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Li HENG

tedlim_me
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28-Aug-2009 23:24

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Yells: "there is no equity in the equity markets"

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hmm.. if s-chips are being 'eaten up', it's weird tt this one isn't.. sigh..

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m0shii
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28-Aug-2009 17:08

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why before closing li heng from 0.360 down to 0.350...what happening??

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m0shii
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28-Aug-2009 16:26

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christan
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28-Aug-2009 16:25

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sentiment.

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m0shii
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28-Aug-2009 15:37

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why drop today?....any bb got reasons?

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christan
Senior

27-Aug-2009 16:55

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kim eng at least not kia si in TP

Li Heng Chemical Fibre – plant visit note (Anni KUM DID: 64321470)
Last closing price: $0.365
Recommendation: Hold (Maintained)
Target price: $0.38 (upgraded from $0.24)
Phase III expansion on track
We visited LHCF last week in Changle City, Fujian province to look at its Phase III expansion. Its nylon chip plant has been completed and is currently undergoing trials. Full production is expected by end 2009. The expansion of the nylon yarn production is on track, with completion being targeted in 1H10.
Long-term normalized margin expected at 15-20%
Successful integration of its nylon chip plant with the yarn production will result in gross margin expansion of ~3 ppt. The management is mulling the construction of a larger, 100,000 ton p.a. nylon chip plant on vacant land at its existing plant (internally-funded) after gaining expertise in running the first plant. This could lead to cumulative margin expansion of 8-10 ppt.
Cautiously optimistic about operating performance
Based on the latest data on ASP, we are expecting a 30% qoq increase in revenue in 3Q. LHCF has so far been able to pass on the higher raw material costs to its customers by in the form of higher ASPs. The management believes that the stabilization of ASP in a seasonally weak 4Q would be a good indicator of a sustained recovery in the industry.
Net profit could double in FY10F
The management expects sales volume to be firm, though volume may decline slightly in 4Q. Our FY09F and FY10F revenue forecasts have been raised by 13.4% and 35.3% respectively on the back of a more positive ASP guidance. Net profit is estimated to grow 118.5% in FY10F and 4.0% in FY11F due to expiry of the tax concession period.
Staying ahead of competition; Maintain Hold
We have raised our target price to $0.38, pegged at 8x PER, a 50% discount to the regional sector average PER. However, at a forward PER of 7.8x, we believe the market is already pricing in a better operating performance in FY10F. We maintain our Hold recommendation and peg our re-entry price to 6x forward PER (below $0.28).

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christan
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27-Aug-2009 15:29

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Report

on pg 1general data said that nta =89cents(rmb) and on pg4 it said 201.1(2008) 202.7 (2009F) 219.1(2010F)

89 cents was meant for 2007. how can analyst not chk its own report

and fair value is 33; wats a BULLSHIT

i believe it wil trade more toward NTA 200cents (~S$0.4)

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TonyGan
Senior

27-Aug-2009 10:42

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so a lot resistance will be @ 41.58

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ROI25per
Master

26-Aug-2009 21:50

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is it eyeing 2nd listing also???

36 is not high, pre-ipo investors paid around 41.58 (Pg 82 propectus) and ipo was 80

Published August 26, 2009

S-chip issues - crux lies in enforcement

By LYNETTE KHOO

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THE wide-ranging measures proposed by Singapore Exchange (SGX) last week have driven home a strong message - that the exchange views the failure of issuers and the problems plaguing them with gravity.

Measures such as imposing disclosure of pledged shares and custodising shares of controlling shareholders have plucked right at the heart of issues plaguing S-chips (China-based companies listed in Singapore). It was also comforting to hear from SGX that there is no pervasive fraud risk relating to China companies.

But the jury is still out on whether this move will restore investors' confidence and prevent some issuers from entertaining thoughts to move to other stock exchanges offering better valuations.

This week, Sihuan Pharmaceutical's parent company, China Pharmaceutical, has decided to initiate a move to take Sihuan private, citing thin trading volumes. Just a few days ago, Z-Obee Holdings said that it was looking into the possibility of a dual primary listing on the Hong Kong bourse, shortly after China XLX filed its application for a dual listing there.

It is unclear if these are isolated cases or part of a wider trend of some S-chips seeking greener pastures. There have been market whispers that some S-chips are contemplating such a move if their valuations continue to stay depressed.

The two S-chips eyeing dual listing have cited as reasons a desire to gain access to two different equity markets, to widen their investor base and to raise share trading liquidity.

But there is some speculation that S-chips contemplating a dual listing in both Singapore and Hong Kong could eventually pull out of one stock exchange to avoid paying two separate listing fees. Such a decision would probably hinge on how well the S-chips' shares perform in Hong Kong and how soon Singapore would catch up in the valuation race. All eyes will thus be on how handicraft and furnishing maker Passion Holdings - the first Chinese IPO here this year - will fare on its debut next week.

