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KEahzq
Senior |
23-Jun-2010 16:25
Yells: "Trading requires Patience and Discipline" |
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Venture Corp: CIMB upgrades Venture to Outperform from Neutral on attractive valuations and keeps $10.54 target price. Expects gradual recovery in earnings and sustainable dividend yields to drive share price higher. Order momentum for its non-HP businesses likely to continue for the rest of 2010 as guidance by most of its major customers has turned more positive. Current profit margins of 6%-8% sustainable as fallout from loss of HP printer business already captured in 1Q10 results. |
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KEahzq
Senior |
23-Jun-2010 10:43
Yells: "Trading requires Patience and Discipline" |
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Parkway shares down 11% to $3.71 after Morgan Stanley describes of Khazanah's $3.78 partial offer price as not compelling even though price is reasonable as it it does not take into account control premium. While minority shareholders still holding out for counter offer from Fortis Healthcare, share price action likely to remain subdued unless Indian healthcare group unveils intention. Fortis has till Jul 30 to announce any offer. Khazanah's offer closes Jul 8. |
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KEahzq
Senior |
23-Jun-2010 10:40
Yells: "Trading requires Patience and Discipline" |
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Mermaid: DBS cuts target to $0.32 from $0.53, following recent announcement that company will dispose its 75% stake in KM-1 project at loss of US$7.4m. Cites loss of major earnings driver, and major reduction in earnings visibility. |
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KEahzq
Senior |
23-Jun-2010 10:22
Yells: "Trading requires Patience and Discipline" |
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O&M: Oil companies and contractors are likely to wait out restarting drilling operations until there is more clarity after US judge overturned the 6-month ban on deepwater drilling in the US Gulf, which has affected 33 oil wells. The White House said it would immediately appeal against the court ruling. Already, some companies are eyeing moves to Brazil and Africa but Petrobras indicated that it has not seen any increased rig availability just yet and if the US moratorium lasts 6-12 months, the impact may be limited as rigs are normally contracted on a long term basis. Meantime, Petrobras has obtained board approval for its 2010-14 business plan, which calls for investments of US$224b or 28% more than the 2009-13 budget and higher than previous estimate of US$200-220b. E&P will account for US$119b or 53% of the total investment and the group plans to have a total of 26 deepwater rigs by 2014 and 53 by 2020 and double its support fleet to 504 vessels by 2020. To fund the massive investment, mgmt has projected US$155b in net cash flow based on US$80/bbl oil price with the rest coming from new equity and debt funding. However, it has postponed a proposed share sale from Sep to Jul. Both KepCorp and SembMarine are currently bidding for contracts in Petrobras' 28 rig tender. |
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KEahzq
Senior |
23-Jun-2010 10:19
Yells: "Trading requires Patience and Discipline" |
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No worries shawngoh,
Thanks!
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KEahzq
Senior |
23-Jun-2010 10:18
Yells: "Trading requires Patience and Discipline" |
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China Minzhong: BNP Paribas initiates vegetable company as Buy with $1.50 target price based on 8X FY11 P/E. Highlights its diversified customer base, demand-driven business model allows it to plan production, cultivation based on customer orders, helps it control input costs. Adds, economies-of-scale, long history of operation make it hard for new entrants to replicate. Forecasts gross margin of nearly 70% in FY10, net profit CAGR of 30% over FY10-12. Expects China to continue the double-digit processed vegetable export growth given its cost advantages and to position itself as another major consolidator given its strong value proposition. Shares closed down 1.7% to $1.13 yesterday after China reports wholesale vege prices fell 5% from week earlier. |
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shawngoh
Member |
22-Jun-2010 16:51
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Thanks for the update! |
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KEahzq
Senior |
22-Jun-2010 16:29
Yells: "Trading requires Patience and Discipline" |
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Wilmar Int’l: BoA-Merrill downgrades Wilmar to Underperform from Neutral on concerns that stock will continue to face pressure until alleged tax fraud case in Indon is resolved. Cuts target price to $5.40 from $6.70 based on 20% valuation discount. Cautions that while plantation group has rejected fraud claims, potential impact on its Indon operation, which accounts for 25% of group profit, could be significant. Future dealings with authorities might come under greater scrutiny and operations could slow down, especially on new oil palm planting approval. Adds growth of Wilmar's rice, flour operations in China remains lacklustre, with mgmt expecting meaningful contributions only in 2-3 years. |
