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24-Sep-2009 09:45

Citic Envirotech / United Envirotech

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If not wrong, should be share placement to get more money for new projects. My guess.

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24-Sep-2009 09:44

China PowerPlus / China PowerPlus, going to be awaken?

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If can maintain above in this way, we may progress to the next level of resistance at S$0.08-0.085.

Cheers

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23-Sep-2009 23:09

MAP Tech /

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Here a write-out that show some news on Map Tech. A good one loh. See the highlighted yellow. Me only copy portion of it as the rest not quite relate & too much to read. Cheers.

DR DAVID LEE - fund manager's bets proven right

Written by Leong Chan Teik
Sunday, 20 September 2009
Some nine months have passed since this interview was done and subsequently published in Pulses magazine. You could have made lots of money on the insights that Dr David Lee shared in January 2009. Dr David Lee, MD, Ferrell Asset Management. Photo courtesy of Ferrell BACK IN THE 1990s when I first got to know him, Dr David Lee regularly offered to the media his critique of the Certificate of Entitlement (COE) system, which Singapore was introducing to manage the growth of the vehicle population. He was then a lecturer in the Department of Business Policy at the National University of Singapore, and one of the most vocal academics when it came to the COE system. After Dr Lee left the university, he went into stock broking and was managing director of Fraser Asset Management prior to founding Ferrell Asset Management. In 2006, he became group managing director of Auric Pacific, a listed food manufacturer and retailer, but left in the same year to take up the CEO post at Overseas Union Enterprise (OUE), a listed hotel manager and property owner with interests in property development and investments. He left OUE in October 2007 to focus on asset management at Ferrell. He has many former university colleagues who now work in the fund management business but Dr Lee, 47, is probably the only one who founded a fund management business. This is a hedge fund which started life in 1999 and along the way acquired enough expertise and property professionals to invest and manage and develop property. My latest encounter with him was at the show suite of Ferrell Residences (pic below) in Bukit Timah where he had suggested we meet for this article and where his company is going to develop a 24-storey condominium. This maiden project is now being marketed in countries such as Taiwan. Reflecting on business life, Dr Lee said: “It is just as challenging as doing original academic research which interests me a lot, but running a business needs more energy, courage and perseverance.” Artist's impression of Ferrell Residences. Courtesy of Ferrell. He spends most of his time managing long short equity and maro hedge funds with his analysts and quants. He is also supported by an experienced real estate team headed by Executive Director Jeanna Chan. With a staff strength of 18 and assets of $900 million, Ferrell Asset Management started investing in real estate in 2004, and has reaped good dividends over the past four years. “The risks of investing in real estate are lower in Singapore than in other countries for three reasons,” said Dr Lee. “First, it is the uniqueness of the Singapore administration. We have pro-business and no-nonsense property construction regulation administered by efficient civil servants. Property management is executed by well-qualified real estate professionals. “Second, there is low probability of natural disaster and pollution. Third, good economic and immigration policies ensure that foreign demand increases gradually over the long run.” He is looking beyond the current economic gloom. “To us, Singapore property prices are still cheap relative to Hong Kong and Japan. Furthermore, Singapore has just begun its transformation from a local “no hope and boring” city to a “forward looking and interesting” global city. At the moment, it is just unfashionable to say these positive things and more fashionable to focus on the negative environment.” He continued: “In economics and finance, you can think of the swing of the pendulum. When experts and leaders are doing something about a crisis, when they know what’s going on, things will swing the other way eventually. It’s not like the end of the world or as though we are suffering from an incurable illness.” What were the events that led you to found Ferrell in 1999? Dr Lee: In 1999, we were in the midst of the Asian financial crisis and most of my stock broking clients were holding cash. I realized that being able to short was important not only to hedge but to generate returns for my clients. So, I set up an office in The Exchange (now the Quadrant) with two backroom staff and US$3 million to manage. My clients were mainly Chinese speaking, and they were mostly my friends and relatives in Singapore and Taiwan. I later expanded my client base and businesses in other parts of Asia. Being bilingual and having a good understanding of Chinese culture remain the strength of Ferrell today. What have you been doing of late in the market? Dr Lee: We have been searching for businesses that have good cash reserves, cash flows and management that aligns its interest with shareholders. We have narrowed down a list of companies. We think that this is a once-in-a-life time chance to buy at almost giveaway prices a portfolio of companies that have very strong management and cash flows. These companies are going to give us cash flows for many years to come and we may not want to sell them for a long time. What have you been advising your clients of late? Dr Lee: We have been advising those with long investment horizons and spare cash to increase their exposure to risky assets, no matter how implausible it sounds right now. What stocks have been big winners for you in recent years? Dr Lee: These are companies with low or no debt, good cashflow, good dividends, and good management, especially those in the business of making electronic components. What have been not-so-great buys? Dr Lee: Insurance companies have been a disappointment. Even though they have been giving good dividends and could be transparent, they remain under-performers for us relative to