Raffles Education

-shares issued 2.6 bil
-chairman and CEO same but has 5 IDs on board
-founder owns 33% (direct and deemed)
-7 meetings a year
-Chew got paid 4m a year
-FA 759m, CA 300m, Cash 140m, CL 283m, FL 589m
-net gearing 0.08x
-NAV 20 cts NTA 14 cts
-NP 20%
-ROE 11%
-P/B 1.4
-defensive business
-multiple awards (independent) for their students
-bulk assets denominated in RMB
-Khazanah bought 10% in OUC while AIF Capital declined subscription in OUC
-some problems with Thai biz.
-div. of 2 cts last year in scrip div.
-just set up another college in India
-global brand with 35 colleges in 32 cities across 12 countries
-share buy-back
-directors buying
-substantial shareholder, Janus Capital selling
-technically, stock in bear trend but a good chance of technical rebound follow by double bottom-prepare to cut loss if it doesnt happen.



I just bought at $0.285

Aussino

-shares 240m
-NAV 15 cts,
-cash 11m, inventory 18m, property 13m
-small cap
-new CEO from Aug'09, son of Chairman (owns 70%)
-global brand 8000 retail points in 16 countries
-only 2 IDs
-Chairman paid over a million
-positive cashflow
-housing boom everywhere
-high expenses
-litigation in progress
-Zhao Wei bought 12m at $0.09

DMX

-shares issued 1.1 bln
-KDDI (Toyota 11%, Kyocera 12%) owns 50%, 2nd largest telco in Japan
-KDDI subscribed at 0.32
-Venture owns 12 %
-CEO Ms Teo has more than 2 mln shares
-NP 5% ,GP 24%
-ROE 3%
-PE 18x nm
-strong balance sheet- cash 137m, Total Assets 362m, Total Liabilities 33m
-NAV $0.39
-trade recievables (more than a year) decreased from 21% Mar'09 to 12% Mar'10
-capital intensive
-chinese govt spearheading the cable market
-low barriers of entry
-no dividend, last one was on 2007
-long term view

Boustead

1.strong balance sheet with 180m cash
2.trustworthy mgmt
3.5 years of growth records
4. 5 % div yield at 0.80 cts
5. diversified biz but low barriers of entry
6.latest announcements of entry into Bio-treat pose some challenges but good proxy to water treatment market in China
7.some property developments in Lybia also have hiccups
8. FF Wong has 33% in Co. , some insiders are also buying but not aggressive
9. ROE at 30%
10. P/B at 1.88 is high

Hi-P

1. strong balance sheets .NAV of 0.64 cents- mostly cash and fixed assets. low liabilites. cash per share is 0.28
2. lost money for Q1. mgmt advised Q2 to turnaround.
3. div. payment every year but very little
4. customers include apple,braun, motorola, seimens, etc.
5.low net margin 5-10%
6.low barriers of entry
7.owner has more than 50% in this company
8.directors attended 8 meetings a year
9.good mgmt but directors highly paid themselves
10.granting of share options
11.revaluation of rmb might adversely affect their biz. this account for 70% of their biz from america and europe.
12. shares issued 877m free float 24%
13. roe 9%
14.p/b 0.80