logo transparent gif
top_white_spacer
Home Latest Stock Forum Topics MyCorner - Personal Stocks Porfolio Stock Lists Forex Investor Insights Investment News Investor Research & Links Dynamic Stock Charting FREE Registration About Us top spacer top spacer
 User Password Auto-Login
Enter Stock
 
righttip
branding

Back
First   1-20 of 21   Older>   Last  
Latest Forum Topics / ChinaKundaTech    Last:0.014 --  Post Reply
Good news
tanstg
Senior
08-Aug-2010 13:08     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		Car oversupply in China now lah
 Useful To Me  Not Useful To Me
lawcheemeng
Master
07-Aug-2010 13:45     
 
lawcheemeng About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "fly me to the mooon"
  x 0
  x 0

 Alert Admin 		this company very aggressive in JV...n  ......mergers....., share buy back mandate approve but still no action yet.....major share holder sold of fsome of it share.....though profitable this year.....however is a far cry from it listed days in 2008........placement of 32 million at 22.5cts fully taken....but so far still no chance go about the placement price yet.latest report...show very high inventory...is it ready for big growth.......trade receiveable also very high compare to a year ago....some thing is going on??  TA side looking good too.....Bollinger band very very tight ready for a expandsion..as price have been at this level (13.5 to 14.5) since mid may.MACD is trending into positive region. just share only not a call to do anything.....any sifu care to share on this one...hehehehe

tanstg      ( Date: 18-Jul-2010 20:36) Posted:



Company propose to buy-back share....watch out
 Useful To Me  Not Useful To Me


tanstg
Senior
18-Jul-2010 20:36     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

Company propose to buy-back share....watch out
 Useful To Me  Not Useful To Me
tanstg
Senior
06-Jul-2010 16:56     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		last 5 min le long call   .....buy buy buy 13.5cts only left with 7 lots liao
 Useful To Me  Not Useful To Me
tanstg
Senior
06-Jul-2010 14:47     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		le long le long ...... only 13.5cts
 Useful To Me  Not Useful To Me


tanstg
Senior
06-Jul-2010 09:33     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

Just trying to bring this counter to more attention.... more exposure .....

     it has been sleeping for awhile liao....
 Useful To Me  Not Useful To Me
baby88
Member
06-Apr-2010 17:26     
 
baby88 About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		I sold half of my holding last week with 25% lost. Very cham... big big lost where other counters are flying. Sickening lah

limhh83      ( Date: 03-Apr-2010 15:58) Posted:

hi all, any take on the sharp drop of the price this stock recently? It announces a profit guidance at the end of March, in my opinion, it will rise back when the profit report is out in May. Am i being optimistic? 

 Useful To Me  Not Useful To Me
tanstg
Senior
06-Apr-2010 17:26     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

The recent sharp drop in price on Kunda may have contributed from the following:
  • Expect not so good financial report for FY2010 base on recent Profit Guidance in May
  • Another S-Chip .... Q? Will it be another ChinaMike or SinoEnv?


Do not expect too much from this counter for the next half till 1 year. It may be a good period between now till May to average down, just my 2 sense. Anyway I have vested in this counter looking for a term of 2 or more years, here is my personal view:
  • Automobile market in China is in huge damand in the next 1 to 10 years time
  • China Kunda is more like a family business
  • Andrew Barron Worden holding on 9.37% of the counter
  • They have just join venture with Beijing Baiju and so on.


If you have more news, please share.... 

  
 Useful To Me  Not Useful To Me


limhh83
Member
03-Apr-2010 15:58     
 
limhh83 About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		hi all, any take on the sharp drop of the price this stock recently? It announces a profit guidance at the end of March, in my opinion, it will rise back when the profit report is out in May. Am i being optimistic? 
 Useful To Me  Not Useful To Me
tanstg
Senior
09-Feb-2010 09:16     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		ANDREW BARRON WORDEN is a US fund manager whose name increasingly surfaces as a substantial shareholder of S-chips in Singapore.