other holdings. But, given an opportunity, it would be ideal to be the single largest shareholder of an insurance company or to own one for the regular cash inflows. The majority of the funds that Ferrell manages are in residential and commercial property in Singapore. What do you say about how prices have gone south in the past year? Dr Lee: Prices have been hit by the current panic and deleveraging in the financial market. One main reason is that the perceived re-financing risk is high, brought about by lower capitalization of the banks and lower valuation of the properties. But so far the transacted volume of properties is low, signaling that sellers are not forced to sell at the current price and buyers are patiently waiting to buy. The majority of the buyers in this cycle are institutions with longer investment horizon and cash, as compared to the last cycle when the buyers were mainly retail investors and local listed entities. Furthermore, the Singapore Government and developers have learnt their lessons from the previous crisis. Major developers are in better financial positions than in the last cycle and are sitting on good cash positions. I see a short-term correction in the prices because of fear rather than a collapse in demand. What is your take on the near-term outlook for Singapore property? Dr Lee: Given the negative sentiments, transactions will be low for the physical property market in the near term. However, we would not see much downside for property prices from the current level as prices have already fallen 30-40 per cent for prime properties in less than a few months. The causes are many: fear of defaults in the Deferred Payment Scheme, perceived high unemployment rates, and massive outflows of businesses and its employees from Singapore. We are getting very close to the asking prices at the beginning of the last cycle in 2004 and that is precisely the reason why transactions are low. Take the office REIT sector as an example: stock prices are factoring a total collapse of the sector with a very low probability of re-financing. The current valuation of some office REITs is not rational as it implies that the Singapore economy is close to a collapse with the banks and creditors owning most of the empty buildings in the central business district. Sure, there will be more bankruptcies, unemployment and deterioration of the real economy in 2009. Bearish it may be, but when you have more than a 5-10 per cent depreciation of the SGD against the USD, a fall of 30-40 per cent from the peak for the high-end residential market, a fall of 70 per cent in prices for some REITs and close to physical replacement value, you have to take notice if you are a long term investor with a portfolio denominated in USD. I would never say the same of properties in some big cities of US or even London, which have enjoyed a long persistent uptrend above GDP growth for equivalent to two Singapore cycles, and have only just started to revert to its mean. But prices of Singapore physical property and property stocks have dropped to a level beyond what a recession calls for and have been below growth trend for some time. It does not help that most businesses and their owners are affected adversely by their more recent experiences of shrinking wealth, deleveraging, and difficulties in obtaining financing, loans and new equity. What is the difference between the last and this downturn for properties? Dr Lee: In the last downturn, most local listed companies were going regional and were hit badly when the Asian crisis came. At the same time, most SMEs bought their land and factories at sky-high prices. These two factors, together with the SARS outbreak, caused property prices to tank and led to foreclosures. Given the personal guarantees of the SME bosses to banks, it was not surprising that their residential properties were repossessed when the SMEs went bankrupt. We saw the tax incentives and pro-business stance of the government during the crisis, and we saw cash flow back to these companies when the REITs were first listed in 2002. Ferrell was first in the game with a private REIT to own 78 Shenton Way. Since then, cash flows to major developers and SMEs have been improving with every purchase by REITs. The ownership of many properties is now partially or fully transferred to institutional investors. Singapore is a leading REIT centre and if the problems of re-financing and mark-to-market valuation cause a single well-managed REIT to collapse, it could potentially be disastrous to our reputation. If the collapse is a system failure, and not a mis-management issue, appropriate policy response is needed. Otherwise, this failure will be a Lehman for Singapore and there will be major repercussion for Singapore as a financial centre. Given that valuations are so low now, we are already seeing REITs and management companies changing hands. Smart investors are betting that a collapse is not imminent. At the same time, if one were an international investor, Singapore is a place that one must have exposure. China and Singapore remain the two countries in Asia favoured by long-term investors given our high saving rates and well managed economy. Singapore remains one of the most livable countries in the world as it has open arm policies for foreigners and businesses. Externally, with the expansionary policy of China, Singapore will benefit substantially from the spillover, no matter how small and we do not need much. Singapore is a global city now and net immigration outflow, as compared to last crisis, will be less severe. After all, Singapore is a “tiny little” place and as long as the two Integrated Resorts are on track, we will not be impacted as badly as before. Valuation-wise, property prices and REITs remain attractive. We are constantly seeking to raise funds from long-term investors, especially pension funds and family offices, in order to take advantage of this downturn. Given that the wealth in the “private” sector has shrunk, more ownership of properties will shift into the hands of sovereign wealth and long-term funds for this new “public” cycle. MAP's office in UOB Plaza. NextInsight file photo. You are also non-executive chairman of MAP Technology and have been buying the stock aggressively. Is that your fund’s biggest single stock holding? Dr Lee: It is not our policy to comment on individual stocks but I can say that MAP is one of our top three holdings. MAP Technology will be cash-rich soon after divesting a subsidiary.

