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MESB - THIS CO MIGHT RECEIVE A REVISED PRIVATIZATION OFFER

AS THE CURRENT OFFER IS WAY BELOW NTA !!!

MESB-此公司可能会收到修订的私有化报价由于当前报价低于先有的 NTA!!!

Hello to all readers out there. In recent weeks, I saw that apparel related counters had moved quite strongly, e.g. PRLEXUS, PCCS, JERASIA to name a few.

Having said the above, the stock which I'd like to talk about today is MESB BERHAD (MESB - Stock Code 7234, Main Market, Consumer Products & Svcs - Personal Goods)

大家好!最近几周,我发现与服装相关上市公司交易非常活跃,例如PRLEXUS,PCCS和JERASIA仅举几例。

综上所述,我今天要谈的股票是MESB BERHAD(MESB-股票代码7234,主要市场,消费品和服务-个人物品


BASIC INFORMATION ABOUT MESB

MESB was founded in 1995, with core business in:

i) Retail - Trading in quality leatherware products 

Some brands that they have exclusive license to sell in Malaysia is Alain Delon and Pierre Cardin. They also have in house brands, namely Giossardi and Giamax.

Market Capitalization : RM 45.09 million

Shares Float : 106.10 million

Website : http://mesbbhd.com/

关于MESB公司的基本面

MESB成立于1995年,主要业务在:

i)零售-优质皮具产品贸易

他们拥有在马来西亚独家销售的某些品牌是Alain DelonPierre Cardin。他们还拥有内部品牌,即GiossardiGiamax

市值:RM 4,509 million

流通股:106.10 million

网址:http://mesbbhd.com/

 

  

 

1. PRIVATIZATION OFFER FROM WONG SAK KUAN & YAU MING

TECK (DIRECTORS OF LOTUS KFM BERHAD) ON 12 OCT 2020 !!!

MESB rose to as high as 55c upon receiving take over offer by LOTUS KFM Directors - Wong Sak Kuan & Yau Ming Teck who jointly hold 44.14% stake in MESB after recently acquiring from existing major shareholders.

Looking at the NTA of 76c of this stock, I highly doubt that the take over offer will go thru. 

Therefore, the offerors might need to raise their takeover offer in order to privatize this company.

1.WONG SAK KUAN & YAU MING TECK(莲花KFM BERHAD董事)20201012

日献意私有化MESB!!!

最近从现有大股东手中收购后,LOTUS KFM的董事-Wong Sak KuanYau Ming Teck接手了MESB的股份后,MESB的股价升至 RM 0.55

看看这只股票的76c NTA,我非常怀疑收购要约是否会通过。因此,要约人可能需要提高他们的收购要约以将该公司私有化

 

https://www.theedgemarkets.com/article/mesb-and-structured-warrant-surge-active-trade-takeover-offer%C2%A0

 

 

2. NTA 76c, CASH IN THE BANK RM 32.3 MIL (72% OF MARKET

CAP)  !!!

Refer below the latest QR summary of MESB. The company made losses during most recent quarter due to impairment of goodwill and assets caused by COVID19 pandemic. I think this is a normal occurance in many companies listed on BSKL as the pandemic has affected their business.

However, we see that the latest NTA stood at 76c. As of latest close of 42.5c, the price is still at 44% discount to its NTA. Therefore, any takeover offer which is below the NTA, would highly likely be rejected by the shareholders of MESB.

2. NTA 0.76cRM 32.3 MILLION  现金(占市72 MARKET CAP!!!

请参阅下面的MESB最新QR。由于COVID19大流行导致商誉和资产减值,该公司在最近一个季度亏损。我认为这是在上市的许多公司中的正常现象,因为大流行影响了他们的业务

但是,我们看到最新的NTA76c。截至最近的收盘价RM 0.425,其价格仍比其NTA折价44%。因此,任何低于NTA的收购要约极有可能被MESB的股东拒绝

 

Below is the Asset Versus Liability sheet as of latest QR. A few key points to note:

- Total Asset stood at RM 132.7 mil (NTA 76c)

- Total Liability stood at RM 63.5 mil

- Assets Exceed Liabilities by RM 69.2 million (Asset surplus company)

- Total Cash position is RM 32.3 mil (cash per share of 30.4c, which is 72% of market cap)

The total cash position had improved from the previous year of RM 21.8 mil. Therefore, I believe the company is more than capable to weather and survive the COVID19 pandemic. 