The latest S-chip he is buying into is Changtian Plastic & Chemical, which manufactures chemical-based products serving the packaging, water treatment and oil sectors.

The company announced yesterday (Feb 8) that Andrew Barron Worden has crossed the 5% shareholding threshold with a 3,081,000 share purchase on Feb 4 and 5 at 20.2 cents apiece.
   
CHANGTIAN PLASTIC 20.5 c (Feb 8)

52-week Hi/Lo

 24.5/7.5 c
Dividend yield (trailing 12 months) 6.1%
Historical PE ratio 3.4
Net Asset Value 27.3 c
No. of issued shares 660 m
Market cap S$135 m
Source: Bloomberg

His total shareholding together with the funds managed is 34,911,000 shares, or 5.29%.

Mr Worden, 44, is chairman and CEO of Barron Partners LP, which is a private investment fund specializing in micro-caps (barronpartners.com/management.html).

On his sparse website (andrewworden.net/), he says he has more than 20 years of experience founding, managing, analyzing and investing with public and private companies

Barron and Mr Worden’s other holdings:

* China Kunda: 9.37% stake, or 33 million shares.

* Sinotel Technologies: Last reported on Aug 31 to be holding 4.33% or 12.2 million shares, which was a comedown from 5.05%. Since Barron and Worden had ceased to be a substantial shareholder, they no longer had to declare their shareholding.

As with Sinotel, similarly with China Kunda: Barron and Worden has sold off at least some holding within months. In late Dec, they sold 500,000 shares of China Kunda.
 Useful To Me  Not Useful To Me
samtanics
Member
08-Feb-2010 23:53     
 
samtanics About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin

kunda lowest at.0.225.

i going to focus this s chip.

i will tell u y after 6 month down the road.....................................................................................at 0.4............................

 

 
 Useful To Me  Not Useful To Me
tanstg
Senior
08-Feb-2010 23:34     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		Do not write off Kunda because it is S-Chip, this is another worth investment counter as long as it's JV work out well in the near 1 year down the road. Basing on their investment report, personally I believe their future are bright - look at the number of cars in China now as well as their growth. So do not play pray la.  
 Useful To Me  Not Useful To Me


tanstg
Senior
02-Feb-2010 09:44     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

Another coverage from Edge



 

China Kunda Technology Holdings is revving up its plans to profit from the Chinese auto-sector boom. Last month, the company said it would set up a joint venture (JV) to supply automotive components to Beijing Hyundai Automobile Co., China’s fourth-largest automobile manufacturer by sales last year. The deal marks China Kunda’s transition from a producer of moulds primarily for car companies in Western markets into a component maker for China’s domestic car market.



 

For more read up from \\www.theedgesingapore.com

 

  

 Useful To Me  Not Useful To Me
tanstg
Senior
25-Jan-2010 18:58     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		buy when it is low....
 Useful To Me  Not Useful To Me
chinastar
Senior
25-Jan-2010 15:02     
 
chinastar About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		good business for china's auto market in 2010

tanstg      ( Date: 19-Jan-2010 19:10) Posted:



An article from Next InSight....

CHINA KUNDA, intent on increasing its exposure to China’s hot auto market, has signed a MOU for a stake in a JV to make plastic auto parts.

China’s auto sales rose a whopping 46.2% to 13.6 million vehicles last year, taking America’s spot as the world’s leading auto market, a position the latter had dominated for decades.

Nation-wide vehicles sales were driven by the 71% surge in sales of small cars (1.6 litres and below), as the central government had jump-started a stalled industry last January by halving purchase taxes for this category.

To ride on China’s burgeoning demand for cars, China Kunda, a precision mould maker for auto parts, now also wants to produce the plastic parts.

”The auto parts components business is more scalable and provides more steady cashflow than moulds,” said CFO Hau Khee Wee during an exclusive telecon interview with NextInsight this afternoon.

