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Stocks take a big dive, but Twitter surges

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Most stocks finished in the red Thursday, but the one that everyone had their eye on closed firmly in green. Shares of Twitter (TWTR) surged in their debut on the New York Stock Exchange.

But it was a pretty rough day for stocks not named Twitter. The Dow Jones industrial average fell more than 150 points, or 1%, while the S& P 500 dropped 1.3%. The Nasdaq was the biggest laggard of the day, down nearly 2%.

Stocks have been trading near all-time highs recently. In fact, the Dow hit a new record early Thursday morning before pulling back. So Thursday's slump might be a sign that investors are growing more worried about how hot the market has been this year. Some analysts feel stocks are getting close to being overvalued.

Earnings continue to roll in: The broader market was dragged down by companies with lackluster earnings.

Whole Foods (WFM, Fortune 500)was one of the biggest losers in the S& P 500 and Nasdaq as shares sank more than 11%. The sharp drop came after organic grocer cut its earnings and sales forecasts.

Related: Fear & Greed Index continues to show greed

Upbeat economic data: Investors were initially encouraged by a report that showed the U.S. economy perked up slightly this summer, driven largely by businesses re-stocking their shelves, a rise in consumer spending, and the ongoing housing recovery.

Gross domestic product -- the broadest measure of economic activity -- rose at a 2.8% annual rate in the third quarter, according to the Bureau of Economic Analysis. That marked the fastest growth in a year and was stronger than economists had anticipated. A separate report showed initial jobless claims declined for the fourth straight week.

But the positive economic data also reignited speculation that the Federal Reserve may begin tapering its bond buying program, said analysts at Wells Fargo Advisors. The Fed's stimulus measures have been a major driver of the bull market over the past several years.

Investors will continue to keep close tabs on economic data, particularly readings on the job market. The October jobs report is due early Friday. Economists surveyed by CNNMoney expect 120,000 jobs were added last month.

ECB unexpectedly cuts rates: In Europe, it's all about the European Central Bank. The ECB said it cut a key interest rate to 0.25%, a sign of how fragile the European economic recovery is. European stock markets made modest gains in afternoon trading, keeping them near five-year highs.

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08-Nov-2013 05:53

Straits Times Index / STI to cross 3000 boosted by long-term investors

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World Markets

North and South American markets finished broadly lower today with shares in U.S. leading the region. The S& P 500 is down 1.32% while Brazil's Bovespa is off 1.21% and Mexico's IPC is lower by 0.73%.

North and South American Indexes

Index	Country	Change	% Change	Level	Last Update
Dow Jones Industrial Average	United States	-152.90	-0.97%	15,593.98	4:35pm ET
S& P 500 Index	United States	-23.34	-1.32%	1,747.15	4:35pm ET
Brazil Bovespa Stock Index	Brazil	-643.81	-1.21%	52,740.79	2:17pm ET
Canada S& P/TSX 60	Canada	-4.36	-0.57%	765.45	4:20pm ET
Santiago Index IPSA	Chile	+0.18	+0.01%	3,314.69	3:18pm ET
IPC	Mexico	-294.55	-0.73%	40,009.90	4:06pm ET

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07-Nov-2013 23:01

Swiber / Swiber

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Swiber's disposal of Kreuz‏

Written By Stock Fanatic on Thursday, November 7, 2013

We have not been able to contact Swiber?s management yet, but here is summary of Swiber?s disposal of Kreuz and our preliminary thoughts on it:

Disposing entire stake in Kreuz for S$256.2m

Swiber Holdings announced last evening that SEA9 Pte Ltd, an investment-holding company wholly-owned by The Headland Private Equity Fund 6 L.P, has proposed to acquire Swiber?s entire 57.5% stake in Kreuz Holdings for S$0.80/share, translating to a consideration of S$256.2m for Swiber. Due to a netting agreement in which all trade and other receivables as well as payables between Kreuz and Swiber are set-off and settled, Swiber will receive S$129.2m in cash out of its S$256.2m consideration. This translates to ~S$0.21/share in cash.

