TSH Corp CEO Chua Khoon Hui has raised his stake in the company. On July 4, he acquired 40,000 shares on the open market for $6,400 or 16 cents each. This brings his total stake to just over 6.5 million shares, equivalent to 14.76%, up from 14.67%.
Around a month and a half ago, Chua on May 23 had acquired 5,000 shares on the open market for $500 or 10 cents each. These two transactions also marked the first time Chua has bought shares from the market.
TSH’s largest shareholder is Teo Kok Woon, who holds around 28.4 million shares, or 64%. Teo, TSH’s non-independent and non-executive director, is also described as an experienced hotelier and is chairman of Cockpit International and group executive director of Goodearth Realty.
TSH Corp KUH owns a chain of bars and a whisky retail business. Chua became CEO of TSH Corp following the $19.4 million reverse takeover of an entity he co-owned called Sloshed!. The acquisition was first announced in August 2018 and completed in February 2019.
In FY2022 ended December 2022, TSH reported earnings of $851,000, reversing a loss of $315,000 in FY2021 when the pandemic was still weighing on the F&B industry. Revenue in the same period was up 72.4% y-o-y to $8.9 million, partly thanks to new contributions from Capitol Cigar and Whisky Lounge, a new outlet which opened last September.
TSH plans to continue procuring whisky casks, bottle them for its own brands, and expand its presence in the market organically or with complementary partners.
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In the company’s earnings commentary on March 1, it notes the improvement in sales following the pandemic but warns that rising operating costs will have a “material” financial impact on its earnings and net asset value for the current FY2023 ending Dec 31.
As at Dec 31, 2022, TSH’s net asset value per share was 16.56 cents, up from 14.64 cents as at Dec 31, 2021. Cash per share was 8.27 cents, down from 10.58 cents.
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TSH Corporation and Eurosports Global
Electric dreams
EuroSports Global 5G1 has been steadily buying back its shares year to date. The most recent transaction was on July 11, when it acquired 60,000 shares for 19 cents each on the open market. This brings the total amount of shares bought back to 5.96 million shares, equivalent to 2.338% of its total share base.
Just a day earlier, EuroSports Global had acquired the same volume of shares for the same price.
EuroSports Global is known for distributing various high-end sports cars but in recent years, it has diversified into making its electric scooter.
The buybacks are taking place even as the company is trying to raise funds for Scorpio Electric, its electric scooter subsidiary. On July 5, the company announced plans to raise $3.3 million through the sale of convertible bonds.
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The bonds, to be placed out by Evolve Capital, have a three-year term and carry an interest of 4%.
In FY2023 ended March 31, EuroSports Global reported revenue rose 12% y-o-y to $60.9 million. However, losses widened to nearly $4 million from $1.32 million in FY2022 because of higher costs and lower margins.
In its earnings commentary, EuroSports Global expect the newly-introduced tax hikes on higher-end cars, announced in February, to “negatively” affect its business.
“The automobiles industry remains highly challenging amidst intense competition and a highly regulated environment in Singapore and the regional market in which we operate,” the company adds.
Scorpio Electric, meanwhile, has shown “considerable progress” as it expands its dealership network with a target of 16 cities in 2H2023.
