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HANKOREcontinuation wedge(bullish)target 6-7c soon Post Reply Rate topic
leeeta Veteran	31-Aug-2013 20:44        leeeta About Contact  Quote this Post!
x 0   x 0  Alert Admin	Dont have to wait for AGM la. They will send their thick financial reports soon.. Dont remember which year they send on DVD. Hopefully this year can send an iPad. lol. If its not stated there, of coz will surely ask.  Lucky03      ( Date: 31-Aug-2013 17:08) Posted: If JT's biggest customer is Hankore, then the consolidation may not directly impact Hankore revenue since it is a flow through from main con to sub-con. However, it should have a positive impact on the profit margin. While they did share on JT's finanial contribution will have a positive impact, the main reason for the acquisition is for the transfer of paper license so that Hankore can bid for EPC projects. So far, most are upgrading so we will like to see Hankote announcing EPC project wins. We can seek clarification at the next AGM. leeeta      ( Date: 31-Aug-2013 15:29) Posted: It may not happen if JT's revenue is not included in this report (am not sure whether they park it for next Qtr..me dunno when JT closes their book for the year)...quite keen to see the breakdown of project revenue for 2013. How much of it from HK and how much from JT. JT's ex-duo should have more shares from HK if JT meets a certain revenue target..cant recall and sgx down for maintenance and therefore cannot check. hmm...anyone can comment coz currently no visibility
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leeeta Veteran	31-Aug-2013 20:40        leeeta About Contact  Quote this Post!
x 0   x 0  Alert Admin	bro, there is a way to speed all this up. HK will use the rest of the MTN for acquisition!. David and co will pursue this aggressively within the next 12 months. They have indicated that they are look into acquiring assets of   mid-scale water operators that are willing to sell their offshore or onshore operations. If they are able to earn a premium by beefing up water tariff rates by upgrading the acquired plants in six months to grade A, this should help their cash and debt positions. cccx123      ( Date: 31-Aug-2013 20:01) Posted: We can expect the financial cost to escalate with the issue of MTNs and debt to actually increase two or three fold next quarter. The MTNs were issued after the close of the last quarter. So it is not recorded in the most recent statements. I was actually under the impression that EPC projects are usually the more lucrative ones. It is a gamble to finance long term projects (BOT) with short term bonds like the two year MTNs. Although BOT contracts guarantee cash flows in the long term, it is going to be a long time before the initial investment is recovered. smile67      ( Date: 31-Aug-2013 19:50) Posted: Let me list the key figures: 1) financial receivables(concession plant): 1972mil 2) revenue from   above plants: 20mil ++, 3) Borrowing: 175+467mil 4) financial cost:   47mil 5) EPC figure fluctuate a lot, and margin is small, usually the value is decided by water treatment income, not engineering income. SO the most important for Hankore is to get more BOT/TOT contract with the new money. and make sure the existing plant work well   Compare to United Environ(UE): UE have KKR support and strong technical background, and price already near triple from bottom.   HK is cheaper, but boss is financial background.
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smile67 Member	31-Aug-2013 20:06        smile67 About Contact  Quote this Post!
x 0   x 0  Alert Admin	It's like construction co and property co,which one you prefer? For waste water, maybe a bit different. Usually u get the BOT/TOT and then u do the EPC. Correct me if i am wrong
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cccx123 Veteran	31-Aug-2013 20:01        cccx123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	We can expect the financial cost to escalate with the issue of MTNs and debt to actually increase two or three fold next quarter. The MTNs were issued after the close of the last quarter. So it is not recorded in the most recent statements. I was actually under the impression that EPC projects are usually the more lucrative ones. It is a gamble to finance long term projects (BOT) with short term bonds like the two year MTNs. Although BOT contracts guarantee cash flows in the long term, it is going to be a long time before the initial investment is recovered. smile67      ( Date: 31-Aug-2013 19:50) Posted: Let me list the key figures: 1) financial receivables(concession plant): 1972mil 2) revenue from   above plants: 20mil ++, 3) Borrowing: 175+467mil 4) financial cost:   47mil 5) EPC figure fluctuate a lot, and margin is small, usually the value is decided by water treatment income, not engineering income. SO the most important for Hankore is to get more BOT/TOT contract with the new money. and make sure the existing plant work well   Compare to United Environ(UE): UE have KKR support and strong technical background, and price already near triple from bottom.   HK is cheaper, but boss is financial background.