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23-Sep-2009 22:32

China PowerPlus / China PowerPlus, going to be awaken?

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Ya..... but If we have high vol that can sucessfully push it through 0.07, i thk a change may come.

Anyway, ....wait slow slow for the porridge to boil. No rush. If back track , i believe someone will push it up. Hehe

Cheers.

lawcheemeng ( Date: 23-Sep-2009 22:23) Posted:

bollinger band is converging price hugging down wards.......DMS........pointing down......look like got down ward pressure leh.....

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23-Sep-2009 21:45

Citic Envirotech / United Envirotech

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That one history already.

But Like i say up too much this few days. I guess tomorrow may back track abit.

Bc they also don't want SGX to look fr them again (my guess)

aircraft ( Date: 23-Sep-2009 21:38) Posted:

They ganna query Regarding Trading Activity.

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23-Sep-2009 21:39

China PowerPlus / China PowerPlus, going to be awaken?

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Seems like Law is right, this one will take some time......(in chinese we call: puo zhou >> boil porridge) Hehe

Btw for TA personnel:

If a breakout above the S$0.07 resistance is successful, it is positive for the stock to progress to the next level of resistance at S$0.08-0.085.

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23-Sep-2009 20:33

Citic Envirotech / United Envirotech

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This few days, everyday up. Hope tomorrow back track abit, than i can join in again.

Cheers.

lawcheemeng ( Date: 23-Sep-2009 20:29) Posted:

mai tham sim.....leave it for tomorow.......tomorow this want may test 50cts......if may guess is rite.....close above 53cts before end of the week....

ozone2002 ( Date: 23-Sep-2009 17:43) Posted:

y neva hit IPO price.. so sad :(

keke

cheers to those who rode on utd!

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23-Sep-2009 17:04

Citic Envirotech / United Envirotech

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Contra at 0.45. Will be back if Utd continue to cheong.

Cheers

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22-Sep-2009 22:41

HG Metal / HG METAL

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Every dog has its day. Now is rotational play times.

Its just the matter of time when HG metal time comes.

Cheers.

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22-Sep-2009 20:23

Genting Sing / GenSp starts to move up again

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No problem lah. I got in & out a few times on Genting.

