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TheEdge - BROKERS? DIGEST (Nov 19 - Nov 25, 2007)
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collinseow
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18-Nov-2007 15:05
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Stocks for trading Buy on breakout ( trigger price = buy after price is trigger) Ecowise 0.34 Front line 0.205 Magnecomp 0.92 Buy retracement Adroit 0.135 Skypetrol 0.57 Uptrend to accumulate Lian Beng Meiban STOPLOSS IS 2-3 BIDS BELOW ENTRY PRICE ST outlook : technical rebounce , sell on strength, 200MA @ 3460 broken !!remain cautious . My view Best Regards, Collin Seow |
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decarn
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18-Nov-2007 10:13
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Armstrong Industrial Corp (Nov 15: 40.5 cents) TP: 57 cents MAINTAIN BUY. We estimate 3Q2007 net profit doubled y-o-y to $6 million, above our expectations of $5.1 million. As expected, reported net profit of $3.3 million included a non-operating charge of $2.9 million for the sale of an equity stake in Soon Lee Realty. As stated earlier, we are positive about the disposal as it frees up $8 million in cash that can be used for re-investment and/or dividends, and also allows management to focus on the core business. Revenue rose 29% y-o-y to $48.7 million, also above our expectation of $45 million. With the better-than-expected 3Q results, we are upgrading our full-year forecast slightly (around 6%) to $18 million. Target price of 57 cents. - Kim Eng Research (Nov 13) City Developments (Nov 15: $14.20) TP: $16.09 EQUAL-WEIGHT. City Developments? 9MFY2007 net profit was 5 % above our full-year net estimates but 5 % below at the operating level. Based on our estimates, to fully utilise the section 44 tax credits, $1.87 per share of special dividends could be paid out, although it is likely to be packaged with an issuance of other equity/quasi-equity instruments, which would mute the effect from any excitement the market may have from the special dividends. Meanwhile, management has four residential projects on its launch pad, although no firm commitment was given to the timeframe. Price target of $16.09, based on a 15% premium to our end-CY2008 NAV of $13.99 on a fully diluted basis. - Morgan Stanley Research (Nov 15) Huan Hsin Holdings (Nov 15: 50.5 cents) TP: 50.5 cents UPGRADE TO NEUTRAL. 3Q2007 net profit of $6.4 million (+ 3 % y-o-y) was fairly in line with our forecast, with 9M2007 earnings representing 68% and 66% of consensus and our previous full-year forecasts, respectively. Sales grew 15% y-o-y to $271 million in 3Q2007, excluding contributions from its divested joint venture with Quanta. Net gearing inched up from 0.24 times as at end-June to 0.27 times, on higher capex and a $3.2 million dividend payment during the quarter. We have cut our FY2007 estimate by 14% as we believe our previous 4Q numbers were too aggressive. We have also lowered our FY2008-2009 numbers by 17 % -19 to assume lower gross margins. Our target price drops from 60.5 cents to 50.5 cents. - CIMB-GK (Nov 13) Continue Reading » |
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