Bluestar Secutech Share Discussion Threads

[masurenguy] 10/8/2010 11:31

Goes xd tomorrow. Payment due at the end of next week for all shareholders on the roll this Friday.

[masurenguy] 30/7/2010 14:14

Some brief coverage in this months issue of Techinvest.

BlueStar SecuTech (25p), the China-based digital video solutions provider, announced a 53% jump in net profit to RMB 31m for the year ended March 31 as the Group experienced increased demand for networking projects and DVR devices from within the Chinese market. Revenue increased 22% to reach RMB 192m. The Company secured several deals with large state-owned banks during the year, including a RMB 42m deal with the Bank of China's head office and its subsidiaries.

[bill182] 29/7/2010 09:06

Well....AGM tomorrow. If indeed it is the level of debt that is holding back the share price, some positive news on this front would be very welcome.
Is anyone planning to utilize the telephone link to the meeting? If so, I would be grateful for any feedback as I am unable to do so myself.

[zangdook] 12/7/2010 16:13

this share doesn't seem able to hold onto its gains. I know it's undervalued, but other stuff is undervalued with prospects of improvement.

[bill182] 04/7/2010 15:59

longsight, you do yourself no favours by miss-quoting what people say.

[masurenguy] 04/7/2010 09:54

ELBAN - 1 Jul'10 - 900: So 334 days occurring as the debtor days figure somewhere mid cycle needs a lot of explaining.

Elban - of course it could be improved and hopefully in time it will be but there will continue to be long timescales for the forseeable future when your customers are Chinese banks. It waxes and wanes between Christmas and the fiscal year end. The company has never undertaken a placing since their IPO and there is also little prospect of dilution in the future either. They have lived with this debtor situation for the past few years (see below).

As an investor it doesn't really bother me much since they have no record of bad debts and their bad debt provision is less than 1% of sales & 2% of net cash. What is more significant is 22% growth in sales, 53% growth in profits and net cash equivalent to almost 40% of annual sales plus a 3.5% yield. I am very content to hold on that basis and add on weakness. If the receivables timeframe bothers you then the simple answer is don't invest in Bluestar - there are plenty of other fish in the sea !:o)

31/3/10: Trade debtors and other receivables increased to RMB 176 million at 31 March 2010 (2009: RMB 125 million), which is in proportion to the revenue increase. During the year, the Company continued to implement effective credit management processes to ensure that customers were all credit worthy. However, customers in the banking sector have been slow payers historically, and as such, it normally takes the Company several months to collect the receivables. For example, 74% of outstanding debtors at 30th September 2009 (RMB 110 million) have been received during the period of October 2009 to March 2010.

31/12/09: The Company's trade receivables position has also improved considerably with debtor days at 31 December 2009 reducing to 263 day (30 september 2009: 405). This is as a result of the Company's improved debtor control procedures as well as the completion, in December, of the annual payment process which a number of larger banks in China operate.

30/9/09: Trade and other receivables increased to RMB 168 million at the period end (2008: RMB 138 million).

31/3/09: Trade debtors and other receivables increased to RMB 125 million at 31 March 2009 (31 March 2008: RMB 89 million).

30/9/08: Trade receivables and other receivables increased to RMB 138 million at 30 September 2008 (30 September 2007: RMB 74 million) with trade receivables of RMB 121 million (2007: RMB 72 million).

[longsight] 01/7/2010 19:58

The seller shifted another 22500 shares today. Very regular pattern since the Results. How many has the seller got to shift. Is the Seller Mas?

[elban] 01/7/2010 14:52

Ok, flawed logic in that last post because the banks all seem to pay at nearly the same time.

If the banks all paid on 1st sept then debtors days should be 182 on 31st August and zero on 2nd Sept -- building up slowly then to 182 again a year later.

So 334 days occurring as the debtor days figure somewhere mid cycle needs a lot of explaining.

[elban] 01/7/2010 14:21

If: the banks always pay when expected and only pay once a year, and the business is fairly evenly spread over a year, and they only deal with banks -- then why isn't the debtors days about 180?

[longsight] 01/7/2010 13:52

bill - if the banks only pay once a year then why do business with them. Cash is king & BSST have not demonstrated that they understand that. I guess it is easier for them to raise equity from mugs like you & Mas than to get paid by customers.

Meanwhile the seller is back. Another 10,000 shifted. I wonder if it is Mas who is selling. Wd make sense - since he pumped them I guess he must now be dumping them.

[bill182] 01/7/2010 13:33

longsight..it is well documented by the company that the banks do not pay until the final quarter of the year, hence the reason for the company to diversify their client base.
You cleary do not understand or are choosing to ignore the funamentals of the business, and the only person's ability in question is yours by the comments you make.