Values Kreuz at ~1.8x P/B and ~6.4x FY13F P/E

The offer of S$0.80/share represents a premium of about 78.4% over Kreuz?s NAV/share as at 30 Sep, and is 4.6% higher than Kreuz?s last traded price of S$0.765 before the announcement of the offer. This values Kreuz at ~1.8x P/B and ~6.4x FY13F P/E (based on annualised 9M13 EPS), which seems unattractive on a P/E basis. However, do note that Kreuz?s share price has increased significantly this year- it is up 95% YTD, and Swiber?s management may either 1) deem it an opportune time to dispose of its investment, 2) Kreuz?s earnings growth may not be as optimistic as market expects, 3) Swiber is in need of cash.

Proceeds to be used as working capital and fund future investments

Swiber is expected to record a net gain of about US$90.6m from this proposed disposal, and the cash consideration of S$129.2m will be used as working capital to fund the group?s core business as well as to undertake future business expansions and acquisitions as they arise. Do note that as at Jun 2013, Swiber was in a net debt position of US$643m.

Technical Analysis

Daily Chart

Loss of future earnings from Kreuz

The proposed disposal is subject to the approval of the shareholders of Swiber at an EGM (to be convened), and should it take place, Swiber will deconsolidate Kreuz from its financials. This will have a significant impact on Swiber?s earnings, as Kreuz is estimated to contribute about half of our FY13F EPS forecast of 11.5 S cents.

Kreuz started its operations in Jul 2008 with the establishment of Kreuz Subsea Pte. Ltd., as the offshore subsea services division of the Swiber Group. It was listed on the Catalist Board in Jul 2010 (IPO price S$0.27/share), and was transferred to the Main Board in Oct 2012.

According to Kreuz?s IPO prospectus, Swiber?s effective cash cost per share in Kreuz was S$0.529.

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07-Nov-2013 22:54

COSCO SHP SG / CoscoCorp

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Not vested ,just for sharing....DYODD

Cosco Corporation - The return of the provisions

Written By Stock Fanatic on Thursday, November 7, 2013

After five consecutive quarters of provision writebacks, which offered hope that its operations might stabilise, Cosco once again reminded us that redemption is still a long way off. De-rating catalysts could come from persistent weak execution.

At 55% of our FY13 core earnings, 9M was 66% below our expectation and 79% below consensus?s. The negative deviance stems from inventory writedown and the provision for contract losses. We cut our FY13 EPS by 21% to factor in the 3Q earnings miss and lower FY14-15 EPS by 9-11% on weaker marginsWe maintain our Underperform rating, but raise our target price as we roll forward to 22x CY15 P/E (five-year mean).

Return of the provisions

Cosco recorded S$4.2m in core earnings for 3Q as it was hurt by provisions for contract losses and inventory writedown, which totalled S$49.7m. The group achieved gross profit margin of 7.4% for 3Q, bringing 9M gross margins to 9.5%. 3Q could have been uglier if it had not been for a one-off compensation of S$13.2m received from customers. As a result, we now lower FY14-15 EBIT margins by 0.4% pt (FY14: 5.7%, FY15: 6.3%).

Worse to come?

We believe that Cosco?s 4Q results could be uglier, owing to the reversal of profits for the cancellation of its drillship order. The cancellation is now under arbitration and the company is unable to quantify any financial impact. However, in line with the conservatism principle in accounting standards, we believe that we would see the impact in 4Q. Upside risk would come from a successful sale of the drillship. The unit is undergoing sea trials and Cosco shares that it has several enquiries for the vessel.

Technical Analysis

Daily Chart

Top-short

We recommend investors to sell the stock in view of the negative triggers in 4Q. We believe that the market has already priced in US$2bn of order intake. While the company may ?buy? contracts by lowering profitability, that would not buy it any favours from the market. (Read Report)

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07-Nov-2013 22:26

Swiber / Swiber

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This chicken end up will be slaughtered becos the master wants the eggs........sad !

lglg666 ( Date: 07-Nov-2013 12:03) Posted:

Guessed this chicken after trying to be eagle actually end up back as a chicken.

lglg666 ( Date: 06-Nov-2013 10:51) Posted:

At last....this chicken is acting like an eagle now, lets watch and see if it can really fly high in the sky or not

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07-Nov-2013 18:01

Tiong Woon / Tiong Woon

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May all you dreams come true!... Huat arh....

