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KEahzq
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19-Jul-2010 14:41
Yells: "Trading requires Patience and Discipline" |
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Trek 2000: announced that its USB ThumbDrive with customized encryption has met govt security requirements for portable storage devices and been approved for use by all SG govt agencies. The govt endorsement is a positive, and represents a strong vote of confidence in Trek’s solutions. Future developments include supporting roaming users by providing secure connection to servers from remote sites. Stock trades at 15.3x FY10E PE. DMG has a Buy call with $0.39 target. |
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KEahzq
Senior |
19-Jul-2010 11:36
Yells: "Trading requires Patience and Discipline" |
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Midas: OCBC cuts target to $1.27 from $1.58, maintains Buy. Notes Midas poised to leverage on a potential multi-year boom of China's infrastructure development; but due to heightened risk aversion, has trimmed P/E multiple to 20X blended FY2010-2011 PE from 25X previously. |
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KEahzq
Senior |
19-Jul-2010 09:43
Yells: "Trading requires Patience and Discipline" |
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BH Global: terminated an Engineering and Installation contract with Twins Engineering & Hardware, announced in Dec ‘09. Recall contract is expected to be worth more than $20m (approx 20% of FY09 revenue), although company says that it does not expect material impact on NTA and EPS for FY10 Company also reported lackluster 2Q10 results. Revenue -10%, mainly due to decline in sales from Supply Chain Management segment, as lagged effect of financial crisis resulted in slower orders, project delays, and a more cautious approach to sales on concerns over slower payment from clients. Gross margins fell to 32% from 36% yoy, due to change in product mix. NPAT to sh/h fell 32% yoy to $2.7m. The group continues to maintain a cautious outlook for the foreseeable future |
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KEahzq
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19-Jul-2010 09:42
Yells: "Trading requires Patience and Discipline" |
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Juken’s turnover and profit before tax in 1HFY10 are expected to exceed S$31.0m and S$3.3m respectively, compared to S$18.6m and S$0.29m, respectively, in 1HFY09. The significant improvement in performance is mainly due to: 1) First-time contributions from stepper motors and car clock businesses acquired from Microcomponents and Zhuhai SMH Watchmaking in Mar 2010. Based on 3 mths of contribution, the Group expects this new division to record PBT of approx S$0.6m on turnover of S$5.0m for 1H10 2) The other key driver is the automotive segment. The strong growth in the PRC automotive sector and recovery in sections of the US and European automotive sectors since the 2H09 have continued in 1HFY10, resulting in better utilization rates and improved margin. Overall, turnover for the division, including the stepper motor business, is expected to grow >90% to approx S$13.0m in 1HFY10 compared to S$6.7m in 1HFY09.The Group is expected to announce its 1HFY10 results on or before 14 Aug. |
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KEahzq
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19-Jul-2010 09:35
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Rokko expects to report NPBT in the range of S$3.0m to S$3.5m for the 1H2010 as compared to a loss of S$1.2m last year. Driven by strong pent-up demand in the semiconductor industry, underpinned by higher consumer spending, revenue for the group is expected to rise above S$20m for 1H2010 as compared to S$5.6m in 1H2009. The Co expects to record its best half year financial performance since its public listing in Oct 2007. As at 2 July 2010, the Group’s order book stood at approx S$15.5m, compared to S$10.3m as at 31 Dec 2009. The Equipment division accounted for approx 70% of the order book while the Stamping and Tooling divisions accounted for the balance 30% of the order book. To reward shareholders, the Board intends to recommend an interim dividend for 1H2010. Recall that for FY2009, the Group declared and paid a first and final dividend of S$0.005 per share. |
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KEahzq
Senior |
16-Jul-2010 14:09
Yells: "Trading requires Patience and Discipline" |
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IndoAgri (IFAR SP, $2.20) – IFAR stands to benefit from the growing affluence in Indonesia, given its market‐leading position in branded cooking oil. The stock is trading within the ascending channel and a breakout above the 100‐day EMA suggests momentum is gaining strength. Resistance at $2.35; support at $2.01 (200‐day EMA). |
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KEahzq
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16-Jul-2010 09:10
Yells: "Trading requires Patience and Discipline" |
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Jackspeed Corp: plans to acquire 80% stake in privately owned Mil-Com Aerospace for S$6.3m. Believes that Mil-Com will compliment its own aviation services biz - Jackspeed Aviation - which does interior and upholstery repairs and upgrades for aircraft. Says the aviation industry is on the rebound, hence plans to expand into this higher margin segment. CEO expects aviation to contribute over 50% of revenue next yr, vs a third in FY09. |