Got profit ok already. Money in yr pocket than is your own money. In this world anything can happen one.

Remember: Zi Zhu Chang Le.

Cheers Teeth.

teeth53 ( Date: 22-Sep-2009 20:00) Posted:

Bot bak after d right...not entitle to right. but can buy right when open for trading, will be quite expensive liao.

dealer0168 ( Date: 22-Sep-2009 19:55) Posted:

Lucky buy bk some this few days.....horay

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22-Sep-2009 19:55

Genting Sing / GenSp starts to move up again

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Lucky buy bk some this few days.....horay

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22-Sep-2009 09:22

Citic Envirotech / United Envirotech

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Next target: 50 cents.

Cheong ah.................

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21-Sep-2009 19:58

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

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Investors should stay long, but stay nimble, analysts say

By R SIVANITHY
SENIOR CORRESPONDENT

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CHART watchers would no doubt be busy this week fine-tuning their analyses of the Straits Times Index with the key questions being whether the buying of the dips will continue and if so, would they eventually be strong enough to ensure the 2,700 mark is convincingly reclaimed.

Logically, because there is no reason to expect much negative economic data in the weeks ahead - even if there was to be any, government spin doctors and central bankers would likely shift into overdrive to ensure that the impact is minimised - the answer to the first question has to be that the buying of the dips will surely continue and it can only be a matter of time that liquidity and momentum propel the index above 2,700.

Helping this process along will be an increasing number of optimistic reports that essentially say 'buy Asia' such as DBS Group Research which in its Sept 17 Q4 outlook said Asia's V-shaped recovery continues unabated.

'We do not subscribe to W-shaped scenarios for the US or Asia, especially the latter,' said DBS. 'In short, we never regarded this downturn as a garden variety recession, rather a 'shell-shock' arising from the Lehman Brothers debacle and several one-off factors related to China, and have always looked for the sharp rebound that is now under way.'

However, as pointed out in last week's column, signs of frothiness abound. In an oblique manner this was the point of DMG & Partners' 'sell' on the Singapore Exchange last Wednesday, when it said that current valuations are not cheap and interest may not be sustained.

DMG pointed out that value per unit traded in July and August was 79 cents, down from $1.08 on SGX's 2008 financial year and the 94 cents in its 2009 financial year.

'Historically, penny stocks were the last to move in an upmarket. We are not optimistic that equities market trading volume will stay high in the months ahead,' said DMG. To be sure, the value per unit traded has not risen much in recent days, with the figure still well below $1.

And what of earnings? Here, diverse views can be found.

Citi Investment Research in its Global Equity Strategist report of Sept 16 said global 12-month forward earnings expectations have risen almost 10 per cent since May and it looks like markets have entered the recovery phase of the profits cycle.

'The clearest signs of a recovery in forward earnings are in emerging markets,' said Citi.

It added that earnings momentum strategies tend to struggle around turning points and to gain exposure to the cyclical earnings recovery, investors should do so through sectors, not regions.

However, Morgan Stanley in its Sept 17 Asia/Global Emerging Markets strategy said the earnings upgrade momentum is likely to be nearing a peak and that the bulk of the impact on EPS (earnings per share) growth rate forecasts are likely to have already happened.

'The pickup in the intensity of earnings revisions have translated into significantly better bottom-up earnings growth expectations . . . but we would expect further upside to aggregate bottom-up EPS growth rate forecasts to be limited even if revisions remain in positive territory, as we approach levels similar in magnitude to those seen in previous earnings recoveries,' said MS.

The upshot of all this is that while investors should probably look to stay long, they should also stay nimble and be on the lookout for a significant market turn and loss of momentum

Equities have risen, on average, by 50 per cent in six months mainly because of concerted government-provided liquidity from Washington to Beijing, and many observers know that the withdrawal of this support could derail the recovery.

In this regard, it's interesting to note the results of a global fund manager survey by FTI Consulting reported last week - the majority of respondents said the crisis is not over yet because the amount of leverage in the system has not yet diminished.

