Bought these the other day on results day and was certainly taken aback by their fantastic growth over the period focussing in on Asia. Ive copied a report from Killik Brokers who sum up the potential far better than I ever could.

Take note of the last Paragraph.

CROSBY CAPITAL Final Results

We highlighted Crosby Capital last year as an interesting opportunity. Its rather complex business structure makes it difficult to analyse and its introduction to the AIM market through a reverse takeover of a cash shell meant that investors have gradually got to know the story over the past twelve months. Nevertheless, it is fair to say that from a placing price of 15p, the rise to 29p suggests the action is underway.

The group is headed by two well known investment bankers including Simon Fry who was former head of Nomura in structured finance alongside Guy Hands. The company was established to house their interests in handling transactions in the Asian region and late last year, the first fruits were delivered with the injection of its oil and gas agreement with Medco which provided them with a carried interest over disposal proceeds above a $120 million benchmark (the expectation is for a sum significantly higher which will provide Lodore Resources with a useful cash injection). Crosby, having placed down 70 million Lodore shares for 10 million gross (5 million net to Crosby), retains 214 million shares worth around 32 million or around 15p per share.

Partially reflecting this disposal, Crosby has reflected part of the profit as it announces for the year to December 31, 2004, it generated a profit of $34 million on $55 million of revenue. The company states that the actual profit to be recognized on the Lodore transaction will be $82 million or 42 million. The total value of Crosby at 29p (new high up 3p) is 60 million. Simon Fry alludes to a healthy pipeline of new merchant banking opportunities coming through and hopes to conclude some this year.

For investors, it appears one is paying a modest premium over current assets for potential significant further upside. ENDS.

DYOR

Speculative punt, that could be a winner.

cheers GF.







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Hi GF

What a hiding we are getting overall today on the markets. Is this what you once refered to as a stampede. Is there any reason for such a drastic "correction" and do you think there is more to come? Need to buy a few more CSB.

Regards
PB

Hi PB.

Just a market correction in my opinion, following the US as per the norm. Some of the journalists commentating this weekend should be shot. Mind headlines rather than solid analysis always did sell newspapers.

Going to be rather nervy for the next 10 days I reckon.

I wouldnt add yet, just keep an eye on it and try and gauge the bottom.

cheers GF.

Good news..........

Crosby Capital Partners Inc
01 June 2006


IB DAIWA ISSUES UPDATE ON PROGRESS AT ITS OIL AND GAS EXPLORATION WELL BIG MOUTH
BAYOU

Crosby shareholders should be aware that IB Daiwa Corporation has today issued
the following release relating to its drilling programme at Big Mouth Bayou.
________________________________________________________________________________

IMPORTANT UPDATE ON DRILLING PROGESS AT BIG MOUTH BAYOU

Commercially very attractive find confirmed
in recently discovered gas-bearing sands

Deeper gas shows encouraging for the first main target below 16,200 feet

We are pleased to provide shareholders with the following update on the progress
of drilling at Big Mouth Bayou, an exploration well in Louisiana in which our
subsidiary, Lodore Resources Inc., will have a 40% working interest.

Casing successfully run to 16,200 feet

As anticipated, Pel-Tex Oil Company L.L.C. ('Pel-Tex'), the operator of the Big
Mouth Bayou well, has confirmed that 7.75 inch casing was successfully run and
cemented into place. This is therefore now protecting the gas-bearing sands
(referred to as the 'CR' sands) that were discovered within the 14,664-16,200
feet interval. The base of the casing is at approximately 16,200 feet.

Commercially very attractive discovery in CR sands

The exact amount of reserves in the CR sands will only be known after further
work has been completed, including, but not limited to, a separate development
well. However, an in-house analysis of the extensive logs and other data from
the CR sands has indicated that this discovery has minimum reserves of 10
billion cubic feet equivalent ('bcfe'), which is enough in itself to be
commercially attractive, and potential reserves that could be in excess of 100
bcfe.

Subsequent to the successful completion of the casing within the 14,664-16,200
feet interval, Pel-Tex have been drilling ahead and as of June 1st the well is
at a depth of 17,344 feet. It has been necessary to drill this section
cautiously in order to manage the very high pressures in the rock formations.

Deeper zone very encouraging

As anticipated in this highly prospective area, there have been a number of
strong gas shows in the mud system from the drilling of the deeper sections of
the well below 16,200 feet, especially from 17,000 feet onwards. We will not
know how much productive gas may be contained in these sands until the
formations are evaluated using electrical logging and other techniques. This
evaluation will occur once Pel-Tex has completed drilling through the current
section and a further announcement will be made when evaluation results are
available during the coming few weeks.