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KEahzq
Senior |
22-Jun-2010 12:15
Yells: "Trading requires Patience and Discipline" |
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Hongkong Land: Citigroup downgrades HK Land to Hold from Buy, citing stretched valuation and limited upside. While worst may be over for HK's office market as rentals starting to pick up, current share price remains above peaks achieved in 2007-2008, when spot rent 30% higher than existing levels. Hence, it believes valuations have already priced in a strong recovery of Central office rental. Cuts target price to US$5.15 from US$5.43 based on 25% discount to NAV estimate. |
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KEahzq
Senior |
22-Jun-2010 09:52
Yells: "Trading requires Patience and Discipline" |
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SembMarine broke ground yesterday with phase 1 construction of its new yard in Tuas. Phase 1 will have 4 VLCC drydocks capable to handling 1.5m dwt and is scheduled to be completed by end 2013 with partial operations starting in 2H12 with shiprepair and conversion activities. The yard will be built in 3 phases with phase 1 costing $750m and the 2 other phases being rolled out over 16 years. When the 206-ha integrated yard facility is fully completed, it will boost SMM's total dock capacity by 62% to some 3.0m dwt. |
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KEahzq
Senior |
22-Jun-2010 09:51
Yells: "Trading requires Patience and Discipline" |
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Sembcorp Inds has cleared the legal hurdles in its takeover of US-listed water firm, Cascal after a Cascal shareholder withdrew a lawsuit to stop the closing of the tender offer. Just last week, a Dutch court ruled in favour of SCI and BiWater against Cascal’s request for interim relief. As of 18 Jun, SCI had secured 86.9% of Cascal based on the number of shares tendered and not withdrawn. This means that SCI will have to raise its offer price to US$6.75 as part of its 2-tier pricing agreement but the final price will only be determined on the tender expiry date, which has now been extended to 8 Jul to secure approval from the South African Competition Commission. If the acquisition materializes, it will expand SCI’s footprint from 5 to 11 countries and increase its water capacity by 50% to 6m m3/day, transforming it to a leading global water player. |
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KEahzq
Senior |
22-Jun-2010 09:50
Yells: "Trading requires Patience and Discipline" |
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Noble Group: Independent directors of Gloucester Coal (GCL) have recommended that shareholders accept Noble’s cash offer of A$12.60 for remaining GCL shares. However, they are advised to make their decision closer to the end of offer period on 5 Jul, as the 2 parties are negotiating an alternative deal, which will give GCL shareholders the option to stay on as GCL shareholders but with additional Aust coal assets that GCL will acquire from Noble; or sell their shares to Noble. |
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KEahzq
Senior |
22-Jun-2010 09:48
Yells: "Trading requires Patience and Discipline" |
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Transpac: to sell out Foodstar (100% owned by funds under management) entirely to Heinz in a deal valued at US$165m. Transpac directly owns 70% of Foodstar, and stands to receive US$116m (= 63.5% of market cap). A back of the envelop calculation values Transpac at $1.90/sh (assuming net cash on hand + proceeds from Foodstar) vs $1.46 last traded However, due to potentially substantial earn-out clauses, timing of cash flows from the deal cannot be confirmed yet. Also stock relatively illiquid, with 6m avg daily volume under 100 lots. Foodstar sells seasoning and condiments, with operations and markets in China. Also manufactures soya sauce and fermented bean curd in 4 manufacturing sites in Guangdong and Jiangsu province. Currently building a new factory in Shanghai, expected to start pdtn by year end. |
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KEahzq
Senior |
21-Jun-2010 15:13
Yells: "Trading requires Patience and Discipline" |
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Cosco up almost 5% to 5-week high of $1.56 in active trade as company receives initial deposit from European shipowners to begin construction of 2 out of 15 bulk carriers recently ordered. Downpayment mitigates risk of contract cancellation, which plagued share price for much of last year. The group disclosed US$440 million worth of orders for 15 vessels last week. Current gains also supported by rally among S-chips triggered by China's move towards Rmb flexibility. |
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KEahzq
Senior |
21-Jun-2010 14:12
Yells: "Trading requires Patience and Discipline" |
