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