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Sound Global Ltd (formerly: Epure)
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stocksburntme
Veteran |
19-Nov-2010 16:53
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today is a test for my balls. i bought at 0.83 to average down....and then all hell broke loose within minutes...My balls shrunk.....and i cried. WHY DROP SO MUCH? |
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kiasiDBT
Veteran |
19-Nov-2010 16:47
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Dun be a kancheong spider and follow herd mentality... when good buy see drop.. balls also drop dare not buy... den when see later up... regret nvr buy.... A trader never fears... |
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kiasiDBT
Veteran |
19-Nov-2010 16:35
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The sell down is senseless kan cheong spider, read DMG: From DMG: Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05) Selena Leong (6232 3898, selena.leong@dmgaps.com.sg) Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg) Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates. This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and - 4.6% in FY11) to factor in the higher effective tax rates and expenses. Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers. 3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments. Strong balance sheet. SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China. Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6% respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93). |
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stocksburntme
Veteran |
19-Nov-2010 00:14
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so far looking still good ~ | ||
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kiasiDBT
Veteran |
18-Nov-2010 01:35
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From DMG: Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05) Selena Leong (6232 3898, selena.leong@dmgaps.com.sg) Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg) Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates. This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and - 4.6% in FY11) to factor in the higher effective tax rates and expenses. Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers. 3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments. Strong balance sheet. SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China. Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6% respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93). |
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stocksburntme
Veteran |
17-Nov-2010 11:46
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with the euro crisis and china nonsense, guess its gonna go down further again. sigh~ |
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moneycow
Master |
17-Nov-2010 09:13
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Seem like all investment houses have different target prices and are not consistent. See also under the Singapore stock market talk section. http://moneycow.ws/forum/ |
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bsiong
Supreme |
17-Nov-2010 00:43
Yells: "The Greatest Wealth is Health" |
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ah_seng1001
Senior |
16-Nov-2010 23:13
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Fundamentally it is not bad, can say they got potential n bright future ahead.. but on the charts wise, its behaves like a gf who suffers from PMS often. U have to bear with it lol. It will not behave according to how u want it at times.
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kiasiDBT
Veteran |
16-Nov-2010 22:50
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From DMG: Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05) Selena Leong (6232 3898, selena.leong@dmgaps.com.sg) Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg) Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates. This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and - 4.6% in FY11) to factor in the higher effective tax rates and expenses. Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers. 3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments. Strong balance sheet. SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China. Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6% respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93). |
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enghou
Senior |
16-Nov-2010 20:00
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Sound Global Limited: HOLD (Downgrade from BUY); S$0.87; Bloomberg Code: SGL SP Hit by non-operating items Price Target : 12-Month S$ 0.94 (Prev S$ 0.96) Core profits in line but headline PATMI -52% yoy due to non-operating expenses Orderbook est. at RMB955m, potentially rising to RMB2.1b when RMB1.38b contract is confirmed Cut FY10F/11F by 15%/10% for forex & option expenses Downgrade to Hold because of limited upside to revised TP of S $0.94. Sales ahead but earnings dragged by option expenses and forex losses. 3Q10 reported net profit was RMB60.6m. Excluding RMB35.2m in dual listing expenses, RMB19.5m of share options expenses and RMB16.4m forex losses, operating profit of RMB131.7m was in line with our RMB133m forecast. Sales of RMB570.4m were ahead of our RMB430m forecast, largely due to higher than expected product contribution of RMB110.7m vs our forecast of RMB60m and stronger O&M sales. Gross margin was a tad lower at 28.6% compared to 30.4% in 2Q10 and 29.5% in 3Q09. Still awaiting RMB1.38b contract to strengthen visibility. SGL has yet to confirm the RMB1.38b contract, which would raise orderbook to RMB2.1b or 0.72x FY11F sales. Without which, we estimated SGL’s current orderbook is approximately RMB955m, or only 0.3x FY11F sales. We are positive that SGL is well-positioned to seal new contracts given its established track record and more importantly, a strong balance sheet with RMb1.6b of net cash to undertake more BOT projects. Cut forecasts, Downgrade to HOLD given limited upside to revised TP of S $0.94. We cut FY10/ FY11 forecast by 15%/ 10% to account for 1) forex losses; 2) RMB45m of stock option expenses and 3) higher effective tax rate of 20% from 14% previously. Consequently, our TP is revised down to S$0.94, based on mean PE of 14.3x FY11 PE. Downgrade to HOLD in view of limited upside to TP. Source: DBS Secs Make Love More, Don't Make More Enemies |
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New123
Elite |
16-Nov-2010 15:15
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It will need some patience to wait for this counter to move up and break-out the 90.5 cents barrier.. SoundGlobal |
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stocksburntme
Veteran |
16-Nov-2010 14:03
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seems like this bugger is indeed not bad | ||
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kiasiDBT
Veteran |
16-Nov-2010 10:27
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From DMG: Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05) Selena Leong (6232 3898, selena.leong@dmgaps.com.sg) Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg) Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates. This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and - 4.6% in FY11) to factor in the higher effective tax rates and expenses. Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers. 3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments. Strong balance sheet. SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China. Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6% respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93). |
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ah_seng1001
Senior |
15-Nov-2010 18:20
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My honest opinion is u can average down at around 0.80 to 0.81. If u avg down close to your current price, doesnt make much of a difference. Like myself i bought at 0.95, i.ll be looking to avg down if it hits below 0.82 or if there are bearish signals of it tumbling below 0.80cts. I think things might go a little bearish from here. Do use your ammo carefully. Having cash on hand is most impt so u wont miss out on other stocks when opportunity comes. |
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stocksburntme
Veteran |
15-Nov-2010 14:25
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my average 0.89 intend to buy some to average down | ||
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ah_seng1001
Senior |
15-Nov-2010 13:36
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Seems pretty okie from their results released.. But this bugger can always crash down a little and spring up a little when u least expected it. The element of surprise is always there !!! Tt's why i love it How many rounds of ammo u still got left? |
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stocksburntme
Veteran |
15-Nov-2010 11:59
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another bro can advise if 0.84 still good to accumulate? | ||
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stocksburntme
Veteran |
15-Nov-2010 11:44
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sad.......... its going down | ||
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stocksburntme
Veteran |
15-Nov-2010 08:32
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the financial report is out http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_7EC996B1AF0C6F99482577DA007C1B96/$file/Ann_3Q2010.pdf?openelement |
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