Anyone notice this micro-penny that reported a huge net profit of $15.7m for 1st qtr? Reading it's report, it seems to be doing well for oil & gas biz in China. Not sure about real estate biz in the USA but with QE3, this biz which suffers a huge write off in 2009 may recover strongly over next few qtrs. it owns a large plot of lands in Seattle, part of which are ready for sales. Any opinion of this counter?
Had a quick look but not familiar with this company, so am going to post piecemeal observations.
1. Intangible assets = $55 million, out of $155 m in net assets. Intangible assets are a big %, and what are they? Goodwill arising from acquisitions in the past?
2. They do have a lot of investment (securities?). S$20 million + $46.3 m of available-for-sale financial assets (non current) & Financial Assets (current Assets).
They are stock investors to a significant extent. They even have a margin financing facility.
All of the above based on FY11 results statement.
Conclusion: Don't have a strong positive feeling about this IPCO
It's a speculative trade at the most, but then in this market there are so many stocks of lower risk and higher grade that I know of , so why dig into Ipco?
IPCO is a major shareholder of Blumont, which has run up from 3cts to 9cts since 1Aug 12....may become an interesting play as net profit for 2Q could be substantial too.
Agreed. Ipco has sold some blumont shares and its gain are not reported yet. With Nav at $0.08 even deducting the intangibles will give u about $0.04..still good at current price. i will say for such an ultra penny , cant go much lower. Regards normie
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