WanSiTong ( Date: 07-Nov-2013 17:50) Posted:

Everyone must have a dream........

shareluck ( Date: 07-Nov-2013 17:32) Posted:

35...40.....45.....50......52.........

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07-Nov-2013 17:50

Tiong Woon / Tiong Woon

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Everyone must have a dream........

shareluck ( Date: 07-Nov-2013 17:32) Posted:

35...40.....45.....50......52.........

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07-Nov-2013 15:50

Vard / Vard Holdings

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Vard Holdings Ltd - Buy ahead of earnings recovery

Written By Stock Fanatic on Thursday, November 7, 2013

While Vard?s 3Q earnings miss of 5% was hardly inspirational, it cannot be argued that the company is in a downward spiral either. We expect a 2-year EPS CAGR of 15% in FY13-15 due to margins recovery. Catalysts could come from stronger earnings and orders.

At 60% of our FY13 EPS, 9M13 was 5% below our and broadly in line with consensus. We cut our FY13 EPS to factor in the miss and adjust our FY14/15 EPS by +7%/-19% as we cut our orders outlook and adjust our order recognition schedule. We upgrade to Outperform from Neutral as we think that earnings have bottomed out. Our target price rises as we roll forward to 9x CY15 P/E (10% above its mean since IPO).

3Q earnings bottomed out

Owing to the lower-than-expected turnover and the corresponding operating leverage effects, Vard recorded NOK66m core earnings (-71% yoy) for 3Q. We note that the low turnover was somewhat due to seasonality and expect a stronger 4Q. While continued delays and cost overruns for the Niteroi yard are hardly inspirational, it cannot be argued that the company is in a downward spiral either. In fact, EBITDA margins improved slightly by 0.2% pts qoq to 4.3% while the group achieved gross margins of 31.4% vs. our forecast of 26.2%.

Record orders in 3Q

Thanks to the record-NOK6.5bn pipe lay support vessel order, Vard secured NOK8bn orders in 3Q, bringing the YTD orders to NOK11.9bn. The current order book stands at NOK19.5bn, or 1.6x book-to-bill.

Outperform premised on conservative grounds

Our 9x CY15 P/E-derived target price factors in a recovery of EBITDA margins to 8.3% for FY15, 8% for FY14 and 6.7% for FY13 (within the company?s historical average).

Intra Day

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Technical Analysis

Daily Chart

We expect margins to improve due to :

1) zero-margin projects in Niteroi being flushed out,

2) higher utilisation at the Promar yard,

3) scaling of the learning curve for Transpetro orders and

4) investment initiatives in its Romanian and Vietnamese yards paying off. (Read Report)

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07-Nov-2013 12:01

Others / What?s Happened to Blumont, Asiasons and LionGold

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Still alive......Lol

WanSiTong ( Date: 07-Nov-2013 12:00) Posted:

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07-Nov-2013 12:00

Others / What?s Happened to Blumont, Asiasons and LionGold

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07-Nov-2013 11:43

Vard / Vard Holdings

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CIMB TP : 0.98 Outperform

Buy ahead of earnings recovery

While Vard?s 3Q earningsmiss of 5% was hardly inspirational, it cannot be argued that the company is in a downward spiral either. We expect a 2-year EPS CAGR of 15% in FY13-15due to margins recovery. Catalysts could come from stronger earnings and orders.

At 60% of our FY13 EPS, 9M13 was 5% below our and broadly in line with consensus. We cut our FY13 EPS to factor in the miss and adjust our FY14/15 EPS by +7%/-19% as we cut our orders outlook and adjust our order recognition schedule. We upgrade to Outperform from Neutral as we think that earnings have bottomed out. Our target price rises as we roll forward to 9x CY15 P/E (10% above its mean since IPO).

