Management Trades 27/05-31/05
A helluva lot of transactions last week.
Notable Transactions
Buy(s) THB 458mn
- BTS – The owner buys back a huge amount of shares, THB 66 mn worth, perhaps in anticipation of the special dividend that will be annouced
- CPF – Fairly odd transaction here by the Vice President buying 2.7 mn shares @ 30 and selling 2.7 mn shares @ 30.10
- GFM – Looks like a transaction within the family is occuring
- ILINK – A director makes a sizeable purchase of THB 24 mn
- PS – A director buys THB 22mn, we’re actually at odds with the property sector, we just see growth slowing dramatically all over the place
- RS – A director buys THB 20mn (3 directors in a row this week!)
- SAM – The MD purchases THB 69mn, this looks intriguing
- TICON – A director buys a sizeable THB 26 mn, we’ve always liked ticon’s business and still think its worth THB 28/share however its a value driven stock holding versus its growth story back in the mid 2000’s
Sell(s) THB 451 mn
- SPCG – This director has been continously selling for the year
- CPF – See above
- GFM – See above
- PONG – No idea whats going on here, and can’t find any information
- PAE – The MD sells THB 49.6 mn shares, the story here must’ve played out already
- TRC – The CEO sells off THB 23 mn
- VGI – The owner sells of a substantial amount THB 72 mn worth of shares, no surprise this thing is stupidly overvalued
Tony
I own CPALL and was wondering, now that they have bought SIAM MACRO will the dividends likely drop in the future? This is what happened when TUF spent all that money buying the French company and their dividends are still lagging. As I own both (TUF,CPALL) companies and am thinking of selling one of these companies, any comment on which is the better growth company going forward? I am leaning towards CPALL…or put another way, in your opinion, am I leaning the right way?
Thanks
Tony
Pon
Hahaha nice try Tony, it’s fairly obvious I don’t like to give out investment advice as everyone’s risk/return/time horizon is different. I do think both companies have both their positives and negatives, but here are some brief thoughts
Firstly TUF made that acquisition in Europe which while expensive on a ST basis will be great for the company over the next decade. In the meantime the combination of a strengthening baht (hurt their reported accounting results in 1q13), the softening of soft commodity prices and weakness in the Europe market hasn’t been positive for their stock price.
Secondly cpall, they needed the acquisition of makro in order to maintain their market positioning in thailand as bigc and tesco are invading the small store format in a big way, and cp group doesn’t have the ability to compete with them on a large store format basis. Also the 7-11 license in Thailand will only get them so far so the acquisition of Makro does give them the ability to expand overseas and finally with the land bank Makro has with all it’s stores does give cpall an opportunity to realise value through sales to property funds similar to the way tesco did with theirs.
Not a direct answer to your question but hope it helps
Pon
Tony
Hi Pon.
Oops sorry! Of course you are right, I was trying to get an answer to a difficult question and I was hoping that I could get you to rise to the question. What you did say is more than enough for me based on the other information I have and yes, it does help.
Tony