[longsight] 01/7/2010 11:54

bill - I don't notice anyone being influenced by Mas to buy here. Do you? As to profits - I question the quality of the profits if the customers take a year to pay. You can not run a business like that for long - & however big your initial cash pile. Since you don't consider this a significant issue I question your ability to assess businesses as investments.

[bill182] 01/7/2010 11:44

longsite, do you really believe anyone would take any notice of you after all the childish comments you have made. You seem to forget, the company has made £3m profit for the year, so I really don't care if it takes a long time to get the banks to pay their debts.

[longsight] 01/7/2010 11:13

Mas is very quiet today.

Still no buyers of the shares. This reinforces my view that there is no interest in BSST & that the Results were not good enough to generate any interest. BSST is a tiny & irrelevant business with a shocking cash collection problem. You can see why they listed on AIM. This is a SELL.

[longsight] 30/6/2010 19:04

Masurenguy - 30 Jun'10 - 17:07 - 42223 of 42225 (Filtered)

For ruining a pubic thread with a private feud. Bloody children should be seen and not heard...

[masurenguy] 30/6/2010 18:59

Back in parrott phase - you're a truly sad case !

[longsight] 30/6/2010 18:57

Masurenguy - 30 Jun'10 - 18:47 - 42232 of 42232


StewJames - 29 Jun'10 - 15:41 - 42183:Please stop it, longsight. Mas had gone quiet...you should have returned the favour.

NAV_Mike - 30 Jun'10 - 15:41 - 42220 of 42231
longsight - 30 Jun'10 - 15:37 - 42218 of 42219 (Filtered)
Masurenguy - 30 Jun'10 - 15:39 - 42219 of 42219 (Filtered)
Thanks for ruining this thread

Grinley Boy - 30 Jun'10 - 17:15 - 42226 of 42231
Masurenguy - 30 Jun'10 - 17:07 - 42223 of 42225 (Filtered)
For ruining a pubic thread with a private feud.
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Masurenguy - 30 Jun'10 - 17:51 - 881 of 883: Longsight - this is the third or fourth time that you have attempted to wind up shareholders and wreck this thread with your infantile prattle. Consequently I will retaliate on the RCG thread until you desist.

I sold my residual shareholding in RCG last year and have absolutely no axe to grind there but I'm not prepared to stand by while you continue this utterly childish and pathetic attempt to destroy what was a reasonable and comparatively quiet thread. It is entirely your choice !

longsight - 30 Jun'10 - 18:20 - 882 of 883:I can not see the relevance of posting on the RCG thread. I am fully entitled to post here. I'm sorry that you don't agree with my bearish view of BSST - because you will lose your shirt on this share. If you keep posting your nonsense on the RCG thread, I think other posters will complain & rightly so. Grow up Mas - everyone is entitled to an opinion. Why do you struggle with this point? Will you apologise to me when I am proved right on this share? I hope so.

For your information I spoke to a guy who works in the City representing a Chinese stock [not RCG] & I asked him about payment terms & howcome his Co has quite quick cash collection when almost all AIM chinese cos have terribly slow collection. He said it is simple - they sell something people want & they have to pay for it to get it. In his opinion if the customers are getting excessive credit it was because they weren't that bothered about buying the stuff.

There is something very badly wrong with BSST - because none of their customers can be bothered to pay for the kit for a whole year. This is what stinks here. And you are fooling yourself - & others who accept your appraisal here - in ignoring this point. You really are. BSST do have cash in the Bank but it is not from their trading. It is not a proper business to rely upon top-ups from the shareholders for cash. As the yanks say - go figure!

Masurenguy - 30 Jun'10 - 18:35 - 883 of 883: I've always been prepared to debate the pros and cons of this and any other company with someone who expresses an intelligent contrarian view. You have made inane and absurd comments on this thread in a number of bursts in the past with the sole purpose of wrecking this thread. You have no interest in this business so why do you turn up here periodically in an attempt to wreck this thread with utter gibberish.

The only factual point that you are able to raise relates to debtors and you exploit this to the enth degree in an attempt to rubbish the company. There has never been any references to sales increases, profit increases, strong cash reserves etc etc in order to present a balnced view before arriving at an intelligent conclusion. For example this company has never needed to raise funds since their IPO so to suggest that "It is not a proper business to rely upon top-ups from the shareholders for cash." is just a blatent lie !

Over the past year several shareholders here have asked you to desist from trashing this thread with garbage and you have just carried on. Therefore if you carry on here then I will reciprocate there ! It is you who should grow up and cease this utterly childish behavoir.
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The choice is entirely yours massight !