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KEahzq
Senior |
25-Aug-2010 09:30
Yells: "Trading requires Patience and Discipline" |
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Ellipsiz: very good FYJun10 results. Major turnaround, as net profit came in at $20.3m, vs net loss of $40.5m in FY09, largely due to lower operating costs as effects of rationalization kicked in, and one-off gains of $22.3m from insurance claims. 4Q10 contributed bulk of core earnings, at $4.5m vs $4.3m for the full year, as qtrly revenue jumped 36% yoy, vs nil revenue growth for the full year, reflecting strong recovery in the global semicon industry Financial performance reflective of company’s high leverage to semicon sector. Mgt declared final div of 0.15cts + special div of 1.1cts, translating to 8.9% yield. Mgt cautiously optimistic on outlook; recognizes risk that macro factors such as concerns about govt debts, declining consumer confidence and pressure on govt spending could undermine performance of the industry in 1HFYJun11. Stock trades at 25% discount to $0.18 NAV/sh, and 16.5x core PE. |
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KEahzq
Senior |
24-Aug-2010 09:10
Yells: "Trading requires Patience and Discipline" |
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AUD Impact: Analysts highlight SingTel may suffer fallout from AUD jitters as its Australian unit Optus accounts for >60% of group revenue. While currency weakness has no direct impact on Optus' ops as its earnings and costs are predominantly in AUD, there would be a currency translation impact when its earnings are converted to SGD. However, SingTel spokesperson noted that this was unlikely to have a major impact on the yoy comparison as its 2QFY09 results also coincided with a weak AUD. Other listed companies with Australia exposure include Ezion, Ausgroup, Australand, SP Ausnet, AV Jennings, Tat Hong, Tiger Airways. |
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KEahzq
Senior |
23-Aug-2010 11:28
Yells: "Trading requires Patience and Discipline" |
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Hsu Fu Chi: Decent 4QFYJun10 results. Revenue +24% yoy to RMB750m, on higher pdtn and increase in number of sales offices. Net profit turned around sharply to RMB 27.5m vs RMB 1.2m loss yoy, on significantly lower selling and admin expenses as there was no repeat of provisions for Employee Termination Benefits this year. Full year results were more tepid, but still decent with net profit +31% yoy to RMB 602m Mgt declared total div of RMB 75cts (38 cts final + 37 cts special), translating to 5.8% yield. This compares with div of RMB 29cts last yr. Nevertheless, mgt cautious on current financial year; notes increasing raw material costs and higher wages. Stock cheap at 17.2x PE, with valuations half that of peers like Tingyi (34.3x PE), Want Want (33.5x PE), but not well covered and very thinly traded. |
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KEahzq
Senior |
23-Aug-2010 11:21
Yells: "Trading requires Patience and Discipline" |
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Olam Int’l: NZ Farming Systems has advised s/holders not to accept the takeover offer made by Olam at NZ$0.55 per share. The board also recommended shareholders to await more info on Union Agriculture Group’s NZ$0.60 per share offer & adds that there may be another entity that is keen to be a new significant shareholder but not take majority control. |
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KEahzq
Senior |
23-Aug-2010 11:07
Yells: "Trading requires Patience and Discipline" |
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KLW: Corporate action and entry of new strategic investor, could spur trading interest in KLW, on hopes of a turnaround. KLW to restructure its operations, to allow KPFB, a Msian PE firm, to buy 30% stake in its door division. Transaction expected to be completed in 3 mths. Potential listing of the door business by 2014, one of the conditions of the share sale agreement, could also be a catalyst for future re-rating KLW has over 18 yrs track record as a door manufacturer, with factories in Msia and China. Exports to Asia, Europe, US and Middle East. Company was badly hit by the financial crisis, posting cumulative losses of $8.2m from FY08 to 1H10, vs its current mkt cap of $15m. |
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KEahzq
Senior |
23-Aug-2010 10:16
Yells: "Trading requires Patience and Discipline" |
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Golden Agri: OSK downgrades to Neutral from Trading Buy, citing uncertainty stemming from Greenpeace's allegations of plantation group engaging in environmentally harmful practices, giving false info to investors. Cuts target price to $0.50 from $0.68, based on 11X FY11 earnings vs 15X previously. Stock broken 50 & 100-day MA suuports, currently sitting just above 200-day MA. |
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KEahzq
