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This is a stock to buy on pull back.. great business, growth stock
Far and away from Syria DBS
deployed in Middle East Secured charter contract for a service rig to be
long distance from Syria Ezion?s service rigs for Middle East are near Qatar, a
Maintain BUY TP S$3.20
Adding 3
charter contract to provide bareboat charter for a refurbished
jack up rig worth US$49.1m over four years. Upgrading and
refurbishment work is expected to commence at the Middle
East yard next week and the rig is scheduled to be delivered
to a national oil company in Middle East by mid-2014. The
cost of the project ? US$40m - will be funded by equity (30%)
and 5-year floating bank borrowings (70%). rd service rig to Middle East. Ezion has signed a
Slightly different accounting treatment.
secured at Ezion level and the service rig will be chartered
from a 50:50 JV of Ezion and Scott & English Limited, a
subsidiary of Kim Seng Holdings. Hence, Ezion will consolidate
the project revenue but at minimal profits. Bulk of profits will
still be recognised under associate/JV income line and/or other
income as management fees, similar to their previous JV
vessels. We estimate this latest contract to contribute about
US$1.5m in FY14 and US$3.2m in FY15, representing 0.6%
and 1.2% of our FY14 and FY15 forecasts respectively. The contract is
A long way from Syria.
service rig operating in Middle East, in the Arabian Gulf near
Qatar. The second one, which will come on stream by early
2014, will be deployed around that region as well. Currently, Ezion has only one
Maintain BUY TP S$3.20.
intact, with the expectations of three additional contracts this
year and eight next year. Maintain BUY on Ezion with an
unchanged TP of S$3.20, pegged to 14x FY13/14 PE. We
continue to like Ezion?s strong growth profile and earnings
visibility. We are keeping our forecasts
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I've notice Indoagri has aggressively bought back their shares.. each time by 1,000,000 shares
this can be viewed as positive for the share..
gd luck dyodd
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Time: 8:58AM
Exchange: SGX
Stock: Vard Holdings(MS7)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.88
chartgenie trigger..may not last since it's FRIDAY!
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i'm not in favour of a growing company that's giving out dividend to its shareholders, i rather the company reinvest the proceeds if it's able to get better & higher returns on its biz. Giving out dividends is not necessarily a good thing, unless the company is getting lower returns from its biz
Dividend
(a) Current Financial Period Reported On
Any dividend declared for the current financial period reported on?
The Board of Directors recommends a first and final tax exempt (one-tier) dividend of RMB0.013 per share in respect of FY2013, amounting to RMB6,479,878.28 based on 498,452,175 shares issued as at 30 June 2013 for shareholders‟ approval at the forthcoming Annual General Meeting.
The recommended first and final tax exempt (one-tier) dividend in respect of FY2013, subject to shareholders‟ approval at the forthcoming Annual General Meeting, has not been reflected in the financial statements for FY2013 but will be accounted for in the Statement of Changes in Equity as an appropriation of retained earnings in FY2014.
ozone2002 ( Date: 30-Aug-2013 09:06) Posted:
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MEDIA RELEASE: YAMADA RECORDED NET PROFIT OF RMB69.2 MILLION ON REVENUE OF RMB509.2 MILLION FOR FY2013 * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
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S/NCompany NameQ/HY/FYCurrency, UnitsRevenueNet Profit
CurrentPreviousChange (%)CurrentPreviousChange (%)
1CHINA MINZHONG FOOD CORP LTDFYRMB'000 3,247,773 2,568,839 13.2 755,065 679,581 11.1
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Now Minzhong says it was misunderstood
It dismisses fraud claims but will respond only later analysts seek strong response
China Minzhong Food Corp has dismissed claims of fraud against it by a shortseller as a misunderstanding of its business and said that it would issue a response by the end of the week - PHOTO: CHINA MINZHONG FOOD CORP
[SINGAPORE] China Minzhong Food Corp has dismissed claims of fraud against it by a shortseller as a misunderstanding of its business and said that it would issue a response by the end of the week.