It signed an MOU to pump cash of Rmb 28.5 million for a 57%-stake in a JV to make plastic auto parts for Beijing Hyundai Automobile, which happens to be one of China’s top 10 automakers.

The fourth largest automaker by sales in China, Beijing Hyundai sold 521,000 vehicles in 2009 and recently announced plans to build a third automobile plant in Beijing to cater to the robust sales growth.

And Kunda's JV partner, Beijing Baiju Electrical Appliance, which makes plastic injection parts and metal parts, is closely connected to the automaker. It will subscribe for 43% in the JV by transferring existing production equipment and automotive component moulds to the JV.

 CHINA KUNDA Recent stock price 31.5 cts Market cap S$110.9 m 52-week high/low 34.5 / 12.1 cts Bloomberg est PE 12.6 X 1H10 Cash Flow from Operations HK$ 24.5m Price/Book 3.6 X Source: Bloomberg, Jan 13

To lower the risk in its foray into auto parts making, Kunda plans to duplicate this JV structure with other auto parts makers in order to gain access to customers. Auto parts makers are normally subject to a lengthy qualification process before being accredited to supply components, and such JVs provide ready sales channels to major automakers in China, allowing Kunda to bypass this qualification process.

”As the auto parts business requires suppliers to be near automakers, the long term plan is to duplicate this JV structure in major auto hubs like Changchun, Wuhan, Shanghai, and Guangzhou,” said Mr Hau. Westcomb recently initiated coverage on the stock (4 Jan) with a target price of 36 cents. The analyst, Lee Khai Chian, likes Kunda for its “solid customer base that mainly consists of owners of well-know international brands in Europe and Asia”, and exposure to China’s rapidly growing auto sector.

Kunda’s acquisition in Nov of a controlling stake in SXD, which supplies metal components to the automobile and electronics division of BYD is expected to jumpstart its auto parts division. Kunda also plans to inject its advanced plastic injection technology into the JV, so that the unit can compete for higher-value and higher-margin products from its existing customer base.

Manufacturer 2009 Sales Market Share Shanghai Volkswagen Co. 708,100 9.48% FAW-Volkswagen Automotive Co. 669,200 8.95% Shanghai General Motors Co. 668,200 8.94% Beijing Hyundai Automobile Co. 521,000 6.97% Dongfeng Motor Co 459,300 6.15% BYD Co. Ltd. 448,400 6.00% Chery Automobile Co. 409,300 5.48% Guangzhou Honda Automobile Co. 337,200 4.51% Tianjin FAW Toyota Motor Co. 334,700 4.48% Geely Automobile Holdings Ltd. 329,100 4.40% Market Share of China’s Top 10 Car Manufacturers in 2009 Source: China Association of Automobile Manufacturers

 Useful To Me  Not Useful To Me
tanstg
Senior
20-Jan-2010 08:46     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

TA at 36cts



baby88      ( Date: 20-Jan-2010 08:25) Posted:

What is the target price ???

tanstg      ( Date: 19-Jan-2010 19:10) Posted:



An article from Next InSight....

CHINA KUNDA, intent on increasing its exposure to China’s hot auto market, has signed a MOU for a stake in a JV to make plastic auto parts.

China’s auto sales rose a whopping 46.2% to 13.6 million vehicles last year, taking America’s spot as the world’s leading auto market, a position the latter had dominated for decades.

Nation-wide vehicles sales were driven by the 71% surge in sales of small cars (1.6 litres and below), as the central government had jump-started a stalled industry last January by halving purchase taxes for this category.

To ride on China’s burgeoning demand for cars, China Kunda, a precision mould maker for auto parts, now also wants to produce the plastic parts.

”The auto parts components business is more scalable and provides more steady cashflow than moulds,” said CFO Hau Khee Wee during an exclusive telecon interview with NextInsight this afternoon.