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KEahzq
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16-Jul-2010 08:58
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Tat Hong: proposed to acquire all the remaining 30% shares of thinly traded ASX-listed Tutt Bryant Group (TBG) that it does not already own, at an offer price of A$0.92/sh (46% premium to the last close price of A$0.63). Dividend payable of A$0.02/sh will also accrue to the current TBG shareholders. The acquisition will cost Tat Hong up to A$39m in total. Transaction expected to be earnings accretive; company estimates EPS +3.9% to S7.48cts, NTA/sh +4.7% to S$0.817. vs S$0.935 last traded. |
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KEahzq
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15-Jul-2010 12:04
Yells: "Trading requires Patience and Discipline" |
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O&M: The EU environment chief is seeking stricter standards and broader liability rules on oil exploration following BP oil spill in the Gulf of Mexico. Last week, the Energy Commissioner urged a ban on new offshore oil drilling and cited the example of Norway, a non-EU country that last month banned deepwater drilling in new areas until more info is known about the GOM accident. But any proposals by the European Commission would need the support of nat’l govts & European Parliament, a process that can take 2 years or more |
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KEahzq
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15-Jul-2010 11:47
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Shipping: A survey of Chinese steelmakers indicate lower Chinese steel prices & demand in the 3Q vs 2Q, citing uncertainty over govt policies along with seasonal factors. The mills also not expect an increase in exports in 3Q & half of those surveyed plan prodn cuts between Jul and Sep due to maintenance and poor demand. This is expected to put further downward pressure on bulker rates, which has sunk by 50% since May. Stocks operating this space incl Mercator Lines, Courage Marine & STX PO. |
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KEahzq
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15-Jul-2010 11:37
Yells: "Trading requires Patience and Discipline" |
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O&M: Monthly rig use in Asia_Pac & M/E reached an 18-year high in June as oil firms grew wary of Gulf of Mexico following the recent drilling ban. While the number of rigs in GOM plunged to its lowest level in 16 years, drillers employed 14% more rigs in Asia compared to Jan 09 as China, India, Australia & Indon opened up new areas for exploration eg the A$43bn Gorgon LNG project in W Aust. Asia’s oil demand has grown 27% since 1999 while North America & Europe declined 2%. Oil-product demand in Asia’s emerging markets will rise by about 3.8% p.a. to 23m bpd in 2015. |
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KEahzq
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15-Jul-2010 11:13
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Stamford Land: FYMar10 saw top line grow 8% yoy, although net profit jumped 5-fold, mainly due to one-offs from reversal of impairment of PPE, and lower finance costs. Mgt expects main hotel operations to remain stable amid strengthening corporate demand, while rental income likely to be given a leg up once the newly completed Dynons Plaza in Perth starts to contribute from Jul ’10 onward Construction of The Stamford Residences & Reynell Terraces in Sydney also remains on schedule, and is expected to contribute significantly to earnings when completed in FYMar12. Stamford Land operates one 4.5 star and seven 5-star hotels in Australia, with 2051 rooms in total. Stock trades at 18.4x historical PE, vs larger Australian-listed peer GPT Group’s 30x. |
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KEahzq
Senior |
15-Jul-2010 09:32
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First Ship Lease Trust: recall redelivery of two vessels, Nika I and Verona I, to the charterers last month. FSL has received US$6m cash from the charterers, being forfeit of the security deposits related to the charter contracts. To be recognized as non-recurring revenue for qtr ended 30 Jun. |
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KEahzq
Senior |
15-Jul-2010 09:29
Yells: "Trading requires Patience and Discipline" |
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DBS HK$651m ($115m) settlement to some customers in HK who bought Lehman Bros-linked products is unlikely to have major impact on share price as provisions have already been set aside in past quarters. 2,160 customers, about 60% of total who bought these complex products through DBS, will be fully reimbursed, while other payments to remaining investors will be based on merits. Stock closed +1.8% at $14.78, likely to track broad market performance, with resistance at $15.20, support at $14.30. |
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KEahzq
Senior |
15-Jul-2010 09:27
Yells: "Trading requires Patience and Discipline" |
