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| 13-Oct-2009 23:26 |
SPH
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SPH
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SPH: Hold (OCBC Research, 13 Oct) Singapore Press Holdings' core printing business continued to buckle under pressure from the weak economy, falling 12% year-on-year (yoy) to S$892.4m. However, the Sky@Eleven condo development and rentals at Paragon helped buffer the group's revenue. Overall, the group posted FY09 results with flat topline of S$1.3b and PATMI down slightly 4% YoY to S$418.4m. Management has indicated that the "business outlook remains uncertain although there are signs of a gradual recovery at the macroeconomic level." Subsequent to the successful launch and current development of Sky@Eleven, management indicated that it has gained confidence in the property development business. It recently put forth a bid for a 1.38-ha plot next to Lorong Chuan MRT station that drew 15 bidders. While this is a business that management is keen to embark on in larger scale, we note that it could introduce increased risks to the group's earnings with fluctuating property cycles. FY10 will see SPH recognising the final phase of its Sky@Eleven project. The profit recognition from this condo project helped prop up the group in the midst of its weak core printing business. Tax free capital gains from this project also aided in a lower tax rate on a group basis. Unless SPH embarks on another accretive property project, we believe that we will see earnings sliding from FY10. SPH will be paying a final dividend of 18 cents (Final: 9 cents, Special: 9 cents) bringing total FY09 DPS to 25 S cents. This beat our final dividend forecast of 14.5 S cents and came in at the top end of the street's forecast. SPH's operating costs assumptions have also been realigned with the faster than expected fall in material costs and staffing. Finally, our assumptions for its core printing business have taken a turn for the better in view of the improving economy. Our SOTP is now S$3.56 (prev. S$3.31). However, we prefer to maintain our Hold rating as we watch how the cyclical property development business pans out for SPH. |
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| 13-Oct-2009 23:23 |
SPH
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SPH
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SPH: Neutral (DMG, 12 Oct) While SPH had turned in a set of better-than-expected results, we believe that contributions from the property front may decline in FY10 and FY11. Its FY09 revenue though flat at S$1,301.4 million and net profit declined by 3.6% to S$421.9m, nonetheless exceeded our expectations (top and bottomline at S$1,293.6m and S$370.4m respectively) and that of the market (top and bottomline at S$1,284.5m and S$384.9m respectively). Reasons for the discrepancy are larger-than-expected fall in newsprint costs to US$612 per tonne in 4QFY09 and the absence of the S$26.7m impairment charge that was previously seen in FY08. On a quarterly basis, SPH's 4QFY09 revenue was S$346.9m (-12.7% year-on-year, +6.1% qtr-on-qtr) while net profit was S$135.2m (+46.2% yoy, +6.7% qoq). Revenue from ads are forecasted to pick up as the economy recovers while newsprint costs are expected to be lower on a yoy basis, thus resulting in higher margins. Nevertheless, as we believe that the bulk of the revenue recognition has already been accounted for the Sky@eleven project during FY08 and FY09, we are expecting lower overall Group revenue in FY10. At S$3.88, SPH is trading at 14.9x FY10 P/E, which is in line with its 6-yr historical average. Moreover, the Sky@eleven project is also slated to cease earnings contributions in FY11 after it has been completed, thus lowering profitability and dividends for the Group. On the bright side, we have raised our valuations for SPH's core media business to 14x forward P/E from 12x given its improving outlook – our target price is thus accordingly raised to S$3.86 based on our SOTP valuations. Downgrade to Neutral given the impending downside. |
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| 13-Oct-2009 14:49 |
Tiong Woon
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Tiong Woon
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Today is T+3 PURCHASE settlement for placement, after consolidation stage TWC will trend upside, PE of 6.x at $0.85x is very attractive price. Adj FV After Placement: Fair Value(adj.F): $1.13 PE: 6.04 Price: $0.85 Upside: 32.53% |