It signed an MOU to pump cash of Rmb 28.5 million for a 57%-stake in a JV to make plastic auto parts for Beijing Hyundai Automobile, which happens to be one of China’s top 10 automakers.

The fourth largest automaker by sales in China, Beijing Hyundai sold 521,000 vehicles in 2009 and recently announced plans to build a third automobile plant in Beijing to cater to the robust sales growth.

And Kunda's JV partner, Beijing Baiju Electrical Appliance, which makes plastic injection parts and metal parts, is closely connected to the automaker. It will subscribe for 43% in the JV by transferring existing production equipment and automotive component moulds to the JV.

 CHINA KUNDA Recent stock price 31.5 cts Market cap S$110.9 m 52-week high/low 34.5 / 12.1 cts Bloomberg est PE 12.6 X 1H10 Cash Flow from Operations HK$ 24.5m Price/Book 3.6 X Source: Bloomberg, Jan 13

To lower the risk in its foray into auto parts making, Kunda plans to duplicate this JV structure with other auto parts makers in order to gain access to customers. Auto parts makers are normally subject to a lengthy qualification process before being accredited to supply components, and such JVs provide ready sales channels to major automakers in China, allowing Kunda to bypass this qualification process.

”As the auto parts business requires suppliers to be near automakers, the long term plan is to duplicate this JV structure in major auto hubs like Changchun, Wuhan, Shanghai, and Guangzhou,” said Mr Hau. Westcomb recently initiated coverage on the stock (4 Jan) with a target price of 36 cents. The analyst, Lee Khai Chian, likes Kunda for its “solid customer base that mainly consists of owners of well-know international brands in Europe and Asia”, and exposure to China’s rapidly growing auto sector.

Kunda’s acquisition in Nov of a controlling stake in SXD, which supplies metal components to the automobile and electronics division of BYD is expected to jumpstart its auto parts division. Kunda also plans to inject its advanced plastic injection technology into the JV, so that the unit can compete for higher-value and higher-margin products from its existing customer base.

Manufacturer 2009 Sales Market Share Shanghai Volkswagen Co. 708,100 9.48% FAW-Volkswagen Automotive Co. 669,200 8.95% Shanghai General Motors Co. 668,200 8.94% Beijing Hyundai Automobile Co. 521,000 6.97% Dongfeng Motor Co 459,300 6.15% BYD Co. Ltd. 448,400 6.00% Chery Automobile Co. 409,300 5.48% Guangzhou Honda Automobile Co. 337,200 4.51% Tianjin FAW Toyota Motor Co. 334,700 4.48% Geely Automobile Holdings Ltd. 329,100 4.40% Market Share of China’s Top 10 Car Manufacturers in 2009 Source: China Association of Automobile Manufacturers


 Useful To Me  Not Useful To Me
baby88
Member
20-Jan-2010 08:25     
 
baby88 About Contact  Quote this Post!  
  x 0
  x 0

 Alert Admin 		What is the target price ???

tanstg      ( Date: 19-Jan-2010 19:10) Posted:



An article from Next InSight....

CHINA KUNDA, intent on increasing its exposure to China’s hot auto market, has signed a MOU for a stake in a JV to make plastic auto parts.

China’s auto sales rose a whopping 46.2% to 13.6 million vehicles last year, taking America’s spot as the world’s leading auto market, a position the latter had dominated for decades.

Nation-wide vehicles sales were driven by the 71% surge in sales of small cars (1.6 litres and below), as the central government had jump-started a stalled industry last January by halving purchase taxes for this category.

To ride on China’s burgeoning demand for cars, China Kunda, a precision mould maker for auto parts, now also wants to produce the plastic parts.

”The auto parts components business is more scalable and provides more steady cashflow than moulds,” said CFO Hau Khee Wee during an exclusive telecon interview with NextInsight this afternoon.

