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Latest Posts By Peter_Pan - Supreme      About Peter_Pan
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23-Apr-2013 12:36 Vard   /   STXOSV       Go to Message
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VARD eyes US$530m Brazilian orders

Target wins to ignite an uptick in its share price.

According to CIMB, it believes that the lacklustre share price of STX OSV, which has  adopted a new brand name, VARD, could be catalysed by sizeable  Brazilian orders worth up to US$530m or NOK3bn (translating to 27% of our FY13 order target) in the next couple of weeks.  

Here's more

Given its recent underperformance  and sentiment uplift from this  headline-win, we upgrade VARD to  Trading Buy from Neutral. The stock is not an Outperform as there could be downside risks to the company’slonger-term margins profile. Further, the absence of communications fromthe new majority owner, Fincantieri, could put off longer-term investors. 

No change to our EPS or target price, still at 8x CY14 P/E, one s.d. above its trading mean.

Industry publications report that Petrobras could award contracts for seven newbuild pipe-laying support vessels (PLSVs) in the next few weeks. One source pinpointed 20 April as the cut-off date for announcement.

Accordingly, two 300-tonne PLSVs could be contracted to TechnipNorskan, with construction eyed at VARD’s new Brazilian yard, Promar.

Yard prices for the two units could total US$560m, or NOK3bn, translating to 27% of our FY13 order  target of NOK11bn. Deliveries are expected by late-2016.

We think that the looming-win could spark an uptick in share price. YTD,  VARD has secured orders of NOK2.4bn (all for subsea vessels). Beyond the headline-win, we highlight that while the Petrobras orders would replenish the order book, they would not contribute meaningfully to 2013’s revenue runrate due to its long delivery.

From a margins perspective, the yard pricesfor the Brazil units are expected to be higher than for international-built units with higher tonne tension capacities. This should buffer costs escalations and production bottlenecks in Brazil. 

With the stock a laggard, we recommend that shorter-term/riskon investors buy before the fact. Also, with the share price at S$1.22 (the offer price), near-term downside risk is limited.

It was only recently that the market unanimously decided that the offer price undervalued VARD.  Fincantieri only managed to
accumulate another 4.9% of  shareholdings from the open market. 

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23-Apr-2013 12:19 Vard   /   STXOSV       Go to Message
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STX OSV Shareholders Approve Company’s Name Change to Vard.
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22-Apr-2013 14:04 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Well done STI!
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22-Apr-2013 09:41 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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19-Apr-2013 15:53 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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500 points...gd luck!
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19-Apr-2013 15:35 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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400 points...Huat la!
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19-Apr-2013 13:57 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Enjoy...
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19-Apr-2013 13:19 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Well done! HSI SSE!
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19-Apr-2013 12:57 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Reuters “regrets” obituary error: Soros is “alive and well”

April 19, 2013, 12:48 AM

George Soros

George Soros. Status: Alive.

In an occurrence no news organization wants to encounter, Reuters on Thursday erroneously published a pre-written obituary for the billionaire, in which the 82-year-old was described as “a predatory and hugely successful financier and investor, who argued paradoxically for years against the same sort of free-wheeling capitalism that made him billions.”

The story’s headline would’ve tipped off readers that the news of Soros’s death was premature: “George Soros, enigmatic financier, liberal philanthropist dies at XX,”  marking the spot where his age would’ve been inserted. As is customary, Reuters also typed “XX”s  in place  of the day  of Soros’s eventual death.

Thursday, April 18, 2013 was not  that day.

Reuters, in acknowledging the obituary was  mistakenly published, said a Soros spokesman told the news group that “the New York-based financier is alive and well.” Reuters also said it “regrets the error.”

Of course, the obituary made the rounds across the Internet,  with recounts of the error carrying headlines including,  “Reuters Killed George Soros” and inspiring tweets like:


If  Soros did read the piece,   he would’ve seen his obituary  say he was known as ‘the man who broke the Bank of England,’ for selling the British pound short in 1992, and that his Soros Fund Management was “widely blamed for helping trigger the Asian financial crisis of 1997,” by selling short the currencies of Thailand and Malaysia.