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cccx123 Veteran	31-Aug-2013 19:51        cccx123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	There is such a covenant right? I can't seem to open the link. I didn't subscribe to shareinvest. Lucky03      ( Date: 31-Aug-2013 19:45) Posted: Got the info from this link http://repository.shareinvestor.com/rpt_view.pl/id/026d47c6a848f9d71403d71bd45ff2700d2d0cdfa875007620a5a7e0dabe41d4/type/si_news cccx123      ( Date: 31-Aug-2013 19:39) Posted: Check the report issued by Asia Credit Research on Hankore's MTN by OCBC. It is stated there.
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smile67 Member	31-Aug-2013 19:50        smile67 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Let me list the key figures: 1) financial receivables(concession plant): 1972mil 2) revenue from   above plants: 20mil ++, 3) Borrowing: 175+467mil 4) financial cost:   47mil 5) EPC figure fluctuate a lot, and margin is small, usually the value is decided by water treatment income, not engineering income. SO the most important for Hankore is to get more BOT/TOT contract with the new money. and make sure the existing plant work well   Compare to United Environ(UE): UE have KKR support and strong technical background, and price already near triple from bottom.   HK is cheaper, but boss is financial background.
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Lucky03 Veteran	31-Aug-2013 19:45        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Got the info from this link http://repository.shareinvestor.com/rpt_view.pl/id/026d47c6a848f9d71403d71bd45ff2700d2d0cdfa875007620a5a7e0dabe41d4/type/si_news cccx123      ( Date: 31-Aug-2013 19:39) Posted: Check the report issued by Asia Credit Research on Hankore's MTN by OCBC. It is stated there.. Lucky03      ( Date: 31-Aug-2013 19:16) Posted: No mention of dividend but they did include a clause on mandatory redemption triggered by the setting up of a trust or funds for the assets. Change of Control Put: Under the terms and conditions of the Notes, if, for any reason, Mr Chen Dawai, David ceases to be the single largest shareholder of the Company, the Company shall, at the option of the holder of any Series 001 Note, redeem such Series 001 Note at 101 per cent. of its principal amount together with interest accrued to the date fixed for redemption. Mr Chen Dawei, David has a deemed interest of 17.54 per cent. in the Company through Giant Delight Holdings Limited which is wholly-owned by him. Mandatory Redemption : Under the terms and conditions of the Series 001 Notes, the Company shall, upon the occurrence of a Mandatory Redemption Event (as defined below) redeem all (but not some only) of the Series 001 Notes on the Interest Payment Date immediately following the occurrence of such Mandatory Redemption Event (other than an Interest Payment Date which falls on the Maturity Date and provided always that (i) if the date on which such Mandatory Redemption Event occurs falls on an Interest Payment Date, on such Interest Payment Date and (ii) no Mandatory Redemption Event shall occur on or before the second interest payment date in respect of the Series 001 Notes) at 101 per cent. of the principal amount of the Notes together with interest accrued to the date fixed for redemption. A ?Mandatory Redemption Event? occurs when, following a disposal of assets for the purpose of the establishment by the Company or any of its subsidiaries of a trust or fund or for the purpose of listing the securities of an entity or vehicle where the Issuer or any of its subsidiaries is a sponsor, in each case, as referred to in Condition 3(c)(ii)(3) of the Series 001 Notes, the Issuer does not hold or ceases to hold more than 50 per cent. of the interests in such trust, fund, entity or vehicle
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cccx123 Veteran	31-Aug-2013 19:39        cccx123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Check the report issued by Asia Credit Research on Hankore's MTN by OCBC. It is stated there.. Lucky03      ( Date: 31-Aug-2013 19:16) Posted: No mention of dividend but they did include a clause on mandatory redemption triggered by the setting up of a trust or funds for the assets. Change of Control Put: Under the terms and conditions of the Notes, if, for any reason, Mr Chen Dawai, David ceases to be the single largest shareholder of the Company, the Company shall, at the option of the holder of any Series 001 Note, redeem such Series 001 Note at 101 per cent. of its principal amount together with interest