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| 12-Oct-2009 23:29 |
SPH
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SPH
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Singapore Press Holdings rated buy DBS Vickers Securities | Singapore Press Holdings by The Edge Friday, 25 Sep 2009 DBS Vickers Securities in a Sept 25 research report says: "Our conservative expectations of a final + special dividend of 13 cents per share could surprise on the upside when the company announces its FY2009 results on Oct 12. "Assuming a payout of 76% of operating profits, the final dividend could be 17 cents, bringing full year to 24 cents vs DBSV current forecast of 20 cents, as SPH has historically paid out around and above 80% of operating profits since FY2002. This equates to an immediate yield of 3.5% - 4.5% before the year’s end. We revised our FY2010F earnings up by 10% on a better ad revenues growth rate (+4%, vs +2% previously) along with our economist’s revision of 2010 GDP to 5.2%, as well as adjustment of profit recognition to its property development project, Sky@Eleven, towards FY2010F. Our sum-of-parts target price is raised to $4.21 as we revised up our FY2010F earnings. BUY" |
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| 12-Oct-2009 21:16 |
Tiong Woon
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Tiong Woon
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TA for 12Oct09 closed $0.850 : Tiong Woon EMA15: $0.856 EMA25: $0.836 EMA50: $0.758 Stochastic %K: 58.333 Williams'%R: -57.447 |
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| 12-Oct-2009 21:07 |
Midas
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Midas
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TA for 12Oct09 closed $0.87 : Midas EMA15: $0.852 (Nice, today breakout EMA25) EMA25: $0.851 EMA50: $0.838 Stochastic %K: 77.778 Williams'%R: -37.037 |
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| 12-Oct-2009 20:58 |
Tat Hong
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Tat Hong Growing to a Global Player
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TA for 12Oct09 closed $1.03 : Tat Hong EMA15: $1.040 (17Sep09 breakdown EMA25, 02Oct09 breakdown EMA50) EMA25: $1.054 (06Oct09 breakdown EMA50) EMA50: $1.060 Stochastic %K: 69.231 Williams'%R: -53.333 |
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| 11-Oct-2009 19:48 |
Tiong Woon
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Tiong Woon
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Ratios For Tiong Woon Corporation Holding Ltd Market Capitalisation: Market Cap ($ Millions): 281.88 Shares (Millions): 337.58 Per Share Data ($SGD): Earnings: 0.13 Sales: 0.60 Book Value: 0.51 Cash Flow: -- Cash: 0.06 Valuation Ratios: Price/Earnings: 6.66 Price/Sales: 1.39 Price/Book: 1.63 Price/Cash Flow: 4.39 Management Effectiveness (%): Return on Equity - ROE: 27.66 Return on Assets - ROA: 12.62 Return on Investment - ROI: 17.72 Profitability Ratios (%): Gross Margin: 37.32 Operating Margin: 26.70 Net Profit Margin: 20.97 reuters.com 11 Oct 2009 |
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| 11-Oct-2009 19:42 |
Tat Hong
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Tat Hong Growing to a Global Player
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Ratios For Tat Hong Holdings Limitd Market Capitalisation: Market Cap ($ Millions): 519.81 Shares (Millions): 504.67 Per Share Data ($SGD): Earnings: 0.10 Sales: 1.25 Book Value: 0.81 Cash Flow: -- Cash: 0.09 Valuation Ratios: Price/Earnings 10.36 Price/Sales 0.82 Price/Book 1.34 Price/Cash Flow 4.34 Management Effectiveness (%): Return on Equity - ROE: 18.08 Return on Assets - ROA: 8.88 Return on Investment - ROI: 15.17 Profitability Ratios (%): Gross Margin: 38.89 Operating Margin: 13.18 Net Profit Margin: 10.16 reuters.com 11 Oct 2009 |
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| 10-Oct-2009 09:28 |
Tat Hong
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Tat Hong Growing to a Global Player
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From OCBC 7 Oct'09: Tat Hong Holdings Ltd: On track for medium term growth Fair Value(F): $1.15 2010'(F) PE ratio: 11.979 Profit(F): $48,500,000.00 EPS(F): $0.096 PE and Price List: PE: 11.979 Price: $1.15 Upside: 0.00% PE: 11.88 Price: $1.14 Upside: 0.88% PE: 11.77 Price: $1.13 Upside: 1.77% PE: 11.67 Price: $1.12 Upside: 2.68% PE: 11.56 Price: $1.11 Upside: 3.60% PE: 11.46 Price: $1.10 Upside: 4.55% PE: 11.35 Price: $1.09 Upside: 5.50% PE: 11.25 Price: $1.08 Upside: 6.48% PE: 11.15 Price: $1.07 Upside: 7.48% PE: 11.04 Price: $1.06 Upside: 8.49% PE: 10.94 Price: $1.05 Upside: 9.52% PE: 10.83 Price: $1.04 Upside: 10.58% PE: 10.73 Price: $1.03 Upside: 11.65% |
