Friday, January 29, 2016

Cogent Update

Cogent went up by more than 5% today. It is mainly due to the news that the owners might be selling its business

The WSJ said the deal could be worth more than 400 million.

However, while I am vested and would gladly ride this wind, i have to honest and feel that is most probably just wind, particularly the price involved.

400 mio price tag is double Cogent current market cap. And almost 4 times its total assets. 

While I like its business as well as management, the buyer only get the business and not the management. 

Would u pay $4 for $1 asset.

If u look at earning ratio, it is inexpensive now, but if u double the current price to 80cents then PE will look a bit stretched for logistic players. 

I know, I slapping myself right. Should let the wind bring it high high and sell. But nvm, market not stupid.

I agree with city farmer from valuebuddies it be some form of high placement and giving away some f te shares for injection of capital. They need it if they are developing the property at jurong island. 


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