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THE EDGE ISSUE - JUL 30 - AUG 5, 2007. *NEW
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evideo
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30-Jul-2007 07:51
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Wishing everyone good luck in their trading today. Trade within your means...more upside to come soon... |
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7habits
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29-Jul-2007 16:39
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correction - This is my judgement to buy these potential stocks till FY08 closure to enjoy good investment returns > 100% profit margin for selected property counters |
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7habits
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29-Jul-2007 16:35
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Good report. Seems that related Marine (order backlog till 2010) with double digit growth and Property related (with more than 200% growth profit after tax for financial year 2008 ) stocks will be pulled up next week incrementally. This is my judgement to buy these potential stocks till FY08 closure to enjoy good investment returns > 100% profit margin. Mid term investment (six to nine months) and patience will reap the reward. Ignore the "ups and downs" recently. Hear no evil, see no evil. Cheers |
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evideo
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29-Jul-2007 12:57
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Courtesy of http://my-personal-finance.blogspot.com/
Armstrong Industries Corp (July 26: 43.5 cents) TP: 57 cents BUY. We are upgrading our full-year net operating forecast by 12% to $17 million (+67% y-o-y) on the back of a robust 2Q2007 and indications that 2H2007 will be stronger than expected, driven by the automotive, data storage and rubber businesses. Armstrong is also accelerating plans to sell its last non-core asset, a long standing industrial land joint venture (15% stake) with private developer Soon lee, for which it may need to make a write-off this year. But this will be a non-operating charge and will result in greater cash inflow for the company. Along with the earnings upgrade, we are also raising our 12-month target price to 57 cents. - Kim Eng Research (July 24) CWT (July 26: $1.01) TP: $1.06 DOWNGRADE TO HOLD. CWT reported earnings growth of 173% to $8.1 million in 1Q2007 from $2.9 million in 1Q2006. The increase was on the back of a 40.3% surge in turnover from $83.1 million to $116.7 million. Net profit nearly tripled to $7.5 million from $2.7 million. We have upped our revenue forecast for FY2007 by 8.4% from $415.8 million to $437.8 million due to the higher turnover and earnings contribution shown in 1Q2007, as well as the higher rental rate. We have also raised net profit forecast for FY2007 from $23 million to $25.2 million, and FY2008 earnings forecast to $30 million. EPS is lowered for FY2007 from 6.6 cents to 4.4 cents and FY2008 from 7.8 cents to 5.2 cents. Fair value at $1.06. - SIAS Research (July 20) King's Safetywear (July 26: 37.5 cents) TP: 46 cents BUY (initiating coverage). KSW is a leading manufacturer of industrial safety footwear. KSW reported a strong set of FY2006 results with top-line growth of 11.4% to $91.4 million. The biggest top-line contribution came from Asia, with grew 16% to $62.2 million. The loss-making EU operation is likely to turn in a small profit this year. We forecast KSW FY2007 top-line growth of 12.9% to $103.2 million and operating profits growth of 23.2% to $9.8 million, but expect bottom line to inch ahead by 3.2% to $5.3 million. We derive a fair value of 46 cents (27% upside) using blended 16x FY2007/08 EPS (30% discount to its consumer peers). - OCBC Investment Research (July 24) ASL Marine Holdings (July 26: $1.79) TP: $2.14 BUY. ASL has just announced new shipbuilding orders worth $102 million from European clients. The orders comprise one sub-sea operation vessel, two Rotor Tugs and two self-propelled Hopper Barges with completion slated for FY2009-10. We are upgrading our EPS forecast for FY2008-09 by 5% as a result. Its order book is at a record high of $764 million. Shipchartering profits increased 79% for 1H2007 and constituted 51% of group profits. ASL continues to offer good value, trading at 12.3x FY2008 PE and 10.9x FY2009 PE. We are raising our target price to $2.14 from $1.94 previously, based on 15x FY2008 PE (0.8x PEG). - Kim Eng Research (July 25) Frasers Centrepoint Trust (July 26: $1.63) TP: $1.67 MAINTAIN HOLD. FCT delivered 3Q2007 revenue of $18.9 million, up 4% y-o-y, with distributable income of $10.3 million and DPU of 1.67 cents. Distributable income was higher than FCT's own forecast by about $1.2 million and this was attributed to higher other revenue and income support from its sponsors due to the renovation works at Anchorpoint. The results beat our estimates by about 5%. While we are positive on FCT's new growth initiative coming from H-REIT, at present there is not much clarity on the DPU accretion from this acquisition. Hence, we have not factored this into our valuation. We prefer to wait for more news before revising our rating and fair value of $1.67. - OCBC Investment Research (July 25) KS Energy Services (July 26: $4.12) TP: $4.78 MAINTAIN BUY.KS Energy announced that the US-based Stark family of funds has acquired a strategic stake in the company. This will be done through the issuance of $34.9 million worth of new shares and a five-year $96.8 million zero-coupon convertible bond. We have raised our recurring net profit estimate in FY2008 by about 22% to $92.2 million. This is to account for the back-to-back charter contract for the recently acquired rig, expected to be announced in 2H2007. Our fair value is now at $4.78, using 15x PE on our upgrade DY2008 EPS and factoring in the full dilution impact from the latest convertible bone issue. - DBS Vickers Securities (July 24) Aztech Systems (July 26: 69 cents) TP: 80 cents MAINTAIN BUY. Aztech recorded net profit of $5.2 million in 2Q2007, on the back of a 12.9% y-o-y growth in revenue. Its original design manufacturer/original equipment manufacturer segment recorded the strongest growth in 2Q2007, and remained the group's largest revenue contributor. Management will continue its cost-saving measures to maintain and boost profitability. It declared an interim dividend of 75 cents per share for 1H2007. We estimate earning of $24.9 million (EPS: 6.1 cents) for FY2007 and $30.2 million (EPS: 7.4 cents) for FY2008. At 70 cents, the stock is trading at 9.5x forward earnings. Target price is 80 cents. - DMG & Partners Securities (July 26) Fu Yu Corp (July 26: 34 cents) TP: 46 cents SELL. We have forecasted 2Q2007 revenue of $95.5 million and operating loss of $2.6 million for Fu Yu. However, based on checks with other suppliers of a key common customer fro printers, the delayed programme that we had highlighted earlier has maintained strong unit shipments for April and May, following an unseasonably strong 1Q2007. Therefore, we believe Fu Yu's 2Q2007 revenue may instead grow q-0-q in the single-digit percentage range compared with 1Q2007's sales of $104.4 million. Fu Yu could recored a small operating profit for 2Q2007, but only if there are no further significant provisions at its China operation. We have retained our fair value peg to 1xFY2007E NTA, that is, 46 cents per share. - Phillip Securities Research (July 25) Man Wah Holdings (July 26: 46.5 cents) TP: 58 cents MAINTAIN BUY. In May , MWH posted an impressive 58% y-o-y increase in 2H2007 revenue to HK$476.5 million ($92 million), supported by a 102% increase in revenue contribution from the North American market. However, higher cost of leather eroded its profits, resulting in a lackluster 1.3% y-o-y growth in 2H2007 net profit to HK$42.2 million. As we expect MWH to continue to face challenges such as increasing costs of leather and labour and a strengthening renminbi against the USD, we have taken these factors into consideration in our earning projections and valuation. Fair value estimate lowered from 61.5 cents previously to 58 cents based on 8x blended FY2008/09 PER. - OCBC Investment Research (July 25) BreadTalk Group (July 26: 64 cents) TP: $1.05 BUY (initiating coverage). BTG operates bakeries, food courts and restaurants across a wide regional footprint. Earnings growth momentum is expected to be boosted by operating leverage as well as the turnaround of some unprofitable outlets. Moreover, the stock is due for a massive re-rating as its earning contribution from China is expected to exceed 60% from FY2008. Hence we are initiating coverage on BreadTalk with a 12-month price target of $1.05 based on the SOTP valuation. Our fair value implied the stock will trade up to 14x FY2008 PER for its local operations and 26x for its earnings from China. - Kim Eng Research (July 23) Hiap Hoe (July 26: $1.13) TP: $1.90 MAINTAIN BUY. Development charge rates will be raised from 50% to 70% of the increase in land valuation. All of Hiap Hoe's development projects are not affected by the revision