accrued to the date fixed for redemption. Mr Chen Dawei, David has a deemed interest of 17.54 per cent. in the Company through Giant Delight Holdings Limited which is wholly-owned by him. Mandatory Redemption : Under the terms and conditions of the Series 001 Notes, the Company shall, upon the occurrence of a Mandatory Redemption Event (as defined below) redeem all (but not some only) of the Series 001 Notes on the Interest Payment Date immediately following the occurrence of such Mandatory Redemption Event (other than an Interest Payment Date which falls on the Maturity Date and provided always that (i) if the date on which such Mandatory Redemption Event occurs falls on an Interest Payment Date, on such Interest Payment Date and (ii) no Mandatory Redemption Event shall occur on or before the second interest payment date in respect of the Series 001 Notes) at 101 per cent. of the principal amount of the Notes together with interest accrued to the date fixed for redemption. A ?Mandatory Redemption Event? occurs when, following a disposal of assets for the purpose of the establishment by the Company or any of its subsidiaries of a trust or fund or for the purpose of listing the securities of an entity or vehicle where the Issuer or any of its subsidiaries is a sponsor, in each case, as referred to in Condition 3(c)(ii)(3) of the Series 001 Notes, the Issuer does not hold or ceases to hold more than 50 per cent. of the interests in such trust, fund, entity or vehicle. cccx123      ( Date: 31-Aug-2013 10:33) Posted: It isn't stated in the circular for shareholders, but one of the research houses published a report on it. Think it was Asia Credit Research, but I don't seem able to locate that piece now.. Seems like it has been removed
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Lucky03 Veteran	31-Aug-2013 19:16        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	No mention of dividend but they did include a clause on mandatory redemption triggered by the setting up of a trust or funds for the assets. Change of Control Put: Under the terms and conditions of the Notes, if, for any reason, Mr Chen Dawai, David ceases to be the single largest shareholder of the Company, the Company shall, at the option of the holder of any Series 001 Note, redeem such Series 001 Note at 101 per cent. of its principal amount together with interest accrued to the date fixed for redemption. Mr Chen Dawei, David has a deemed interest of 17.54 per cent. in the Company through Giant Delight Holdings Limited which is wholly-owned by him. Mandatory Redemption : Under the terms and conditions of the Series 001 Notes, the Company shall, upon the occurrence of a Mandatory Redemption Event (as defined below) redeem all (but not some only) of the Series 001 Notes on the Interest Payment Date immediately following the occurrence of such Mandatory Redemption Event (other than an Interest Payment Date which falls on the Maturity Date and provided always that (i) if the date on which such Mandatory Redemption Event occurs falls on an Interest Payment Date, on such Interest Payment Date and (ii) no Mandatory Redemption Event shall occur on or before the second interest payment date in respect of the Series 001 Notes) at 101 per cent. of the principal amount of the Notes together with interest accrued to the date fixed for redemption. A ?Mandatory Redemption Event? occurs when, following a disposal of assets for the purpose of the establishment by the Company or any of its subsidiaries of a trust or fund or for the purpose of listing the securities of an entity or vehicle where the Issuer or any of its subsidiaries is a sponsor, in each case, as referred to in Condition 3(c)(ii)(3) of the Series 001 Notes, the Issuer does not hold or ceases to hold more than 50 per cent. of the interests in such trust, fund, entity or vehicle. cccx123      ( Date: 31-Aug-2013 10:33) Posted: It isn't stated in the circular for shareholders, but one of the research houses published a report on it. Think it was Asia Credit Research, but I don't seem able to locate that piece now.. Seems like it has been removed. Lucky03      ( Date: 31-Aug-2013 10:00) Posted: cccx123, you sure the MTN stipulated no dividend for the duration of the debt ? I thought it only stipulated that the notes will be immediately redeemable once David is no longer the largest shareholder. If no dividend for the duration of the notes which is multi-year, then we can forget about Hankore being a dividend yielding stock. There was a provision for the computation of the shares allotment to te shareholders of JT in their acquisition agreement should Hankore declares any dividend an thought it may seriously happen