以下是最新QR版本的资产与负债表。需要注意的几个关键点:

-总资产达RM132.7 mil(NTA 76c)

-总负债达RM 63.5 mil

-资产超过负债RM 69.2 million(资产盈余公司)

 -总现金头寸为RM 32.3 mil(每股现金30.4c,占市值的72%) 总现金状况比前一年的2180万令吉有所改善。因此,我相信该公司有足够的能力抵御COVID19大流行

 

3. TECHNICAL ANALYSIS - BREAKOUT OF 3 YEAR DOWNTREND,

WITH SIGNIFICANT VOLUMES ENTERING !!!

Refer below the basic price and volume chart with key EMAs for MESB weekly chart :

3.技术分析-突破3年的下降趋势。
请参阅下面的基本价格和数量图表以及主要EMAMESB每周图表:

A few observations on the weekly chart:

i. Refer Circle 1, recently MESB had broken thru the 3 years downtrend line, with significant volumes entering. At the same time, it had broken above the long term EMAs of EMA200 and EMA365. This indicates a significant bullish activity in this counter

ii. Refer Circle 2, the significant volumes are continuously entering this stock on a weekly basis after the breakout, indicating that interest in this stock is sustained 

iii. Should buyers be interested in this stock, we might see an upmove back to test the R1 resistance around 50-52c, then R2 resistance at 66-69c, before breaking upwards towards R3 of 87-90c

每周图表上的观察结果:

i)请参阅第1圈,最近MESB突破了3年的下降趋势线,进入了大量交易。同时,它已经突破了EMA200EMA365的长期EMA。这表明该柜台有大量看涨活动。

 

ii) 请参阅第2圈,突破后每周都会有大量交易连续进入该股票,表明对该股票的兴趣持续存在

iii) 如果买家对这只股票感兴趣,我们可能会看到升势回升以测试R1阻力在

 

RM0.50-RM 0.52附近,然后是R2阻力在RM 0.66-RM 0.69,然后向上突破至R3RM0.87-RM 0.90

CONCLUSION

Considering all the above, I opine that current price for MESB is attractive due to below:

i) LOTUS KFM Directors takeover offer is way below NTA, and a revised offer is necessary if they were to privatize MESB

ii) Total NTA stood at 76c, and total cash per share stood at 30.4c per share of 72% of market cap

iii) Chart showing breakout of 3 year downtrend and all key EMAs, with significant volumes continuously entering this stock

终结

考虑到以上所有因素,我认为MESB的当前价格具有吸引力:

i)LOTUS KFM董事的收购要约远低于NTA,如果他们要对MESB进行私有化,则有必要修改报价

ii)NTA总额为76C,每股现金总额为30.4,占市值的72% 

iii)图表显示了3年下降趋势和所有关键EMA的突破,大量交易持续进入该库存

 

LET’S SEE HOW THE SHARE PRICE MOVEMENT IN THE NEAR FUTURE FORBEARING ANY GOOD CORPORATE NEWS.

Disclaimer : The above opinion is never intended to be a BUY CALL whatsoever. I am sharing my observations ONLY based on fundamental; past history; current trading pattern; charts etc. Please make your own informed decision before buying this share or whatever share for that matter.

免责声明:以上观点绝不旨在成为买入通知。我仅基于基本面分享我的观点;过去的历史;当前的交易模式;图表等。在购买此股票或任何其他股票之前,请先做出明智的决定.

BURSAMASTER


 https://klse.i3investor.com/blogs/Bursa_Master/2020-10-24-story-h1535446208-THIS_CO_MIGHT_RECEIVE_A_REVISED_PRIVATIZATION_OFFER_AS_THE_CURRENT_OFFE.jsp

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