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breaking out

pharoah88
Supreme

15-Apr-2010 12:35

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TODAY ONLINE Thursday: 15 APRIL 2010
from broke rage research and agen cy reports
Disclaimer: Readers should seek independent financial advice before making any investment decision. Today cannot be held liable for any consequence arising from the use of this information.
Stock Calls

55 cents | HoldSinotel
DBS Vickers downgrades Sinotel Technologies to Hold from Buy. Cuts target price to 61 cents. Cuts FY10-11 earnings estimates by 8 to 12 per cent to assume weaker margins.

Says China-based supplier of wireless telecom services and equipment needs to deliver gross margins of over 35 per cent, better manage cash to avoid more fund raising after two recent share placement exercises.

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ruanlai
Master

14-Apr-2010 11:02

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Huge volumes accumulating at 555......

wu wu wu...........got got got.......

Potiential break out

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sarsar
Senior

05-Apr-2010 14:57

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cheong arrrr....!!!

ruanlai ( Date: 05-Apr-2010 10:02) Posted:

LAI LIAO

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ruanlai
Master

05-Apr-2010 10:02

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LAI LIAO

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bombeepbeep
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01-Apr-2010 15:50

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finally some action

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sarsar
Senior

01-Apr-2010 15:38

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Vol.going up...

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AnthonyTan
Elite

30-Mar-2010 16:47

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Yells: "patience"

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No lah, no matter how good it is, I will not

be interested in china shares any more. I will

give it a miss and invest other stocks

pharoah88 ( Date: 29-Mar-2010 11:35) Posted:

ALL TiME HiGH S$0.670

Nokita ( Date: 28-Mar-2010 20:28) Posted:

For the serious & long-term investor, you may wish to read this enlightening analysis "Sinotel: Unjustified sell-down, remains a buy" by Ernest Lim
http://www.nextinsight.net/content/view/2254/60/

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ruanlai
Master

30-Mar-2010 16:46

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SHOW TIME ................

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pharoah88
Supreme

30-Mar-2010 16:43

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Z-Obee already brOkE OvEr

what happened to sinOtEl's pOwEr drivE ?

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sarsar
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30-Mar-2010 16:41

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Vol.and price moving up liao...hope it will sustain ;p

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ruanlai
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30-Mar-2010 16:41

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READY .....

STEADY.........

GO ...........

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ruanlai
Master

29-Mar-2010 15:19

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DBS Vickers initiates coverage of SINOTEL (54 ct) with 88-cent target

Analyst: Sachin Mittal

Dominates in fast growing Shanxi province. Sinotel is currently the market leader in Shanxi which is experiencing fast growth in property developments. The Chinese government has been buying out smaller coalmines from private owners for consolidation. As such, there is much cash floating in the market. Property developers have rightly targeted the province, fueling the property boom.

Sinotel's management was in New York recently to meet fund managers. Photo courtesy of Sinotel

More buildings will mean a larger number of wireless network systems to be installed. With Sinotel holding a majority share of Shanxi’s market and its familiarity with the province, the company is likely to win more contracts in the next few years.

We expect Shanxi to contribute over two thirds of revenue in FY09F and FY10F. Deeper penetration versus broader coverage enables above industry operating margins. Sinotel has a presence in about 7 provinces, compared to other players, who have expanded the coverage to 20 plus provinces at the cost of margins. Besides Shanxi, Sinotel is mainly active in the neighbouring provinces of Henan and Jiangsu.

Sinotel’s strategy is to secure a strong foothold in a province, before venturing into a neighbouring province, in order to save on operating expenses. Sinotel’s operating margins of 29% are above the industry margins of 10-20%, thanks to lower opex as percentage of revenue.

• Impressive earnings CAGR of est. 9% over FY09F-11F.Sinotel should be able to achieve revenue growth of 25% CAGR over FY09F-11F but lower earnings growth of 9% CAGR as

(i) gross margins are expected to deteriorate from 40% in FY09F to 35% in FY11F and

(ii) 7.5% income tax commences in 2010F as the tax-exempt status expires in 2009.

		Year end	Market cap (US$m)	Price (30 Nov)	PE (09/10)	Price/ book	ROE
HK & US listed peers	Comba	Dec 08	1,196	8.72	21.3/20.3	4.2	12.4
	Powerwave	Dec 08	179	1.35	66.7/14.1	NA	NA
	China Grentech	Dec 08	92	3.84	12/8.3	0.4	-8.1
	Centron	Dec 08	196	2.17	8.7/6.9	1.3	11.8
Average					27.2/12.4

Singapore	SINOTEL	Dec 08	120	0.54	5.7/5.5	2.0	33

China listed peers	Wuhan Fingu	Dec 08	1,506	18.49	26.8/21.7	5.6	18.4
	Sunwave Comm	Dec 08	400	20.35	35.4/26.5	4.4	16.3
	Allwin Telecom	Dec 08	255	16.28	62.4/50.8	4.6	7.6
China peers’ average					41.5/33.0

Source: DBS Vickers, Bloomberg

HK and US listed peers trading at much higher valuation. Comba, China Grentech and Centron are Sinotel’s direct peers, although bigger in scale. Sinotel’s FY09F-11F earnings growth of 9% is similar to its peers despite higher revenue growth, as Sinotel would start incurring 7.5% income tax in 2010F, after its tax-exempt status expires in 2009F.

Compared to its peers we apply

(i) 15% discountdue to the lower market cap and liquidity of the stock

(ii) another 15% discount due to lack of equipment manufacturing business, putting stress on its cash flow.Overall, we apply 30% discount to its sector average of 12.7x FY10F PER. Based on 8.5x FY10F PER, our target price for Sinotel is S$0.88. We recommend BUY for potential upside of over 60%. The stock also looks cheap on FY09FP/B of 1.5x for ROE of 28.9%.

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pharoah88
Supreme

29-Mar-2010 11:35

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ALL TiME HiGH S$0.670

Nokita ( Date: 28-Mar-2010 20:28) Posted:

For the serious & long-term investor, you may wish to read this enlightening analysis "Sinotel: Unjustified sell-down, remains a buy" by Ernest Lim
http://www.nextinsight.net/content/view/2254/60/

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bombeepbeep
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29-Mar-2010 11:23

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kena stuck in sinotel for a long time, hope it fly soon Smiley

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beckleong
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29-Mar-2010 11:16

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Sinotel gg for dual listings? Where the news from?

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noobnoob
Senior

29-Mar-2010 10:57

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Need more pushing lo... 0.515-0.535 many road blocks.... can clear 0.535 sure fly... but of cos need ppl to support fire by buying...

ruanlai ( Date: 29-Mar-2010 10:23) Posted:

L A S T C A L L ................

before shoot up rocket high ====== >

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sarsar
Senior

29-Mar-2010 10:40

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Any news on dual listing?

ruanlai ( Date: 29-Mar-2010 09:52) Posted:

DUAL LISTING

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ruanlai
Master

29-Mar-2010 10:23

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L A S T C A L L ................

before shoot up rocket high ====== >

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pharoah88
Supreme

29-Mar-2010 10:02

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what was the Placement PRiCE?

Why placEE has nO pOwer tO rOck its babe?

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ruanlai
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29-Mar-2010 09:52

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DUAL LISTING

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HK & US listed peers