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KEahzq
Senior |
04-Aug-2010 11:01
Yells: "Trading requires Patience and Discipline" |
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Etika: Templeton fund proposed to subscribe for btwn S$20-28m 5-yr zero coupon USD convertibles. Deal yet to be confirmed, with dateline for closing set at 15 Sep. Conversion price is $1.05/sh. Dilution is btwn 8.3 - 11.6% if bonds are fully converted. Funds to be used for working capital, capex and M&A. Positive for Eitka if deal goes through, as company will gain an important strategic investor in Templeton. Templeton’s vote of confidence will also improve sentiment in the stock Etika is a manufacturer and distributor of sweetened condensed milk and evaporated milk, as well as a repacker and distributor of complementary products such as full cream and instant high-calcium non-fat milk powder, instant coffee powder and tea dust. Its main production and warehousing facility is in Selangor, Msia. Company exports to Asean, East and West Africa, Central and South America, Middle East and other Asia-Pac countries. |
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KEahzq
Senior |
02-Aug-2010 15:16
Yells: "Trading requires Patience and Discipline" |
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OCBC posted a 2QFY10 net profit of $503m (+8% yoy,-26% qoq), above Kim Eng's expectations but below the Bloomberg Consensus of $546m. The net profit growth was driven by increased fee and commissions, higher realised gains on investment securities and lower allowances. Despite a 21% yoy increase in loans growth, net interest income grew merely by 1% due to a decline in net interest margin from 2.29% to 1.96%. Non-interest income increased 5% yoy on higher fee and commission income and higher realised gains from the sale of investment securities. Volatile financial markets resulted in a 35% decline in net trading income. Net profit contribution from Great Eastern Holdings fell by 26%, but the underlying insurance business stays healthy with a 30% yoy increase in new business sales. Operating expenses spiked up 24% yoy against a 3% increase in operating income. The higher operating expenses are due to the group's renewed investments in regional expansion and higher biz vol In addition, the group's asset quality and coverage ratios remained strong. NPLs declined by 4%, resulting in an improvement in NPL ratio from 1.5% to 1.3%. Total cumulative allowances represented 112% of total non-performing assets. A higher interim dividend of 15 cts/share has been declared for the first half-year 2010, a 7% increase from the 14 cts/share last period. |
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pharoah88
Supreme |
29-Jul-2010 09:53
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Since it is TiGHT nOw, What is your OpiniOn on the four Shipping Trusts ? - Singapore Shipping Corporation - First Ship Lease - Rickmers Marine Trust - Pacific Shipping Trust [USD]
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pharoah88
Supreme |
29-Jul-2010 09:44
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CMA below IPO S$2.12
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KEahzq
Senior |
29-Jul-2010 09:41
Yells: "Trading requires Patience and Discipline" |
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Mapletree Logistics bought another 3 properties in Japan for $200m, its largest acqn ytd. The group has been on the acqn drive since Dec 09 & purchased 9 assets in Japan, S’pore & Vietnam worth a total of $429m. The latest deal comprises 3 distribution centres with auxiliary office space located in key logistics hubs in the Kanto region and come with an initial yield of 7.3% and fixed lease over 8-10 years. DPU accretion is expected to be higher by 0.3¢. It will be debt funded, raising gearing from 38.8% to 43.6%, indicating that further acqn growth would require some equity raising. With its regional footprint, diversified portfolio & aggressive expansion, MLT is trading at an attractive FY11 yield of 7.2% and 1.0x P/B. |
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KEahzq
Senior |
29-Jul-2010 09:38
Yells: "Trading requires Patience and Discipline" |
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CAPITAMALLS Asia: According to CEO, Lim Beng Chee, CMA has a potential war chest of some $2.5-3 bn for developing and buying malls, and it will be targeting its firepower at Singapore, China and Malaysia. Currently, the group is sitting on around $1 bn of cash, which includes proceeds from the listing of CapitaMalls Malaysia Trust (CMMT) and the sale of Clarke Quay to CapitaMall Trust. With that, the group can borrow another $1.5-2 bn for investments. With that, the group can borrow another $1.5-2 bn for investments. CMA is eyeing state land for mall developments, and it is particularly keen on areas where it already has a presence. These would include the Jurong district, where IMM and the upcoming JCube are. Another plot of interest is the one at Stamford Road/North Bridge Road, where Capitol Theatre is. Raffles City Singapore, which CMA has a stake in, is right next to the station. Besides S'pore, China remains a key growth mkt for CMA. The Chinese government is trying to boost domestic consumption for economic growth and CMA can benefit from that trend. In Malaysia, CMA is also looking to acquire or develop malls. It is setting up a RM1 billion (S$428 million) fund for this. The stock is now trading below its IPO offering price of $2.12 after its spectacular debut last year. |