Senior |
20-Aug-2010 16:08
Yells: "Trading requires Patience and Discipline" |
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Consciencefood: UOBK starts at Buy with $0.365 target, based on 9.6X FY10 P/E. Likes Indonesia-based noodles maker’s defensive earnings profile given its low-cost products; demand also relatively inelastic, resulting in the group being able to grow sales and profits even during the 2008-09 economic crisis Expects 2011 earnings to be driven by increased sales volume, aided by expanded product range, new pdtn line to be installed in 2H10/1H11. Tips higher margins as company reduces reliance on external suppliers when pdtn from new Jakarta plant begins in 2011. |
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KEahzq
Senior |
20-Aug-2010 15:59
Yells: "Trading requires Patience and Discipline" |
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Silverlake Axis: unexciting FY10 results. Revenue flat at RM175m, while operating margins fell 14% yoy to RM 80m, on the back of higher admin and other operating expenses (arising from consolidation of Silverlake Japan, marketing expenses, acquisition costs of SSB and QR). Net profit -22% yoy to RM63.2m due to losses from associates |
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KEahzq
Senior |
19-Aug-2010 12:07
Yells: "Trading requires Patience and Discipline" |
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Shipping: The Baltic Dry Index rose for a 10th day on stronger demand for vessels to haul coal and grains. The commodity shipping measure climbed 43 points or 1.7% to 2,558. Longer-term charter rates are strengthening as demand for shippers rise due to a Russian drought that’s forcing importers to turn to US suppliers. Global seaborne trade in coal will reach a record 1.01 bn tons this year vs 977 tons for iron ore, driving up demand for dry-bulk carriers. Stocks to watch in this space include STX PO, Mercator & Courage Marine while the bulker builders include Cosco, YZJ & JES. |
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Laulan
Master |
19-Aug-2010 11:01
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Based on this price my average profit for 12.71 lots minus $250 and minus 7% brokerage, give a net profit of slightly over $1K. if bought at 31 cents. When money comes in, can pay for the recent purchases of 13 lots. Also good, hahaha.
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KEahzq
Senior |
19-Aug-2010 10:42
Yells: "Trading requires Patience and Discipline" |
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United Envirotech: following UE’s previous failed attempts to acquire the entire equity interest in Tongji Environment, Tongji has: i) granted UE a call option over 50% equity interest in Tongji, and ii) agreed to convert the RMB 30m refundable earnest money (previously advanced by UE) to a loan. The loan will be secured by a charge over the entire equity interest in Tongji The agreement gives UE more time to access whether to proceed with the invmt in Tongji, while being compensated via the 3% pa interest payments on the loan (not great in our view). Barring credit risk, we think impact on UE is likely limited, but would prefer if the company had used the cash instead for projects with more certainty in delivering higher returns. Still stock not expensive at 9x PE. DMG, OCBC have recent Buy calls with $0.52/0.53 targets. |
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KEahzq
Senior |
19-Aug-2010 10:33
Yells: "Trading requires Patience and Discipline" |
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Healthway: proposing to diversify business to include the development, invmt and mgt of real estate which comprise medical facilities in the region (ie Medical Development), via 25% owned JV with 4 members of mgt/ major shareholders. Geographic focus is on China, where Medical Development will include i) hospitals and medical centres, ii) retirement communities, iii) medical and wellness resorts, iv) mixed developments comprising medical facilities with retail, office and commercial units, and hotel or service apartment. Projects to be funded through mix of equity and bank borrowings. Company may also provide medical, healthcare and related support services to the JV We think that plan is still in early stages, and it is premature to determine whether move is positive. Mgt needs to get sh/h approval, and execution risks remain. The recent purchase of shares by Peter Lim (now a significant sh/h) may be a catalyst for the stock in the short term. |
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KEahzq
Senior |
19-Aug-2010 10:31
Yells: "Trading requires Patience and Discipline" |
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Oceanus: update on TDR. Fixed TDR issue price at NT$11.25 (S$0.477 vs last traded at S$0.30). Expected list date is 27 Aug. Successful listing of this 2nd TDR programme could be a catalyst for further share price movement.
