good result (sentiment: lt buy), page-11

Boomer, +65 6332 9488. Ask for Chairman Kim Hock Neo, he'll explain. Be sure to tell him youre a seller, he would be happy to know you'll get rid of DML below his buyng price.

Difm, CB coupon = straight debt cost - annual option premium. Here, we know the cb coupon is 5%. The fact the company is basically insolvent means there is no straight debt new issue price for a 100m clip. But, we know the 150m bank debt is backed by assets (recently marked) at roughly 50c in the dollar; the implied yield on that debt (cash and accruing) is north of 20%. Ive assumed 20% for simplicity, which gives you an annual option premium of ~15%. Ie. thats what Blumont roughly foregoes per year to buy its stake. Hence, on an option value analysis, per share value is north of 20c. Im not saying whether this is the right value for DML or not. Thats the rough implied value being paid. And cash rate in Sing is irrelevant.