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Lucky03 Veteran	31-Aug-2013 18:50        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	JT is JIANGSU TONGYONG ENVIRONMENT ENGINEERING CO., LTD. The EPC subcontractor that Hankore recently acquired 100% through share swap. smile67      ( Date: 31-Aug-2013 17:59) Posted: only noticed recurring income (waste water treatment) of whole year was 200mil RMB, improve and stable.financial interest   was around  7-10 %. should have more confidence this counter. report may not show much progress.   potential is certain and great.     For me, house coverage only happens after the price go up for some time and need them to add some petrol. Don't know what JT so can not comment
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smile67 Member	31-Aug-2013 17:59        smile67 About Contact  Quote this Post!
x 0   x 0  Alert Admin	only noticed recurring income (waste water treatment) of whole year was 200mil RMB, improve and stable.financial interest   was around  7-10 %. should have more confidence this counter. report may not show much progress.   potential is certain and great.     For me, house coverage only happens after the price go up for some time and need them to add some petrol. Don't know what JT so can not comment
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Lucky03 Veteran	31-Aug-2013 17:08        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If JT's biggest customer is Hankore, then the consolidation may not directly impact Hankore revenue since it is a flow through from main con to sub-con. However, it should have a positive impact on the profit margin. While they did share on JT's finanial contribution will have a positive impact, the main reason for the acquisition is for the transfer of paper license so that Hankore can bid for EPC projects. So far, most are upgrading so we will like to see Hankote announcing EPC project wins. We can seek clarification at the next AGM. leeeta      ( Date: 31-Aug-2013 15:29) Posted: It may not happen if JT's revenue is not included in this report (am not sure whether they park it for next Qtr..me dunno when JT closes their book for the year)...quite keen to see the breakdown of project revenue for 2013. How much of it from HK and how much from JT. JT's ex-duo should have more shares from HK if JT meets a certain revenue target..cant recall and sgx down for maintenance and therefore cannot check. hmm...anyone can comment coz currently no visibility. Lucky03      ( Date: 31-Aug-2013 10:09) Posted: Watch out for Q1 FY14 normally released 14 Nov. It is 'clean' without any reversal of write-off so it will be fully reflexive of operational performance. However and regretfully, Q2 FY14 will be another challenge as the full year reversal of RMB20m for FY13 was registered in Q2. Unless Hankore sees more than 100% improvement of operational profit, it may actually register a decline when it reports its Q2 FY14 result around 14 Feb 2014.
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leeeta Veteran	31-Aug-2013 15:35        leeeta About Contact  Quote this Post!
x 0   x 0  Alert Admin	Read from some blogs that short selling across the globe has more or less halted, calm setting in and BBs will start their engine soon. The ride up is coming provided Obama dont give Syria a O-bak-kak (black eye).
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leeeta Veteran	31-Aug-2013 15:29        leeeta About Contact  Quote this Post!
x 0   x 0  Alert Admin	It may not happen if JT's revenue is not included in this report (am not sure whether they park it for next Qtr..me dunno when JT closes their book for the year)...quite keen to see the breakdown of project revenue for 2013. How much of it from HK and how much from JT. JT's ex-duo should have more shares from HK if JT meets a certain revenue target..cant recall and sgx down for maintenance and therefore cannot check. hmm...anyone can comment coz currently no visibility. Lucky03      ( Date: 31-Aug-2013 10:09) Posted: Watch out for Q1 FY14 normally released 14 Nov. It is 'clean' without any reversal of write-off so it will be fully reflexive of operational performance. However and regretfully, Q2 FY14 will be another challenge as the full year reversal of RMB20m for FY13 was registered in Q2. Unless Hankore sees more than 100% improvement of operational profit, it may actually register a decline when it reports its Q2 FY14 result around 14 Feb 2014.