The latest proposed measures by SGX are a welcome move to instil market confidence. But it would be presumptuous to assume things will look up right away for the S-chips sector. There remains lingering doubts over the listing compliance of some existing issuers and the problem of enforcement. One of the proposed measures is for new listings on the mainboard to appoint governance advisers for the first two years post-listing to help companies institute a robust framework of reporting accountability, internal controls and other components of good corporate governance.

It is good to have an extra pair of eyes on new listings, which are green in the ways of a listed company. Most S-chips tend to head for the mainboard instead of Catalist, which means that future new S-chips will need to appoint governance advisers.

But on practical grounds, it does beg the question of how effective the proposed measures would be for foreign listings. If independent directors here find it hard to oversee companies whose operations are mostly offshore, what more the governance advisers?

Corporate governance concerns about S-chips have not fully blown over yet. Of about 10 cases of listed companies with irregularities since the beginning of 2008, half are Chinese listings, whose problems are still largely unresolved.

At FibreChem, external auditors Ernst & Young could not finalise an audit of its trade receivables and cash balances for the year ended Dec 31, 2008. Until now, it is unable to report its financial results for fiscal 2008 and the two quarters of this year.

China Sun has also faced an accounting mess. But the services of its chairman appeared to be indispensable as after the independent directors suspended him for failing to attend a board meeting to explain missing cash, he was reinstated three weeks later, albeit with conditions.

In the case of Oriental Century, even after police reports have been filed by its board for the massive fraud perpetuated by its chairman-cum-chief executive, the question shareholders like to ask is the outcome of the investigation and the action to be taken.

The proposed measures by SGX are laudable and would strengthen corporate governance here. But enforcement over existing S-chip issues has to be part of the equation to restore faith in this market segment.

SGX's reiteration of high baseline standards as a frontline regulator is assuring, and has been demonstrated in its proactiveness with the planned measures. Having new rules to pre-empt future problems is a good thing, but the heart of the issue is still that of enforceability.

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m0shii
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26-Aug-2009 18:29

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i holding till 0.42. possible next week. just keep loading

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cheongwee
Elite

26-Aug-2009 18:22

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is 36c very high for this counter???u check back the thread here, some one said it is???he is crying inside now...

only after 45c..then , u siad...i dont know...you ..dyodd..

m0shii ( Date: 26-Aug-2009 17:04) Posted:

very very gd counter...I see how its swing from 0.375 in 2 days time. Amazed. Regret buying yongnam & lian beng (DIED counter)

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m0shii
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26-Aug-2009 17:04

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very very gd counter...I see how its swing from 0.375 in 2 days time. Amazed. Regret buying yongnam & lian beng (DIED counter)

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TonyGan
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26-Aug-2009 16:45

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tremendous interest here, hitting 40 soon

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maxcty
Master

25-Aug-2009 18:09

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Yells: "always a learning day for me in trading"

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i looking at 40c at least.....

cheongwee ( Date: 25-Aug-2009 17:59) Posted:

ayoh...36c...i thk no problem...look how easy it swimg fr 27c to 33.5c

m0shii ( Date: 25-Aug-2009 16:36) Posted:

yes..cheongwee..there a gain means +. Li Heng strong counter. I buy back hahahah....hopefully this week will break 0.360.

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cheongwee
Elite

25-Aug-2009 17:59

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ayoh...36c...i thk no problem...look how easy it swimg fr 27c to 33.5c

m0shii ( Date: 25-Aug-2009 16:36) Posted:

yes..cheongwee..there a gain means +. Li Heng strong counter. I buy back hahahah....hopefully this week will break 0.360.

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m0shii
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25-Aug-2009 16:36

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yes..cheongwee..there a gain means +. Li Heng strong counter. I buy back hahahah....hopefully this week will break 0.360.

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cheongwee
Elite

25-Aug-2009 15:30

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dont say that...just put your money into some potentila..not in your bank..

ride on guccoleisure???dyodd..

m0shii ( Date: 25-Aug-2009 15:25) Posted:

i sold off at 315. Shd had hold. damn it......working so bopian..hai.

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m0shii
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25-Aug-2009 15:25

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i sold off at 315. Shd had hold. damn it......working so bopian..hai.

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lost_soul
Member

25-Aug-2009 14:56

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So 'tedlim_me' did u managed to sell ur stocks at ur price of $0.32?

I hope that you did managed to sell it off and earn some coffee money.

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tedlim_me
Senior

25-Aug-2009 11:34

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Yells: "there is no equity in the equity markets"

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sometimes patience may pay off.. i decided to wait a while longer.. Smiley

lost_soul ( Date: 25-Aug-2009 10:49) Posted:

I sold mine at $0.31 ... Sometimes it pays not to be greedy ... can make some coffee money can alr .... No offence intended ...

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