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06-Sep-2013 09:42

Overseas Edu / Dividend play

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x 0

DBS covering this gem..

We are initiating coverage on Overseas Education with

Buy recommendation and target price of S$1.03, which

implies 36% potential upside. OEL, a top international

school in Singapore, presents a highly cash generative

business with operating cashflow growing at 48% CAGR

over 2010-2013. The stock also pays 4% dividend yield,

backed by strong cashflow generation. We expect fee

hikes of about 6% to 10% to support near term earnings

while the new campus, ready in 2016, to accelerate

growth.

ozone2002 ( Date: 28-May-2013 09:16) Posted:

another great company in the making that i spotted.. gd luck dyodd

Overseas Education Ltd - Defensive earnings

Overseas Education?s (OEL) earnings are resilient with little credit risk, we believe, due to its upfront collection of fees. A 50% dividend policy pays investors for waiting for the next step-up in its earnings on the completion of its new campus in 2015. We initiate coverage with an Outperform and S$0.91 target price, based on DCF (WACC 7.6%). Implied 17.1x CY14 P/E is in line with the average of regional peers. Re-rating catalysts are expected from the completion of its new campus.

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06-Sep-2013 09:17

Vard / Vard Holdings

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broke 90c.. now 91.5... gap cover target 99.5c still intact

ozone2002 ( Date: 03-Sep-2013 09:18) Posted:

Target to close the gap still on track..

gd luck dyodd

ozone2002 ( Date: 11-Aug-2013 16:16) Posted:

Vard broke from its downtrend and had a reversal on 30 Jul

recovering from low 77c to a high of 83c on that day

Vard likely to close the gap of 99.5c, time being support is @ 83c

cut loss point 80c .. depending on your loss tolerance level

Gd luck DYODD

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05-Sep-2013 16:55

SinoGrandnes / Sino Grandness - a growth stock with low PE

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x 0

Last:1.22 Vol:1725k

-0.015

a lot of profit taking..

ozone2002 ( Date: 03-Sep-2013 15:36) Posted:

Last:1.265 Vol:1542k

-0.02

profit taking after the big run up

ozone2002 ( Date: 02-Sep-2013 15:10) Posted:

Last:1.335 Vol:8700k

+0.135

not bad more than 10% in 1 day..

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05-Sep-2013 16:20

Vard / Vard Holdings

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Vard Holdings

Waiting to Re-rate

Leading customers expressed confidence in long term OSV demand. Despite recent Brazilian yard woes, Vard has maintained an unwavering confidence in order win outlook. In their latest quarterly results updates, leading OSV owners who are key clients of Vard have expressed high levels of optimism in long-term OSV demand. Vard?s 2013 order wins have reached our initial expectations and we believe that further order wins would set the stage for a positive re-rating. In our opinion, current share price has more than priced in the execution issues in its Brazil yards. We upgrade the stock to a Buy with TP of SGD1.12 pegged to 8x PER on average FY13-15F earnings (previously SGD0.95, based on 1.4x P/B).

Take opportunity of market skepticism. We think that market remains cautious about Vard?s execution in Brazil after the 2Q13 results disappointment. Recent contract win momentum has failed to invoke a sustained lift to stock price. However, YTD contract win of about NOK11.5b has already matched our initial forecast. With about 3 months to go before the year ends, it would not be difficult to breach Vard?s NOK12b order win expectations, which we believe would trigger the start of a re-rating. We raise our FY13F order win assumption to NOK13.4b (from NOK11.5b).

Changes to forecasts. Based on our revised revenue recognition schedule, FY15F revenue forecast is now higher as we estimate that the Technip-DOF would contribute substantially to FY15F revenue. We have also reduced EBITDA margin assumptions by about 0.7ppt for FY14-15F to be more conservative. Our FY13F/14F/15F net profit figures now differ by -2%/-9%/+9% from our previous forecasts.

