Latest Posts By Alligator
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| 24-Apr-2009 12:43 |
Keppel
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keppel Corp
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from KIM ENG Morning Bulletin 24 April 2009 2) Keppel Corp – 1Q09 Results (Rohan Suppiah 64321455) Previous day closing price: $6.02 Recommendation: Sell (unchanged) Target price: S$4.56 (unchanged) Within expectations Keppel Corp posted 1Q09 net earnings of S$285.3m, or an EPS of 17.9cts, up 9% versus 1Q08. This is slightly ahead of our full year forecasts, due to the strong performance of SPC, as well as higher margins in the offshore and marine (O&M) division. Turnover grew by 34.7% to S$3.0bn, driven mainly by higher sales booked in for O&M. Margin improvement in O&M O&M recorded a 51% increase in sales to S$2.1bn, and recorded an EBITDA margin of 11.7%, higher than FY08’s 10.5%. Net earnings for O&M was at S$181m, up 38%. This was also in line with expectations, as the current work-in-progress is generally of higher value as it was secured during the peak of the cycle. Going forward, we still expect quarterly margins to fluctuate, depending on recognition, but have factored in a full year EBITDA margin of 11.5%. Other divisions performed to expectations The infrastructure division also posted a decent showing, with sales up 26%, as Keppel began revenue recognition on the Doha projects, as well as further ramp up of other ventures, and growing its net earnings by 150% to S$30.0m for the quarter. Property saw revenue decline by 26% to S$222m, with net earnings down 33% to S$34m. This is line with weaker property market, in Singapore as well as the region. SPC a one-off As mentioned earlier, SPC had a strong performance for the quarter, which saw associate earnings S$83.8m. However, we do not expect SPC to continue to be as profitable in light of thiner refining margins from higher global capacity coming on stream in the next few months. Maintaining forecasts and Sell recommendation We are maintaining our FY09 net earnings forecast at S$977.9m, for an 11% YoY contraction. We are assuming no sales at Reflections for the next 2 years, and lower earnings at SPC. O&M will also taper off from 2011 onwards. While there are good prospects for Keppel to secure more rig buildings as the market stabilises (particularly from Petrobras), we are unlikely to see the heady days of the last 2 years. Our SOTP valuation still stands at $4.56, and we retain our Sell recommendation. |
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| 24-Apr-2009 11:46 |
Others
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DOW & STI
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richtan, I used Adobe9 with Vista. This is the Free version. After reading your post, i tried again.. IC your problem... i missed out one step. Here is corrected: Move cursor to image, LEFT CLICK. u will see the image become darker. Now RIGHT CLICK, the copy image pop-up, ... I also use another computer with Win XP and Adobe8, reading the same DMG report in pdf file, same procedure , it worked. hope it works for you. |
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| 24-Apr-2009 08:47 |
Keppel Land
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Kepland
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The Company wishes to announce that it proposes
to undertake a renounceable rights issue (the “Rights Issue”) to raise
gross proceeds of approximately S$712.3 million.
Pursuant to the Rights Issue, up to 653,462,397 new ordinary shares in the capital of the Company (“Rights Shares”) at the issue price of S$1.09 (the “Issue Price”) per Rights Share, will be offered at the ratio of nine (9) Rights Shares for every ten (10) existing ordinary shares in the capital of the Company (the “Shares”) held by Shareholders (as defined below) as at a books closure date to be determined and announced by the Board of Directors (the “Board”) for the purpose of determining Shareholders’ entitlements to the Rights Shares (the “Books Closure Date”). Merrill Lynch (Singapore) Pte Ltd (the “Lead Manager”) is acting as the sole lead manager, underwriter and financial advisor to the Company. |
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| 24-Apr-2009 08:27 |
China Hongxing
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China Hongxing
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MFT = Market Fortune Teller | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 24-Apr-2009 08:24 |
CapitaLand
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CapitaLand: Too early to bottom fish
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SINGAPORE - CAPITALAND, Southeast Asia's largest developer, said on
Friday its first quarter net profit dropped 83 per cent from a year ago
as property values fell across the region. The developer, whose largest shareholder is Singapore state investor Temasek with an 40 per cent stake, earned $42.9 million in the three months ended March, down from $247.5 million a year earlier. 'We do not expect a quick and sharp turnaround in global property markets,' CapitaLand CEO Liew Mun Leong said in a statement. Analysts expect CapitaLand to post a 62 per cent fall in net profit to about $485 million this year due to slower home sales and a drop in the value of its investment properties, according to the median forecast of analysts polled by Thomson Reuters. Shares of CapitaLand fell 9.5 per cent in the first quarter compared with a 3.5 per cent drop in the benchmark Straits Times Index. -- REUTERS |
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| 23-Apr-2009 08:34 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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read this morning Straits times. Caused by some people push up sti index by buying up 36000 shares of JMH USD surging by USD4 , thus adding 19-point to ST it is comforting to note that SGX is investigating.
