|Not often one can move posters' relative contributions from 33% to 25%. Expecting a bit of consolidation here before next leg up.|
|Shares are very tightly held - look how illiquid this is compared to the market cap.
They don't seem to disclose the major shareholders, and it's a BVI company so good luck finding out.
That said, at least it's a main market listing not AIM.|
|At last its getting to a reasonable level.Still at a 40% discount to NAV HTtp://tools.morningstar.co.uk/uk/cefreport/default.aspx?SecurityToken=F00000MEP2]2]0]FCGBR$$ALL|
|choppy ride tho|
|4 May 2016
NAV about 87p
Symphony International Holdings Limited (the "Company")
Net Asset Value
The Company today announces that, at the close of business on 31 March 2016, the Company's unaudited Net Asset Value was US$683,247,482 (31 December 2015: US$695,590,436) representing a Net Asset Value per ordinary share of US$1.2938 (31 December 2015: US$1.3172). On a fully diluted basis (adjusting for in-the-money vested options), the NAV per share was US$1.2782 (31 December 2015: US$1.3011).|
|These are still far far too cheap....|
|MIDAS Investment Managers opinion;
One of our favoured funds Symphony International introduced a dividend policy last year in order to try to reduce its discount. This year, the ordinary dividend was maintained at the same level (1.56c), but a special dividend of 3.13c was also paid, up 20 per cent on last year. The total dividend of 4.69c represents a yield of 5.8 per cent. Major shareholder British Empire believes that Symphony’s shares are “excessively cheap” on a discount of c.40 per cent with investments in listed shares and cash covering the market cap 1.3x. British Empire continues to engage with management regarding other measures to tackle the discount.|
|All the themes in SIHL are fantastic, but I still sit on my hands watching from the sidelines due to the obscurity of this share in the eyes of the general market, it's got ASEAN, India, demographics etc all on its side but it stays a long way out from its NAV. Anyone got an opinion on the recent slight dip - would that be currency related? In dollars is another plus point in a way!|
|Still a bargain Dave - directors buying - I posted on it this time last year and have done very well...
Problem is no-one cares.
|Problem is dave no-one cares this is a screaming buy - old post on my blog www.deepvalueinvestments.wordpress.com
Plus management are a bit .... you know...
I recon this will go in an MBO - probably for less than it is worth !|
|Panmure's note out today sets a target price of $1.47 -a potential 80% rise.|
|Good rise today - on no news - maybe this is starting to move...|
|MIDAS Investment Management comment;
Symphony International Holdings Ltd -finally see the sense of a dividend
Recommendation - Buy
Symphony has announced a material change in dividend policy with the announcement of a maiden dividend and an intention to pay ordinary dividends annually and extraordinary dividends as and when the Board feels it would be appropriate to do so.
The change in dividend policy is designed to address the circa 40 per cent discount of the share price to Net Asset Value. The ordinary dividend will be 1.56 cents and the extraordinary, 2.35 cents, implying a total yield of around 5 per cent. We think this move will be taken positively by the market and reiterate our Buy recommendation.|
|Divi!! At last!|
|Thanks Des, price dip on SIHL of late - so another chance to get in...|
|Hi Rob - Good luck with your website. I enjoyed reading your review of SIHL and LCG. I own an indirect position in the former via BTEM. Clearly there are structural and governance issues overhanging the stock. Des|
|Lots of posts on SIHL on WAM thread also on
Very cheap but management are enjoying a meal at my expense.
|Update on Minor International Pcl
The Company is pleased to announce that one of its portfolio companies, Minor International Pcl ("MINT"), released third quarter results for the 2013 financial year.
MINT made an announcement on 13 November 2013, which is reproduced below.
MINOR INTERNATIONAL PCL
PRESS RELEASE - 13 November, 2013
FOR IMMEDIATE RELEASE
MINT REPORTED A 31% Y-Y INCREASE IN NET PROFIT
TO THB 707 MILLION IN 3Q13
Minor International ("MINT") reported net profit of Baht 707 million in 3Q13, an increase of 31% from net profit of Baht 538 million in 3Q12, as a result of robust performance of both hospitality and restaurant businesses. For the first nine months ending September 2013, MINT's net profit rose by 22% to Baht 2,545 million from net profit of Baht 2,083 million recorded in the same period of last year. The increase was attributable to improved performance of all three businesses, as well as the consolidation of Beijing Riverside & Courtyard in China since the acquisition in December 2012. MINT also remains confident in the outlook of the high-season fourth quarter despite the current political demonstrations, which are taking place peacefully in a very limited area of Bangkok. All of MINT's hotels and resorts in and outside of Bangkok have been unaffected while all airports, tourist and commercial zones are open and fully operational as usual. Additionally, MINT has increasingly diversified its portfolio outside Bangkok and Thailand over the past few years.