Risk-reward tradeoff compelling, Upgrade to Buy, TP SGD1.12. At current valuation levels, we believe that downside risk is limited. Vard trades at FY14F/15F PERs of 6.2x/4.4x. Forward dividend yields ranged between 4-7% with attractive ROEs. Our scenario analysis suggests a bull/bear case TP of SGD1.48/0.80, which makes a compelling investment case based on risk-reward tradeoff. We upgrade the stock to Buy with TP raised to SGD1.12 based on our base case scenario. Vard Holdings ? Summary Earnings Table

FYE Dec (NOK m)

FY11

FY12

FY13F

FY14F

FY15F

Revenue

12,401

11,129

11,502

12,527

15,826

EBITDA

2,355

1,473

906

1,193

1,708

Recurring Net Profit

1,594

902

463

756

1,051

Recurring Basic EPS (cents)

135.1

76.4

39.2

64.0

89.1

EPS growth (%)

34.3

(43.4)

(48.7)

63.3

39.1

DPS (SG cents)

15.0

13.0

3.0

4.5

6.0

PER

2.9

5.2

10.1

6.2

4.4

EV/EBITDA (x)

2.7

4.4

7.1

5.4

3.8

Div Yield (%)

17.4

15.1

3.5

5.2

7.0

P/BV(x)

1.3

1.5

1.5

1.3

1.0

Net Gearing (%)

(12.1)

47.2

49.7

33.9

25.9

ROE (%)

54.1

27.0

14.9

22.7

26.0

ROA (%)

12.7

7.0

3.7

5.7

6.9

Consensus Net Profit (NOK m)

501.2

707.4

861.4

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05-Sep-2013 16:19

Rex Intl / Rex International

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Last:0.88 Vol:52467k

+0.17

so fast n furious today?

ozone2002 ( Date: 02-Sep-2013 10:51) Posted:

Big names and big funds are in this, heavily supported..

Even though Rex International has only an operating track record of two years and has yet to generate revenue, pre-IPO investors were so convinced by its story that they extended convertible loans of S$35.2 million to fully fund its first two years of drilling operations in the US.

These investors include Tan Fuh Gih (tycoon Tan Kim Seng?s younger brother), Kingston Kwek (tycoon Kwek Leng Beng?s son), Tan Chin Hwee (partner of leading alternative fund management group Apollo) and 2G Capital chairman Tommie Goh (founder of JIT).

Schroders, Pareto Growth Fund, Staur Private Equity, Holberg Funds and Clements Capital are also vested in the company.

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05-Sep-2013 09:16

Yamada Green Res / Yamada-Since it IPO at 0.22c-good response

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yamada hardly recovered its losses from the CMZ Glaucus report scenario..

volume also very thin, little interests in the stock..

may drift lower if no activity or gd news to prop up the share..

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03-Sep-2013 15:39

IPC Corp / Solid NTA 27c

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Nikkei 225

13,978.44

+405.52

+2.99%

Nikkei up 3% today.. IPC hardly moved an inch in the same direction..

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03-Sep-2013 15:36

SinoGrandnes / Sino Grandness - a growth stock with low PE

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x 0

Last:1.265 Vol:1542k

-0.02

profit taking after the big run up

ozone2002 ( Date: 02-Sep-2013 15:10) Posted:

Last:1.335 Vol:8700k

+0.135

not bad more than 10% in 1 day..

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03-Sep-2013 09:54

AusGroup / Ausgroup

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Notwithstanding the ongoing legal action, AusGroup will

receive a further $18.3m from Karara Mining, expected to

be paid under the terms of the contract over the course

of this week. This is in addition to the progress payment

of $13.0m paid in July 2013.

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03-Sep-2013 09:53

Vard / Vard Holdings

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Vard has secured a new contract for the design and

construction of one Platform Supply Vessel (PSV) for

Carlotta Offshore, a newly established player in the

offshore support vessel market. Delivery is scheduled from

Vard Vung Tau in Vietnam in 4Q 2014. The contract value

was not disclosed. Based on the similar PSV secured in

2011, the contract could worth about NOK300m. This will

bring YTD-FY13 order wins to NOK11.6bn, making up

93% of our order win assumption this year. We expect

Vard to book NOK12.5bn new wins in FY13 and

NOK11.0bn in FY14. Maintain HOLD call and TP of S$0.92

on Vard.

