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4 comment(s). Last comment by snapsnap at Oct 30, 2015 1:48 PM
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LanSeeBoy
70 posts

Posted by LanSeeBoy > Sep 20, 2015 5:19 PM | Report Abuse

Expect a 12-30% retracement on this. Much larger (2-3x) Singaporean competitor Pico is trading at 8.8x p/e and 3.9x ev/ebitda. HK-listed Pico, with a proven track record nearly half a century long, has progressed from a major pan-Asia event organizer to a global brand activation company. Kingsmen is still a mere domestic event & exhibition player with nearly half of sales locally. It is on 10x p/e and 5.7x ebitda. Dun deserve such premium at all. Its limited free-float and absence of institutional interests are retarding the much needed downward adjustment in share price.


Peter Graham Lancashire
15 posts

Posted by Peter Graham Lancashire > Oct 8, 2015 3:04 PM | Report Abuse

The comparison with Pico Far East is helpful.key parameters for Pico (ROE, low debt, eps growth, management competence,decent dividend, valuation) are sound, only the development of Cash flow after working capital changes is relatively flat over the last few years and does not match EPS growth. why? PGL


LanSeeBoy
70 posts

Posted by LanSeeBoy > Oct 13, 2015 5:12 PM | Report Abuse

Ummm...guess is juz the nature of their biz model - project driven. As Pico gets bigger jobs (esp more from China), cashflow gets a liitle more patchy.


snapsnap
30 posts

Posted by snapsnap > Oct 30, 2015 1:48 PM | Report Abuse

yah agree. kingsmen has been events exhibition centric
recent years not performing well.

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