The company delayed reporting its full-year results from yesterday morning to yesterday evening to address some of the issues raised by shortseller Glaucus Research Group, but those numbers would mean little until Minzhong gives its response, observers said.
" It really has no meaning if people have doubt about the numbers, so the main thing is to restore investors' confidence," Voyage Research analyst Ng Kian Teck said.
Late yesterday, Minzhong reported a 4.9 per cent decline in fourth-quarter net profit to 162.7 million yuan, or 0.25 yuan per share, for the period ended June. For the full year, net profit rose 11.1 per cent to 755.1 million yuan, or 1.28 yuan per share.
Minzhong has declared a dividend of one Singapore cent per share.
Trade receivables turnover days, a metric that Glaucus raised questions about, increased by 31 days to 116 days.
Glaucus this week issued a report alleging that Minzhong faked its past sales numbers and manipulated receivables and capital expenditure to cover its tracks.
In a statement, Minzhong said that Glaucus misunderstood its business. " The company has done a preliminary review of the report and notes that most of the issues raised by Glaucus with regard to the financials of the company were nothing new and arose out of a complete lack of understanding of the company's business model as well as the operating environment in China.
" They have also failed to analyse the company's growth path over the years and have chosen to take snapshots of the company's results at specific times."
Minzhong expects to issue its response by the end of the week, and has extended its trading halt to Friday's close.
On Monday, the company had said it " will take all necessary steps to defend its reputation and will not hesitate to take legal action against those who put up and disseminate false or misleading statements without due regard to their truth and for the purpose of inducing others to deal in securities" .
PT Indofood, Minzhong's largest shareholder with a 29.3 per cent stake, is also waiting to hear Minzhong's side.
" Indofood is still awaiting for the response from CMZ," Indofood director Thomas Tjhie said via e-mail. " Currently, Indofood remains committed to its investment in the company." It is the unusually serious nature of Glaucus's allegations that will require an equally strong answer, Voyage's Mr Ng said.
Referring to Muddy Waters attack on Olam International near the end of 2012, Mr Ng said it " was more about accounting treatment, but this one, it's very serious. It's like an outright slap." Minzhong will have to mount a robust defence to survive those allegations, he added.
" What the public wants is for them to address whatever they've raised, especially about the sales channels," Mr Ng said. " Are the sales numbers true? . . . It's quite challenging for Minzhong now, and market confidence is not strong."
Minzhong may even have to consider opening up more of its inner workings than normal, if that is what it takes to refute the allegations.
" I know there are some trade secrets involved, but it would be good if they can show some invoices," said Mr Ng. " They cannot leave the halt with so many questions lying around."
Glaucus said that the incorporation date and regulatory filings of two top customers suggest that Minzhong faked sales during its initial public offering in 2010.
It also claimed Minzhong's regulatory filings in China were inconsistent with its financial filings in Singapore. Minzhong's unusually high profit margins, rising receivables, cash flow and recent capital expenditures are also suspicious, Glaucus said.
Minzhong said: " The company would seek to substantiate in its detailed response to the report that its financials are sound and that there were no fabricated sales or alleged cover-up by the company.
" In particular, the company wishes to highlight that its accounts have been prepared in accordance with Singapore Financial Reporting Standards and audited by external auditors Crowe Horwath First Trust LLP, and there has been no qualification in their reports over the years."
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Time: 1:04PM
Exchange: SGX
Stock: Olam(O32)
Signal: Support - Broken with High Volume
Last Done: $1.44
shortist in action again? any connection with CMZ?
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Time: 10:02AM
Exchange: SGX
Stock: SinoGrandnes(JS5)
Signal: Resistance - Breakout with High Volume
Last Done: $1.185
confidence is coming back..as Sino breaks out with high volume as indicated by UOB chart genie
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Last:0.205 Vol:826k  +0.007
ozone2002 ( Date: 29-Aug-2013 08:57) Posted:
CMZ has came out to clear the air..