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| 10-Oct-2009 01:23 |
Tiong Woon
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Tiong Woon
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adj FV After Placement: Fair Value(adj.F): $1.13 2010'(adj.F) PE ratio: 8.00 Shares/After Placement: 371,576,410 Profit(adj.F): $52,324,343.55 EPS(adj.F): $0.1408 From CIMB Aug'09: Fair Value: $1.24 2010'(F) PE ratio: 8.00 Shares: 337,576,410 Profit(F): $52,324,343.55 EPS(F): $0.1550 PE and Price List: PE: 8.0 Price: $1.13 Upside: 0% PE: 7.95 Price: $1.12 Upside: 0.58% PE: 7.88 Price: $1.11 Upside: 1.49% PE: 7.81 Price: $1.10 Upside: 2.41% PE: 7.74 Price: $1.09 Upside: 3.35% PE: 7.67 Price: $1.08 Upside: 4.31% PE: 7.60 Price: $1.07 Upside: 5.28% PE: 7.53 Price: $1.06 Upside: 6.28% PE: 7.46 Price: $1.05 Upside: 7.29% PE: 7.39 Price: $1.04 Upside: 8.32% PE: 7.31 Price: $1.03 Upside: 9.37% PE: 7.24 Price: $1.02 Upside: 10.44% PE: 7.17 Price: $1.01 Upside: 11.54% PE: 7.10 Price: $1.00 Upside: 12.65% PE: 7.03 Price: $0.99 Upside: 13.79% PE: 6.96 Price: $0.98 Upside: 14.95% PE: 6.89 Price: $0.97 Upside: 16.14% PE: 6.82 Price: $0.96 Upside: 17.35% PE: 6.75 Price: $0.95 Upside: 18.58% PE: 6.68 Price: $0.94 Upside: 19.84% PE: 6.60 Price: $0.93 Upside: 21.13% PE: 6.53 Price: $0.92 Upside: 22.45% PE: 6.46 Price: $0.91 Upside: 23.80% PE: 6.39 Price: $0.90 Upside: 25.17% PE: 6.32 Price: $0.89 Upside: 26.58% PE: 6.25 Price: $0.88 Upside: 28.02% PE: 6.18 Price: $0.87 Upside: 29.49% PE: 6.11 Price: $0.86 Upside: 30.99% PE: 6.04 Price: $0.85 Upside: 32.53% PE: 5.97 Price: $0.84 Upside: 34.11% PE: 5.89 Price: $0.83 Upside: 35.73% |
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| 10-Oct-2009 00:41 |
Tiong Woon
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Tiong Woon
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AmFraser Securities 8 Oct 2009 2010(F): Tiong Woon Corporation Holdings - Placement of New Shares BUY (Maintained) Fair Value (F) $1.06 PE(F): 8.56 Revenue(F): $201,634,000.00 Net Profit(F): $46,597,000.00 EPS(F): $0.1239 List: PE: 8.56 Price: $1.06 Upside: 0.00% PE: 8.47 Price: $1.05 Upside: 0.95% PE: 8.39 Price: $1.04 Upside: 1.92% PE: 8.31 Price: $1.03 Upside: 2.91% PE: 8.23 Price: $1.02 Upside: 3.92% PE: 8.15 Price: $1.01 Upside: 4.95% PE: 8.07 Price: $1.00 Upside: 6.00% PE: 7.99 Price: $0.99 Upside: 7.07% PE: 7.91 Price: $0.98 Upside: 8.16% PE: 7.83 Price: $0.97 Upside: 9.28% PE: 7.75 Price: $0.96 Upside: 10.42% PE: 7.67 Price: $0.95 Upside: 11.58% PE: 7.59 Price: $0.94 Upside: 12.77% PE: 7.51 Price: $0.93 Upside: 13.98% PE: 7.43 Price: $0.92 Upside: 15.22% PE: 7.34 Price: $0.91 Upside: 16.48% PE: 7.26 Price: $0.90 Upside: 17.78% PE: 7.18 Price: $0.89 Upside: 19.10% PE: 7.10 Price: $0.88 Upside: 20.45% PE: 7.02 Price: $0.87 Upside: 21.84% PE: 6.94 Price: $0.86 Upside: 23.26% PE: 6.86 Price: $0.85 Upside: 24.71% PE: 6.78 Price: $0.84 Upside: 26.19% PE: 6.70 Price: $0.83 Upside: 27.71% |
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| 09-Oct-2009 10:08 |
Tiong Woon
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Tiong Woon
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The price at $0.88 still a good PE level! Price:$0.83 PE:5.77* Price:$0.84 PE:5.84* Price:$0.85 PE:5.91* Price:$0.86 PE:5.98* Price:$0.87 PE:6.05* Price:$0.88 PE:6.12* Price:$0.89 PE:6.19* Price:$0.88 PE:6.26* *EPS(F)=14.38cents |
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| 08-Oct-2009 23:49 |
Tiong Woon
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Tiong Woon
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Tiong Woon - Buoyant O&G industry + FV reduced to S$1.06 to reflect dilution but maintain BUY. We feel that the placement itself is not enough of a catalyst for us to adjust our profit forecasts. Hence, assuming the placement is fully subscribed, the EPS will be diluted which reduces our FV to $1.06. This is still 21% above the last close price of 87.5 SG cents and we reiterate our BUY recommendation. + Buoyant O&G industry. With confidence returning that the worst of the economic crisis is behind us, more O&G projects are being finalised. Hence, we are quite optimistic that the Company will have a lot of opportunities in the regions that they are strong in. + Usage of funds. Tiong Woon has stated that 50% of the proceeds will be used for acquiring heavy lifting equipment and the remainder is for general working capital. With their gearing at 0.79 as at 30 Jun 09, we feel the Management is being prudent by raising some cash through equity for further expansion rather than piling on further debt. The fact that their share price has recovered to a historical PE of 7x certainly made the move more attractive. AmFraser Securities 8Oct'09 |