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leeeta Veteran	31-Aug-2013 15:19        leeeta About Contact  Quote this Post!
x 0   x 0  Alert Admin	Just came back from an awful business trip, flight back to Sg was delayed for six hours and have to stay over one night and it was close to 330am before I get to sleep..damn. Woooo ahh.. HK's result is not so fantastic..have seen and glanced thru the press release but have not scrutinized the actual financial reports yet (sgx.com currently on maintenance).. but by an large the HK is so much more sustainable compared to Bio-trick. Hope the growth trend continues y-o-y. HK should have solid base now with sustainable guaranteed operating income. Noted that project revenue has increased but not sure whether how much of these are as a result of the acquisition of JT. If this revenue is due to HK's own projects then what about JT's? I understand that JT is supposed to bring in quite a substantial sum ...anyone seen the actual report and comment? or if its not included, then why ? The outlook described in the press release is good with China pouring in 4T rmb in the next 6 to 7 yrs. Water tariff increases will further strengthen HK's financial position and I expect more revisions y-o-y as tariffs in China is still very low compared to the west. SInce this is a press release, I can understand why they did not mention what they have done with the SGD 50M bond. I believe in a short couple of days or weeks they will make a significant project announcement. This I hope will cause a spike in the px. Have mentioned this many times already..HK is steadfast in their growth strategy and will not sell their assets. My take is that there will be no BAML report..so dont wait for it, instead wait for HK to grow from strength to strength. Their target of amassing a 10M/ton/day water treatment processing capacity is still work in progress thru projects and acquisitions (2014/2015). Once they have the considerable size, water trust should be the next step. So its still early days..5cts may longer be there by 2014, may see double digit px then and going forward inching day by day to my target. HK tongers be patient .sunny days will come soon...and lucky03, I like your recent lot. :)
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Lucky03 Veteran	31-Aug-2013 14:22        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	OCBC and UOBKH had provided coverage so far recently but no ratings. I suppose they may revise rating after the full year result. Hankore mgmt will likely conduct analyst briefing and roadshow soon following the release of the full year result. They still have S$250m notes to issue. Have to leave the Bio-Treat days behind but for the last 1 year, it has indeed made respectable progress. The share price has progressed from 3.4c to current 5.2c for a 53% appreciation while the company has delivered 2 years of profitability - FY12 and FY13 with brightened prospects ahead. It is our expectation that we want it to jump by multi-folds that we disappointed ourselves. Besides FA, its long term TA is also demonstrating growth and upward trajectory. Question is the degree. cccx123      ( Date: 31-Aug-2013 13:58) Posted: Only a significantly higher stock price together with persistently high volumes will force analysts to issue coverage of this stock. Otherwise, most will just say it is part and parcel of rotational penny plays. If our BB is smart, next week there will be a step up in prices after the typical sell on news movement yesterday. Positive earnings is only the first step of many. I mean, look at Blumont and tell me why that company has a $1 stock price? NAV of less than 6cents and just issued warrants at a massive discount of like 90% to current price. Yet analysts are covering this stock..some even with the gall to issue an overweight status on it despite inherently poor fundamentals.
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cccx123 Veteran	31-Aug-2013 13:58        cccx123 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Only a significantly higher stock price together with persistently high volumes will force analysts to issue coverage of this stock. Otherwise, most will just say it is part and parcel of rotational penny plays. If our BB is smart, next week there will be a step up in prices after the typical sell on news movement yesterday. Positive earnings is only the first step of many. I mean, look at Blumont and tell me why that company has a $1 stock price? NAV of less than 6cents and just issued warrants at a massive discount of like 90% to current price. Yet analysts are covering this stock..some even with the gall to issue an overweight status on it despite inherently poor fundamentals.