Schips that were affected like yamada should start to regain investor confidence and price to rally
gd luck dyodd |
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Last:1.195 Vol:551k +0.05
Rally on CMZ clarification
ozone2002 ( Date: 28-Aug-2013 10:14) Posted:
Last:1.14 Vol:4369k +0.09
see the difference when management comes out to pacify investors..
ozone2002 ( Date: 28-Aug-2013 09:32) Posted:
Last:1.055 Vol:1781k +0.005
At least Sino grandness management is doing something right to stem the slide.
Came out to address the concerns about the company.
If others (S chips) do not do the same, then they will be the target of shortist.. |
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CMZ has clarified their position and allay investor fears..
Schip that were affected will start to regain investor confidence & revert to their pre-CMZ-sell-down
prices
gd luck dyodd
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CMZ has came out to clear the air..
Schips that were affected like yamada should start to regain investor confidence and price to rally
gd luck dyodd
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CMZ has clarified it's position .. Short covering to happen when CMZ re-opens for trading
this should shed light on other S chips.. time for those affected to return to normal e.g Sino & Yamada
China Minzhong Food Corporation Limited (i) Refutes Allegations in Reports Released by Glaucus Research Group and Extends Trading Halt, and (ii) Changes Timing for Release of Full Year Results to this Evening
(A) RESPONSE TO GLAUCUS REPORT AND EXTENSION OF TRADING HALT
China Minzhong Food Corporation Limited (the " Company" ) refers to the report released by Glaucus Research Group (" Glaucus" ) on 26 August 2013 regarding certain affairs of the Company and its subsidiaries (the ?Group?) (?Report?). The Company notes that the Report had caused a substantial decrease in the share price of the Company in the morning of 26 August 2013 and Glaucus had openly stated that Glaucus and those acting in concert with it are short sellers who would profit from the decline of the Company?s stock price.
The Company has done a preliminary review of the Report and notes that most of the issues raised by Glaucus with regard to the financials of the Company were nothing new and arose out of a complete lack of understanding of the Company's business model as well as the operating environment in China. They have also failed to analyse the Company's growth path over the years and have chosen to take snapshots of the Company's results at specific times.
The Company would seek to substantiate in its detailed response to the Report (" Response" ) that its financials are sound and that there were no fabricated sales or alleged cover up by the Company. In particular, the Company wishes to highlight that its accounts have been prepared in accordance with Singapore Financial Reporting Standards and audited by external auditors Crowe Horwath First Trust LLP, and there has been no qualification in their reports over the years.
The Company's stock is also well covered by analysts such as Macquarie Bank, Standard Chartered Bank, Maybank Kim Eng Securities, and UOB Kayhian and many of the issues raised by Glaucus regarding the Company's business model and financial performance have been discussed in the past by these analysts and shareholders are well aware of the same.
The Company is in the process of collating relevant supporting documents and preparing its Response, and expects to release the same before the end of this week. In this connection, the Company has obtained an extension from the SGX-ST to extend its trading halt to 5:00 p.m., 30 August 2013 (Friday).
The Company views the Report as damaging the value that the Company has created for shareholders over the years and is in the process of consulting its legal advisers on its possible recourse. The Company will not hesitate to take legal action to defend its rights and reputation, including reporting any party to the authorities for possible breach of securities legislation.
(B) TIMING FOR RELEASE OF FULL YEAR RESULTS
In view of the above, the Company is changing its timing for the release of its Full Year Results for the financial year ended 30 June 2013 (" Full Year Results" ) from this morning to later this evening. This is to facilitate the verification and confirmation of certain issues referred to in the Report, details of which will be set out in the Company's Response.
