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28-Feb-2008 16:56

Ferrochina / Ferrochina

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okie.. firstly, to get securities dealing licence you have to take CFMAS M1A (SGX rules and regulations) if your company is SGX ST member and M6 (Securities Products and Analysis). If you are banking/finance, accounting or economics graduates, you can get exemptions for M6.

unless you wan to do futures trading, then you have to take M2 and M7.

For fund management, you have to take M3

refer to this website for details, http://www.ibf.org.sg/download/cmfas_brochure.pdf

I think you are refering to being a propriety trader, whereas you trade for the company you work for and you can profit share if you earn from the trade. Yes, alot of banks and securities firms hire these prop guys.. they are most active now, during volatile mkt.. they are like hedge funds.. no mandate.. directional traders..

Ya, that SG guy is a futures proprietary trader. he trade in financial futures i think..

Unless you have prior dealing/trading experience, if not its hard for you to join them.

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28-Feb-2008 16:26

Ferrochina / Ferrochina

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hi elf, you wan to be dealer ah..

Do you have any degree in banking/finance or economics.. if yes, you can get exemptions for CFMAS M6 paper. if not, you have to take both CFMAS M1 and 6 to get a licence after you get into a brokerage firm.. be it local or foreign house.

u wan to work as insti dealer or retail dealer? i got lobang for retail execution dealer positions.

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28-Feb-2008 10:52

YZJ Shipbldg SGD / Massive selldown for Yangzijiang

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fewer new ship orders due to slowing down in global trade, potential cancellation of orders fully or partially... this counter is unlikely to have that kind of capacity to cheong back to its glorious $2.

look like this counter will go back to $0.95 (IPO price) since most pre-ipo investors and anchor investors all unloaded earlier on.

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27-Feb-2008 22:30

Others / DOW

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wondering if the market will be like this tonite. everyone, for safety reasons, pls put on ur safety belt.

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27-Feb-2008 21:19

Others / AWAKENING OF BEAR

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to those holding on to long position.. when mkt falls, activate the bear repellent.. see if it helps?

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27-Feb-2008 21:17

Others / AWAKENING OF BEAR

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hi guys.. do u need this?? ------>

Guard Alask bear repellent

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27-Feb-2008 14:37

UOB / UOB

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UOB 4Q Net Down 5.7% On Higher Impairment Charges (2008/02/27 14:07PM)

SINGAPORE (Dow Jones)--United Overseas Bank Ltd. (U11.SG) said Wednesday that its fourth-quarter net profit fell 5.7% on higher impairment charges.

Net profit for the period ended Dec. 31 was S$506 million, or S$1.31 a share, down from S$537 million, or S$1.38 a share, a year earlier.

The bank said impairment charges for the quarter almost doubled to S$128 million. The charges included provisions related to UOB''s collateralized-debt-obligation portfolio of not more than S$61 million.

The CDO portfolio stood at S$388 million as of Sept. 30. The company didn''t provide a year-end figure.

The net-profit result was lower than the average estimate of S$510 million by analysts polled by Dow Jones Newswires. The estimate included CDO-related losses of up to about S$56 million.

Net interest income in the fourth quarter was S$743 million, up 5.9% from S$702 million a year earlier and higher than the S$730 million expected by analysts. The bank said net lending increased 20.5% to S$92.7 billion as of Dec. 31.

Singapore''s second-largest bank by market capitalization said the net interest margin was 1.94% for the quarter, down from 1.99% a year ago, but up slightly from 1.93% in the third quarter.

Singapore banks posted robust loan growth last year amid booming construction and property markets. Analysts have said, however, lending won''t be as robust in 2008 given the global credit turmoil.

"The net interest margin number for UOB was disappointing," said Kim Eng analyst Pauline Lee.

"It is the lowest compared with Singapore''s two other local banks, and might be showing some sign of structure weakness," she added.

In the statement, UOB Chief Executive Wee Ee Cheong said 2008 "looks set to be a challenging year."

Non-interest income was S$532 million, up 2.9% from last year''s S$517 million, and higher than the S$324 million estimated by analysts.

UOB said higher fee and commission income helped offset lower trading and investment income from higher mark-to-market losses on its investment portfolio.

The bank posted a 47% drop in net gains from trading activities to S$25 million for the quarter. It also recorded a S$29 million loss from the fair value of financial instruments, swinging from a gain of S$23 million a year earlier.

UOB declared total dividends for the year of 73.7 Singapore cents, down from 81.2 cents a year earlier.