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| 22-Apr-2009 22:30 |
Others
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S-Chip
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from theedge Wednesday, 22 April 2009 17:03
Investors have shunned Singapore-listed Chinese firms after a
series of corporate scandals, but the indiscriminate selling has thrown
up some cheap gems that offer exposure to the world’s fastest-growing
major economy, reported Thomson Reuters.
A lack of trust in published accounts for Chinese firms in
Singapore has sent valuations of their stocks, known colloquially as
S-chips, plunging to low-single-digit price-earnings multiples even for
relatively sound companies that pay regular dividends. While analysts
expect further accounting problems to emerge among S-chips, experienced
investors are sifting the rubble for bargains.
“We have found excellent opportunities among the S-chips which gives us an opportunity to get exposure to the China market at relatively low valuations,” said Mark Mobius, lead portfolio manager for Templeton's Emerging Markets Group. “Our private equity funds have a few investments in the S-chips,” he added.
Mobius declined to name the S-chips in his portfolio, but other fund managers and analysts cited Yanlord Land (YNLG.SI) and China Fishery Group (CNFG.SI) as being among the best among the 150-odd Singapore-listed Chinese firms.
Other recommendations include China Milk (CHNM.SI) and sporting goods maker China Hongxing
(CHXS.SI), which are both trading at low-single-digit price-earnings
ratios despite having little debt and a large amount of cash on their
balance sheets.
Chinese firms, many of them small-and-medium enterprises,
accounted for around half of new listings in Singapore in recent years
and now make up about one-fifth of all listed companies on the Singapore Exchange (SGXL.SI).
Their stocks have fared poorly, however. The FTSE ST Times China
index has fallen 77% since hitting a peak in January 2008,
underperforming a 45% drop in Singapore's benchmark Straits Times Index
(.FTSTI) and a 42% fall in Hong Kong's H-share index of Chinese firms
over the same period.
Confidence in S-chips took a hit last October after steelmaker FerroChina (FERR.SI) defaulted on loans just weeks after it announced strong quarterly earnings.
The news got worse in the last three months with auditors flagging
alleged accounting irregularities at several S-chips, including textile
firm FibreChem Technologies (FIBR.SI), education provider Oriental Century (ORNL.SI) and starch maker China Sun Bio-Chem (CSUN.SI).
“It has become increasingly difficult to pick investible S-chips
with conviction as even the many supposedly financially strong S-chips
have turned up negative surprises,” said CIMB analyst Ho Choon Seng.
YANLORD, CHINA FISHERY
Peter Elston, a strategist at Aberdeen Asset Management in Singapore, said on the whole, they were avoiding S-chips.
“Yanlord is the only one we hold and we consider it very much the exception to the rule.”
Elston said Yanlord, which focuses on high-end residential
developments in second-tier Chinese cities, commanded average selling
prices that were as much as 50% above those of competitors because of
its reputation for quality and design.
Yanlord also had a decent landbank for future development and relatively low debt levels, he added.
Other investors in Yanlord, which is trading at a forward PE ratio
of around 11, include Henderson Global Investors and the Government of
Singapore Investment Corp (GIC).
As for China Fishery, Lee Shaun Tzen, an analyst at DMG &
Partners in Singapore, said demand and the price of fish in China will
likely hold steady.
China Fishery, which operates a fishing fleet and processing
plants, is attractively priced at 3.5 times price-earnings for 2009 and
2.7 times for 2010, he added. Based on a forecast 30% fall in earnings
this year, the average forward PE for the Straits Times index is around
12-13 times.
Other analyst picks are China XLX Fertiliser (CXLX.SI), one of China's biggest producers of coal-based urea, and Midas Holdings (MIDA.SI), a maker of aluminium parts, since both sectors could be beneficiaries of China's stimulus plans.
While Chinese listings in Singapore have dried up amid the
financial crisis, things should revive once concerns over the current
spate of scandals pass and the valuations commanded by S-chips in
Singapore improve, analysts said.
