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Aztech: 1H FY06 Net Profit Up 75% Post Reply Rate topic
investment Senior	22-Jul-2007 19:03        investment About Contact  Quote this Post!
x 0   x 0  Alert Admin	the report is issue on 17/07/07 by bloomberg,any problem
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iTrader Member	22-Jul-2007 18:57        iTrader About Contact  Quote this Post!
x 0   x 0  Alert Admin	Investment, which broking house issue the report and when was it issued?. thanks
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investment Senior	22-Jul-2007 18:28        investment About Contact  Quote this Post!
x 0   x 0  Alert Admin	BLUE sky scenario: Aztech Systems is at the sweet spot of a demand cycle driven by rising broadband adoption, product replacement cycle fuelled by 802.11n wireless technologies, new web technologies, rising IPTV adoption and more connected homes. New outsourcing contracts from key customers would be 'icing on the cake'. Market share gains: Aztech is an Internet-enabling device ODM which has a large and diversified pool of customers that extends across the world. Starting from a low base with an estimated 2.2 per cent market share globally, it is set to capture market share through increasing orders from two key customers: one is shutting down production in the US and shifting to outsourcing, while the other is receiving new orders from its customers. Entering its fifth consecutive year of earnings growth: Aztech has seen four-year CAGR earnings growth of 63.5 per cent; earnings should expand by 23 per cent this year and 41 per cent next year. We believe earnings may see upside surprise if our conservative order forecasts are exceeded. The stock, although small among its peers, trades at an unjustified 50 per cent discount to its peers' current PE average. The stock trades at 10.2 times FY2007 PE and 7.2 times FY2008 PE, which make it appealing to private equity and competitors. We initiate with an 'outperform', fair value at S$1.02: Near-term catalysts include better-than-expected interim results and better-than-expected order book. It also offers value for investors seeking to leverage on the strong secular Internet and networking industry growth trends. With backing from its customer base, an operation that generates positive cash flow and the potential to be earnings accretive for its suitors, there is added M&A appeal. Our fair value pegs it to the exit valuation multiple of GES International, which was acquired by VMS in
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maxliukt Member	22-Jul-2007 10:31        maxliukt About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hi, Anyone can advise? thanks. Just received the warrants for Aztech. when does it expire? I used cash to buy the mother share, can I used  CPF to convert warrants to shares at 0.51?
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mike8057d Veteran	20-Jul-2007 16:25        mike8057d About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	I read somewhere that Aztech share price is trading at 50% discount.  The fair share price is S$1.02
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maxliukt Member	17-Jul-2007 10:36        maxliukt About Contact  Quote this Post!
x 0   x 0  Alert Admin	Aztech announcing 2nd quarter results on 27 july.  Credit Agricole Asset Management S.A increased its stake recently.
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Sporeguy Elite	17-Jul-2007 09:56        Sporeguy About Contact  Quote this Post!
x 1   x 0  Alert Admin	I saw the price is 67c. I think the TP should be around 75c. After checking past posting, it confirm my judgement : See below for frost's posting Aztech Systems Growth with sustainable high margins BUY S$0.54; Price Target : 12-Month S$ 0.76 (Prev. S$0.67) Story: We visited Aztech?s manufacturing facilities in Dongguan, China where we had an opportunity to engage management on its future direction. Point: There are three major takeaways from the visit: (i) Capacity utilisation for the second quarter is healthy at about 80% levels and more capacity may be added in the near term (ii) Launch of new products every year and the ability to secure high-margin contract manufacturing (CM) projects should help to sustain margins. (iii) The company has solid fundamentals with over 50 customers across Asia, Europe and US, as opposed to dependence on a few big customers. Overall, we are confident that management can meet our FY07 estimates and we have revised our FY08 estimates upwards by 6% on the back of higher earnings expectations from new products launched in FY07. Relevance: Maintain BUY at revised target price of S$0.76 pegged at 10.2x on average earnings in FY07-FY08, which is at 20% discount to the sector average. This translates into an undemanding PEG of 0.35 over our FY06-FY08 forecast. Despite the stock price running up by more than 50% since the beginning of 2007, valuations remain attractive at 8.1x FY07 and 6.6x FY08 earnings.
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trymyluck Senior	06-Jul-2007 17:20        trymyluck About Contact  Quote this Post!
x 0   x 0  Alert Admin	hi nokita,   just  a question. if the holder of the warrants wants to convert into shares at some point of time,when the mother share is in the money, isnt it better to do sooner rather than later , especially if the mother share is giving dividends? after all warrant price will only go up if mother share price going up . i would think only the mother share gets the benefit of dividends not the warrants. as for converting the warrants to the shares, you need to call the R&T agent for Aztech. i think it is BACS Ltd and inform them.
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Nokita Senior	06-Jul-2007 14:25        Nokita About Contact  Quote this Post!
x 0   x 0  Alert Admin	vonvon, u asked "so, when and how can I convert the warrants to shares? is there a timeline for this? actually my broker told me it will takes mths b4 the shareholders can do any conversion.." Answer: why even think abt conversion? U can keep the warrants & convert them only close to the time when they expire - in 3 years time, according to quantico's posting below.  Or u can sell the warrants anytime during the next 3 yrs. Investors who are bullish about Aztech wld consider buying the warrants as these offer a leveraging effect. That is, for a small outlay of money, they can get magnified returns when the Aztech mother moves up. Typically people dont convert their warrants soon after they have been issued. No reason for doing so. In rare cases, u would do so if the company announces bumper dividends for the mother share. That's why Second Chance, for example, has few outstanding warrants. It has been declaring bumper dividends. Another one is coming with its full-yr results soon....