About Big Mouth Bayou

The Big Mouth Bayou prospect is one of a complex of large exploration prospects
situated onshore in Cameron Parish, south-western Louisiana covering an area of
approximately 4,500 acres. Pre-drill gross unrisked mean reserves of 754 bcfe
indicate that Big Mouth Bayou has the potential to be one of the largest onshore
discoveries in the region in recent years.

More specifically, the Big Mouth Bayou well is targeting 2 stacked and
completely independent reservoirs of almost equal potential size; increasing the
likelihood of a significant discovery being made. The Big Mouth Bayou well has
already delivered some very positive results with a discovery of oil sands at
approximately 7,100 feet, in addition to the commercially attractive gas sands,
known as the CR sands, described in this announcement.

We have farmed out 35% of the Big Mouth Bayou prospect, in addition to the North
West Kaplan and Endeavor prospects, which are all located onshore in Southern
Louisiana, to the Techpacific group in Hong Kong who will pay the drilling cost
for these three prospects up to US$ 42.5 million.
________________________________________________________________________________

Crosby holds, through two wholly owned subsidiaries of the Company, 24.08% of
the issued share capital of JASDAQ listed IB Daiwa Corporation.

Simon Fry, CEO, commented: 'It's now clear that the exploration activity at Big
Mouth has uncovered a commercially exploitable hydrocarbon system. I am
particularly excited by the strong shows of gas in the deeper section of the
well, as it's within this region that the engineers at Pel Tex and Lodore
identified the potential for a find that would rank as one of the largest
on-shore discoveries in the region in recent years. Whilst there is still a lot
of work to be done before we can claim this milestone, the early signs are
positive.'

He added: 'The team at Pel Tex and Lodore have already overcome some complex
engineering challenges to deliver this fabulous result, and I look forward to
providing shareholders with further more substantive news in coming weeks. This
discovery, along with the team's earlier find at the Kami well, provides
confirmation of the quality and potential of the exploration portfolio at
Lodore.'

# # #

For further information please contact:

Simon Fry, CEO, tel. +44 207 590 2800
Cara Kiewel, Investor & Media Relations, tel. +44 207 590 2808

CSB still seems very undervalued in comparison with similar companies-can't understand why.

I'm planning on buying some shares in this CCP the interim results are announced on 10 August. It seems like a very undervalued company. I've read a PE of about 3-5 and dividend of 5 cents.

They have only had very positive news since the SP reached 100 p. in late May, but have drifted down to 70 p. It the cause just the general market correction and lack of money in the market at present ?

Have I missed something about this company ?

Thank you.

I'm still in and think it is way undervalued, but what do i know.
You haven't missed anything I know of. It's just not flavour of the month at the moment.
Alan

Carlsberg don't do Interims for other companies, but if they did, they would be like the interims crosby released today................:-)))
Alan

I'm no accountant and the numbers in financial reports mean almost nothing to me, but even I can see this company is undervalued and overdue a re-rating.
Its making a mint!!
Would love to see a good analysts take on these interims, cos I can only see growth, profit and a company whose share price doesn't even take its current position into account, never mind its future potential.
Alan

Nice jump today. I bought some shares at 68 p this morning and I'm planning on buying some more.

I've read the annual report for 2005 and their first q. interm 06, and my only worry has been their dependency on results from IB Daiwa's business. Although gas interests in the US is going worth a fortune in the future with all the possible unrest in oil / gas producing countries (But why is the company adress in Cayman Island?)

But it seems like they have some other nice projects in their pipeline (they say they have "a large deal pipeline") and assets under management is increasing nicely. This will be a good diversification and should help smooth profits.

Profit to shareholder US$ 70.3 and total number of shares 250,399,754 gives a EPS of 28 cents. A purchase price of about 74 p gives a PE of about 5 - for a 6 months period (I hope this is calculated correctly)

This all looks very nice and I'm looking forward to the next 3 months results. Unless I've misunderstood something, the value of is company is going to increase a lot over the coming year.

ej,
I never understood its fall from almost 1. As far as I can see, profits, NAV, funds under management, pipeline business are all up since then and things that were just good prospects at the time (such as big mouth bayou) now look like rock solid earners, yet the sp has fallen!!
When the markets do wake up to this, the sp will rise dramatically. The only question is, what is a fair sp? I estimate that if it were worth 1 then, the true value is closer to 125-130 now. Continued growth as forecast makes it a multi-bagger inside a year or two.
Very happy with my holding, just perplexed as to why the rush to buy hasn't happened!!
Alan

Today's free tip from UK-Analyst...

