Thursday, October 8, 2009

Delisted Companies: Evergo, Asia Dekor and Konami

More delisted companies in the SGX, Asia Dekor and Konami, although there isn't any opportunties with these already. However, I do not want to have survivorship bias, meaning analyzing only companies that 'survive' and remain on SGX, which typically are the good one left.

KONAMI CORPORATION (Konami) develops, publishes, markets and distributes video game software products globally for stationary consoles, such as Sony PlayStation, PlayStation 2, PLAYSTATION 3, Nintendo Wii, and Microsoft Xbox 360, and for portable consoles, such as Sony PlayStation Portable and Nintendo DS, as well as for use on personal computers. The Company operates in three segments: Digital Entertainment, Health & Fitness and Gaming & System. The Company plans, produces, operates and distributes entertainment content for mobile phone online games. Konami produces gaming machines for casinos in the United States, Australia and other overseas jurisdictions, in addition to video games and token-operated games installed in amusement arcades and other entertainment venues in Japan. The Company produces card games, character goods, toys and hobbies, publications, compact discs (CDs) and digital versatile discs (DVDs) and other merchandize products.
They are quite big in games, however I didn't know they was even listed in the first place. They just delisted without any offer. Not sure why, perhaps they own all the shareholding.

Asia Dekor's principal activities are manufacturing and selling laminated flooring and related products, particleboards, high density fireboards and medium density fireboards, providing administrative services to Group companies, and investment holding. Its main products include strengthened wooden flooring, melamine laminated flooring, painted paper and other building decoration materials. The Group's operations are carried out in Singapore, PRC (excluding Hong Kong) and exported to North America, Asia, Europe, Oceania.
Asia Dekor is being bought over, and offer $0.268, 48.9% premium over last closing price on 14th Novemeber 2007. The stock price never hit the offer price, only as high as $0.24. Buying at 38 lots at $0.24, selling at $0.268 implies 10.89% profit margin. Not sure why there is sure a huge premium, but this is a good example where company did not hit the offer price. I should probably checked how long did it takes for the shareholder to get their price, because 10% is very attractive, compared to the measly 1+ % I am getting from Sihuan. There are some dividend and capital reduction that I did not have time to read about. Not sure of the impact to the final price of the offer.

Evergro Properties Limited is a investment holding company. The Company’s subsidiaries are mainly engaged in investment holding, marketing agency, property development, sale of properties in the People’s Republic of China (PRC), construction and operation of golf courses and sale of golf memberships in PRC. The Company’s businesses are grouped into three divisions: Property trading, golf club operations and others. The major subsidiaries include Dragon Link Investment Pte Ltd, Second Dragon Development Pte Ltd, Third Dragon Holdings Pte Ltd, Sixth Dragon Development Pte Ltd, Dragonland Technology Pte Ltd, Eighth Dragon Development Pte Ltd and Ninth Dragon Development Pte Ltd.
They got bought over by Keppel Land, with the price of $0.29, 16% premium over last closing price. However, there is a Share Offer, exchanging for shares in Keppel Land that is a 21.1% premium. The stock price went as high as $0.405, probably due to a higher stock price in Keppel Land too.

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