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03-Sep-2013 09:18

Vard / Vard Holdings

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Target to close the gap still on track..

gd luck dyodd

ozone2002 ( Date: 11-Aug-2013 16:16) Posted:

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03-Sep-2013 09:11

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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up 10% today

Last:0.093 Vol:6467k

+0.008

Time: 9:00AM
Exchange: SGX
Stock: Viking(557)
Signal: Resistance - Breakout with High Volume
Last Done: $0.087

ozone2002 ( Date: 02-Sep-2013 09:56) Posted:

Time: 9:09AM
Exchange: SGX
Stock: Viking(557)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.084

Time: 9:16AM
Exchange: SGX
Stock: Viking(557)
Signal: Resistance - Breakout with High Volume
Last Done: $0.085

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03-Sep-2013 09:09

HanKore Env / HANKOREcontinuation wedge(bullish)target 6-7c soon

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Time: 9:05AM
Exchange: SGX
Stock: HanKore(B22)

Signal: Resistance - Breakout with High Volume

Last Done: $0.058

ozone2002 ( Date: 02-Sep-2013 16:17) Posted:

Time: 3:50PM
Exchange: SGX
Stock: HanKore(B22)

Signal: Bullish MACD Crossover
Last Done: $0.056

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03-Sep-2013 09:07

Vard / Vard Holdings

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Chart genie Trigger!

Time: 8:58AM
Exchange: SGX

Stock: Vard Holdings(MS7)

Signal: Bullish MACD Centerline Crossover

Last Done: $0.89

ozone2002 ( Date: 02-Sep-2013 11:12) Posted:

Time: 10:55AM
Exchange: SGX
Stock: Vard Holdings(MS7)

Signal: Bullish MACD Centerline Crossover

Last Done: $0.875

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02-Sep-2013 16:37

China Minzhong / China Minzhong Food forum

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too hard to short bluechips with large capitalization, especially those with Temasek backing..

need really deep pockets or a concerted effort by the entire world

Sporeguy ( Date: 02-Sep-2013 16:30) Posted:

It is high time that SGX and Spore gov take a hard look at shorting. If Spore is at the mercy of western vultures, then it is high time rethink about shorting. Either remove shorting or come up with stringent rules to prevent the western vultures bankcrupting spore.. Otherwise slowly the cancer will grow to include spore banks (read ST).

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02-Sep-2013 16:17

HanKore Env / HANKOREcontinuation wedge(bullish)target 6-7c soon

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Time: 3:50PM
Exchange: SGX
Stock: HanKore(B22)

Signal: Bullish MACD Crossover
Last Done: $0.056

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02-Sep-2013 15:45

Yamada Green Res / Yamada-Since it IPO at 0.22c-good response

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i'm looking at 30c.. bloomberg adjusted the PE to 6.5.. looking at around 10x PE

gd luck dyodd

Newlearner ( Date: 02-Sep-2013 15:17) Posted:

Hi ozone, mind to share your target price?

ozone2002 ( Date: 02-Sep-2013 15:09) Posted:

Last:0.215 Vol:3353k

+0.017

comeback ki

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02-Sep-2013 15:38

China Minzhong / China Minzhong Food forum

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qn now is should existing shareholders cash out ? & let indofood privatise CMZ

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02-Sep-2013 15:18

China Minzhong / China Minzhong Food forum

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best chess game by Salim group..

corner all the shortist by collecting @ 1.12

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02-Sep-2013 15:13

China Minzhong / China Minzhong Food forum

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China Minzhong Mandatory Conditional Cash Offer by PT Indofoods at $1.12 Resuming trade at 1530hrs today.

330 pm show time

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