China's NASDAQ-styled second board, scheduled to open this year,
would make it harder for Singapore to attract Chinese firms but would
not stop the flow, they added.
“Chinese firms targeting the Singapore market either want to
promote their brand overseas, or think it's a more culturally friendly
market than the U.S. or Europe,” said Jiang Jianrong, an analyst at
Shanghai-based Shenyin Wanguo Securities Co.
An SGX spokeswoman said attracting foreign firms was a “key
pillar” of the Singapore bourse's expansion plans, and that it was
confident of getting overseas listings due to the city-state's status
as a major fund and wealth management centre.
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| 22-Apr-2009 22:20 |
JurTech
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JurTech
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Jurong Tech’s factory building is up for auction April 22, 2009A TWO-STOREY Tuas factory building owned by Jurong Technologies Industrial Corp has been put up for auction by the company’s judicial manager Deloitte & Touche. The property, at 18 Tuas West Avenue, is being offered at Colliers International’s auction on April 29. BT understands the property could be worth more than $3 million. The factory, which is being offered as a sale and leaseback deal, is on a 75,299 sq ft site with a remaining lease of about 17 years. Colliers will also auction a total of eight apartments and five shops at Upper Serangoon Shopping Centre. These units are understood to be part of a bigger batch of units in the ageing freehold development that had been offered for sale by tender in 2007 by the building’s developer, Hong Huat Development Co, which is in voluntary liquidation. The eight apartments on the top floor of the six-storey building will go under the hammer as a single lot at Colliers’ upcoming auction. Sources say that the opening price will be about $3 million to $3.1 million. At $3 million, the price reflects about $261 psf of strata area and a net yield of about 3.5 per cent, based on the existing lease on the units, which expires in about a year. All eight apartments are leased to a company. The shop units, which are being sold individually, are leased to various tenants. The leases expire from around the middle to end of this year. Opening bids for the shop units are expected to be in the region of $700 psf, which would reflect net yields of about 4 to 5 per cent based on existing tenancies. Besides collecting a rental return, a key attraction for potential buyers of the shops and apartments at Upper Serangoon Shopping Centre would be the prospects of a potential collective sale of the complex. Colliers is also offering at its auction two mortgagee sale properties. One is a ramp-up flatted factory unit at Tradehub 21 at Boon Lay Way. Tradehub is a site with a remaining lease of about 54 years. The unit is expected to fetch about $600,000. The other mortgagee sale is of a three-storey freehold detached house, 5B Lim Tua Tow Road (off Upper Serangoon Road). The property received offers above $2 million at an auction earlier this year, but the mortgagee bank declined to sell at the time. It could be more flexible now, given the poorer economic outlook, auction market watchers suggest. A 13th floor apartment at the freehold Orchard Towers - where a collective sale was once planned - will also go under the hammer at next Wednesday’s auction. The 1,970 sq ft unit has an indicative price of about $2.2 million to $2.4 million. Investors keen on buying strata shop units in the city can consider two basement units at High Street Centre and a couple of third-floor units at Sim Lim Square. These properties have been put up for sale by their respective owners. Some $18 million worth of properties was transacted at auctions in Singapore in the first quarter of this year, more than three times the $5.4 million notched up in the preceding quarter and also surpassing the $9.5 million in Q1 last year. Source : Business Times - 22 Apr 2009 |
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| 21-Apr-2009 14:32 |
Others
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DOW & STI
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richtan, To make image shown in forum page, you need to put your image from your computer and UPLOAD onto one of the web hosting site. many people had their BLOG or even run web hosting so there is no problem to them. However, if you dont have a web hosting site, then you can use any 'free image hosting' website to do that. When you unload your file to the web hosting site, it will provide you with an image link , and you just need to put this link into your SJ forum. When you read pdf file you can move your mouse to the IMAGE of your interest, right click, copy image , then save it somewhere in your computer so that you know the file location. Now, use any free image hosting website, for example use this one :: http://tinypic.com/ When you click this tinypic website, you shall see Upload Images &Videos. Just below this you see File (box) : type in your file location here. Then go down and click the UPLOAD NOW buttom. The image from your computer will be uploaded onto tinypic.com. when it is complete, another page pop up, you just go to the Direct Link Layouts box, highlight and COPY this link ( this is the one to be used on SJ forum page). Next, on your SJ forum page, on top of forum page you see many button, look for the second last button (Insert/Modify Image). Click it, a pop up shows up, you then type the location of image into the box (Image Usl), you can also do without typing: just move cursor to Direct Link Layouts box, highlight the Usl or image location, move the cursor into SJ forum's Insert/Modify Image pop up. paste. To be sure you get the correct image, you can preview and see for yourself, when all is well, just post your message as usual. Hope this helps.  |
