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Sunday, February 23, 2014

Jobstreet Corporation Berhad

What a sad news! I just found out that Seek has bought over the core business of Jobstreet with RM1.73B. Even though JOBST is trading at high PER of 20+, it is indeed a very good company that keep growing and expanding around Asia.

The management has decided to reward the shareholders with all the net income for the selling of core business, which translated to RM2.40 per share. Interestingly, there is also an interim dividend of 1.75 cents to be distributed early next month.

After the news announcement, JOBST share price has went up and then plunged to RM2.52 as of closing. So my question is, is it worth to go in JOBST at RM2.52 or lower?


If we look at what is left in JOBST, it's 32 cents of Net Tangible Assets with few companies. By just looking at this, there is a discount of around 9% from the current share price, because:
Dividend = RM0.0175
Special Dividend = RM2.40
NTA after all dividends = 0.32
Total = RM2.40 + RM0.0175 + RM0.32 = RM2.74

By minus the current share price, RM2.74 - RM2.52 = RM0.22, or equivalent to 8.7%.

Thus, by just looking at NTA after dividend distribution, buying at RM2.52 is actually getting a 8.7% discount from the NTA. 

Now let's look at what is left under the NTA. The companies that are making money are 104 Corporation Taiwan which owning 23.54% and Innity Berhad, owning 21.13%. The total annual net profit under 2012 is around RM5.1M. Where Jobstreet Thailand is currently still making loss of RM1.xM for JOBST, which owning 49.1%. The rests are unknown because they are subsidiary of Jobstreet and there are no information found about them.

The total worth for NTA is RM226.6M, which the bulk of it is from the associates. By looking at the net profit these associates are generating, the ROA is only less than 3%. 

In summary, even though there is 9% discount, there are uncertainties of these associates and there is no plan from the management yet.  If you said you are buying JOBST tomorrow because you have faith in Chang and you believe these associates will grow and fly, you should invest! Somehow the total risk is only RM0.1025 per share and it's very minimal.

I have very much faith in Chang, and I believe the management is planning for something for JOBST and shareholders! If the share price drops further and there is no negative news, you should further invest!



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3 comments:

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    saya PAK SLEMET posisi sekarang di malaysia
    bekerja sebagai BURU BANGUNAN gaji tidak seberapa
    setiap gajian selalu mengirimkan orang tua
    sebenarnya pengen pulang tapi gak punya uang
    sempat saya putus asah dan secara kebetulan
    saya buka FB ada seseorng berkomentar
    tentang AKI NAWE katanya perna di bantu
    melalui jalan togel saya coba2 menghubungi
    karna di malaysia ada pemasangan
    jadi saya memberanikan diri karna sudah bingun
    saya minta angka sama AKI NAWE
    angka yang di berikan 6D TOTO tembus 100%
    terima kasih banyak AKI
    kemarin saya bingun syukur sekarang sudah senang
    rencana bulan depan mau pulang untuk buka usaha
    bagi penggemar togel ingin merasakan kemenangan
    terutama yang punya masalah hutang lama belum lunas
    jangan putus asah HUBUNGI AKI NAWE 085-218-379-259
    tak ada salahnya anda coba
    karna prediksi AKI tidak perna meleset
    saya jamin AKI NAWE tidak akan mengecewakan

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