except for La Clemenceau and Goodluck View development. We remain bullish on the company and value Hiap Hoe at an attractive RNAV per share of $1.66 (without taking into consideration the 10% extra gross floor area allowed for balconies). Pegging target price to RNAV of $1.66, Hiap Hoe will provide a potential upside of 50%. If we incorporate the extra 10% GFA allowed for balconies into our valuation, owe will value Hiap Hoe at RNAV per share of $1.90. - SIAS Research (July 20) Macquarie Int'l Infrastructure Fund (July 26: $1.13) TP: $1.28 BUY. MILF acquired Brussels Airport on May 27. MILF currently holds 3.2% of Brussels Airport, with its cost of acquisition standing at $71.7 million. We are raising our FY2007 revenue forecast by 5.9% to $357 million. Given MILF's 1Q2007 performance and Brussels' distribution, our forecasted earnings per share is subsequently revise upwards by 10.2% to 16.2 cents per share. Expected FY2007 dividend is revised to 8.10 cents from 8.05 cents per share. At an Fy2007 dividend yield of 8.3%, higher than its peers, we revise our target price slightly upward to $1.28 from $1.26. This represents an upside potential of 13.3% from its current share price of $1.13. - SIAS Research (July 25) China Wheel Holdings (July 26: $1.25) TP: $1.36 MAINTAIN BUY. CWH announced that it has entered into a subscription agreement with Lehman Brothers Commercial Corp Asia Ltd for the issue of US$25 million ($38 million) five-year convertible bonds, which bear interest at 3% per annum and can be converted into shares at a conversion price of $1.045 per share. Based on our revised forecasts, we now expect CWH to grow its EPS at a three-year CAGR of 26%. CWH remains an appealing proxy to China's booming auto sector. Fair value estimate raised from $1.23 to $1.36, based on the same relative valuation of 12x FY2008 PER. - Phillip Research (July 25) Hongguo Int'l Holdings (July 26: $1.11) TP: $1.00 SELL (initiating coverage). Hongguo is a China-based retailer of ladies' footwear. It recently announced to cooperate with Brown Shoe Co on expansion into China. Licensing operation offers lower margins and management does not expect the JV to be profitable until 2008. We are initiating coverage on Hongguo with a target price of $1, based on 0.8x three-year PEG (implying a 16x 12-month forward P/E). Trading on a 3-year PEG (FY2007-09E) of 0.9x, the stock looks expensive, given downside earnings risk. We forecast Hongguo will deliver an earnings CAGR of 21% over 2007-09E, down from 20% over 2004-06. Our 2007-09E earnings are 5% to 11% below consensus. - Citigroup Research (July 20) MobileOne (July 26: $2.13) TP: $2.50 MAINTAIN BUY1.M1 announced 2Q results that were marginally ahead of our estimates. Revenue was $200 million versus UBSe (UBS estimates) $199 million; Ebitda was $82 million versus UBSe $79 million and net profit was $41 million versus UBSe $39 million. post-paid revenues improved 3.6% q-o-q on higher data usage that led to better-than-expected results. M1 has announced capital (without share cancellation) of 4.6 cents per share and interim dividend of 2.5 cents per share. Price target at $2.50 using a weighted average cost of capital of 7.25% and 6x terminal EV/Ebitda multiple. - UBS Investment Research (July 24) Neptune Orient Lines (July 26: $5.60) TP: $6.20 DOWNGRADE TO 2-EQUAL WEIGHT. We believe the company is considering opportunities to restructure its operations to crystallize the value of various businesses, which include terminals and vessels. Based on our estimates, NOL's terminals could have an enterprise value of US$1.9 billion, which is equivalent to 34% of its current market cap. We are not factoring this into our fair value until the plans are more concrete and there is likely to be significant upside risk to the share price. Our new $6.20 target price is based on sum-of-the-parts valuation, assuming a fleet value multiple of 1.6x derived on forward returns of 13.8%, with only 2$ potential upside. - Lehman Brothers Research (July 24) Singapore Petroleum Co (July 26: $6.80) TP: $7.20 BUY. SPC reported a record net profit of $179 million for 2Q2007, up 32% y-o-y, 60% q-o-q and 22% above our estimate that we believe was already at the Street's top end. The strong results were mainly driven by its strong gross refining margins that were approximately US$9/bbl versus US$8+/bbl and approximately US$7/bbl for 2Q2006 and 1Q2007, respectively. SPC has announced its first-ever interim DPS of 20 cents, which shows its willingness to return cash to shareholders and we view this positively. SPC is trading at 7.7x and 5.5x 2008E P/E and