'The prevailing view was that there has been so much economic stimulus that markets cannot help but go up. The concern was what would happen when government money runs out,' said FTI.

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21-Sep-2009 15:19

Citic Envirotech / United Envirotech

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Maybe will reach Epure price....hehe

lawcheemeng ( Date: 21-Sep-2009 14:55) Posted:

hehehe this only one project hor......got others coming hor....hold tight tight.......run faster than epure liao...........water water water.....".sui...wei....chai"

ozone2002 ( Date: 21-Sep-2009 14:36) Posted:

dble order bk! ...50c liao.. keke

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20-Sep-2009 21:02

Abterra / Any comment for ABTERRA?

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Abterra

General Nice Resources

15 Sept

10,900,000

5 cts

2.1 billion (40.48%)

dealer0168 ( Date: 20-Sep-2009 21:00) Posted:

Insider buying news:

*****

Coking coal operations in Shanxi province in China. Photo by Andrew van Buren

Abterra: It has a parent called General Nice Resources, which has periodically been buying its shares while the market seems lukewarm towards it.

Abterra’s business model is in the midst of transformation. From being a trader of commodities, it has also become an owner of mines, particularly coking coal mines in China (see table below).

Lately, it has acquired an iron ore processing facility in Indonesia, taking over have some long term contracts with mine owners that will supply them with iron ore.

The iron ore supply is of a low grade which Abterra will process and increase its iron content before selling it off.

Assets acquired	Abterra’s stake	Acquisition date	Consideration
Zuoquan Yongxing Coal Co. (coking coal mine)	15%	Aug 2007	RMB45.75 m
Shanxi Taixing Jiaozhong (coking coal mine)	49%	May 2009	RMB188 m
Shanxi Lingshi Fuyuan Coal (coking coal mine)	30.6%	Aug 2009	RMB234.8 m
*(Unnamed iron ore processing facility, Indonesia)*	100%	Aug 2009	US$7.3 m

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20-Sep-2009 21:00

Abterra / Any comment for ABTERRA?

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Insider buying news:

*****

Coking coal operations in Shanxi province in China. Photo by Andrew van Buren

Assets acquired	Abterra’s stake	Acquisition date	Consideration
Zuoquan Yongxing Coal Co. (coking coal mine)	15%	Aug 2007	RMB45.75 m
Shanxi Taixing Jiaozhong (coking coal mine)	49%	May 2009	RMB188 m
Shanxi Lingshi Fuyuan Coal (coking coal mine)	30.6%	Aug 2009	RMB234.8 m
*(Unnamed iron ore processing facility, Indonesia)*	100%	Aug 2009	US$7.3 m

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20-Sep-2009 17:23

China PowerPlus / China PowerPlus, going to be awaken?

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To be frank this one, its share qty in market is not alot like abterra. It can be move up easily n fast as well.

Hope its time to go UP is coming......Cheers.

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20-Sep-2009 17:20

China PowerPlus / China PowerPlus, going to be awaken?

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Yup, this website had been there this morning while i'm doing the checking.

Thanks Law anyway.

Ooo... sian still have to wait after monday holiday than can see my baby in action on Tuesday.

Hope tuesday got some good movement UP. hehe

lawcheemeng ( Date: 20-Sep-2009 16:16) Posted:

dealer check out this site.....click

dealer0168 ( Date: 20-Sep-2009 15:46) Posted:

No problem no problem.....u are always welcome.

Cheers.

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20-Sep-2009 15:46

China PowerPlus / China PowerPlus, going to be awaken?

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No problem no problem.....u are always welcome.

Cheers.

lawcheemeng ( Date: 20-Sep-2009 15:44) Posted:

leave some for me hor......

dealer0168 ( Date: 20-Sep-2009 15:40) Posted:

Law, hope it bring me to the moon like what Utd Envi. does for u............hehe

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20-Sep-2009 15:40

China PowerPlus / China PowerPlus, going to be awaken?

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Law, hope it bring me to the moon like what Utd Envi. does for u............hehe

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