Noble Group: Credit Suisse upgrades to O/p from neutral with $1.80 TP. House note that Noble, whose P/B has fallen to 1.28x, just 3% above the 2008-09 lows of 1.24x, is the latest addition to the trough valuation story.
The key driver was the weak Sep-quarter performance, on carbon credits write-downs, counterparty defaults in cotton, and weak, drought-induced sugar crop. Overall, house do not see a likely recurrence of 3Q, given carbon credits in the product portfolio are now minimal, new contract structures for cotton are in place, and that anticipate stronger vol and utilisation for its sugar mills.
Note that tonnage growth during the period was strong, up 34% YoY and 25% QoQ. And looking ahead, see further ramp-up in vol, driven by increased coal demand, expanding agriculture capacities, and traction in its oil and gas initiatives. Valuations will also be supported by potential spin-off of its agri-operations.
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Hyflux
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krisluke
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03-Dec-2011 13:54
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Noble Group |
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nnmmkk
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29-Nov-2011 09:53
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woah today falling quite a lot. No more share buy-back? Anyone shorted this counter? | ||||
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nnmmkk
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23-Nov-2011 14:45
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thanks, maybe should take some of the profits off the table | ||||
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New123
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23-Nov-2011 14:44
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Don't think it can hold too long.. Just look at Osim. Bought back a lot of shares also went down..
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taybc1071
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23-Nov-2011 14:40
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share buy-back by co.
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des_khor
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23-Nov-2011 14:30
Yells: "Tell me who is the God or MFT from this forum??" |
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Mdm Lum ask her company to support at 1.20.... |
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nnmmkk
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23-Nov-2011 14:28
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Anyone shorted this counter? hm, it stuck at 1.2 for the last 2 days. Yesterday rally also not up, today also not down... | ||||
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Richman
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23-Nov-2011 13:42
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Good Analytical Skill ! Like No Others...
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Farmer
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23-Nov-2011 12:30
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 You win! 
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des_khor
Supreme |
23-Nov-2011 12:07
Yells: "Tell me who is the God or MFT from this forum??" |
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http://hyflux.listedcompany.com/stock_fundamentals.html All wrong !! After adjusted so many rounds of bonus issue and all time low price (IPO price) should be around only SGD 0.10 !! |
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Jackpot2010
Master |
23-Nov-2011 11:59
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Not yet hit All-time low 9 Oct 2008 = $0.81 (After adjustment for Bonus 1-for-2 in Dec 2010) |
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bishan22
Elite |
23-Nov-2011 11:29
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This was once my darling stock, now it seldom appear in top volume or top gainer....... 
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Farmer
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23-Nov-2011 11:20
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This one trading at crisis price and in my radar screen now. Hmm...Oct08 low at $1.11? |
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alexchia01
Elite |
14-Nov-2011 12:21
Yells: "Catch The Stars And Ride With Them" |
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No need to know the reason. Just sell.
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SGG_SGG
Master |
14-Nov-2011 11:35
Yells: "karma karma karma chameleon" |
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yallor..any blur noob in this forum also can see it's sold off so jialat. guess only the sifus know the answer why.
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iPunter
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13-Nov-2011 22:00
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This counter has been gradually battered down... worse than NobleGrp... 
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kkboy1
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13-Nov-2011 21:44
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Anyone knows why hyflux down so much? | ||||
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whereru
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04-Nov-2011 22:50
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Looks like a goner now, have | ||||
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krisluke
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04-Nov-2011 21:05
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Hyflux: Annouced weak 3Q11 results, which was below estimates. Rev at $87.7m, -36% yoy and -21% qoq, while net profit at $12.6m, -34% yoy and -13% qoq. Gross Margins also dipped at 43.9% vs 49.6% yoy. A one-off gain on sale of obsolete equipment ($13.2m) and forex gains ($5.1m) prevented a loss. Overall 9M11 profit declined 36% to $34m against a full-year consensus of $80m. This was attributed to lumpy rev recognition, but analysts foresee more structural issues here. Execution on China BOT projects continue to be slow, despite an estimated orderbook of $330m, only $93m were recognized ytd. This is despite some projects having been won as far back as 2008. Which could possibly attributed to mgt holding back some of these projects, which may be fundamentally unattractive. With a 25-30 year investment horizon, it is also an issue of whether Hyflux is able to divest these projects. With the cessation of Middle-East projects for now, this may be the end of a run of attractive projects for Hyflux. Outside SG, mgt is now focusing on China, India and Australia, but the latter two are still potential new markets which has not seen any concrete contracts from. At current price, valuation appears fair, with grp trading at an annualized 17X FY11E P/E vs historical forward average of 20.2x, given limited upside catalyst. Ratings are as per follow: - Citi maintains Buy with $2.74 TP. - DBSV maintains Buy with $ 1.78 TP - Kim Eng downgrades to Sell with $1.15 TP. - CS d/g to Neutral, TP $1.40 from $2.60, weak 3Q11 results n rising headwinds - JP Morgan maintains Neutral, TP $1.60 from $1.70, trim earnings estimate for FY11E by 20% to further account for lower earnings contribution from the Tuas desalination plant, - Nomura maintains Neutral, TP $2.33, weak 3Q due to project cycle. Trading at $1.40, implying 8x FY12F P/E vs. peers' 8x-17x FY12F. Fair valuation on the back of disappointing 3Q11 results and sluggish new orders observed during the period. |
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krisluke
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03-Nov-2011 20:15
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SINGAPORE, Nov 3 (Reuters) - Singapore's water treatment firm Hyflux Ltd Hyflux posted a net profit of S$12.6 million ($9.9 million) for July-September, down from S$19 million a year earlier, it said in a statement. Its revenue fell 36 percent to S$87.7 million compared to the year ago period, as two of its large-scale desalination projects in the Middle East and North Africa were at the end of its construction. " We are confident that we should see enhanced contributions from the next financial year," said Olivia Lum, Group President and Chief Executive Officer. ($1 = 1.272 Singapore Dollars) (Reporting by Charmian Kok) |
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