Author Topic: 002290- Samil Enterprise  (Read 3743 times)

JBird

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002290- Samil Enterprise
« on: October 15, 2013, 02:19:36 PM »
Samil is a small Korean civil engineering and construction works company.

It has 48 billion KRW of current assets. It has 8 billion KRW of total liabilites. I look at it as a 40 billion KRW cigar-butt, and it sells for a lot less than that.

http://markets.ft.com/research/Markets/Tearsheets/Financials?s=A002290:KOE

Their website is http://www.samilenter.com. The website has language-toggle function for English, but I found that to be of little help.
Woman and wine, games and deceit, make the wealth small and the wants great. - Ben Franklin


Saidal

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Re: 002290- Samil Enterprise
« Reply #1 on: October 15, 2013, 07:07:16 PM »
I've seen a couple of these net-net Korean E&C type of companies around, pretty interesting and a few well known value investors have stakes. My only concern with E&C's is that often a decent chunk of the cash isn't a current asset, given bidding and other aspects of the business. Argan (AGX) is a good example of this.

Lots of opportunities still in Korea, have you looked into the preferreds?

matjone

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Re: 002290- Samil Enterprise
« Reply #2 on: October 15, 2013, 07:33:04 PM »
JBird, did you find a way to get reports in english?  Or are you just buying small positions based on the financial statements alone?

If I could buy this for a reasonable commission I probably would, but an $80 commission is too high for a small fry like me.
When stocks are high, money rates rising, and business prosperous, at least half a given fund should be placed in short-term bonds. - Philip Carret

JBird

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Re: 002290- Samil Enterprise
« Reply #3 on: October 15, 2013, 07:41:15 PM »
I've looked at various preferreds, and I'm interested in those as well, yes.

I ran the 10-K through Google translator. That helped moderately. I'm considering hiring a Korean language tutor for a couple hours to translate the site and 10-K.
Woman and wine, games and deceit, make the wealth small and the wants great. - Ben Franklin

Green King

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Re: 002290- Samil Enterprise
« Reply #4 on: October 15, 2013, 08:39:35 PM »
I've looked at various preferreds, and I'm interested in those as well, yes.

I ran the 10-K through Google translator. That helped moderately. I'm considering hiring a Korean language tutor for a couple hours to translate the site and 10-K.

do you mind giving us a cost quote when your done ? I think there are many online websites that offer these things for low prices.
GK

JBird

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Re: 002290- Samil Enterprise
« Reply #5 on: October 22, 2013, 11:24:53 AM »
I haven't had any luck yet getting a tutor to become a translator. I've received price quotes from a few online translation services. The latest one quoted me $7,300 and said it would take 3 weeks. I will move to Seoul and learn Korean myself before I pay something like that.

If you're interested in the Korean-version annual report you can PM me.

Woman and wine, games and deceit, make the wealth small and the wants great. - Ben Franklin

siddharth18

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Re: 002290- Samil Enterprise
« Reply #6 on: October 22, 2013, 11:33:01 AM »
Hey! For stocks like these, does the currency volatility bother you? Within the last 2 years, the currency has jumped 12% and fell back and equal amount.

JBird

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Re: 002290- Samil Enterprise
« Reply #7 on: October 22, 2013, 11:53:22 AM »
Hey! For stocks like these, does the currency volatility bother you? Within the last 2 years, the currency has jumped 12% and fell back and equal amount.

For better or worse it does not.
Woman and wine, games and deceit, make the wealth small and the wants great. - Ben Franklin