NRA Capital

MAS issues prohibition orders against Yeo Jiawei, Kevin Scully on 1MDB-related breaches

SINGAPORE (Dec 19): The Monetary Authority of Singapore (MAS) has slapped ex-BSI banker Yeo Jiawei and former NRA Capital CEO Kevin Scully with prohibition orders (POs) on breaches related to the 1Malaysia Development Bhd (1MDB) scandal.

See: How 1MDB cheats skimmed millions of dollars in ‘secret profits’

MAS issued a lifetime PO against Yeo, and a 3-year PO against Scully. Both POs took effect from Dec 18, 2017.

NRA Capital says Trendlines is worth more than meets the eye

SINGAPORE (Nov 27): NRA Capital has found 11 “hidden gems” within Trendlines’ portfolio and derived a higher valuation of US$139 million ($187 million) or 22.5 cents per share.

Currently, Trendlines trades at 15 cents or 0.73 times book value and 14.6 times FY18 earnings, meaning the full upside of potential exits has not been priced in.

In a Monday report, analyst Liu Jinshu says NRA have identified 11 high confidence portfolio companies with high growth promise which could be sold off.

Lian Beng spinoff may push stock past the $1 mark: NRA

SINGAPORE (Oct 23): The potential spinoff of Lian Beng’s property business may trigger a stock price re-rating to $1.08, a 11.6% discount from its book value per share of $1.2076, says NRA Capital.

See: Lian Beng to spin off property development business with Catalist listing

Here’s why CSE Global could be on the road to recovery

SINGAPORE (Oct 16): NRA Capital says CSE Global has caught its attention as a company that may have bottomed, and could see considerable upside ahead from its current share price.

“CSE offers the merits of stabilizing to recovering earnings, strong balance sheet with net cash, high dividend yield and most importantly, attractive valuation,” NRA says in a commentary on Monday.

CSE sank into the red in the 2Q ended June, reporting a net loss of $13.8 million during the quarter compared to earnings of $5.5 million a year ago.

Jubilee’s rights issue supports forecast of high revenue growth

SINGAPORE (Oct 13): NRA Capital continues to expect Jubilee Industries to stage a turnaround in FY18, starting with some profitability in 1H18 followed by higher returns in 2H18.

On Wednesday, Jubilee proposed the issue of one rights share cum one free detachable warrant for every two existing shares at the issue price of 4.5 cents each.

This lesser-known tech manufacturing stock has a turnaround story to tell

SINGAPORE (Oct 4): NRA Capital is maintaining “overweight” on Jubilee Industries Holdings, the producer of precision plastic injection molds, at a fair value of 7 cents.

In a Wednesday report, analyst Liu Jinshu highlights Jubilee as a high-return, high average risk prospect based on its improving earnings outlook, increasing merger and acquisition (M&A) momentum, and its potential to spin off one off its business units in the longer term. 

AsiaPhos’ P4 business shows promise of turnaround

SINGAPORE (Sept 14): NRA Capital is upbeat on AsiaPhos’ phosphorous or P4 business as the company starts year-round production with first half performance showing promise of a possible turnaround this year.

“Our updated model factors in the expansion of the downstream business over time and values AsiaPhos at $187.9 million or $0.167 per share, yielding upside of 85%,” says analyst Liu Jinshu in a Wednesday report.

Astaka’s business progress offset by ‘broader market risks’: NRA

SINGAPORE (Aug 24): NRA Capital has given Astaka Holdings an “overweight” rating with a high-average return and high-risk qualification.

The stock has been valued at 13 cents, which represents a 56% discount to the estimated Revalued Net Asset Value (RNAV) of 29.6 cents.

In a Wednesday report, analyst Liu Jinshu says he expects the group to show both positive and growing revenue and profits following its change of accounting policy, which will allow an estimated RM1.1 billion of revenue – or about 20% of the group’s project gross development value (GDV) – to be recognised.

1H results confirm turnaround for Uni-Asia, says NRA

SINGAPORE (Aug 15): NRA Capital is keeping its “overweight” call on once-beleaguered Uni-Asia Group with an unchanged fair value estimate of $1.86.

“We continue to like Uni-Asia for its turnaround story, especially with the stabilization of the dry bulk sector,” says NRA analyst Liu Jinshu in a Tuesday report.

High revenue growth for this stock would not be unusual

SINGAPORE (Aug 11): NRA Capital is casting the spotlight on UnUsUal Limited as a stock that offers a “powerful mix of high growth and high profitability”, with a fair value estimate of 62.5 cents.

The research house projects the event production and promotion company to grow its revenue at a CAGR of 37% over the next five years, with its valuation range of 38.3 cents to $1.017 indicating an upside of up to 114% versus a downside of 19.4%.

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