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KEahzq
Senior |
29-Jul-2010 09:36
Yells: "Trading requires Patience and Discipline" |
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Fraser Commercial Trust: 3QJun10 results. Gross revenue +29% yoy to $29.2m, due to full qtr contributions from Alexandra Technopark. Total distributable income +123% yoy, driven by stronger AUD, and lower finance costs as company pared down debt. DPU +39% to 0.25cts, translates to annualized 6.7% yield. Portfolio occupancy rate was up 0.7% pts qoq to 93.1%, with portfolio wt avg lease term of 4.1yrs Mgt positive on outlook, on the back of more leasing enquiries, better take-up rate in both SG and Perth, and improved rental rates. Assets in the pipeline available for acquisition from its sponsor include Alexandra Point (198k sqft), and Valley Point (222k sqft). Stock last traded at $0.15 vs NAV/sh of $0.26. |
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KEahzq
Senior |
29-Jul-2010 09:23
Yells: "Trading requires Patience and Discipline" |
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Great Eastern reported weak 2Q10 net earnings of $74.4m (-24% yoy, -59% qoq) due to lower profits from insurance ops, which slumped 51% qoq to $75m. Company attribute fall to poor investment performance arising from concerns relating to eurozone debt, as bond and equity prices around the world fell sharply. Profit from investments -68% qoq due to a loss on sale of investments & changes in fair value. New sales rose 23% qoq to $166m, boosted by sale of ILP premium products in M'sia. Fees & other income +9% qoq to $18.4m due to the growth in AUM by Lion Global Investors, which rose to $27.8b. 2Q NAV stood at $7.90 vs ROE of 8.4%. Despite traditionally better 2H, group cautioned that its future performance may be affected by interest rate changes & volatility in the financial markets arising from eurozone debt issues & possible economic challenges in US, Europe & China. Citigroup has downgraded the stock to from a buy to sell with TP of $15.50 based on 1.2x P/Embedded value. |
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KEahzq
Senior |
26-Jul-2010 09:38
Yells: "Trading requires Patience and Discipline" |
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Ascendas India Trust: 1QJun11 results. Net property income up marginally by 3% to $18.9m, due to more new leases signed. However, distributable income was down 19% yoy, due to loss on forward FX contracts vs gains last yr. DPU also down 19% to S1.66cts giving annualized yield of 6.7% Portfolio occupancy remained high at 97%. Mgt expects improvement in 2H10, driven by an enlarged portfolio income base, as1.2m sqft of new space from Park Square (a retail mall in Bangalore) and Zenith (an IT Multi-tenanted Building in Chennai), comes on stream. Stock last traded at $0.995 vs NAV/unit of $0.85. |
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KEahzq
Senior |
26-Jul-2010 09:37
Yells: "Trading requires Patience and Discipline" |
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Fraser Centrepoint Trust: 3QJun10 net property income +46% yoy, aided by new contributions from Northpoint 2 and YewTee Point, and strong recovery in Northpoint post completion of AEI. DPU +7% yoy to 2.07cts, translates to 6% annualized yield, not including the $1.6m accumulated over 9M10 retained for distribution in 4Q10. Occupancy remained strong at 99% on positive rental renewals; expiring leases were renewed at 9% higher Catalysts include recently commenced $72m enhancement of Causeway Point to be completed over next 30mths. Mgt expects property’s NPI to increase 22% to $51.5m, and deliver 13% ROI, and guides for minimal impact on DPU as AEI to be done in phases thereby reducing occupancy loss. Bedok Point (NLA 81k sq ft, TOP 2H10), and Changi City Point (NLA 207k sq ft; TOP 2H11), currently owned by FCT’s sponsor, are next on the acquisition pipeline. Stock trades at $1.39 vs $1.24 NAV/unit. |
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KEahzq
Senior |
26-Jul-2010 09:35
Yells: "Trading requires Patience and Discipline" |
