SR_opinions
SR
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Sakura Research is long Haw Par Corporation (SGX: H02). Opinions only. Terms Apply. Poor share performance by Haw Par CorporationOver the past 5 years, the performance of HPC’s share price has been poor, despite a solid, cash-rich balance sheet and highly profitable Healthcare (with ~40% ROA) and Others (with ~20% ROA) segments. We believe that…
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APPLOVIN (SINGAPORE) PTE. LTD. (202315459Z) was incorporated in April 2023.It had a paid capital of US$151,000.Based on ig, Applovin officially opened its office in Singapore a few months ago, in December 2024! Applovin Singapore 2023 financials can be found here. a. Intercompany Billing: $1.47 Billion Between APPLOVIN and its SG Subsidiary o Disclosure: While this…
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Sakura Research thinks that Applovin is a company with a large number of red flags. This opinion piece is for informational and educational purposes only. Sakura Research does not have any trading position on APP. Applovin Corp (a NASDAQ 100 company)NASDAQ: APPDiluted market cap: ~US$140B Applovin was a top performing stock on Nasdaq in 2024…
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By viewing material on this website you agree to the Terms. Use of Sakura Research materials is at your own risk. THIS RESEARCH EXPRESSES SOLELY OUR OPINIONS. iFast Corp recently released its FY 2024 results and there are simple but critical questions about its performance and accounting. One single page of public accounting questions for…
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Sakura Research: Calling for Transparency and Accountability at RMG December 2, 2024 Mail To:Loh Boon ChyeCEO, SGX Group2 Shenton Way, #02-02 SGX Centre 1 Singapore 068804 David GeraldPresident & CEOSecurities Investors Association (Singapore) 7 Maxwell Road #05-03MND Building Annexe BSingapore 069111 Karen Lee Shu PeiAudit Partner, KPMG LLP 12 Marina View #15-01 Asia Square Tower…
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Nov 28, 2024 Raffles Medical Group Ltd 585 North Bridge Road Raffles Hospital #11-00 Singapore 188770 Dear Members of the Board: This letter is prepared by Sakura Research, a minority shareholder in Raffles Medical Group (the “Group” or “RMG”), in support of a shareholder-focused initiative aimed at enhancing value creation at the Group. Raffles Medical…
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Sakura Research is LONG RAFFLES MEDICAL GROUP (SGX:BSL).We think that the fair value of RMG shares should be greater than S$2.60.THE RESEARCH EXPRESSES SOLELY OUR OPINIONS. Viewing and/or use of Sakura Research materials is at your own risk. Executive Summary RMG’s June 2024 net tangible asset value of S$1.012b includes S$316m in cash; and approximately…
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Greater China Operations with Massive Accumulated Losses: Pursuit of Sustainable & Profitable Growth amid Succession Planning.Sakura Research is LONG RAFFLES MEDICAL GROUP (SGX:BSL).We think that the fair value of RMG shares should be greater than S$2.60.TERMS APPLY. OPINIONS ONLY. EXECUTIVE SUMMARY Since 2017, RMG has been making investments outside Singapore, primarily in Greater China, where…
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Raffles Health Insurance: Capital-Intensive Operations with High Risk and a History of Losses.Sakura Research is LONG RAFFLES MEDICAL GROUP (SGX:BSL).We think that the fair value of RMG shares should be greater than S$2.60.TERMS APPLY. OPINIONS ONLY. The Group’s Founder/Executive Director and the majority shareholder, Dr Loo Choon Yong, has been Chairman of Raffles Health Insurance…
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TERMS APPLY. OPINIONS ONLY. iFast CEO and Malaysian national, Mr Lim CC, continued to mumble through on Monday, usually without providing clear/concrete answers, while the Group CFO Mr Terence Lin could not address the raised accounting issues, such as those related to accounts receivable worsening trends. There is no clarification on why accounts receivable (AR)…