Buy Crosby Capital Partners

Says Zak Mir of Zaks-TA.com

Being a devout chartist I have to say that all I am really interested in is technical analysis. But I understand that many traders and investors like to keep at least an eye out for any fundamental events. Looking up the newswires on Crosby, the Asia focused merchant banking and asset management group, it is evident that there has been nothing significant going on since March. This means that there has been little to disrupt the charting picture since it was reported that Crosby confirmed its interest in Fuji Television's 12.7% stake in Japan's Livedoor.

What is evident from the daily chart since then is that the share price has fallen some 25%, and we are left wondering whether it is time to buy again? The reason for going long is that we have managed a double test of the bottom of the late 2004 ascending price channel at 68p. This combined with yesterday's key reversal day up would suggest that after an extended consolidation, a new leg higher could be on its way. The clincher for the buyers is the way that last month's support at 64.5p was well above old June 2005 resistance at 60p. This "gap" between old resistance and new support is one of the most bullish technical signals around and justifies bulls looking for a target up to the top of the 2 year price channel at 120p. Only a weekly close below 64.5p abandons the positive view.

Any comments anyone.

Mystified and disappointed. I think CSB could be a bit more communicative with its shareholders - the SP is looking absurdly undervalued.

Zak Mir is wrong again

I read somewhere it's price is being affected by it's stake in IBDaiwa-something has gone wrong there. don't know what as I don't hold but that's the reason for you to check out.

m343bhp

They were a bit more communicative yesterday, managing a few lines which tell us little.

Crosby Capital Partners Inc
25 September 2006

CROSBY CONFIRMS IB DAIWA SHAREHOLDING UNCHANGED

REITERATES COMMITMENT TO IB DAIWA

September 25, 2006 - Crosby Capital Partners Inc. ('Crosby') notes the recent
sharp decline in the share price of IB Daiwa, and wishes to confirm that its
shareholding in IB Daiwa is unchanged from the Interim Report of June 30 2006.
Crosby currently owns 102,425,000 shares, which represents 24.02%, of IB Daiwa's
issued share capital. Furthermore, Crosby remains committed to supporting IB
Daiwa in the continued transformation of its business, and in the development
and exploitation of its reserves and portfolio of exploration prospects.

Can't work out what's going on here. The news from IB Daiwa on the gas drilling programme has been regular and pretty encouraging for the last six months, yet the company's JASDAQ listed SP for the same period looks like a ski-slope!!
Does anyone out there have any solid info on this?

It must have something to do with the big fall in the price of natural gas, (if I rembember correctly IB Daiwa is mostly in gas drilling), which has fallen over 40% the last month, from $ 7.5 to $ 4.5 today. I've watched the large canadian gas producer Paramount (pou.tx) and that company has also lost a huge part of is SP the last month (about 28%). I've read that the gas - oil price ratio is suppose to be about 1 : 6 which means that natural gas is very much undervalued at the present, the ratio has increase a lot the last month. There is a lot of natural gas on storage right now, but I thing the sharp fall is also due to some large selling by hedge funds that have been burned by the fall in the price of natural gas.

I'm trying to calculate the value influence of IB Daiwa to Crosby Capital, to see if the fall in sp of IB Daiwa and Crosby is closely correlated or if Crosby has fallen to much.

Thanks, ejvind - at least this provides us with a logical reason for what's happening. Logical I can cope with.

From the FT - 21 Sept 2006: "Crosby Capital Partners, the Asia-focused merchant bank, dropped 16.7 per cent to 49p on rumours it may be about to take a write-down on the value of Japan-listed IB Daiwa, in which it has a 24 per cent stake. IB Daiwa has an interest in a gas development in Louisiana."

FWIW, a little thinking out loud:

Currently CSB's stake in IB Daiwa is worth JPY 77 per IB Daiwa share, or 35p per share, or 35.7 mil approx.

However at 12th Jan 2006, ID Daiwa was trading at 292 yen. At the end of June 2006, the price of IBD shares was still just above 200 Yen;the chart is not very clear, but the price looks to be around 220 Yen (100p), implying a decline of 65% or loss of value to CSB of 66.3 million. This is about 50% of the reported value of Total equity and liabilities of US$254.5 million.

Spread the loss of value of 66.3 mil over the shares in issue (243 million) and that's a loss of 27p per share. The SP has dropped more than this since the end of June; where it will end up is anyone's guess, and that applies to IBD's share price too, after its release of earnings revisions for the year ending March 2007, confirmed today by the president on the company website, precipitating a further 14% slide in IBD's share price.