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CAPITARETAIL China Trust (CRCT) posted net property income of $19.8m for the 2Q FY10, up 1.9% YoY, even though gross revenue fell 2.8% to $29.6m. Mgtm has attributed the lower growth in S’pore-dollar terms to the stronger Sing dollar against the Chinese yuan. In local currency terms, net property income actually grew 8.8% YoY to RMB97.2m while gross revenue grew 3.7% to RMB145.1m, mainly on higher revenue from Beijing's Xizhimen Mall and Saihan Mall in Inner Mongolia. 2Q distributable income rose 7.3% to $12.9m, implying DPU of 2.07 cents. This translates into annualised yield of about 6.6%. Going forward, CRCT remains positive on the Beijing and Shanghai retail markets. June retail sales of consumer goods in China excluding automobiles grew 18.3% YoY to RMB1,233.0 bn. Total retail sales in China also grew 18.2% YoY in the 1H10 to RMB7,266.9 bn. Rent renewals remain positive given the resilient domestic consumption. |
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KEahzq
Senior |
26-Jul-2010 09:34
Yells: "Trading requires Patience and Discipline" |
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Mapletree Logistics Trust reported amount distributable increased by 8% YoY to $30.9m despite gross revenue staying relatively flat at $52m (due to a repositioning exercise as the trust converted three from single-user to multi-tenanted buildings). I note that the improved results were largely driven by reduction in borrowing costs notwithstanding larger portfolio size. DPU rose 1.4% to 1.5 cents, which translate into annualised yield of about 6.8%. Also, recent acquisitions have yet to boost results. Recall that MapletreeLog bought five properties since Dec last year but of these, three were completed only in Q2. The trust expects the full benefit from these assets to make an impact from Q3. Mgtm is also upbeat about its prospects as it continues to build its pipeline of acquisitions. The trust still has a comfortable balance sheet with gearing ratio of 38.8% as at end-June 2010. |
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KEahzq
Senior |
23-Jul-2010 10:46
Yells: "Trading requires Patience and Discipline" |
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Ezion has requested for trading halt this morning. I suspect that the co is thinking of raising funds through a placement of new shares, in order to fund their newly established marine base ventures in Australia as well as for other ventures. If so, the dilution may be justified, as Ezion needs cash to fund its aggressive expansion plans. |
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KEahzq
Senior |
23-Jul-2010 10:45
Yells: "Trading requires Patience and Discipline" |
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King Wan: secures 4 contracts worth ~$10.8m for Mechanical and Electrical (M&E) engineering. Work scope of projects include electrical installation, air-conditioning and mechanical ventilation systems installation, as well as fire hose reel, dry riser, plumbing and sanitary systems installation for private condos and HDB flats. Projects to be completed by 2013. King Wan’s order book stands at $142m, more than 2x FYMar10 revenue of $70.5m. Stock trades at 5x historical PE. |
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KEahzq
Senior |
23-Jul-2010 10:44
Yells: "Trading requires Patience and Discipline" |
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Tee Int’l: Record FYJun10 results. Revenue +56% to $151m, net earnings +73% yoy to $11.4m, driven by maiden contribution from the sale of completed development properties (mainly The Thomson Duplex which TOP in Apr) and healthy pace of completion for large scale construction projects such as Marina Bay Sands, Esplanade MRT and Pandan Garden projects. To pay final and special div of 2.2cts (6% yield) vs 1.2cts last yr Outstanding order book for engineering segment stands at $198m (projects include MBS, Asia Square Tower One, Orchard MRT). Group also has $49m in contracted sales for development properties which will be booked progressively over next FY. SG residential projects under development include Cantiz@Rambai, Dunsfold Drive, Killiney & Wood (JV with Heeton Hldgs and KSH Hldgs), Cairnhill Circle (JV with TG Dev), while projects in Thailand are the Chewathai Ratchprarop and The Surawong in Bangkok. |
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KEahzq
Senior |
23-Jul-2010 10:43
Yells: "Trading requires Patience and Discipline" |
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United Envirotech announced that its subsidiary in China, NOVO Envirotech has secured a RMB 30m contract to supply Membrane Bio-reactor MBR system for the Phase II of MBR wastewater treatment plant at Taixing Chemical Industrial Park located at Jiangsu Province. I understand there is a pick up in the demand for MBR application for industrial park wastewater treatment to replace the conventional biological treatment processes due to proven efficiency and effectiveness of the MBR processes. According to mtm, the project will commence immediately and is expected to complete within FY2011. It is expected to contribute positively to the group's revenue for FY 2011. The stock is trading at 8x FY11 and 6.1x FY12 P/E (Mar YE). United Env is currently seeking for TDR listing. The proposed issue size will constitute approx 10% of the existing issued share capital. |
