net cash might not be as huge as it is..
RMB 797.6m assumes only payment of borrowings.. there is still a chunk of payables to be paid.. margin of safety is not there if only factor in borrowings
Net cash (net all liabilities): RMB 625m
Remaining IPO proceeds to be spent (from 1H FY2011 notes) : RMB 42m
Proceeds from TDR + third party listing (factoring entire proceeds to be spent): RMB 190m
Net net cash: RMB 393m or SGD78m (1RMB to 0.2SGD)
Current marcap at last done price of S$0.095: S$105m
Cold hard idle cash stands at 74%!
seem to have some potential.. have yet to understand the business fully but share the same sentiment from earlier post that the industry is getting competitive..