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| 21-Apr-2009 06:01 |
Others
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DOW & STI
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richtan, sorry , may be this one FSSTI chart?  |
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| 21-Apr-2009 05:30 |
Others
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DOW & STI
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richtan, i think this is the image you are trying to upload  |
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| 17-Apr-2009 20:12 |
Others
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DOW & STI
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Yahoo finance gave you the following: http://chart.finance.yahoo.com/c/my/_/_dji |
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| 17-Apr-2009 12:56 |
Chartered
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Chartered after Rights
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From SGX website on 16April, Temasek raised stake From 59.66 % To 62.33 %, calculation of shares % as below: Percentage (before change) is based on 2,534,801,597 issued shares of CSM as at 1 June 2006 being the number of issued shares as at the date of the last notification. The percentage based on 2,544,417,109 issued shares as at 14 April 2009 is 59.36% Percentage (after change) is based on 9,414,343,303 issued shares of CSM as at 15 April 2009. |
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| 17-Apr-2009 11:26 |
Straits Times Index
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How to trade Index
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one way is to trade STI ETF. there are two STI ETF listed in SGX, as below. note that the first one streetTRACKS Straits Times Index Fund is CPF approved.
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| 16-Apr-2009 21:13 |
Neptune Orient L Rg
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NOL
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Be very very careful::: Read today's April 16 annoucement: Neptune Orient Lines Limited (“NOL”) today announced that it anticipates its first quarter 2009 results (due to be reported on 12 May 2009) to show an estimated net loss of US$240 million (subject to finalisation), which is in excess of the net loss of US$149 million which the Group reported for 4Q 2008. The first quarter of the year is a seasonally slower period for the global container shipping sector. However, this deterioration in performance is also due to a worsening of business operating conditions in the first quarter. On the expectation of adverse business operating conditions continuing, NOL expects its full year loss to be significantly worse than financial analysts’ current estimates. This is so notwithstanding the ongoing increased cost savings and mitigation efforts undertaken by NOL. BY ORDER OF THE BOARD Marjorie Wee/Wong Kim Wah (Ms) Company Secretaries Date: 16 April 2009 |
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| 16-Apr-2009 15:51 |
CapitaLand
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CapitaLand: Too early to bottom fish
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by DMG: As such we are downgrading CapitaLand to NEUTRAL from BUY on valuations (S$3.00 TP: S$2.60) BNP, sorry cannot find |
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| 16-Apr-2009 15:36 |
CapitaLand
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CapitaLand: Too early to bottom fish
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information for sharing: 16 April, BNP - CapitaLand cut to Reduce fr Hold DMG - CapitaLand cut to Neutral fr Buy |
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| 15-Apr-2009 23:26 |
Others
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DBSV link to DBS iBANK, trade commission .18%
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Just to let those who use DBSV be aware that this new service is available. Preferential commission rate of 0.18% or minimum S$18 for all Singapore trades. Link : http://www.dbs.com/sg/personal/ibanking/tradingservices/Pages/default.aspx |
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| 15-Apr-2009 13:23 |
Capitaland 500
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Capitaland
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You are holding 1500 capitaland shares now, so if you want to sell you need to sell your odd lot (500) in another counter, which is Capitaland_500. Please do so ASAP when this counter is still listed. As its volume is very small, it can be delisted soon. Or else you may have to call your broker in future to deal with odd lot of 500. You can see below: the capitaland shares had very high volumn but the capitaland_500 has only one seller with one lot and buyer of 2 lots.
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| 15-Apr-2009 11:08 |
TIH
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Transpac
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Warrant typically had 5 year expiry. I did not read the details for this Transpac's warrant yet so not sure how long is its expiry. In case of warrant, you exercise via the warrant agent, details will be mailed to you by the company/CDP. You also need to add some working days to process the exercise of warrant before expiry date , i forgot how long but it will be explained in their document. However for study purpose you can click any other warrant and read for yourself their warrant agent..Or in CDP website type Warrant and there will be a lot of information on warrant... I just copy a warrant details from sgx website on YongNam here for discussion. You can see its expiry is 2012 Dec 14, the exercise price is listed, warrant agent name,address , contact are all listed, and that the warrant is currently traded in sgx also. Hope this helps YONGNAM HOLDINGS LTD W121214
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