The Company expects Glaucus to pay close attention to the Full Year Results and is therefore providing for more time to ensure the consistency of information to be set out in the Response and the Full Year Results.
With regard to the original scheduled results briefing this afternoon, we will inform shareholders of the new date and venue for the briefing after the Full Year Results and Response are announced.
By Order of the Board
Lin Guo Rong
Executive Chairman and Chief Executive Officer
29 August 2013
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Last:0.05 Vol:12989k  -0.002
brokerage released report to entice people to buy, hence from the day when it was released..
there was lots of volume changing hands @ 5.4, now down to 5
distributed to those who believe the hype too fast and too soon...
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investor confidence coming back with more brokerages issuing buy reports..
Sino Grandness Food (SFGI SP) BUY UOBKH
Share Price S$1.05
Target Price S$1.84
Upside +75.2%
Company Description
Sino Grandness Food Industry Group Ltd.
processes food. The Company cans fruits and
vegetables including asparagus, long beans,
mushrooms, bamboo shoots, sweet corn,
chillies, lychees, pineapples, and peaches.
GICS sector Consumer Staples
Bloomberg ticker: SFGI SP
Shares issued (m): 293.7
Market cap (S$m): 308.4
Market cap (US$m): 240.2
3-mth avg t?over (US$m): 1.6
Fundamentals remain intact- reiterate BUY
Valuations
listing of Garden Fresh will go through in 2014, and a holding company
discount of 20% on its stake in Garden Fresh (GF) and a 5.0x 2014F PE
valuation on its remaining businesses. Maintain BUY and target price of S$1.84. Our target price assumes the
What?s New
days after a sell report was issued on one of SGF?s competitors. The
sell-down was also broad-based in the S-chip realm with the FTSE ST
China falling 2.2% over the same period. Sino Grandness?s (SGF) share price has fallen 24.5% in the last two
fundamentals of the company. The company remains positive on its
earnings outlook and has widened its distribution network recently by
signing up with leading convenience store Hongqi and Meiyijia to sell its
beverages and own-brand canned fruit products respectively. We have checked with management and see no change in the
Stock Exchange for the proposed spin-off and listing of GF and looks on
track to carry out this exercise by 2014. The next milestone for this
exercise is to appoint investment bankers, which we expect it to be
done this year. The company has also received a no-objection letter from the Singapore
Our View
the near term following the general weakness in the stock market and
contagion effect from a sell report on one of its competitors, we do see
value emerging with the company, which is currently trading at 3.8x
2013F PE. Although we expect further downside pressure on SGF?s share price in
production capacity and improving the gross margin for its beverage
segment so as to achieve higher valuation during the spin-off and listing
process for GF. Unlike peers, SGF?s beverage products have been
largely visible in major supermarkets and convenience stores in several
tier-1 cities in China.
Yupeng, who owns a 40.1% stake, has not sold a single SGF share since
its IPO. In fact, he accumulated 50,000 shares in yesterday?s sell-down. SGF is diligently building up its distribution network, increasingWe also note that SGF?s Chairman Mr Huang
conducted on SGF and GF in the last two years when the company
issued two tranches convertible bonds. We also understand there had been several due diligence exercises
Price Chart
Source: Bloomberg
Analyst
Brandon Ng, CFA
+65 6590 6615
brandonng@uobkayhian.com
Key Financials
Year to 31 Dec (Rmbm) 2011 2012 2013F 2014F 2015F
Net turnover 1,019.7 1,640.3 2,334.1 2,934.5 3,680.2
EBITDA 231.9 428.9 582.7 732.8 1,348.9
Operating profit 215.0 399.6 528.8 677.7 872.3
Net profit (rep./act.) 151.5 289.1 382.7 490.6 631.6
Net profit (adj.) 151.5 289.1 382.7 490.6 631.6
EPS (fen) 57.1 109.0 130.5 167.2 215.2
PE (x) 9.3 4.8 4.0 3.1 2.4
P/B (x) 2.5 1.6 1.3 0.9 0.7
Dividend yield (%) 0.0 0.0 0.0 0.0 0.0
Net margin (%) 14.9 17.6 16.4 16.7 17.2
Net debt/(cash) to equity (%) 48.7 55.5 40.9 32.5 17.6
Interest cover (x) 36.6 24.9 13.9 17.3 28.7
ROE (%) 27.1 34.3 31.2 28.6 26.9
Consensus net profit 395.0 495.0 601.5
UOBKH/Consensus (x) 0.97 0.99 1.05
Source: Bloomberg, UOB Kay Hian
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see the difference when management comes out to pacify investors..