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Asia Power: To dispose entire 51% interest in subsidiary, Heilongjiang Asiapower Xinbao Heating & Power Co. for RMB204.4m (~S$42m). Priced at 33% premium to independent valuation done at end 2009, and 2.2x PB. Asia Power to realize net gain of ~RMB97m (after transaction costs and capital gain tax). Based on FY09 figures, NTA/sh to increase by 20% to S$0.30, while EPS to drop by 86% to S$0.23cts, vs last traded at $0.15 Xinbao owns and operates a coal-fired combined heat and power plant in Heilongjiang province, with total installed capacity of 225 MW. Reasons for divestment include Group’s new focus on environmental-friendly and renewable energy power generation plants (especially hydro), unwillingness to commit more capital for capex at the power plant and poor expected future returns. Proceeds to be used for investment in renewable energy projects and working capital. Trading halt to be lifted at 9am. |
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KEahzq
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15-Jul-2010 09:25
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Midas: announced a letter of intent (LOI) with Bombardier Sifang for downstream fabrication work, involving the provision of welding and machining services for train carbody components, for 475 “CRH1” high speed train cars. No contract value has been disclosed. While scope of work could be different, a previous fabrication contract for 1,280 train cars was about RMB50m. Before contract can be signed, Midas has to ensure that its facilities, eqpt and personnel fulfil Bombardier’s requirements. The customer’s vote of confidence in Midas’ new downstream services is a positive, given management’s plans for this segment to be another significant revenue driver in the future. KE has a Buy call with $1.22 target. |
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KEahzq
Senior |
14-Jul-2010 10:15
Yells: "Trading requires Patience and Discipline" |
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ST Engrg is considering expanding its environmental engrg business (currently under its marine division) as its 5th plank in its growth strategy after recently bagging a $66.5m deal to build a waste mgmt plant in Brunei. The group is also exploring new markets in the Mid-East, India, Africa and Brazil and is bullish on expanding its current markets like China, Kazakhstan and Mexico. It is also hoping to make further inroads into the US defence market by handling more sensitive military projects up to "top secret" level. 4 of its other US subsidiaries currently only have certification to handle projects classified up to "secret" level. However, its involvement in the US defence market rules out doing any business with the Chinese military. As such, it will continue to focus on China's commercial urban development sector. |
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KEahzq
Senior |
14-Jul-2010 09:21
Yells: "Trading requires Patience and Discipline" |
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Semicon industry/UMS, Ellipsiz: Robust updated outlooks and news from both front- and back-end sides in semicon industry will boost some related counters, such as UMS(beneficiary from AMAT and increasing equipment spending) and Ellipsiz(riding on the strong demand of chip sales). Intel reported a 34% jump in revenue and an upbeat sales forecast that surpassed even rosy expectations. Its gross margin, which is closely watched by Wall Street, surged to a record 67% above the company’s guidance and above results last quarter, which were considered stellar at the time. Paul Otellini, Intel’s CEO, seems to have better visibility on the upcoming quarter, heartening investors with his bold outlook, after a few weeks of pessimism on Wall Street According to SEMI reports, 9 chip companies plan to spend at least $900 million on capital expenditures in 2010, up from 3 companies last year, while spending on constructing and equipping front-end fabs this year will be up 121% yoy. Applied Materials (AMAT) indicated that it now expects 140% yoy revenue growth for its semiconductor equipment business this fiscal year, an increase from the company’s previous forecast of 120% growth. |
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KEahzq
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14-Jul-2010 09:20
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Ezion: to develop a marine supply base at a 15 ha site in NW Australia, to support the offshore industry in the area, which includes the Gorgon and Barrow Island projects. Tight supply of such bases ensures that Ezion is well positioned to secure more marine supply contracts, especially from Chevron. Ezion expects to invest A$37m in total over two phases, which will be financed internally. While we do not expect any significant contribution from the base until FY13 I expect it to be extremely profitable henceforth, with estimated annual turnover of around A$50m and margins of 50%. I continue to hold an extremely positive view on Ezion's prospects for more projects in offshore NW Australia, following its involvement in its initial supply contract for Gorgon. Kim Eng Maintain Buy with $0.99 target. |
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KEahzq
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14-Jul-2010 09:16
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Sky China Petroleum: to sell 100% stake in Song Yuan Tian Xi Harbor Oil Exploration Co (“Tianxi”) for RMB 27m (~S$5.5m). Tianxi is engaged in the business of crude oil extraction. Sale was undertaken as part of Group’s efforts to shift its business model from oil extraction to the provision of full oil field services. Group also sees greater operating and earnings risks at Tianxi, in view of tightening environmental policies in the PRC Group to record gain of $1.6m from sale, with proceeds to be used for general working capital. No material impact to recurring EPS and NTA expected. |
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