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Company Research Report

Data as of: 2/18/00

Company Description

Thakral Corporation Ltd distributes branded consumer electronic and household electrical products. The other activities of the group are the manufacture and marketing of entertainment software, investment and property holding, provides management consultancy services, operation of airship, design and production of airship advertisement, manufactures and distributes optical discs, rental of home entertaiment and distribution of VCDs and DVDs. The group distributes audio-visual products and telecommunication equipment of well-known brands such as Panasonic, Aiwa, JVC, Sony with a wide product mix consisting of televisions, VCD-DVD players, video cameras, VCRs and accessories. The group has added better selling products with higher margins such as mini-discs players, digital video cameras, CD players and DVD players and expanded its range of products to include professional equipment including security systems and broadcasting equipment. The group has been appointed as official distributor for Fujitsu, a newly brand added this year. The operations of the group are carried out in Hong Kong, China, Korea, Taiwan, the Philippines and Indonesia. Distribution of electronic products accounted for 95% of fiscal 1999 revenues; assembly of electronic products, 4% and other, 1%.


Competitor Analysis
Thakral Corporation Ltd operates in the Wholesalers sub-industry, which is a subsector of the Miscellaneous industry. This analysis compares Thakral Corporation Ltd with three other companies in the same sub industry in Singapore: Wearnes International Limited (1999 sales of 237.41 million Singapore Dollars [US$139.49 million] of which 51% was Automotive & equipment), Hour Glass Limited (The) (243.98 million Singapore Dollars [US$143.35 million] of which 100% was Wholesale & retail of watch & jewellery), and Sime Singapore Limited (623.66 million Singapore Dollars [US$366.42 million] of which 68% was Marketing & distribution).


Sales Analysis
During the second fiscal quarter of 2000, sales at Thakral Corporation Ltd totalled 345.31 million Singapore Dollars. This is a drop of 19.4% from the 428.45 million Singapore Dollars in sales at the company during the second quarter in 1999.

Thakral Corporation Ltd reported sales of 913.21 million Singapore Dollars (US$536.55 million) for the fiscal year ending March of 1999. This represents a decrease of 18.8% versus 1998, when the company`s sales were 1.12 billion Singapore Dollars. Contributing to the drop in overall sales was the 99.9% decline in Assembly of Electronic Products, from 60.00 million Singapore Dollars to 36,000.00 Singapore Dollars. There were also decreases in sales in Distribution of Electronic Products (down 99.9% to 869,000.00 Singapore Dollars) and Other (down 99.9% to 8,000.00 Singapore Dollars) .

On a geographical basis, contributing to the decline in the company`s sales in 1999 were the declines in other countries, where sales dropped 99.9% to 116,000.00 Singapore Dollars. Sales in Hong Kong and People`s Republic of China were also lower, falling 99.9% (to 797,000.00 Singapore Dollars) .


Thakral Corporation Ltd currently has 1,400 employees. With sales of 913.21 million Singapore Dollars (US$536.55 million) , this equates to sales of US$383,247 per employee.


Sales Comparisons (Fiscal Year ending 1999) Company Year
Ended
Sales
(mlns) Sales
Growth Sales/
Emp (US$) Largest Region
Thakral Corporation Ltd Mar 1999
913.207 -18.8% 383,247 Hong Kong and People`s Republic of China (0.1%)
Wearnes International Limited Sep 1999 237.407 -1.1% N/A Singapore (65.4%)
Hour Glass Limited (The) Mar 1999 243.982 -37.7% N/A Singapore (58.3%)
Sime Singapore Limited Jun 1999 623.657 -1.7% N/A Singapore (90.0%)



Recent Stock Performance

In recent years, this stock has performed terribly. In fiscal year 1998, the stock traded as high as 1.69 Singapore Dollars, versus 0.42 Singapore Dollars on 2/18/00. (In 1998, the stock retreated significantly from its high, and by the end of the year was at 0.81 Singapore Dollars).

For the 52 weeks ending 2/18/00, the stock of this company was down 41.7% to 0.42 Singapore Dollars. During the past 13 weeks, the stock has fallen 18.4%. During the past 52 weeks, the stock of Thakral Corporation Ltd has performed significantly worse than the three comparable companies, which saw gains between 39.6% and 87.2%.

During the 12 months ending 9/30/99, the company has experienced losses totalling 0.52 Singapore Dollars per share. These 12 month earnings are lower than the earnings per share achieved during the last fiscal year of the company, which ended in March of 1999, when the company reported earnings of -0.37 per share. Note that the earnings number includes a 0.27 pre-tax charge And excludes a 0.02 charge in fiscal year 1999.

This company is currently trading at 0.27 times sales. Thakral Corporation Ltd is trading at 3.40 times book value. The company`s price to book ratio is significantly higher than that of all three comparable companies, which are trading between 0.54 and 0.89 times book value.


