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Tag Archives: Dhir India

How About Another Catalyst? (Part IX)

29 Friday Jun 2012

Posted by Wexboy in Uncategorized

≈ 11 Comments

Tags

Anhui Chaodong Cement, catalyst, David Wong, Dhir India, FBD Holdings, German bunds, intrinsic value, major sale, NAV discount, Ovoca Gold, Polymetal, Prosperity Minerals Holdings, Sirius Real Estate, takeover offers, Tim McCutcheon, Trinity Biotech, wind-down

Continued from here. We were looking at a major sale as another catalyst.

Recently, I confess I’ve been less focused on this (and my next) catalyst. No bad reflection, it simply reflects my ‘bar-bell‘ approach – investing in lower-risk catalyst situations nicely balances out higher risk positions (like emerging & frontier market equities, as most would characterize them). This can mean higher risk catalyst stocks get crowded out of my portfolio… But if I want to shift overall risk lower, as I suspect I’ll continue to do, this catalyst category should make a nice comeback in my riskier portfolio allocation. Let’s illustrate with some examples:

i) I did a Dhir India (DHIR:LN, delisted) writeup last November. An initial catalyst attracted my attention in September – in their Final Results they stated: ‘…The Board has decided to seek to accelerate the process of returning value to shareholders through a review of the investment and realisation strategy and over the next twelve months steps will be taken to try and achieve this aim‘. Not quite definitive, but this obviously offered a wind-down strategy as a catalyst.

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Seduction…and Neglect?! How About a Catalyst? (Part III)

17 Tuesday Jan 2012

Posted by Wexboy in Uncategorized

≈ 2 Comments

Tags

Avanti Capital, delisting risk, Dhir India, Eurovestech, GPG, Gresham House, IRR, JSM Indochina, Liquidations, LMS Capital, Mazars, Ottoman Fund, Private Equity Investor, Siteserv, South African Property Opps, Spark Ventures, Trading Emissions, Trinity Capital, Veris plc, wind-down

Continued from here:

i) Liquidations are top of the heap for catalysts! They’re usually only announced after a company has sold all/the majority of its assets (or occasionally its business(es)). They offer the best prospect of a highly certain final asset value, to be realized within a reasonably short/well-defined timeline. They’re usually concluded within 6 months to 2 years, and any decent BoD/management will provide an estimated total distribution amount (net of all expected liquidation expenses) and schedule.

Of course, if they’ve an ounce of sense, they’ll be as conservative/pessimistic as possible with their forecasts, so any surprises should hopefully be positive… (In fact, they should recast the B/S with all future expected liquidation expenses included as a provision – i.e. accounting on a liquidation basis, not a going concern basis). In aggregate, these features mean that liquidations have v attractive IRRs and Expected Value Returns!

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Happy New Year! – A (Baker’s) Dozen for 2012

30 Friday Dec 2011

Posted by Wexboy in Uncategorized

≈ 11 Comments

Tags

Argo Group, Asta Funding, Avangardco, Colony Financial, Cresud, Dhir India, EIIB, FBD Holdings, Livermore Investments, pdosullivan, Petroneft Resources, Sirius Real Estate, Total Produce, Trinity Biotech, Vietnam Opportunity Fund

Philip O’Sullivan kicked us all off here with his list of picks for 2012, and so far I’ve seen John Kingham and Mark Carter join in with their contributions here. Note John can only win half of the (non-existent!) prize since he came up with 2 lists…

I struggled with the idea a little myself – I’d far prefer to write 1,200 words about 1 stock than to write 1 list, haha! I also dread seeing shoot-for-the-moon lists (congrats so far, chaps) stuffed full of triple leverage ETFs and penny dreadfuls – not much use to any of us in the real world.

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2011 Stock Recommendations & Performance

30 Friday Dec 2011

Posted by Wexboy in Uncategorized

≈ 1 Comment

Tags

Argo Group, Asta Funding, Colony Financial, Cresud, Dhir India, EIIB, Fair Value, portfolio performance, purchasing power, Sirius Real Estate, Total Produce, Trinity Biotech

I’m sure you’ve noticed I’m not shy about setting Fair Value Price Targets for recommended stocks. I don’t see a lot of people out there doing this – pretty obvious why…I’m sure someone will be sure to point out how precisely wrong I’ve been when I come up with a few duds! Ouch!

But, in an ideal world, the best way I’d evaluate any recommendation from a website or blog is to know the writer’s price target and portfolio stake. Ownership demonstrates their conviction, the size of their stake confirms the strength of this conviction, and their price target allows the reader to perform their own risk/reward evaluation. What are your own thoughts? Do you agree whole-heartedly, partially, or do you think this approach is a danger or a hindrance in some way?

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Top 10 Most Popular Posts in 2011

30 Friday Dec 2011

Posted by Wexboy in Uncategorized

≈ Comments Off on Top 10 Most Popular Posts in 2011

Tags

Argo Group, Black Earth Farming, Dhir India, ECDC, EIIB, farmland, Greencore, Total Produce

Here we are, beginning with the most popular post:

Duh, Duh, Dhir…

Total Produce (TOT:ID) – A Fruity Delight?

Argo – Time to Claim the Golden Fleece

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Duh, Duh, Dhir…

19 Saturday Nov 2011

Posted by Wexboy in Uncategorized

≈ 3 Comments

Tags

Adjusted NAV, Aurora Russia, Dhir India, distressed assets, market-makers, message boards, Price/Book, Price/Cash, wind-down

Dhir India Investments (DHIR:LN)

  • Mkt Price:  GBP 16p
  • Mkt Cap:  GBP 2.67 mio
  • P/C:  0.36  (adjusted)
  • P/B:  0.12

Just because I’m a value investor, doesn’t mean I won’t make speculative bets, it just means I like to use value investing to determine that bet..! Here’s one I’ve finally jumped into:

Dhir India’s the only UK-listed investment vehicle offering fund managers/investors exposure to distressed assets and companies in India. The fund invests in 4 types of transactions: Turnaround of companies, re-sale of companies/assets, break-up and sale of assets and bridge financing. Charlie Hambro is the Chairman, while the Investment Manager Shiva is headed by Alok Dhir. Dhir’s been practicing insolvency law for over 20 years, and is a successful investor in Indian non-performing assets. The company was launched in mid-2007, and promptly completed 6 investment projects (1 listed) by year-end.

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