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| 08-Oct-2009 23:28 |
SoundGlobal
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Epure International
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Still flowing well, accumulate DBS 8/10/09 Reiterate Buy. Notwithstanding solid fundamentals, Epure was sold down with the broader market recently. We see recent price weakness as opportunity for investors to accumulate the stock. Epure currently trades at 11x FY10, making it among the cheapest water stock regionally despite having one of the strongest track record in the sector. Our TP of S$0.71 translates to mid-cycle historical average of 14x P/E. • On target to meet expectations; over RMB1b orderbook extends visibility till 2011 • Catalysts from potential dual/re-listing, capital recycling exercise • Reiterate Buy with 22% upside to TP of S$0.71 RMB1.4b of EPC backlog presents visibility until 2011. YTD, Epure has secured RMB1028m of EPC contracts including a RMB562m win in Saudi Arabia. We estimate that Epure’s backlog is about RMB1.4b now. We forecast that 31% and 44% of this orderbook would be converted into EPC revenue in 2H09 and over FY10-11 respectively. Given the robust water demand globally, Epure’s orderbook should continue to grow at a healthy pace. |
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| 08-Oct-2009 18:28 |
Tiong Woon
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Tiong Woon
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NOTICE OF A SUBSTANTIAL SHAREHOLDER'S INTEREST * >> PART I 1. Date of notice to issuer * 08-10-2009 2. Name of Substantial Shareholder * CIMB-GK Securities Pte. Ltd. 3. Please tick one or more appropriate box(es): * Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV] >> PART II 1. Date of change of Interest 08-10-2009 2. Name of Registered Holder CIMB-GK Securities Pte. Ltd. 3. Circumstance(s) giving rise to the interest or change in interest # Others # Please specify details The substantial shareholding interest of CIMB-GK Securities Pte. Ltd. ("CIMB-GK") arose from the borrowing of 34,000,000 ordinary shares in the capital of Tiong Woon Corporation Holding Ltd (the "Company") by CIMB-GK pursuant to a securities lending agreement dated 7 October 2009 entered into between CIMB-GK and Ang Choo Kim & Sons (Pte) Limited, a substantial shareholder of the Company. 4. Information relating to shares held in the name of the Registered Holder No. of Shares held before the change 0 As a percentage of issued share capital 0 % No. of Shares which are subject of this notice 34000000 As a percentage of issued share capital 10.07 % Amount of consideration (excluding brokerage and stamp duties) per share paid or received 0 No. of Shares held after the change 34000000 As a percentage of issued share capital 10.07 % www.sgx.com |
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| 08-Oct-2009 17:59 |
Tiong Woon
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Tiong Woon
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Opps..."dont you are not DAY DREAMING though" too. HAHAHA | ||||
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| 08-Oct-2009 17:56 |
Tiong Woon
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Tiong Woon
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| 08-Oct-2009 15:52 |
Tiong Woon
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Tiong Woon
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On 16Jul09 Midas (FA very solid) was on placement, thier price upside +7.95%** to $0.815 on 17Jul'09, Hope TWC will up above +5%, say like closed $0.875 ($0.83 x +5%). 17Jul09: Midas Price Closed: $0.815** 16Jul09: Midas Price Closed: $0.82 / Trading halt - Placement of 120 million new ordinary shares (the “Placement Shares”), representing 14.2% of the existing share capital of the Company, at the price of S$0.755** per share. |
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| 08-Oct-2009 15:03 |
Midas
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Midas
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Now Midas has breakout EMA15. Goood | ||||
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