Author Topic: 0703.HK - Future Bright Holdings  (Read 67891 times)

Genyi

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Re: 0703.HK - Future Bright Holdings
« Reply #150 on: August 10, 2019, 11:33:38 PM »
The Yellow House has been rented out for 8 years !

https://innovo.etnet.com.hk/eng/ca_calendar.php

On this link, you will also find a new loss alert for the quarter ending 30 june 2019. The loss for the second quarter is 52.1 HK$’million, of which 21.1 is a net fair value loss in the valuation of the Yellow House. (It is not clear if this devaluation was done in response to the new tenant agreement, or had been established already before that).

The restaurant operation results show a mixed picture. They provide many statistics in the loss alert. In my opinion, it does not look good, however not terrible either.

At the end, more details about the Hengqin Island property are provided. Nothing concrete here, but there seems to be some movement at least.


Laxputs

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Re: 0703.HK - Future Bright Holdings
« Reply #151 on: August 13, 2019, 07:55:26 AM »
Thanks for that.

Genyi

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Re: 0703.HK - Future Bright Holdings
« Reply #152 on: October 28, 2019, 09:13:45 PM »
The Hengqin development has been sold !

https://innovo.etnet.com.hk/eng/ca_calendar.php

This is an enormous relief in my opinion. Many details in the linked document on that page. Let me focus on the bigger picture with an earlier quote from the forum...

This stock seems to be finally rerating. Some catalysts:

1. (Potential) Sale of part or all of Hengqin as per the recent trading update.
2. A potential new tenant for Yellow House, which they are finally “actively searching” per the last two updates to the market (see my previous rant above).
3. The new logistics centre coming on in June. This may help control food preparation costs and also bids for canteen contracts (eg for casino workers, though I am not sure how likely this is).
4. Food Souvenir division finally nearing breakeven.
5. Completion of Macau-HK bridge and continuing good numbers for Macau GGR, which is reflected in the valuation of larger groups with Macau exposure but not reflected in FB’s valuation.

On the negative, the company seems to really struggle controlling costs, but good that numbers are improving.

It took a while, but it looks like all these 5 catalysts have now been realized. Not that I am ecstatic: the visitor arrivals to Macau are stabilizing and the visitors are spending less per visit. But it seems that the major headaches for FB are out of the way and the management can focus on opening/closing the right restaurants at the right locations.



yzstevie

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Re: 0703.HK - Future Bright Holdings
« Reply #153 on: October 29, 2019, 12:07:42 AM »
What is the reputation/track record of the largest shareholder?  For HK small/micro caps the biggest risk is always the controlling shareholder killing the company through often undisclosed connected transactions...