-By Patricia Kowsmann, Dow Jones Newswires; 65 6415 4157; patricia.kowsmann@dowjones.com

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27-Feb-2008 14:24

UOB / UOB

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Anyone Shorted this buggers.. haha.. $19.. good level to short.. Singapore UOB 2007 net profit falls 17.9 percent on lack of exceptionals UPDATE
2/27/2008 1:29:00 PM

SINGAPORE (Thomson Financial) - United Overseas Bank, Singapore's second largest bank, said Wednesday its net profit fell 17.9 percent to 2.11 billion Singapore dollars in 2007, in the absence of exceptional gains that inflated earnings in 2006

The bank booked 689 million dollars in exceptional gains from the divestment of Overseas Union Enterprises and Hotel Negara in 2006. Excluding those gains, the 2007 net profit would have been up 12.1 percent compared to the previous year

The net profit was within the 1.94-2.22 billion dollar range forecast by analysts polled by Thomson Financial

The bank said its core business was bolstered by the city-state's robust economic growth

Net interest income rose 10 percent to 2.98 billion dollars last year, supported by robust loan growth and higher net interest margins, which grew to 2.04 percent from 1.99 percent

Non-interest income grew 25 percent to 1.89 billion dollars, boosted by higher fee and commission income and contributions from fund management

The growth was, however, tempered by a 66 percent rise in asset impairment charges to 300 million dollars, mainly due to provisions for its collateralized debt obligations and long-term investments

The bank recognized 128 million dollars of the provisions in the fourth quarter, dragging the fourth-quarter net profit 5.7 percent lower to 506 million dollars

"Despite the global market volatilities, we are pleased that the group has recorded quality broad-based growth, with core business remaining strong," said Wee Ee Cheong, deputy chairman and CEO of UOB

The operating environment in 2008 looks challenging but Wee said he is confident that the UOB's strong balance sheet will help it seize opportunities and attain long-term growth

"The group's capital position remained strong, with a tier-one capital adequacy ratio at 10.0 percent and total capital adequacy ratio at 14.5 percent, both well above the minimum of 6 percent and 10 percent, respectively, required by the Monetary Authority of Singapore," UOB said

The bank's non-performing loans fell 45.8 percent to 1.72 billion dollars last year, while customer deposits grew 11.9 percent to 106.97 billion dollars

At the midday break, UOB was up 18 cents or 1.0 percent at 19.02 dollars with 2.3 million shares traded

(1 US dollar = 1.40 Singapore dollars) jonathan.burgos@thomson.com MMMM

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26-Feb-2008 14:45

Synear / Synear - a new beginning from TODAY !

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Index	*(February 26, 2008, 02:45:38 PM)
HSI	23,441.14	+172.00
CEI	13156.65	-46.33
Shanghai A	4341.926	-56.883
Nikkei	13,824.72	-89.85

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26-Feb-2008 14:23

Synear / Synear - a new beginning from TODAY !

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Its just temporary short covering.. guess alot og BBs and auntie/uncles shorted this morning..

based on the EPS provided in the FY07 report of 7.1Cent SG. the current PE is close to 10.85X. and moving forward, as mentioned.. their margin will be further squeezed by higher cost of raw materials and lower revenue forecast.. I expect the price to depress further to ard 0.65 or lower. I will only start looking at it at that level.

Just my personal opinion. buy/sell at ur own discretions..

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25-Feb-2008 19:16

Others / Tremors

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where you guys working at? howcome i din feel it?

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25-Feb-2008 17:46

COSCO SHP SG / CoscoCorp

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Oh c'mon, 6-14% revision is considering alot considering the earning are in hundreds of millions and billionse etc.. Well toking is free.. so wat u r toking is free too..

but at least, they TP are derived from a discounting model and based on FA... unlike ppl like you and me just giving TP without any judifications or purely TA... Well again, it's up to individuals to believe in the report or not..

I am just posting up for ppl to have reference if they r considering selling or buying the counter.. no inducing anyone to buy or sell.