enterprise value/ Ebitda, lower than the 8.0x and 6.3x for the $7.20 12-month target price on SPC implies a potential total shareholder return of about 16%. - Goldman Sachs (July 26) SMB United (July 26: 50 cents) TP: 54 cents BUY. SMB United benefits from increased demand for high-end switchgears used in data centres and industrial process plants such as semiconductor wafer fabs. SMB United is a proxy to the recovery in the construction industry. We expect a final dividend of 1.9 cents per share for FY2007, assuming a dividend payout of 70%. SMB United will thus pay a total dividend of 3.2 cents per share, which translates into a yield of 7.4%. We forecast earnings growth of 64.9% in FY2007 driven by volume and margin expansion for switcgear business. We expect earnings growth of 34.6% in FY2008 driven by contribution from contracts related to the IRs. Our target price is 54 cents based on FY2008 PE of 15x. - UOB KayHian (July 23) Osim Int'l (July 26: 81.5 cents) TP: $1.20 BUY (initiating coverage). Osim has been marketing healthy lifestyle products such as handheld massagers and foot reflexology items since 1982. Osim's share price has fallen 60% over the last nine months, mainly due to disappointing quarterly earnings as sales in Hong Kong and Taiwan were affected by bad media publicity surrounding false advertising by mainland China imitators. Osim also continues to record losses from US associate Brookstone. In our view, these setbacks are temporary and the share price correction provides an opportunity to buy into a world-class consumer brand company with an improving earnings outlook and generous 2008E-09E ROE of 26%. Our 12-month price target of $1.20 is based on 13X 2008E P/E. - Goldman Sachs(July 25) See Hup Seng (July 26: $1.07) TP: $1.23 MAINTAIN BUY. 2Q2007 results slightly ahead of our expectations due to higher-than-expected revenues and margins from the auto-blast machine that was added in December 2006. We expect 2H to be better underpinned by the buoyant operating environment from Keppel Shipyard as well as the higher activities from the construction industry. We are raising our FY2007 by 10% due to higher workload from the marine and construction industries; and FY2008 by 23% to take into account the higher throughput from the new plant that should be operational by 1Q2008. Target price of $1.23 revised based on 18x FY2008 earnings, comparable to the average that the three Singapore-based shipyards are trading at. - DBS Vickers Securities (July 25) Singapore Exchange (July 26: $10.50) TP: $8.90 MAINTAIN SELL. All-time STI highs and a surge in Singapore market volumes to a record $2.4 billion per day put the SGX on track for a record $100 million 4Q FY2007E (to June) net profit, and an FY2007 core profit of $300 million ($407 million including one-time disposal gains). We have raised estimates up to 20% to assume these new levels of turnover - $2 billion to $2.1 billion per day - into 2008E and 2009E. Our target price at $8.90 is derived assuming a FY2009E return-on-average equity (ROAE) of 51%, a dividend payout of 90%, cost of equity of 11.3% and long-term growth of 7.5%, deriving a FY2009E fair value P/E of 23.8x. We maintain "sell" due to our cautious strategy view on the Singapore market. - Citigroup Research (July 20) |
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CatTortoise
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28-Jul-2007 20:25
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Same for me....Thks for your effort! 
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imall29
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28-Jul-2007 20:08
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evideo, thanks for the effort. |
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evideo
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28-Jul-2007 16:39
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Page 24
