9m of dividends or 1.1cps. Then from the $49m cash, if there's no better investment case for it, then a capital return of $40m would be 8cps+. It sounds like a dream because the numbers are so high.

A side note: can anybody explain why for the Dec quarter, staff costs were only $477k compared to $4.171m in admin and corporate costs? High costs associated with the ASX suspension/relisting?

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Jiameng is siphoning the money for himself.

don’t expect him to do the right thing by shareholders. We have to force his hands.

XPD Price at posting: 2.4¢ Sentiment: None Disclosure: Held
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0 Great analysis

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