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25-Feb-2008 16:32

Delong / Delong

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Evraz ratings affirmed with positive outlook on planned Delong buy - S&P
2/25/2008 11:19:00 AM

MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services affirmed its ratings on Russia-based steel producer Evraz Group SA and its core unit Mastercroft Ltd, after Evraz said it plans to buy a majority stake in Singapore-listed steel producer Delong Holdings Ltd

"The affirmation reflects our view that the acquisition will further incrementally strengthen Evraz's business risk profile by expanding its production and improving geographic diversification into foreign markets," said S&P's credit analyst Alex Herbert. The agency added that while individually its impact on the group is small, it follows the acquisition of Claymont Steel Inc and various Ukrainian assets announced in Dec 2007, and is consistent with management's acquisition-led growth strategy. "Furthermore, we regard the cost of up to 1.5 bln usd (assuming 100 pct ownership) as being in line with the group's financial policy and within the leverage levels assumed for the ratings," said Herbert. Evraz and Mastercroft's 'BB-' long-term corporate credit and senior unsecured debt ratings were affirmed. Their national scale rating was affirmed at 'ruAA'. The outlook is positive

S&P said the positive outlook reflects the possibility of a one-notch upgrade to the long-term corporate credit ratings on Evraz and Mastercroft in the next year or so, if strong cash flow generation continues and leverage remains moderate, despite higher debt caused by recent acquisitions, other investments, and capital expenditures

S&P also assigned its 'BB-' long-term debt rating to a 3.2 bln usd structured credit facility. Evraz is the borrower, guaranteed by Mastercroft. TFN.newsdesk@thomson.com jro COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News

MMMM

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25-Feb-2008 16:24

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Singapore Jan CPI 6.2%, highest since 1982 on higher transportation and food cost..

Singapore Jan CPI seen at new multi-year high as food, transport costs rise
2/25/2008 7:22:00 AM

SINGAPORE (Thomson Financial) - Singapore's consumer price index likely rose to another multi-year high in January as costs of food and transportation escalated, economists said

The 2-percentage point hike in the goods and services tax, which took effect July 2007, may have also continued to lift consumer prices

Four economists polled by Thomson Financial had forecast annual inflation in the city-state to come in at between 4.5-5.6 percent for January. In December inflation accelerated to a 25-year high of 4.4 percent

Consumer prices probably rose between 0.3-0.8 percent in January from the previous month, according to the poll

The Department of Statistics will release the CPI data at midday

"Little respite [is] expected on Singapore's inflation front in the near term, especially ahead of the Chinese New Year festive season," said Selena Ling, economist at Oversea-Chinese Banking Corp

The Lunar New Year fell on the first week of Februay

"We would have a lot of food price pressures coming from the region. China was hit," said Vishnu Varathan, economist at Forecast. "Food inflation in the region has been very persistent so that would be one prime source of inflation." China's CPI rose 7.1 percent in January from a year earlier, the highest in more than 11 years, largely due to food supply disruptions caused by snowstorms in the mainland

Singapore's inflation last month may come in at 5.5 percent, on account of higher property tax payable that come with the revision of annual values of properties, said Alvin Liew, economist at Standard Chartered Bank

The Singapore government recognized the strong inflationary pressures building in the economy, prompting it to raise its inflation forecast for this year to 4.5-5.5 percent from 3.5-4.5 percent. Inflation averaged 2.1 percent in 2007

But the Monetary Authority of Singapore - the de facto central bank - has said its monetary policy of allowing a gradual and modest appreciation of the Singapore dollar's nominal effective exchange rate remains appropriate

The MAS reins in inflation by managing the movement of the Singapore dollar nominal effective exchange rate against a basket of trade-weighted currencies. A policy of modest to gradual appreciation of the Singapore dollar has long been maintained, with a slight tightening bias adopted in October last year when inflation started creeping up

Forecast's Varathan said while Singapore's inflation will likely peak above 6 percent and could even top 7 percent in April, the MAS is unlikely to tighten its monetary policy given the strong downside risks to the economy if the US economy significantly slows this year

"While they may still play the Singapore dollar at the top end of the [trading] band to keep inflation in check, I do not see them raising the midpoint and I don't see them steepening the band just yet. They probably would want to have a good measure of caution and not want to tighten," said Varathan

Below are the CPI forecasts

Year-on-year inflation: CIMB-GK - up 5.6 percent Forecast - up 5.5 percent Standard Chartered Bank - up 5.5 percent OCBC - up 4.5 percent Month-on-month inflation: OCBC - up 0.8 percent CIMB-GK - up 0.4 percent Standard Chartered Bank - up 0.3 percent Forecast - 0.3 percent (1 US dollar = 1.41 Singapore dollars) pearl.bantillo@thomson.com MMMM

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25-Feb-2008 16:22

COSCO SHP SG / CoscoCorp

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just shortly after my post.. morgan stanley downgrade TP from $9 to $6 on earning revision..