Summary of company valuations (as of 2/18/00). Company P/E Price/
Book Price/
Sales 52 Wk
Pr Chg
Thakral Corporation Ltd N/A 3.40 0.27 -41.70%
Wearnes International Limited 26.8 0.87 0.65 87.21%
Hour Glass Limited (The) N/A 0.54 0.21 41.79%
Sime Singapore Limited 12.1 0.89 0.55 39.56%

The market capitalization of this company is 245.70 million Singapore Dollars (US$144.36 million) . The capitalization of the floating stock (i.e., that which is not closely held) is 124.71 million Singapore Dollars (US$73.27 million) .


Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months. The three comparable companies all paid dividends during the previous 12 months, however. Thakral Corporation Ltd last paid a dividend during fiscal year 1998, when it paid dividends of 0.03 per share.


Profitability Analysis

On the 913.21 million Singapore Dollars in sales reported by the company in 1999, the cost of goods sold totalled 947.08 million Singapore Dollars, or 103.7% of sales (i.e., the gross profit was -3.7% of sales). This gross profit margin is lower than the company achieved in 1998, when cost of goods sold totalled 91.0% of sales.

Thakral Corporation Ltd`s 1999 gross profit margin of -3.7% was lower than all three comparable companies (which had gross profits in 1999 between -2.0% and 6.3% of sales).

In 1999, earnings before extraordinary items at Thakral Corporation Ltd were -218.72 million Singapore Dollars, or -24.0% of sales. This profit margin is lower than the level the company achieved in 1998, when the profit margin was 6.3% of sales.

The company`s return on equity in 1999 was -62.6%. This was significantly worse than the 23.5% return the company achieved in 1998. (Extraordinary items have been excluded).

Profitability Comparison Company Year Gross
Profit
Margin EBITDA
Margin Earns
bef.
extra
Thakral Corporation Ltd 1999 -3.7% N/A -24.0%
Thakral Corporation Ltd 1998 9.0% N/A 6.3%

Wearnes International Limited 1999 N/A 5.2% 2.4%
Hour Glass Limited (The) 1999 N/A -2.0% -2.7%
Sime Singapore Limited 1999 N/A 6.3% 3.6%


During the second quarter of 2000, Thakral Corporation Ltd reported a loss per share of 0.10 Singapore Dollars. In comparison, in the second quarter of 1999, the company reported positive earnings of 0.04 Singapore Dollars per share.


Inventory Analysis
As of March 1999, the company`s inventory was 260.80 million Singapore Dollars. Since the cost of goods sold was 947.08 million Singapore Dollars for the year, the company had 101 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 3.6 times per year). This is an increase in days in inventory from March 1998, when the company had 261.49 million Singapore Dollars, which was only 93 days of sales in inventory.



Financial Position
As of March 1999, the company`s long term debt was 448.80 million Singapore Dollars and total liabilities (i.e., all monies owed) were 677.61 million Singapore Dollars. The long term debt to equity ratio of the company is 3.33. This is significantly higher than where the long term debt to equity ratio was in March 1998, when the long term debt to equity ratio was only 1.20.

As of March 1999, the accounts receivable for the company were 266.69 million Singapore Dollars, which is equivalent to 107 days of sales. This is sharply higher than at the end of 1998, when Thakral Corporation Ltd had 64 days of sales in accounts receivable.


Financial Positions
Company Year LT Debt/
Equity Days
AR Days
Inv.
Thakral Corporation Ltd 1999 3.33 107 101
Wearnes International Limited 1999 0.05 80 50
Hour Glass Limited (The) 1999 0.02 N/A N/A
Sime Singapore Limited 1999 0.00 67 63



User Selected Comparisons
If you would rather compare this company to different companies than the ones above, simply enter their names or ticker symbols below, and this report will be re-written with these new companies. You may enter the ticker symbol or the first few letters of a word in the company`s name (you must enter at least four characters for a name, and at least one character for a ticker). You must enter in three companies; if you don`t, there can be no competitive analysis and the computer will choose.

[db24]

Sehr interessant,
es wäre nett, wenn Du uns noch mitteilst woher diese Information
stammt; ich habe vergeblich gesucht.
Habe die Firma mehrfach bez. Zusammenschluß mit Pac.Internet
angeschrieben und keine Antwort erhalten.
Weißt Du wie sich das auf das Unternehmen auswirkt?
(Siehe Thread Thakral, Beitrag Nr. 4)

Danke
Grüße
db24

[AHChat]

Dienstag, 22.02.2000, 14:00

AOL und thailändische Thakral gründen Internet-Projekt
SINGAPUR (dpa-AFX) - Thakral Corp Ltd wird mit America Online Hong Kong eine gemeinsam betriebene Homepage eröffnen. Wie das Unternehmen am Dienstag in Singapur mitteilte, werde Thakral das Projekt mit Kulturnachrichten für die indisch-stämmige Bevölkerung Hongkongs versorgen./so/ph