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Ho Bee / Yanlord; to jointly acquire a high-end residential site with GFA of 388k sqm in Tangshan Nanhu Eco-City for RMB 505m (or RMB 1302/ sqm). Likely positive over the longer term as this would allow both companies to tap on the rapid development of the Bohai Economic Region, however I caution that recent months have seen policy changes in China aimed at cooling property demand. |
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KEahzq
Senior |
21-Jun-2010 11:55
Yells: "Trading requires Patience and Discipline" |
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Hi-P: DBS Vickers upgrades Hi-P to Buy from Fully Valued, lifts target price to $0.72 from $0.49, based on 9X FY11 P/E, after increasing FY10-11 earnings forecasts. Changes reflect company's positive 2Q10 guidance. Hi-P is seeing strong momentum of new launches for two key customers, Research In Motion (Balckberry) and Apple (iPhone, iPad), whose products are among the most coveted consumer gadgets today. Driven by increased demand, better capacity utilization and cost controls, Hi-P expects 2Q10 revenue to be comparable to 2Q09's $178m vs earlier guidance of lower sales but still expects profit to be lower than 2Q09's $16m although better than initial breakeven forecast. Stock +10% at S$0.56. |
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KEahzq
Senior |
21-Jun-2010 11:51
Yells: "Trading requires Patience and Discipline" |
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SP AusNet off 3.4% to below $1.00 as class action lawsuit against company, blamed for allegedly breaching safety guidelines and causing bushfire in Australia's Victoria state in Feb 09, which destroyed more than 1,200 homes. No short term resolution in sight, thinly traded. Support tipped at $0.95. |
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KEahzq
Senior |
21-Jun-2010 10:05
Yells: "Trading requires Patience and Discipline" |
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CapitaMalls Asia: OCBC Research starts CMA as Buy with $2.40 target price, pegged at parity to RNAV estimate. Views retail mall owner cum developer as good proxy to Asia's rising consumer spending story. Notes income stream stable, with sponsorship from parent CapitaLand offering opportunities to participate in non-retail properties, such as integrated developments; adds CMA will appeal to investors who are looking for possible capital appreciation. recent proposal to list its Malaysian mall on Bursa Malaysia will speed up its expansion as retail mall ownership in Malaysia is highly fragmented giving it the opportunity to acquire retail malls from individual owners and establish itself as a leading player in the retail property segment in M'sia. |
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KEahzq
Senior |
18-Jun-2010 11:39
Yells: "Trading requires Patience and Discipline" |
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Cosco/Yangzijiang: DBS Vickers believes that the recent pick-up in global orders for dry bulk carriers is sustainable and bodes well for Cosco and YYZJ. Notes orders in May hit high of 7.8m tons and momentum likely to be sustained as demand in Asia strong. Unlike the superboom in 2007-2008 when new orders were driven by major shipping lines, the order recovery this time round is driven mostly by Asia's small-medium shipping firms seeking to low-price vessels. Cosco and YZJ have secured US$520m and US$356m worth of orders respectively in past 3-4 months an continue to receive strong enquiries, which could potentially translate to firm orders in months ahead. Rates both at Buy, with target of $1.80 for both. |
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KEahzq
Senior |
18-Jun-2010 10:35
Yells: "Trading requires Patience and Discipline" |
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O&M: Upstream reported that 2 shipyard groups bidding to build 7 drillships, estimated to be worth US$4.2bn, have been disqualified from the recent Petrobras tender. The 2 bidders are STX of Korea and Engevix. This is surprising given that the Koreans have the biggest market share for drillships and the loss means that there are no Korean competitors left. Engevix is a local Brazilian company who recently won 8 FPSO hulls from Petrobras and so were touted as having the best connections. After the technical bidding round, commercial bids are expected to close in about a month and contract awards to follow. The remaining bidders for the drillship only section are: (i) Keppel Fels - Gusto MSC-based design; (ii) Andrade Gutierrez - Gusto design; (iii) Estaleiro Atlantico Sul (EAS) - Samsung design; (iv) Estaleiro Ilha (EISA) - Gusto design; (v) Jurong Shipyard - LMG Marin design; (vi) OAS-Odebrecht-UTC Engenharia - LMG Marin design; and (vii) Alusa-Galvao Engenharia - Gusto design. With less competition, this certainly opens the door and raises the chances for local yards KepCorp and SembMarine although it remains to be seen if Petrobras will go ahead with the award in view of the potential rig glut in the Gulf of Mexico. |
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