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Robert King

 
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  • Is BYD Co. Fairly Valued? [View article]
    I'm buying BYDDF shares, but they're essentially the same. BYDDY (ADR) used to hold 10 shares per ADR share but now they hold 2 shares per ADR share.
    Dec 21 09:18 AM | 1 Like Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    I've been a buyer at $5.60 and $5.40.
    Dec 19 06:56 PM | 2 Likes Like |Link to Comment
  • Cano: A Closer Look at Valuation [View article]
    I haven't been following it too closely since I exited the stock a few months ago. It's a bit worrisome that there's no news concerning the possibility of delisting though.
    Dec 16 10:42 AM | Likes Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    80% of the value?
    Dec 3 03:44 PM | 1 Like Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    Assuming that the fundamental business points above don't break down (i.e. The Lollapalooza Effect criteria still hold), then I think BYD stands a very good chance of being the next Intel or possibly the next Standard Oil.

    Now, I don't know how to forecast market caps 10 years into the future, but I'm certain that if they are successful, the market cap for the company ten years from now is multiples of the current market cap.
    Nov 24 02:23 PM | 3 Likes Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    Actually, they make most of their profits in Automobiles now. Take a look at the breakdown on Page 59 of the 2009 Annual Report.

    For what it's worth, my time frame to hold BYDDF is about a decade or so -- barring anything that drastically changes the fundamental business.
    Nov 23 06:48 PM | 3 Likes Like |Link to Comment
  • Retail Holdings: Dollars for Thirty Cents [View article]
    derekm, thanks for reminding me about that. I had updated my blog, but I had forgotten to update seekingalpha.

    I sold originally because of a conversation with IR where it sounded like Singer Asia had sold all of its stake in Singer Bangladesh. In fact, you're correct that they only sold 55% out of 75% of their stake.

    Once you take into account the implied taxes and placement fees, it looks like there's a NAV of roughly $29 per share.

    www.thedailystar.net/n...
    Nov 18 09:59 AM | Likes Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    @Fozzie, very good point on the DBM battery. They run on a lithium ferrous polymer battery, which is fairly similar to BYD's lithium ferrous phosphate battery. I can't seem to find any figures on cost though.

    @DLZ, not sure about risk on their products. At the end of the day, BYD is an investment that can work out purely based off the ICE engine business. (Remember, most of their sales thus far have been based on ICE.)
    Nov 16 09:27 AM | Likes Like |Link to Comment
  • Is BYD Co. Fairly Valued? [View article]
    I would add here that even though BYD is somewhere between fairly valued and moderately undervalued, it would likely still be a good buy while fairly valued.

    As a quality company, a lot of its margin of safety comes from qualitative factors and not necessarily from quantitative cheapness.
    Nov 15 10:39 AM | 4 Likes Like |Link to Comment
  • Retail Holdings: Dollars for Thirty Cents [View article]
    Well, that was quick and unexpected.

    I saw the news about the sale of Singer's Bangaldesh subsidiary. It seems that they will take a tax hit based on sales of the subsidiaries for cash consideration. If all the rest of the subsidiaries are sold for cash (i.e. - take the tax hit), then vgrimes is correct that fair value is likely around $25 a share.

    I've sold my shares here at around $18 a share, but my cost basis was much lower at $11.50 a share.

    It's still probably a good buy here to ride out the eventual return of at least $25 a share in value, but I decided that my capital can be used for other purchases.
    Nov 4 03:52 PM | 1 Like Like |Link to Comment
  • Retail Holdings: Dollars for Thirty Cents [View article]
    Hi Marcelo,

    I'm not long CFW anymore. In the comments to one of the articles, I indicated that the September 22, 2010 release of the 10-K made me uneasy that CFW couldn't find a quick buyer for its assets. I was afraid that they might be looking to restructure and continue running the company, so I exited my position.

    Best,
    Rob
    Nov 4 03:42 PM | Likes Like |Link to Comment
  • Retail Holdings: Dollars for Thirty Cents [View article]
    Thanks for the comments.

    The tax issue is a difficult one. It really depends on how the management decides to monetize and distribute the proceeds to shareholders. My feeling is that CEO Steve Goodman will try to minimize taxes to the highest extent possible as a ~25% owner.

    I'm not a tax guy, so maybe someone could chime in here:

    I think that if the company decides to IPO Singer Asia and dividend out the stock, there would be no taxation of the shares as a stock dividend. The return of the excess cash on the books and the proceeds from the 2014 note should be counted as a return of capital (and taxed as capital gains based on length of holding). I think this would be the method of value return with the least tax leakage, and I would expect this to be the path the company takes -- unless they can sell Singer Asia privately for enough of a price to cover the loss to taxes.
    Nov 4 10:29 AM | Likes Like |Link to Comment
  • BYD: Not Looking Like One of Buffett's Better Investments [View article]
    The Berkshire investment was made at $8 HKD or $1.03 USD. Still looks like a pretty good return despite the recent tumble.
    Oct 28 05:50 PM | 13 Likes Like |Link to Comment
  • Cano: A Closer Look at Valuation [View article]
    It's interesting to watch the price action when compared to the news flow. I think the recent press release was a good thing, but the price is now at the lowest point it has ever been.

    The only red flag, and possibly the primary driver of the price action, is that they have not been bake to negotiate any sort of a formal extension with Cano.
    Oct 2 10:55 AM | Likes Like |Link to Comment
  • Cano: A Closer Look at Valuation [View article]
    I saw it as an indication that the Permian is still a hot area. I don't think it rules out Cano as an acquisition, but I wouldn't look too much into it either way.
    Oct 2 10:52 AM | Likes Like |Link to Comment
COMMENTS STATS
47 Comments
52 Likes