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wendel Master	31-Aug-2013 13:45        wendel About Contact  Quote this Post!
x 0   x 0  Alert Admin	I'm positive w hankore development thou....hope a detailed coverage him like what's done for ISDN, blumont....etc. if not for S chips saga, this stk wld hv done us gd sooner.
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Lucky03 Veteran	31-Aug-2013 12:06        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	S-chip may see more actions soon as a few of the companies previously suspended are seeking resumption after bringing in new investors and reshuffling their management - CHINA GAOXIAN FIBREFAB HLDG LTD and CHINA HONGXING SPORTS LIMITED. Let's hope CHINA MINZHONG will tackle the credibility of its account positively and swiftly and put the market at ease.
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Lucky03 Veteran	31-Aug-2013 12:01        Lucky03 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wang has since increased his holding from 6% to 10%. The FY14 result announcement has the following announcement of the bond holders exercising their warrants at S$0.025 totaling about 6m shares thus raising about $156k working capital. Not a significant stake but probably also indicating confidence. However, not sure if they have sold them away for more than 100% return in the open market at above S$0.05. 1(d)(ii) Details of any changes in the Company?s share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial year reported on and as at the end of the corresponding period of the immediately preceding financial year. During the financial year ended 30 June 2013, a total of 6,260,530 CB warrants (warrants issued to former convertible bond holders on 15 October 2009) were exercised by warrant holders for the issue of 6,260,530 new shares at an exercise price of S$0.025 each, generating a total proceeds of S$156,513. The proceeds were used for the general operation of the Group. The total number of issued shares of the Company was 4,528,085,477 as at 30 June 2013 (30 June 2012: 4,161,824,947). There were 16,441,796 CB Warrants, 57,692,402 GD Warrants and 31,631,598 PW Warrants (warrants issued to Giant Delight Holdings Limited and Precious Wise Group Limited pursuant to the share subscription agreement and second settlement agreement respectively and as approved by the Shareholders on 27 April 2011) outstanding as at 30 June 2013 (30 June 2012: 22,702,326 CB Warrants, 57,692,402 GD Warrants and 31,631,598 PW Warrants), which could be exercised to subscribe for a total of 105,765,796 (30 June 2012: 112,026,326) new shares in the Company. During the year, the Company also completed the acquisition of Jiangsu Tongyong Environment Engineering Co., Ltd (?Tongyong acquisition?) and issued first tranche of 360,000,000 shares as part of the purchase consideration. The Company does not have any treasury shares. 1(d)(iii) The total number of issued shares excluding treasury shares as at the end of the current financial year and as at the end of the immediately preceding financial year. The total number of issued shares excluding treasury shares as at 30 June 2013: 4,528,085,477 30 June 2012: 4,161,824,947 Lucky03      ( Date: 31-Aug-2013 11:44) Posted: This is more likely their new strategy http://www.globalwaterintel.com/news/2013/30/hankore-moves-indicate-return-portfolio-growth.html Published 25th July 2013 Shares in Singapore-listed developer HanKore Environment hit a 12-month high of S$0.056 yesterday after the company announced a S$300 million (US$237 million) medium-term note programme. The news followed on the heels of an announcement last week that the company expected to raise S$14.7 million (US$11.6 million) from a new share issue to Singaporean businessman Wang Yu Hui. Wang will hold just over 6% of the company?s equity after the transaction. These developments may signal a switch back to acquisition-led growth at the company. Last December, HanKore appointed Bank of America Merrill Lynch to advise on the possible sale of some of the company?s 17 water and wastewater treatment assets in mainland China, but it has not confirmed any further details, saying only that discussions are still ongoing. The recent capital-raising suggests that the company is more likely to build up its portfolio than to sell it off. Share7      ( Date: 31-Aug-2013 11:28) Posted: HK has changed strategy from selling to buying more water assets with the S$300M MTN, with likely horizon of a trust.
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