ozone2002 ( Date: 28-Aug-2013 09:32) Posted:
Last:1.055 Vol:1781k +0.005
At least Sino grandness management is doing something right to stem the slide.
Came out to address the concerns about the company.
If others (S chips) do not do the same, then they will be the target of shortist.. |
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Load up on commodity counters - oil related counters (GAR, Semb mar, Kep Corp etc) and gold
rebound from 3000 towards 3100 STI ? Fall below 3065 points to 2880 but not before a
STI?s decline beneath June?s low of 3065 yesterday
signaled a resumption of the downtrend that points to
2880 on the technical charts, which coincides with 12.3x
(-1SD) 2860 blended FY13F/14F PE. In coming sessions
though, a technical rebound off the 3000 level towards
3100 is expected. Transport and airline stocks could
underperform while O& M names hold up better as oil
price rallied. Brent crude added c.5% to USD105pbl.
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August 27, 2013
Congrats to all who stayed long and strong during the orchestrated gold raid this year. New highs are on the horizon
Gold driven into new bull market on Syria fears
MADRID (MarketWatch) ? Gold futures surged nearly 2% an ounce Tuesday and moved into a fresh bull market as fears over possible U.S. military action against Syria drew investors into the perceived safety of the precious metal.
Gold for December delivery GCZ3 +1.86% jumped $25.90, or 1.9%, to $1,419 an ounce on the Comex division of the New York Mercantile Exchange, erasing a Monday loss of $2.70, or 0.2%, on the New York Mercantile Exchange. It had risen as high as $1,423 an ounce.
Gold is also now just over 20% up from the lows reached by some contracts in late June, officially putting into into a bull market. Technically, a bull market definition is a rise in value of any market by at least 20%, while a bear market works in the opposite direction. Gold prices, however, are still down more than 15% this year.
Gold was building on gains from electronic trade late Monday after U.S. Secretary of State John Kerry said the U.S. will hold the Syrian government accountable for its ?undeniable? use of chemical weapons against civilians in rebel-held areas outside of Damascus last week.
Syria?s decision to allow United Nations inspectors came too late, and U.S. President Barack Obama will now decide how to respond, said Kerry. Syrian President Bashar al-Assad denied the use of chemical weapons and said the U.S. military will fail if it launches an attack against his country.
?Concerns over emerging markets are among the factors weighing on risk sentiment with the Indian rupee and Turkish lira hitting record lows against the dollar. The possibility of Western military action in response to the chemical weapons attack in Syria is also boosting the appetite for both the black and yellow gold,? said Fawad Razaqzada, technical analyst at GFT Markets.
Razaqzada said it also looks like investors are backing out of equities, at least for Tuesday and if that keeps up, more risk capital could be reallocated by investors into rallying precious metals.
Gold has already moved past one of his resistance levels, which run between $1,415 and $1,425.
The Federal Reserve has said improvement in the economy should lead it to reducing asset purchases from their current pace of $85 billion a month, but soft data has kept alive debate about the timing and the amount of tapering. The earliest the Fed could start lowering bond purchases is in September.
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At least Sino grandness management is doing something right to stem the slide.
Came out to address the concerns about the company.
If others (S chips) do not do the same, then they will be the target of shortist..
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