It signed an MOU to pump cash of Rmb 28.5 million for a 57%-stake in a JV to make plastic auto parts for Beijing Hyundai Automobile, which happens to be one of China’s top 10 automakers.

The fourth largest automaker by sales in China, Beijing Hyundai sold 521,000 vehicles in 2009 and recently announced plans to build a third automobile plant in Beijing to cater to the robust sales growth.

And Kunda's JV partner, Beijing Baiju Electrical Appliance, which makes plastic injection parts and metal parts, is closely connected to the automaker. It will subscribe for 43% in the JV by transferring existing production equipment and automotive component moulds to the JV.

 CHINA KUNDA Recent stock price 31.5 cts Market cap S$110.9 m 52-week high/low 34.5 / 12.1 cts Bloomberg est PE 12.6 X 1H10 Cash Flow from Operations HK$ 24.5m Price/Book 3.6 X Source: Bloomberg, Jan 13

To lower the risk in its foray into auto parts making, Kunda plans to duplicate this JV structure with other auto parts makers in order to gain access to customers. Auto parts makers are normally subject to a lengthy qualification process before being accredited to supply components, and such JVs provide ready sales channels to major automakers in China, allowing Kunda to bypass this qualification process.

”As the auto parts business requires suppliers to be near automakers, the long term plan is to duplicate this JV structure in major auto hubs like Changchun, Wuhan, Shanghai, and Guangzhou,” said Mr Hau. Westcomb recently initiated coverage on the stock (4 Jan) with a target price of 36 cents. The analyst, Lee Khai Chian, likes Kunda for its “solid customer base that mainly consists of owners of well-know international brands in Europe and Asia”, and exposure to China’s rapidly growing auto sector.

Kunda’s acquisition in Nov of a controlling stake in SXD, which supplies metal components to the automobile and electronics division of BYD is expected to jumpstart its auto parts division. Kunda also plans to inject its advanced plastic injection technology into the JV, so that the unit can compete for higher-value and higher-margin products from its existing customer base.

Manufacturer 2009 Sales Market Share Shanghai Volkswagen Co. 708,100 9.48% FAW-Volkswagen Automotive Co. 669,200 8.95% Shanghai General Motors Co. 668,200 8.94% Beijing Hyundai Automobile Co. 521,000 6.97% Dongfeng Motor Co 459,300 6.15% BYD Co. Ltd. 448,400 6.00% Chery Automobile Co. 409,300 5.48% Guangzhou Honda Automobile Co. 337,200 4.51% Tianjin FAW Toyota Motor Co. 334,700 4.48% Geely Automobile Holdings Ltd. 329,100 4.40% Market Share of China’s Top 10 Car Manufacturers in 2009 Source: China Association of Automobile Manufacturers

 Useful To Me  Not Useful To Me
tanstg
Senior
19-Jan-2010 19:10     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin

An article from Next InSight....

CHINA KUNDA, intent on increasing its exposure to China’s hot auto market, has signed a MOU for a stake in a JV to make plastic auto parts.

China’s auto sales rose a whopping 46.2% to 13.6 million vehicles last year, taking America’s spot as the world’s leading auto market, a position the latter had dominated for decades.

Nation-wide vehicles sales were driven by the 71% surge in sales of small cars (1.6 litres and below), as the central government had jump-started a stalled industry last January by halving purchase taxes for this category.

To ride on China’s burgeoning demand for cars, China Kunda, a precision mould maker for auto parts, now also wants to produce the plastic parts.

”The auto parts components business is more scalable and provides more steady cashflow than moulds,” said CFO Hau Khee Wee during an exclusive telecon interview with NextInsight this afternoon.

It signed an MOU to pump cash of Rmb 28.5 million for a 57%-stake in a JV to make plastic auto parts for Beijing Hyundai Automobile, which happens to be one of China’s top 10 automakers.

The fourth largest automaker by sales in China, Beijing Hyundai sold 521,000 vehicles in 2009 and recently announced plans to build a third automobile plant in Beijing to cater to the robust sales growth.