3Q earnings bottomed out

Owing to the lower-than-expected turnover and the corresponding operating leverage effects, Vard recorded NOK66m core earnings (-71% yoy) for 3Q. We note that the low turnover was somewhat due to seasonality and expect a stronger 4Q. While continued delays and cost overruns for the Niteroi yard are hardly inspirational, it cannot be argued that the company is in a downward spiral either. In fact, EBITDA margins improved slightly by 0.2% pts qoq to 4.3% while the group achieved gross margins of 31.4% vs. our forecast of 26.2%.

Record orders in 3Q

Thanks to the record-NOK6.5bn pipe lay support vessel order, Vard secured NOK8bn orders in 3Q, bringing the YTD orders to NOK11.9bn. The current order book stands at NOK19.5bn, or 1.6x book-to-bill.

Outperform premised on conservative grounds

Our 9x CY15 P/E-derived target price factors in a recovery of EBITDA margins to 8.3% for FY15, 8% for FY14 and 6.7% for FY13 (within the company?s historical average). We expect margins to improve due to 1) zero-margin projects in Niteroi being flushed out, 2) higher utilisation at the Promar yard, 3) scaling of the learning curve for Transpetro orders and 4) investment initiatives in its Romanian and Vietnamese yards paying off.

Orderoutlook: tampering expectations

For orders, we are now expecting NOK12.6bn for FY13 (previously NOK14bn), NOK10bn for FY14 (previously NOK11bn) and NOK12bn (no change) for FY15.

https://brokingrfs.cimb.com/AtGDjr4Gcl8GZ1hHKuVEDGgcy5LQmeow-xeGsJvMG5SmoxA7sw6u8glwPQ_AbgpckkDnbCNRxfw1.pdf

We feel that we are more conservative than management ? the group continues to be positive on order intake for the remainder of FY13 and FY14, based on its level of discussions with the customers. Even so, our tampered expectations still project a 2-year EPS CAGR of 15% in FY13-15. Figure 1: For orders, we are now expecting NOK12.6bn

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07-Nov-2013 11:11

Vard / Vard Holdings

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Above the current px......but I hold for medium to long term.

danytan ( Date: 07-Nov-2013 10:59) Posted:

Ya, loyalty subscriber. can share ur avg cost if u dun mind?

WanSiTong ( Date: 07-Nov-2013 10:49) Posted:

Yes, Vard should issue a royalty award to be. Hahaha...

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07-Nov-2013 10:49

Vard / Vard Holdings

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Yes, Vard should issue a royalty award to be. Hahaha....

danytan ( Date: 07-Nov-2013 10:34) Posted:

Master WanSiTong, guessing you're vested? :p

WanSiTong ( Date: 07-Nov-2013 10:24) Posted:

Tomorrow will be better! Huat arh.....

WanSiTong Master	06-Nov-2013 09:45 About WanSiTong Contact Quote! Mood:
x 0 x 0 Alert Admin	The financial results for the current quarter and year to date show an improvement compared to the previous quarter, and demonstrate overall profitable operations for the Group. This Quarter Profit : NOK 58M Last Quarter Loss of NOK 44M

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07-Nov-2013 10:42

Elite KSB / Elite KSB

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aj2invest, pls see below posting..

aj2invest ( Date: 06-Nov-2013 15:57) Posted:

Why the sudden butchery? Good time to buy in? Bounce back from this fall in short term? Advise plz?

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07-Nov-2013 10:38

Elite KSB / Elite KSB

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Chicken got slaughtered! Close shop with cash around 8.4 cent per share.

As at the date of this announcement, the Company holds approximately S$11.397 million in cash. The distribution of such cash amount, less the outstanding liabilities, professional and other fees, costs and expenses to be incurred in connection with the Voluntary Winding Up and delisting exercise (the ?Distributable Cash?), will be on a pro rata basis in accordance with the shareholding interests of each Shareholder in the Company.

11.397m / 135.473 m= 8.4c Yes it's correct!

Do not forget that it still need to deduct the outstanding liabilities, professional and other fees, costs and expenses to be incurred in connection with the Voluntary Winding Up . So those who still holding the shares should let go any price above 8.4c. And not to forget that the winding up process take months!

