On 5 November 2018, Miclyn Express Offshore (MEO) filed for bankruptcy protection with the Singapore High Court. The company is a Singapore-headquartered provider of support vessels and project transportation solutions to the offshore oil and gas industry, and was bought by Champ Private Equity firm in October 2012, as Champ's website notes. In 2014, MEO was … Continue reading Miclyn files for Singapore bankruptcy protection
Hyflux has now announced that a Malaysian company, SM INVESTMENTS PTE. LTD, a company of the consortium comprising the Salim Group and the Medco Group, will provide an investment described as follows: the Investor will invest a total of S$530 million by subscribing for ordinary shares in Hyflux which after the reorganisation, will constitute 60% … Continue reading Hyflux update: white knight
With varying degrees of success, every few years I try to take a high level review of the Australian listed company universe. This is made quite easy by the "Official List" of companies published by the Australian Stock Exchange on its website here. And lo and behold, I came across a small subsector of the … Continue reading Australia’s auto components stars
This is part of a series of posts on the Singaporean-listed Hyflux Ltd. For Post 1 on the company background and capital structure, see here. In this post, I will take a closer look at the Hyflux financial statements to try to discern the source of the current distress. The assets We have already seen … Continue reading Hyflux part 2: financial statement analysis
Hyflux Ltd: a Singaporean champion in distress Singapore recently amended its insolvency laws as part of a broader competitive move to attract capital, with the US model of Chapter 11 as inspiration. Hyflux Ltd, ostensibly a waste water and desalination business but in reality an infrastructure investment company with a construction business attached, has recently … Continue reading Distressed capital arbitrage: Hyflux (Part 1)
With predictable cognitive dissonance, I have for a long time held two seemingly distinct views: (1) the market does a very good job of pricing stocks, and (2) participants (ideally yours truly) in the market can outperform. A recent read by Paul D. Sonkin and Paul Johnson called Pitch the Perfect Investment (the title is … Continue reading Market efficiency is time variant: book review
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