In 3Q13, net profit of MINT's hospitality business increased by 54%, driven by improved performance of hotel operations, including the Company-owned hotels and hotel management contracts, as well as stronger profitability of both residential development and Anantara Vacation Club compared with that of 3Q12. The hospitality business saw an impressive growth in 3Q13 despite the temporary closure of Anantara Bophut Samui Resort & Spa, Anantara Veli Resort & Spa in the Maldives and Royal Garden Plaza Bangkok for renovation since April 2013 and permanent closure of Hua Hin Marriott Resort & Spa since July 2012. In 9M13, MINT's hospitality business achieved a 24% increase in net profit. Strong tourist arrivals together with MINT's own efforts to strengthen sales of its hotel rooms to existing and new markets through various distribution channels have helped propel organic occupancy of owned hotels to 69% in 9M13 from 64% in 9M12. Improved occupancy coupled with a further 7% increase in organic ADR contributed to a 16% increase in organic revenue per available room (RevPar) of owned hotels, which contributed 43% of total hospitality revenue, in 9M13. Real estates business remained an important contributor to the hospitality business with its profit increasing 78% y-y in 3Q13 and 20% y-y in 9M13. The proceeds of the St. Regis' sold units are expected to be recognized within 2013, while the remaining two units are expected to be sold in 2014. MINT expects the hospitality business to continue to perform well in the coming high-season 4Q13, with the continued momentum of the performance of the Company-owned hotels portfolio, managed hotels and the expansion plans.
In 3Q13, net profit of MINT's restaurant business increased by 17% from the same period of last year, driven primarily by 13.2% increase in system wide sales and the consolidation of Beijing Riverside & Courtyard ("Riverside") in China. In 9M13, MINT's restaurant business saw its net profit improve by 20% on the back of 13.6% increase in system wide sales. The successful re-structuring of menu strategy and marketing plans to increase traffic in 1H13 resulted in The Pizza Company's gradual and consistent improvement in its same-store sales growth figures six months consecutively during April to October of 2013, with double-digit growth in October 2013 underscoring the effectiveness of such successful strategy. MINT believes that the opening of new restaurant outlets alongside business expansion of major retail operators, together with continued growth of the Company's franchised business, will contribute to strong performance of the restaurant business in the remainder of this year.
In 3Q13, net profit of retail trading fell slightly by 7% as MINT recorded a flood insurance claim in 3Q12. Excluding insurance claim, core net profit of retail trading improved significantly, primarily driven by the better performance of the higher contribution fashion business, together with fully operational Navasri Manufacturing plant. In 9M13, net profit of retail trading increased 28% y-y, while core net profit (excluding insurance claim from the flood received in 9M12) increased by much larger magnitude due to the same reason.
About Minor International: Minor International (MINT) is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution. MINT is one of Asia's largest restaurant companies with over 1,400 outlets operating system wide in 20 countries under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Thai Express, the Coffee Club, Ribs and Rumps and Riverside brands. MINT is also a hotel owner, operator and investor with a portfolio of 100 hotels and serviced suites under the Anantara, Avani, Oaks, Per Aquum, Marriott, Four Seasons, St. Regis, Elewana and Minor International brands in Thailand, Australia, New Zealand, the Maldives, Vietnam, Tanzania, Kenya, the Middle East, Sri Lanka, China, Malaysia, Indonesia, Cambodia and Mozambique. MINT is one of Thailand's largest distributors of lifestyle brands focusing primarily on fashion, cosmetics and contract manufacturing. Its brands include Gap, Esprit, Bossini, Charles & Keith, Pedro, Red Earth, Tumi, Zwilling J.A. Henckels, ETL Learning and Thaisale. For more information, please visit www.minorinternational.com.
Performance (Bt m)
Cost of Sales
Selling & Administrative
Depreciation & Amort.
Earnings Before Tax
Net Profit as Reported
Fully Diluted EPS as Reported (Bt)
Fully Diluted Shares (mn)
Note: Share of Profit is included in total revenues
For further information:
Chaiyapat Paitoon / Jutatip Adulbhan +662 365 7500
Neil Doyle/ Tom Willetts
+44 (0) 20 7269 7237/ 7175
About Symphony International Holdings
Symphony International Holdings (LSE:SIHL) is a London listed strategic investment company that invests in consumer businesses and develops luxury branded real estate, hospitality and healthcare ventures which are principally in Asia. It offers a way for investors to gain exposure to the rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and forming long-term business partnerships with talented entrepreneurs. Symphony is managed by Symphony Investment Managers which has a team of investment professionals with a broad range of expertise - many of them have been working in Asia for more than 25 years. For more information please visit our website at www.symphonyasia.com
No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.
This announcement is not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.
Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Document.
The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include "Symphony", including, without limitation, Symphony Financial Partners Co., Ltd
End of Announcement|