T.U.B Investing

This is a continuation of the previous article . The more interesting findings are here - and also my value-added opinion. 5. Income Statement Calculation  (+positive) Comparison of Income Statement QoQ In view of the breakdown of the income statement and comparing them Quarter over Quarter (QoQ) , it still seen like the figures remains volatile. After all, Fubo is only listed on 20 Oct 2020  (on 3Q20) , and the first actual financials should be 4Q20, which meant only about 5 quarters of financials has been released.  By reviewing the comparison of the Income Statement QoQ  (Note that non-cash items are not included. Technology and Development expenses are deemed as positive growth. Thus, separated from the calculation), do note the following: Total revenue has been growing at a faster pace QoQ since 2Q21. But the great improvement occurs from 3Q21 to 4Q21 due to the significant growth in subscriber revenue and advertising revenue.  4Q21 was also the first quart...

Prior to reading, do note that if there was any difference in information between this article and my previous write up ( Part 1  and  Part 2 ), then information in this article will take precedence as I may have new opinion or new information. Picture taken from TechCrunch FUBO has just released their 4Q21 financials on 23 Feb 2022. In this article, I will be writing on "What You Knew" and "What You Might Missed Out" . Here is a summary of "What You Knew" - taken from shareholder letter and transcript: Financials/Subscribers Count (Excluding Impact from Molotov) Total Revenue has increased 119% year-over-year to $637 million. Added approximately 185,000 net subscribers, bringing our total subscribers to over 1.13 million. An increase of 106% year-over-year compared to just 38% growth for the entire virtual MVPD market over the same period. Ended the quarter with $379.4 million in cash. With respect to the increased Subscriber Related Expenses (SRE) , FUB...

This is a continuation of the previous article . This will be my most important reason for reinvesting in Bukit Sembawang Estates Limited. 5. Hidden Value in Land Bank As stated in this previous written article , there are hidden value within Bukit Sembawang.  Based on the information gathered below (2009 annual report and Wikipedia) , Bukit Sembawang used to own plantations. Group Structure Breakdown as of FY2009 Annual Report Screenshot of Lim Koon Teck 's Wikipedia Page As of today, Bukit Sembawang is still holding onto these lands in Singapore and in the process of converting these agriculture lands to residential lands. These lands are hidden assets because they are not accounted for in the balance sheet.  However, do noted that these lands are reported in the 2021 annual report as per “Land in Seletar Hills Area” below: Properties Breakdown as per FY2021 Annual Report Since I am unable to fully appreciate the term of development properties in the balance sheet, I will a...

Today, I will be writing about a Singapore Listed Developer that I had re-invest in – Bought in 2015, sold in 2018, bought again recently! The company is Bukit Sembawang Estates Limited (Ticker: B61) and is listed on SGX. Logo taken from The Official Atelier Website I have also written quite a few articles on this company since 2015 (You can click on the label at the bottom of the page to find all its related articles) .  Here are the highlights based on its most recent FY2022 half yearly report and FY2021 annual report: 1. Share Price is Close to NCAV  NCAV is the net current asset value which is a metric that is made famous by Benjamin Graham - the grandfather of value investing.  NCAV Formula as per Wikipedia The Current Share Price of S$4.960 is only about 4% higher than the NCAV of S$4.760.  Furthermore, the current asset consists of over 44% of cash - which meant that the company's current asset is very liquid.  If a sudden need for cash arises - lik...

Super long post. Maybe a bit dry. But there is a little secret at the end of the post. Apologies for the late write up on Digital Turbine Inc (APPS) . Have to take some time to deal with website issues and to help take care of my daughter. With the recent APPS results, I felt that there was an initial rush of joy which has died down recently. While going through my Twitter account, I also realise there are shareholders whom are getting jittery. I even understand that a prominent twitter investor has sold his whole position. For this write up, I will be trying something different by having a deep dive into APPS financials and provide my perspective on the concerns that most of seem to have with regards to APPS financials. Image taken from Digital Turbine IR Page Before I get into the dry numbers, I will provide a summary of the positives of the recent quarter as per the transcript: Overall revenue is still 70% Android and 30% IOS. Synergy between APPS and the acquisitions is a major foc...

This is a continuation from Part 1 . Decided to release Part 2 earlier because there are just too much noise in the market. Its not that I don't give a thought to negative information, but most of them do not have fundamental view to support claims. Furthermore, Part 2 is where I explained more about my belief and views on why FUBO has a 10X potential. With regards to Sports Wagering, I will like to add that: 20 Jan 22 - Fubo Gaming (the subsidiary that develop and distribute of Fubo Sportsbook) inked a multi-year market access deal with Houston Dynamo FC, pending legislation passing in the State of Texas to legalize sports betting. (2 states launched, 4 states in progress) 8 Feb 22 - Cleveland Cavaliers and Fubo Gaming Announce Ohio Market Access Agreement (2 states launched, 5 states in progress) Fubo Sportsbook Named the Cavs' Official Mobile Sports Betting Partner Imagination On 7 Feb 22, FUBO market cap is US$1.46bn. It is impossible to reach 10X potential...

This write up is expected to be a long. Thus, I have split it up into Part 1 and Part 2. Part 2 will be out in the next few days. Stay Tuned! I owned FuboTV (FUBO) for sometime but I have never wrote about it.  It is a small cap stock and came out of a reserve takeover. It does not have a net profit or free cash flow since the reserve takeover - meaning it is hardly an inflation proof company. It is in the streaming business which is a super competitive - which will result in significant operating cost in order to stand out. FuboTV Inc. Logo Furthermore, it is definitely not an easy time to hold on to FUBO during the last 3 months. It was brutal with the share price falling from US$29 to US$9+! Screenshot from Finviz.com After reading the above and knowing that inflation/interest rate will rise will come, many of you will want to skip this company.  But I believe the time is ripe for me to write about the company - to consolidate my thoughts on FUBO. In my opinion, I believe ...