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KEahzq
Senior |
23-Jul-2010 10:41
Yells: "Trading requires Patience and Discipline" |
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CapitaRetail China Trust: 2Q10 results. Net property income +1.9% yoy to S$19.8m; would have been higher if not for appreciation of SGD vs RMB. Most malls saw good growth, in particular Xizhimen Mall (+23.6% yoy), and Saihan Mall which performed well after the completion of asset enhancement works. DPU is S2.07 cts, (+6.7% yoy), translating to annualised distribution yield of 6.6% Mgt expects Reit to continue to benefit from the Chinese government’s stimulus measures to boost domestic consumption (IMF forecasts 10.5% growth in 2010) and maintain stable and sustainable economic growth. Stock last traded at $1.25, vs NAV/unit of $1.13. |
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KEahzq
Senior |
21-Jul-2010 09:33
Yells: "Trading requires Patience and Discipline" |
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T Eng: Its unit, ST Aerospace will partner Guangdong Airport Mgt Corp (GAMC) to set up a commercial aircraft heavy maintenance facility in Guangzhou, China. ST Aerospace will own a 49% stake, and GAMC the remaining 51%. They will both invest US$99m in the entity, ST Aerospace (Guangzhou) Aviation Services, which will be operated and managed by ST Aerospace. The JV, however, is pending approval by the Chinese govt, has already been endorsed by the Civil Aviation Administration of China. The facility will have 2 hangars located at Guangzhou Baiyun In'tl Airport - each able to accommodate two widebody aircraft simultaneously. Construction is expected to take about 2yrs, after which the facility will provide maintenance and modification services for Boeing and Airbus aircraft. The JV brings the no. of ST Aerospace's China establishments to four. Its three other JVs in China are an aircraft maintenance, repair and overhaul (MRO) company in Shanghai; and an import-export facility in Guangzhou. The stock currently trades at 20x FY10 and 18.5 FY11 PER but share price is supported by div yield of almost 5%. Kim Eng has a HOLD rating with TP of $3.15. |
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KEahzq
Senior |
20-Jul-2010 09:41
Yells: "Trading requires Patience and Discipline" |
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VIKING O&M announced yesterday the purchase of controlling stakes in 2 companies for a total of $29.8m: 1) it is buying 100% of Promoter Hydraulics, a specialist in winches, power packs and marine decking equipment, for $22.3m in cash and shares (1st tranche of $10m cash upon completion and a 2nd tranche of $8m cash plus $4.3m in new Viking shares by Jan 2011). 2) Second acquisition is a 55% stake in Marine Accomm. The private co is said to be S'pore's largest turnkey project integrator of accommodation and fit-out units for the offshore and marine industry. The cost of this deal is $7.5m. Viking has also entered a put-and-call option agreement which, if exercised, will result in the acquisition of the remaining 45% of the shares in Marine Accomm within specific periods during the next 2 yrs. Viking's two acquisitions will be funded from internal and/or external sources. According to mgtm, the aim of the acquisitions is to bolster its offerings and to provide opportunities for growth through cross-selling. The acquisitions will also expand Viking's value chain and client base, putting the group in a stronger position to compete through savings from economies of scale, greater operational efficiency and better utilisation of resources. The stock is currently trading at 11x forward PER. |
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KEahzq
Senior |
20-Jul-2010 09:38
Yells: "Trading requires Patience and Discipline" |
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Shipping: Singamas Container Holdings, the world's 2nd biggest maker of container boxes, commented prices will rise as much as 9% by end-2010 as shippers struggle for containers amid rebounding global trade. The price of a standard TEU has already risen 50% YTD and it may climb to approx US$3,000 as early as Dec 10. It believes that the global dearth of containers may persist for as long as 2 years as box-makers have to reactivate plants idled during the global recession. The market is quite tight right now and shipping lines have to bring back empty containers from Europe and the US to meet Asia's export demand. |
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