Tuesday, April 16, 2013

Cocolnd ... Apr13

A change in the major shareholding of Cocoaland could on the cards as its substantial shareholder Leverage Success Sdn Bhd is believed to be in talks with HK listed Swire Pacific Ltd to sell its 38.04% stake in the company.

The price tag for the block of Cocoaland shares sought by the vendor could be as much as rm250 million or rm3.82 a share. Swire Paccific is the largest shareholder of Cathay Pacific, HK’s largest airline.

It is learnt that both parties have been in discussion for a couple of months but have yet to agree on the price. The asking price of rm3.82 represents a PER of 31 times based on its FY2012 earnings.

At current (April 2013) of 17 times, Cocoaland is already richly valued although they are positive on the company’s prospects.

It has inked a merchandise licence agreement, granting the company the use of the Angry Birds trademark for two years. The group is also in the midst of securing another franchise agreement.

While Cocoaland is richly valued, the company has a clean and strong balance sheet and a powerful strategic partner in F&N Bhd.

F&N upped its stake in Cocoaland to 27.19%.

Its cash flow from operations stood at rm10.3 million in FY2012.

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