Contents Page
Introduction 2
• Company Profile
• Company Performance
• Prospects and Outlook
Financial Ratio Analysis 3
• Short-Term Solvency / Liquidity Ratios
• Long-Term Solvency / Financial Leverage Ratios
• Profitability Ratios
• Summary of Financial Ratios
Theoretical Pricing of Vita’s Stocks 11
• Dividend Growth Model
• Empirical Derivation of Beta (ß)
• The Real Beta of Vita Holdings
• A Practical Criticism: The Capital Asset Pricing Model
o Limitations
o Analysis
o Further Evaluation
• An Econometric Insight
• Conclusion
A Charted Analysis: Announcements and Stock Prices 18
Upcoming Projects and Recommendations 23
Bibliography 24
Company Profile
Vita Holdings was established in 1998 and listed on the Singapore Exchange Securities Trading Dealing and Automated Quotation System. (“SGX Sesdaq”)
Its property leasing and management business comprises 13 strategically located properties in Singapore as of June 2007. Vita Holdings leases and manages properties which are used for a variety of purposes, including dormitories, warehouses, offices, hostel, retail and hotel.
Vita Holdings currently owns and charters out nine cargo vessels. It provides crew and equipment, technical operation and ship navigation support to charterers. Its ship chartering business has operations spanning the PRC, North Asia Pacific and South East Asia.
In 2007, Vita expanded its property leasing and management portfolio to include hotel management.
Company Performance
FY2006 Revenue FY2007 Revenue % Increase
Property Leasing and Management $10.09 million $11.03 mill ...