Trade with care!

edwinjup ( Date: 06-Nov-2013 13:52) Posted:

Close shop with cash around 8.4cents..per share....so trade with care...

luketoh ( Date: 06-Nov-2013 13:17) Posted:

Chicken got slaughtered???

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07-Nov-2013 10:24

Vard / Vard Holdings

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Tomorrow will be better! Huat arh.....

WanSiTong Master	06-Nov-2013 09:45 About WanSiTong Contact Quote! Mood:
x 0 x 0 Alert Admin	The financial results for the current quarter and year to date show an improvement compared to the previous quarter, and demonstrate overall profitable operations for the Group. This Quarter Profit : NOK 58M Last Quarter Loss of NOK 44M

jacelin84 ( Date: 07-Nov-2013 09:16) Posted:

Vard's Q3 net profit declines 66.7%

Revenue fell 3.5 per cent to NOK 2.37 billion from NOK 2.46 billion a year ago.

Earnings per share declined to 1.36 SGD cents from 4.16 SGD cents.

" The weaker financial performance of the group is mainly attributable to Vard Niterói still suffering from an overload situation, leading to further delays and cost overruns. Lower productivity resulting from, among other factors, a shortage of qualified labour, is resulting in a loss at the yard, and is dragging down margins for the group,'' Vard said.

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07-Nov-2013 09:18

Vard / Vard Holdings

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That the way I like it........

http://www.youtube.com/watch?v=dd--tIkrVoA& hl=en-GB& gl=SG

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07-Nov-2013 08:30

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Dow hits another record high

Dow final

Click for more market data.

NEW YORK (CNNMoney)

The Dow rose to an all-time high Wednesday as investors focused on mostly solid corporate earnings.

The Dow gained 126 points to surpass its record high from last week. Microsoft (MSFT, Fortune 500) and Chevron (CVX, Fortune 500) were the best performing blue-chips in the Dow 30. Nike (NKE, Fortune 500) and Home Depot (HD, Fortune 500)were among the few Dow components that were lower.

The S& P 500 ended just below its record high, but the Nasdaq dipped. Stocks ended mostly flat Tuesday.

Looking ahead to the rest of the week, investors are awaiting the U.S. October jobs report from the Bureau of Labor Statistics. The report, due out Friday morning, has a strong influence on market sentiment.

Investors are zeroing in on the economy as they attempt to gauge when the Federal Reserve will begin to slow, or taper, the pace of its $85 billion per month stimulus program.

The Fed is expected to stay on hold until sometime next year, but any sign of improvement in growth, particularly in the job market, could stoke concerns about an early exit.

" We all know the taper is coming, we just don't know when," said Stone.

Related: Fear & Greed Index nearing extreme greed

On Thursday both the European Central Bank and the Bank of England will announce interest rate decisions. The ECB is under pressure to cut rates to a new low.

European markets and Asia's stock markets ended mixed.

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07-Nov-2013 08:25

Straits Times Index / STI to cross 3000 boosted by long-term investors

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World Markets

North and South American markets finished mixed as of the most recent closing prices. The S& P 500 gained 0.43%, while the Bovespa led the IPC lower. They fell 0.83% and 0.06% respectively.

North and South American Indexes

Index	Country	Change	% Change	Level	Last Update
Dow Jones Industrial Average	United States	+128.66	+0.82%	15,746.88	4:37pm ET
S& P 500 Index	United States	+7.52	+0.43%	1,770.49	4:37pm ET
Brazil Bovespa Stock Index	Brazil	-447.25	-0.83%	53,384.60	2:15pm ET
Canada S& P/TSX 60	Canada	+1.16	+0.15%	769.81	4:19pm ET
Santiago Index IPSA	Chile	-16.33	-0.49%	3,314.51	3:14pm ET
IPC	Mexico	-24.36	-0.06%	40,280.09	6:06pm ET

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06-Nov-2013 18:30

Tiong Woon / Tiong Woon

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Tiong Woon?s net profit rose 11% to S$4.6m on

turnover of S$44.6m for

first quarter ended 30 September 2013

NAV : 52.16c

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