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vonvon Member	05-Jul-2007 23:45        vonvon About Contact  Quote this Post!
x 0   x 0  Alert Admin	thanks guys! since i am really quite ignorant in this, i will do my Maths here i m been allocated 1750 warrants, so if i were to buy them via the ATM, it will be 0.02 x 1750 = 35 bucks afterwhich, should i wish to convert to shares will be 0.51cents x 1750 warrants = 892.50 so, when and how can I convert the warrants to shares? is there a timeline for this? actually my broker told me it will takes mths b4 the shareholders can do any conversion..
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Quantico Member	05-Jul-2007 22:23        Quantico About Contact  Quote this Post!
x 0   x 0  Alert Admin	vonvon, Actually you can sell the rights. Today's price is 15 cents. Unfortunately, today is the last day of trading. You need to convert the rights to warrants @ 2 cents now. Can be done at ATM. Once the warrants are issued ie credit into your account, you can sell them or convert them to shares @ 51 cents. Based on rights price of 15 cents, the warrants should be at 17 cents. However, the warrants price is dependent on the Aztech share price. The warrant has a validity of 3 years. After which, it is worthless.
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Nokita Senior	05-Jul-2007 21:59        Nokita About Contact  Quote this Post!
x 0   x 0  Alert Admin	vonvon.   says 0.51 is v ex? - it all depends on the business growth of Aztech. If it's wonderful, 51 is not ex.   n the conversion fr warrant to shares takes a vv long time. - I think it's a week or thereabouts. not relevant to most warrant holders since they would probabaly sell before the warrants expire in a few yrs' time.   But my fren said MUZ get! cuz the current mkt price already went up to more than 0.51. which is which extactly? - The warrant is in the money. Means if u have it and pay 51 cts to convert into shares, u will make a profit by selling it (for example at current price of 60cts). The warrant will rise if Aztech is perceived to be doing well, and will fall if Aztech's business prospects are not rosy.   And till now I still uncertain wats a right and wats a warrant, and wats the one I juz mentioned.  somebody pls help! - a Right is simply a right to buy something. It can be a right to buy a mother share for a certain price. Or it can be a right to buy a warrant (as is the case with aztech) for a certain price (2 cts in the case of Aztech).
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vonvon Member	05-Jul-2007 18:52        vonvon About Contact  Quote this Post!
x 0   x 0  Alert Admin	hi guys, i juz registered myself after browsing this forum fer some time. anyway I am really clueless abt this rights and warrants thing. pardon mi for my ignorance if i ask stupid qns. I rec this rights issue thingy few days ago. i thot it was a warrant but my broker said its actually rights issue. the application form stated i m entitled to this number of warrants, and at an issue price of $0.02 for each warrant, which i have the right to subscribe the share @ an exercise price of $0.51 per share. I am totally clueless but my broker discourage mi fr taking up, says 0.51 is v ex? n the conversion fr warrant to shares takes a vv long time. But my fren said MUZ get! cuz the current mkt price already went up to more than 0.51. which is which extactly? And till now I still uncertain wats a right and wats a warrant, and wats the one I juz mentioned.  somebody pls help!
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trymyluck Senior	04-Jul-2007 16:25        trymyluck About Contact  Quote this Post!
x 0   x 0  Alert Admin	hi guys, correct me if i am wrong, but i think Aztech Rights is Warrant rights which is not the same as normal Rights. Aztech warrant rights will cost $20 for 1000 at ATM, but when you want to convert to shares of 1000, u still need to pay $510 (0.51 cents) for 1000 shares to the Share Agent of Aztech when you want to convert. in normal rights there is no conversion process as when you pay rights money thru ATM, it automatically becomes shares. in my experience, always better to wait for 1 or 2 months before either selling your rights shares or exercising Warrants. because most of the short term players all doing same thing so more people selling immediately after rights issue closes.
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mike8057d Veteran	04-Jul-2007 13:54        mike8057d About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Apply through ATM will only cost you $2.  It is very convenient.
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alexmay Veteran	04-Jul-2007 12:57        alexmay About Contact  Quote this Post!
x 0   x 0  Alert Admin	To subscribe fill up the form that comes attached with the offer. You normally can do it thru the ATM if issued inconjunction with a bank. otherwise you need a money order which cost I think $5.00 for each order. To sell it, like previous post you can sell it thru the normal way. Odd lots can be sold thru the odd lot mkt or specially asign counters and can be amulgamated as one transaction.
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grey_ng Member	04-Jul-2007 11:53        grey_ng About Contact  Quote this Post!
x 0   x 0  Alert Admin	hey guys, im a newbie so just want to find out what's the smartest thing to do if a company issue rights....should subscribe or sell away the rights away...if want to subscribe, how to subscribe, troublesome or not....?
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grey_ng Member	04-Jul-2007 11:24        grey_ng About Contact  Quote this Post!
x 0   x 0  Alert Admin	hey "trymyluck", thanks... i called up my broking agent already, his reply is if u sell at the same day, then under 1 commission fee, if not on the same day, then is not under 1 commission fee...
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trymyluck Senior	04-Jul-2007 11:07        trymyluck About Contact  Quote this Post!
x 0   x 0  Alert Admin	imho , i think u should be selling only the odd lot of 500 shares through the R250 counter. this is because price of R250 always lower than price of Parent counter. the 2000 should be sold thru normal counter. not sure if brokerage for both charged separate or combined together. might want to check with ur broker on that and if u get an anwser would be nice if u could update here.
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grey_ng Member	04-Jul-2007 11:00        grey_ng About Contact  Quote this Post!
x 0   x 0  Alert Admin	hey, does it means that i can sell my balance odd lots of 500 thru the Aztech R250 counter even though my CDP account reflects only Aztech R and no Aztech R250.... if yes, aiyah should have sell all the 2500 of them thru the Aztech R250, can save 1 broker fee...
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