If Scomi Marine sells CH Offshore Cash now or future growth - that's the choice facing Scomi Marine Bhd as it deliberates on offers for its 29.1% stake in CHO. Last Tuesday, SM told Bursa Malaysia that it received enquiries but no formal offers for its stake in CHO. That SM may sell has attracted mixed responses from the investing community. On one hand, the company will see a handsome return on its 2-year investment. CHO was acquired at S$0.40 when SM bought the marine & offshore logistics from Chuan Hup Hldgs Bhd for $571mil in Sept 05. Since then, shares have doubled in value. Analysts estimate that shares could climb to $1.10 by year-end. At S$1.01, CHO is worth RM469mil. This translates into 64sen per SM share. But the deal is likely to be transacted higher than market px becos that block of shares is the single largest in the company. "Our best guess is that most of the cash will be distributed as dividends, with the residual proceeds used to pare down debt. As at March 31, SM had RM340.8mil net debt, which operational cashflows should slash to RM100mil by end of Decemver FY2009. Given the manageable debt levels and the absence of capex plans, special dividends are likely if the CHO sale pans out." quoted by CIMB. This stake sale, say observers, may also be the best way of extracting value from CHO. With 29%, SM is the largest shareholder, yet does not have a majority say in the management. It is only able to equity-account its share of the profits into the books, and the actual cashflow is only the dividends, which are nothing to shout about. However, some research houses feel that the windfall from the disposal may not be sufficient to makeup the loss in earnings. TA securities said it had expected CHO to contribute RM19.1mil net profit in 2008. It also assumed that SM receives RM402mil for its stake sale (using the conservative S$0.865) "As the RM402mil cash received could lead to an interest income of 13.1mil (at 3.25%), the net negative impact on SM net profit is RM6mil. The negative impact will reduce if the money is used to retire some borrowings," it concludes. However, considering the market px of S$0.865, proceeds could well be higher and consequently, the interest income as well. Some feel that selling the stake at this juncture could also mean missing on a chunk of oil&gas party. SM has 2 core biz, marine logistics and offshore support services. The logistics brings in steady longterm income from coal-transport contracts lasting 5~15 years. This biz is also run directly by SM and contributed 88% of the grp's revenue last year. Last year, SM earned a net profit of RM80.5mil on the back of RM511mil in revenue. Alliance Research, in its 23 July report, estimates that CHO contributes between 20~66% to SM's quarterly pre-tax profit. In addition, earnings growth is slated to come from supplying vessels to support offshore oil&gas activities. This division brought 12% revenue last year. Rising oil prices have increased oil-exploration and production, leading to a shortage of vessels for activities like seismic surveys, rig-towing, anchor-handling, positioning and mooring of drill-rigs and construction and maintenance. According to SM 2006's annual report, 33 vessels in the offshore support services division, 12 owned by 81%-subsidiary PT Rig Tenders in Indonesia, while CHO owns 19 and Marine Co. Ltd owns the remaining 2. CHO is also expected to take delivery of 6 new AHTS between 2008~2010, raising its fleetcount to 25, positioning it well to supply services to the offshore oil&gas sector. "Deliveries will open up deepwater markets to CHO. Deepwater AHTS vessels generally command a higher charter rate and margins than their shallow-water peers." Alliance noted in 11 July. SM will not be in a position to enjoy this ride if it sells its stake before the vessels are delivered. CIMB surmises, "the sale of CHO stake would leave SM's core coal-transport as the contributor to 90% of group earnings. In our previous reports, we highlighted the challenges in the coal-transportation biz is facing from the cabotage regulations in Indonesia, vessel turnaround and operational delays, as well as a lack of growth in the volume of coal transported. in contrast, the mkt projects a core 3-year EPS CAGR of >60% for CHO." Still, SM will maintain exposure to oil&gas sector via PT Rig Tenders. Last year PTRT earned USD1.7mil in net profit from coal-transporting and supporting offshore activities of major oil companies in Indonesia, such as BP, China National Offshore Oil Corp, Chevron and Conoco-Philips. Alliance is also positive on SM's plan to get 3 accomodation work barges, 2 of which will be constructed by PTRT while SM will build the third vessel. "we estimate that the 3 barges will enhance EPS by 1.05sen per annum, which will kick in only in 2009". Analyst who look favorably at SM maintained their target price at RM1.50 range. CIMB values the stock at 93sen. "although the expectations of potential dividends could support the shares, we think the mkt is largely priced in the upside...These dividends shd be viewed as 'the last hurrah' for shareholders as SM could soon be left not just without substantial exposure to the fast-growing offshore business but also in the difficult coal-transport biz," states its report. Last thursday, SM hit an intra-day high of RM1.51, spurred by the hope that it will get a good premium for its CHO stake. |
