Just noticed that Superbowl has firmed up to 56 cents.
Still, it's grossly undervalued. The management should just privatise it instead of wasting time on the SGX. Either that or merge it with Hiap Hoe, its sister company, in order to form a bigger company that can attract fund managers.
5. Superbowl: its underlying assets are in the right sector – mainly shop spaces. RNAV of above $1.20 should support the stock price (51 cents), but the company lacks catalysts, like Hiap Hoe. Having said that, both HH and SB may suddenly spring to life should the major shareholders (who own more than 70% in each of them) attempt to privatise them. For those reasons, I continue to own both stocks."
The price chart of SB looks interesting. There seems to be accumulation going on, despite no catalyst news from the company. SB has an RNAV of $1.20-$1.40 depending on how one values its commercial space assets. The co valued ZP at $702m recently, and that alone may give an above-book valuation of 65.7ct per share for SB.
One of the reasons why investors are keen on SB may be the fact that it is more of a commercial-hospitality play, with all its investment properties made up of retail/office/hotels. There is limited residential exposure (its 50% stake in Treasure). Its bowling business is also a distraction.
Between HH and SB, I think the latter is the one more likely to be taken private. SB has been left out of sister company HH’s ventures in Melbourne recently, and that is probably adding to speculation that it could be privatized.
My take on SB’s RNAV: 34.9ct (Current BV) + 65.7ct (ZP surplus) + 30.7ct (estimated retail space surplus) = $1.31.
Superbowl is super runner today, up 17% now at 65.5 cents. Congrats to Sumer and Big Fish and everyone else who got in early enough. Me am in too, this morning at 61 cents. Fundamentally undervalued, and as Sumer said, chartwise also looking strong.
Question 1: Are you aware of any information not previously announced concerning you (the issuer), your subsidiaries or associated companies which, if known, might explain the trading?
The Company is exploring potential corporate restructuring opportunities. Subsequent to this announcement, the Board will make additional announcement(s) via SGXNet to provide an update on any such corporate transactions before the lifting of the trading halt.
comment : Not ready to announce the real sstory?
A few more days to wait?