“An enigma, wrapped in intellect, contradiction and money,” Reuters wrote of Soros.

– Carla Mozée

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18-Apr-2013 16:36 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Nice.
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18-Apr-2013 16:08 ThaiBev   /   up or down on debut?       Go to Message
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Next support around 0.52. Gd luck.
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18-Apr-2013 15:41 ThaiBev   /   up or down on debut?       Go to Message
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Play by ear. Gd luck.
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18-Apr-2013 15:31 ThaiBev   /   up or down on debut?       Go to Message
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Must be a delayed effect of the S& P rating downgrade..
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18-Apr-2013 13:11 China Minzhong   /   China Minzhong Food forum       Go to Message
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Gd luck.

Peter_Pan      ( Date: 08-Apr-2013 10:09) Posted:

Hmm...

Peter_Pan      ( Date: 14-Mar-2013 19:22) Posted:

Next support around $1.04 - $1.00 which happens to coincide with the gap created on 18/02/2013, if the rebound fails.


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18-Apr-2013 10:33 Ezion   /   Ezion       Go to Message
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Gd luck.
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18-Apr-2013 10:26 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Samsung Ends Anonymous Web Reviews Amid Taiwan Regulatory Probe
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16-Apr-2013 14:08 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Charging Ahead...The Dawn of A New EraSmiley
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16-Apr-2013 13:46 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Strong performance by STI.
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15-Apr-2013 13:56 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Paulson Loses More Than $300 Million as Gold Declines

Billionaire John Paulson lost more than $300 million of his personal wealth on his gold bet, as the precious metal fell to its lowest price in almost two years.

Paulson has roughly $9.5 billion invested across his hedge funds, of which about 85 percent is invested in gold share classes. Gold dropped 4.1 percent yesterday, shaving about $328 million from his net worth on this bet alone.

John Paulson, president and co-fund manager of Paulson & Co. Inc., at the 2011 U.S. Open. Photographer: Rick Maiman/Bloomberg

GRAPHIC: Bloomberg Visual Data

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Gold tumbled and entered a bear market after falling more than 20 percent since August 2011, bringing more bad news for 57-year-old Paulson, who has struggled with poor returns for the past two years. He told investors last year that his $700 million Gold Fund would beat his other strategies over five years because the metal was the best hedge against inflation and currency debasement as countries pump money into their economies. The fund slumped 28 percent this year through March, a person familiar with the matter said this month.

“The recent decline in gold prices has not changed our long-term thesis,” John Reade, a partner and gold strategist at Paulson & Co., said in an e-mailed statement. “We started investing in gold at $900 in April 2009 and while it’s down from its peak to $1500, it’s up considerably from our cost.”

Paulson investors can choose between dollar-and gold- denominated versions for most of the firm’s funds. In addition to losses from bullion’s decline, investors in Paulson & Co. funds, including the firm’s founder, lost about $62 million yesterday on their gold-stock investments, based on holdings as of Dec. 31, 2012. New York-based Paulson & Co.’s biggest wagers in miners include a 7.35 percent stake in  AngloGold Ashanti Ltd. (ANG)

‘Printing Money’

Goldman Sachs Group Inc. said this week that the turn in the gold-price cycle is accelerating after a 12-year rally as the recovery in the U.S. economy gains momentum. The bank reduced forecasts for the metal through 2014.

Deutsche Bank AG cut its 2013 gold outlook this week by 12 percent, citing a strengthening dollar and a lack of haven buying, and Societe Generale SA said in an April 2 report that gold is in a “bubble.”

Paulson’s Reade said gold will continue to appreciate in the long run because governments are pumping money into the economy at a rate not seen before.

“Federal governments have been printing money at an unprecedented rate,” said Reade. “We expect the strengthening of the economy and stock market to cause money supply to rise more than real growth and eventually lead to inflation. It is this expectation of paper currency debasement which makes gold an attractive long-term investment for us.”

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15-Apr-2013 13:44 Straits Times Index   /   STI to cross 3000 boosted by long-term investors       Go to Message
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Strong performance by STI.
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