COSCO Singapore price target cut to 6 sgd on earnings revision - Morgan Stanley
2/25/2008 4:02:00 PM

SINGAPORE (Thomson Financial) - Morgan Stanley said on Monday it has lowered its target price for COSCO Corp (Singapore) to 6.00 Singapore dollars per share from 9.00 dollars, reflecting the reduction in its earnings estimates for the Chinese shipyard and bulk shipping operator. "Our price target revision is mainly due to earnings revisions to the tune of 6-14 percent over the next three years, owing to lower margin and lower contract expectations," Morgan Stanley said in a client note. The brokerage is keeping its "overweight" rating on the stock

"We still expect COSCO to deliver 29 percent earnings CAGR (compound annual growth rate) over 2007-2010, based on a 75 percent increase in docking capacity and additional offshore projects driven by high oil prices," it said

The brokerage estimates COSCO Singapore will post a net profit of 580 million dollars this year from 337 million dollars last year, 653 million dollars in 2009, and 731 million dollars in 2010. Upside catalysts for the stock this year include a likely divestment of COSCO's shipping assets to China COSCO and the purchase of a 19 percent stake in COSCO Shipyard Group, which could add 40 cents to its target price for the stock, Morgan Stanley said At 3.40 pm, COSCO Singapore was up 4 cents or 1.0 percent at 4.25 dollars, with 6.4 million shares traded. (1 US dollar = 1.40 Singapore dollars) yuinmunn.szetoh@thomson.com MMMM

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25-Feb-2008 15:59

COSCO SHP SG / CoscoCorp

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BTW analysts are expected to see GDP growth to slow down in both China and India as well.. Shipping is a highly competitve sector and hence they are subjected to competitive pricing.. unlikely for them to transfer the cost to clients so easily..

Retailers are the one getting hit by inflation.. since when can retailers pass on the cost to retailers.. to a great extent, they r in a perfect comp environment. Unless u are toking abt retail targeting niche market. If economy slow down together with inflation, retailers' profit will be squeezed even more cos they have to give more discounts despite rises in raw materials to attract consumers.. petrol companies are exception cos they work as a cartel..

Read some economics text and u know wat i m toking abt.

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23-Feb-2008 00:31

Chip Eng Seng / Awarded More Contracts = No longer cheap

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By Phillip Securities:

Chip Eng Seng announced results. Revenue up 19% to S$161 million, and net profit jump a staggering 242% to S$50.3 million. That's only half the story. Construction costs surged 31.5% to S$200 million. Labor, materials and particularly sand has eat into the profitability. In addition to that, administrative and finance cost rocketed by 111.5% and 151.2% respectively.

Reasons for the massive jump in profits.
* S$4.6 million interest from loans to associates
* S$6.9 million revaluation gain from property investment
* S$51.9 million from joint property development

But contribution from core business is a paltry S$0.6 million. If construction is booming, then Chip is obviously not making money from the boom, I really question if they should seriously reconsider a change in industry. Property development seems to be doing a good job for them, and I applaud the prudence for choosing to develop properties via joint venture. However, a rising tide raises all ships. Be careful when the tide change.

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22-Feb-2008 16:17

Sino Techfibre / Sino Techfibre

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hi Jack, i tot u bought 20lots at 0.92 on 3Jan? lose less mean win?? relatively richer after unlock the trade?

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22-Feb-2008 13:11

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Well said robbie.. I fully agree with you.. Singapore all along has been a price-taker.. so it highly influenced by other economies... Asia decoupling is just another excuse for the traders to push up the mkt.. though i agree india and china are big and will continue to grow probably at a lower rate.. but its absurd to say they can immediately fill up the demand vacuum created by a serious slowdown of US.

It take china and india a generation to totally change the current high propensity of saving population to become another consumer spending economy like US. India and China by and large are still major net exporters.. so it impossible to decouple from US.

the more ppl try to push up or hold the mkt, the worse the mkt will crash land... now too much cheap $$ and ppl jus received bonuses.. once all these r gone.. that's it.. and i see this coming..

in the world history.. i nv see any stock mkt bull run despite economy is in recession...

F1, IR and YOG are intiatives by govt to keep the economy going.. good effort there.. but then all these hipps r short-lived.. and if overall global economy is bad, wat make u think ppl still wan to travel and spend on such things.. imagine yourself only can barely make ends meets.. will u still go for a trip to see olympic or F1 race? Well, for sure, i wouldn't.. so jus some tinkers to think over..

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22-Feb-2008 04:23

Others / DOW

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Dow Jones Industrial Average

Change:-147.19 -1.18%

Volume:196,946,335

nice distinct downtrend for dow jones index.. will we see this trend on STI tomolo?

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