UOS

[galumay]

Somehow I have neglected to create a thread on my highest conviction, and one of my biggest holdings!

H1 2021 - UOS showing what a cash creating monster it is, Just a lazy extra $272m cash generated this year, total cash of $630m now!
NTA still over $1.

Why will this business be around in 10 years? - It may not be, given the founders age. If the family wound it up shareholders would get a huge cash payout so it matters little, although I would prefer it just keep on keeping on! Been around for over 30 years.

[galumay]

H1 2022. Not as good as PRP, but not unexpected given the situation in Malaysia. Still not a terrible result all things considered and given the lumpy nature of returns in this business. Its still a massive cash spitting machine that is just compounding shareholder value at an amazing rate.



Approaching $700m in cash, entire market cap is under $1B so you get the whole business for about $300m, insane. $3b of assets conservatively valued, $0.5b liabilities.

[galumay]

Full year results for 2022 were pretty good considering the dip in the 2nd half, just huge amounts of cash and investments as well as retained earnings.

[galumay]

Half year results out for UOS, the monster just keeps growing! NTA is now twice the share price at $1.07, nearly $1b in cash, (it's just throwing off insane amounts of cash now.), EPS for the half of a bit over 2c. $3b in assets, $0.5b liabilities! The Cash Flow Statement is a thing of beauty,

I would increase my position further than its already significant size were it not for the lack of clarity about how the value gets unlocked and the silly DRP.

[galumay]

The frustration continues with UOS, such a good business - with appalling capital allocation. Hard to imagine what is going thru managements heads with the continuation of the insane DRP with a 5% discount. They should be buying back shares, not creating more. Otherwise its a monstor, Assets of about $3b, liabilities of $1/2b!