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evideo
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28-Jul-2007 16:09
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THE EDGE ISSUE - JUL 30 - AUG 5, 2007. BUY/SELL/HOLD *NEW
COVER PAGE : JADE's NEW COLOR(Page 18 to 19) Global meltdown blame game : Buyout binge and subprime woes key culprits (Page 4) What's going on at C2O ? (Page 5) Industrial production falls on electronics (Page 6) MAS : Singapore's economy may accelerate (Page 6) CPI Inflation rose on transport costs (Page 6) Superior Fastening shifts focus to Auto (Page 8 ) Kingsmen broadens business with purchase of sports events management outfit (Page 10) CapitaRetail China Trust's (CRCT) financial performance short of forecast, more high-growth trusts to list. (Page 12) Tiong Woon's marine ambitions take shape in Bintan (Page 14) Hong Leong Asia's (HLA) china diesel engine maker set to soar (Page 16) Aztech sees strong earnings from homeplugs product as IPTV proliferates (Page 17) SGX says profits more than tripled (Page 17). Chartered suffers loss (Page 17). Epure keeps focus on EPC deals in China's water sector (Page 20) Sinomem plans to follow listing of Reyphon with IPO of another division (Page 21) Qian Hu back in the game (Page 22) Singapore's high-end retail slip may be showing (Page 23) Island of rising costs, but what about salaries ? (Page 23) If Scomi Marine sells CH Offshore. (Page 24) Malaysian operations to drive Astro (Page 24) Cement stocks best bet on Southeast Asia's building boom (Page 25) Oil at US$100 may be months away (Page 26) US Numbers still higher than Europe's (Page 26) Market Rout : Wall Street tumbles, credit crunch triggers flight of cash (Page 27) Banks could be best way to play next leg of property cycle (Page 28 ) Bet on tech recovery in Asia (Page 29) NZ, Aussie dollars plunge as carry trades are dumped (Page 29) Dollar's slide more boon than bane for Busg (Page 31) Baidu takes on Google in China (Page 31) Value Partners hikes stake in China Lifestyle (Page 34) Running for cover. (Page 40) The hero takes a fall, but all is not lost (Page 40) CITY & COUNTRY : Tapping Asia's Ageing Population(Page CC 1) First REIT taps Asia's ageing population (Page CC4) Buying into India from a safe distance (Page CC 6) BROKERS DIGEST : Armstrong Industries Corp - BUY (tp = 57 cents) CWT - DOWNGRADE TO HOLD (tp = $1.06) King's Safetywear - BUY (Initiating coverage) (tp = 46 cents) ASL Marine Holdings - BUY (tp = $2.14) Frasers Centrepoint Trust - MAINTAIN HOLD (tp = $1.67) KS Energy Services - MAINTAIN BUY (tp = $4.78 ) Aztech Systems - MAINTAIN BUY (tp = 80 cents) Fu Yu Corp - SELL (tp = 46 cents) Man Wah Holdings - MAINTAIN BUY (tp = 58 cents) BreadTalk Group - BUY (Initiating coverage) (tp = $1.05) Hiap Hoe - MAINTAIN BUY (tp = $1.90) Macquarie Int'l Infrastructure Fund - BUY (tp = $1.28 ) China Wheel Holdings - MAINTAIN BUY (tp = $1.36) Hongguo Int'l Holdings - SELL (Initiating coverage) (tp = $1.00) MobileOne - MAINTAIN BUY 1 (tp = $2.50) Neptune Orient Lines - DOWNGRADE TO 2-EQUAL WEIGHT (tp = $6.20) Osim Int'l - BUY (Initiating coverage) (tp = $1.20) See Hup Seng - MAINTAIN BUY (tp = $1.23) Singapore Exchange - MAINTAIN SELL (tp = $8.90) Singapore Petroleum Co - BUY (tp = $7.20) SMB United - BUY (tp = 54 cents) PERSONAL WEALTH SECTION : Managing newfound wealth (Page PW 1) Seeking value in BRICs (Page PW 2) US Dollar, global trade and protectionism (Page PW 4) Climate change and your investments (Page PW 5) Aiming for better returns with riskier asset classes (Page PW 8 ) OPTIONS SECTION : Serious Dough : BREAD TALK (Page OP 6) Hong Kong Rising (Page OP 8 ) Love is the key (Page OP 9) VOLUME MOVERS : Centillion Environment & Recycling Ltd Baker Technology Ltd Lian Beng Group Ltd Liang Huat Aluminium Ltd HOT STOCKS : DOWN TO EARTH PROPERTY PLAYS : United Overseas Land - Breaks down from top (neckline was at $5.60, breakdown indicates target of $4.50) Wing Tai Holdings - Retreating from resistance (breakdown below neckline at $3.80 indicates target of $3.00) United Industrial Corp - Breakdown from top formation (A break below $3.40 indicates a target of $2.70) Wheelock Properties - Poised for a breakdown (Support level at $3.20, a break below $3.20 indicates a target of $2.00) Singapore Land - Also breaks below top (Downside potential of $9.00) Bukit Sembawang - Set to weaken (A breakdown would indicate a downside objective of $10.80). |
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