And Kunda's JV partner, Beijing Baiju Electrical Appliance, which makes plastic injection parts and metal parts, is closely connected to the automaker. It will subscribe for 43% in the JV by transferring existing production equipment and automotive component moulds to the JV.

 CHINA KUNDA Recent stock price 31.5 cts Market cap S$110.9 m 52-week high/low 34.5 / 12.1 cts Bloomberg est PE 12.6 X 1H10 Cash Flow from Operations HK$ 24.5m Price/Book 3.6 X Source: Bloomberg, Jan 13

To lower the risk in its foray into auto parts making, Kunda plans to duplicate this JV structure with other auto parts makers in order to gain access to customers. Auto parts makers are normally subject to a lengthy qualification process before being accredited to supply components, and such JVs provide ready sales channels to major automakers in China, allowing Kunda to bypass this qualification process.

”As the auto parts business requires suppliers to be near automakers, the long term plan is to duplicate this JV structure in major auto hubs like Changchun, Wuhan, Shanghai, and Guangzhou,” said Mr Hau. Westcomb recently initiated coverage on the stock (4 Jan) with a target price of 36 cents. The analyst, Lee Khai Chian, likes Kunda for its “solid customer base that mainly consists of owners of well-know international brands in Europe and Asia”, and exposure to China’s rapidly growing auto sector.

Kunda’s acquisition in Nov of a controlling stake in SXD, which supplies metal components to the automobile and electronics division of BYD is expected to jumpstart its auto parts division. Kunda also plans to inject its advanced plastic injection technology into the JV, so that the unit can compete for higher-value and higher-margin products from its existing customer base.

Manufacturer 2009 Sales Market Share Shanghai Volkswagen Co. 708,100 9.48% FAW-Volkswagen Automotive Co. 669,200 8.95% Shanghai General Motors Co. 668,200 8.94% Beijing Hyundai Automobile Co. 521,000 6.97% Dongfeng Motor Co 459,300 6.15% BYD Co. Ltd. 448,400 6.00% Chery Automobile Co. 409,300 5.48% Guangzhou Honda Automobile Co. 337,200 4.51% Tianjin FAW Toyota Motor Co. 334,700 4.48% Geely Automobile Holdings Ltd. 329,100 4.40% Market Share of China’s Top 10 Car Manufacturers in 2009 Source: China Association of Automobile Manufacturers
 Useful To Me  Not Useful To Me
tanstg
Senior
16-Jan-2010 19:40     
 
tanstg About Contact  Quote this Post! Style: Combined   Mood: peace
Yells: "Learn as I trade and trade as I understand"
  x 0
  x 0

 Alert Admin 		Will this counter comes to life again next week?
 Useful To Me  Not Useful To Me
street81
Senior
13-Jan-2010 20:17     
 
street81 About Contact  Quote this Post!   Mood: sweat
Yells: "Learning to love the streets"
  x 0
  x 0

 Alert Admin 		hope tomorrow market good for this to perform
 Useful To Me  Not Useful To Me
                                                         First   1-20 of 21   Older>   Last  



ShareJunction Version: 27 Nov 2020 ver- All Rights Reserved. Copyright ShareJunction Pte. Ltd. Disclaimer: All prices from are delayed. ShareJunction does not provide you with any financial advice. We are not into the business of providing any investment advice. See our Terms and Conditions and Privacy Policy of using this website. Data is delayed for varying periods of time depending on the exchange, but for at least 15 minutes. Copyright © SIX Financial Information Ltd. and its licensors. All Rights reserved. Further distribution and use by third parties prohibited. SIX Financial Information and its licensors make no warranty for information displayed and accept no liability for data and prices. SIX Financial Information reserves the right to adapt and/or alter this website at any time without prior notice.

Web design by FoundationFlux. Hosted with Signetique Cloud.