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KEahzq
Senior |
18-Aug-2010 15:43
Yells: "Trading requires Patience and Discipline" |
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Oceanus: the 25 Jul announcement guides for listing of 2nd batch of TDR on 31 Aug. Current status is that Oceanus has received approval from the Taiwan Financial Supervisory Commission, Executive Yuan, the Securities and Futures Bureau. |
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KEahzq
Senior |
18-Aug-2010 15:41
Yells: "Trading requires Patience and Discipline" |
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Woodside Petroleum said rival Chevron Corp has progressed its Gorgon gas project at a slower pace than expected. As a result, it is taking its time to make a final investment decision on expanding its Pluto liquefied natural gas project. Woodside’s exploration program for Pluto LNG has also not progressed as rapidly as planned. This may have some implications on Ezra, which has secured contracts from the Gorgon gas project. |
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KEahzq
Senior |
16-Aug-2010 14:34
Yells: "Trading requires Patience and Discipline" |
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Sarin Tech: delivers a Galaxy 1000 automated internal diamond mapping pdt to Blue Star Group, for use in Blue Star’s mnftrg process of rough diamonds and in its online tenders of rough diamonds. Blue Star is based in India, and deals in the supply of both rough and polished diamonds in India and Belgium News is positive, and reflects customers’ keen interest in Galaxy. Up until 2Q10, Sarin intentionally made limited shipments to customers. With the system refinements and IP protection now in place, mgt expects an acceleration of shipments in 2H10. Additionally, a new pdt, Quazar II was introduced in 1Q10, with deliveries also expected to ramp up as the co. moves into 2011. |
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KEahzq
Senior |
16-Aug-2010 10:57
Yells: "Trading requires Patience and Discipline" |
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Rickmers Maritime Trust: 2Q10 results. Revenue flat at US$36.4m, but net profit slumped 88% yoy to US$0.6m, due to one-off transaction fees associated with settlement for cancellation of vessel delivery, one-off finance expenses related to restructuring of loan facilities, and unrealized fair value losses on interest rate swaps Nevertheless, there are signs that Rickmers could be nearing a turnaround. i) recovery in the container market is positive, and with Rickmers recording near 100% utilization in 2Q10. ii) Risk of default and credit tightness appears to be easing as banks granted Rickmers waiver on certain loan covenants, and agreed to refinance its loans, iii) settlement agreement with Polaris regarding cancelation of US$919m orderbook in exchange for US$64m compensation, subject to sh/h approval at EGM Due to past bad news, stock has been under-researched. Possible valuation opportunity, as now trades at 60% discount to reported NAV/sh of US$0.91, and 52% discount to adjusted NAV/sh of US$0.76 (after deducting US$64m compensation). Meanwhile company appears to be maintaining distribution at ~US0.57cts (-5% yoy), which translates to 6.2% annualized yield |
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KEahzq
Senior |
16-Aug-2010 10:54
Yells: "Trading requires Patience and Discipline" |
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FNN: 3Q10 core earnings grew 14% yoy but -22% qoq to $133m, in line with expectations. The good performance was underpinned by progressive profit recognition from development projects, stronger F&B contributions & turnaround in publishing biz. 9M10 core earnings came to $440m, NAV at $4.19. F&B EBIT rose 21% yoy boosted by higher vol sales from soft drinks (+49%) and breweries (+25%), which was lifted by strong growth in Indochina & maiden contributions from PT Bintang. This was partially offset by lower dairy earnings (-12%) due to higher costs. On the property front, 11% increase in EBIT was attributed to pre-sales of Waterfront Waves, Woodsville 28 & 8@Woodleigh. FNN plans to launch Ph1 (623 units) of Central Park in Sydney in late Aug. I expect its property earnings to be supported by new launches from potential 2.2m GFA in Spore and 21m sf lanbank in Aust & China. Expiry of Coke bottling franchise next yr & Kirin’s acqn of 14.7% stake in FNN would pave the way for more abundant mktg & M&A opportunities. Stock trades at 12.2x FY10 and 10.6x FY11 P/E, well below 17.5x historical mean. KE has TP of $6.50 for the stock, DB pits it at $6.40. |
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KEahzq
Senior |
16-Aug-2010 10:51
Yells: "Trading requires Patience and Discipline" |
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Falcon Energy’s 2Q10 net profit increased by 8.3% yoy to US$8.1m on the back of 5.2% growth in revenue. Even after taking into account the seasonality effect, the results were still slightly below our expectations with 1H10 earnings forming only 38.4% of our original full year forecasts. Key variance was the decline in revenue from Oilfield Division (-36.7% yoy) with the expiry of a one-off contract in 2Q10 as well as lower turnover from the Mexican subsidiary. We trimmed our FY10-12 EPS estimates marginally by 3-5% to factor in slower-than-expected recovery in charter dayrates and weaker USD. In line with the de-rating of O&M sector, we are now pegging our target price at lower FY11F PER of 10x. Recently, CEO Tan Pong Tyea has bought 46.2m shares at $0.53 to increase his stake in FEG to 62.2% through private treaty and open market purchase. FEG has declared an interim dividend of S$0.005 per share. KE Maintain BUY with a reduced TP of $0.85. |
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cheerfully
Member |
13-Aug-2010 21:55
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