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28-Feb-2013 14:57

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

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Upside capped...gd luck dyodd

ozone2002 ( Date: 27-Feb-2013 11:06) Posted:

Time to take profit .. upside limited.. gd luck dyodd

STI fell to test the 3250 level yesterday. A minor technical

rebound is possible but capped at 3270-75. If 3250 fails

subsequently in the days ahead, a further decline closer to

3200 should provide better support. As we’d stated over the

last 1-2 weeks, while STI has the potential to reach 3600 by

year-end, the short-term trend has likely turned choppy from

the fast rally mode in recent months. Valuation has

approached fair and there has been no meaningful lift to

FY13/FY14 forward PE levels for the STI from the current

reporting season.

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28-Feb-2013 14:48

Yamada Green Res / Yamada-Since it IPO at 0.22c-good response

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Time: 2:12PM
Exchange: SGX
Stock: Yamada(MC7)
Signal: Support - Broken with High Volume
Last Done: $0.265

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27-Feb-2013 22:38

CSE Global / CSE Global

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gem stock with good earnings... gd luck dyodd

Steady strides

While not particularly inspiring, 4Q met expectations as CSE continues tomake steady strides.Undemanding valuations and dividend yields in excess of 5% continue to lend support to our call.

At 24% of our FY12 (full-year at 99%), 4Q was in line with our expectations and consensus. We cut our FY13-14 EPS by 7-9% on lower revenue and margin assumptions. We also introduce FY15 numbers. Our target price, pegged at 8x CY14 P/E (0.5 s.d. below its five-year mean), drops accordingly. We maintain Outperform with catalysts from stronger orders, quarters and accretive M& As.

Results in line strong cashflow generation

4Q core earnings of S$11.7m increased by 23% yoy on higher revenue (from shale gas projects in the US and a telecoms project in the Middle East) and better cost control. Gross margins climbed up to 5.4%pts qoq to 36.6% (4Q11: 33.2%). Further, CSE Transtel in the Middle East has returned to profit. This is despite an additional provision of S$1.5m for one of the two significant cost-overrun projects in 2011. These projects are expected to be completed by 1H13. CSE also generated strong operating cashflow of S$35.6m for FY12 (FY11: S$6.9m outflow), bringing net gearing to 0.2x. Lastly, the group declared a final DPS of 2.75 Scts, bringing total DPS to 4.25 Scts (about 40% earnings payout).

Better late than never

Boosted by the telecoms jobs for a North-Western Australian LNG project, CSE bagged strong orders of S$160m for 4Q, bringing total intake to S$499m for FY12. The order book stands at S$385m and we are modelling S$550m orders for FY13.

Asia Pacific to drive 2013 performance

Underpinned by the Australian jobs, Asia Pacific is expected to take on the baton from the US and drive turnover for 2013. However, margins from these contracts are expected to be lower, keeping blended gross margin in the low 30% range (we expect 33.5%). Asia could surprise with a rush of thermal engineering jobs.

ozone2002 ( Date: 21-Jan-2013 23:12) Posted:

this is a gem stock.. saw this being highlighted in CIMB report today

anyone in this?

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27-Feb-2013 11:06

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

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Time to take profit .. upside limited.. gd luck dyodd

STI fell to test the 3250 level yesterday. A minor technical

rebound is possible but capped at 3270-75. If 3250 fails

subsequently in the days ahead, a further decline closer to

3200 should provide better support. As we’d stated over the

last 1-2 weeks, while STI has the potential to reach 3600 by

year-end, the short-term trend has likely turned choppy from

the fast rally mode in recent months. Valuation has

approached fair and there has been no meaningful lift to

FY13/FY14 forward PE levels for the STI from the current

reporting season.

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27-Feb-2013 10:29

Nam Cheong / Nam Cheong

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looking to buy on dip..

congrats to those who spotted this gem..@ low 20c

ozone2002 ( Date: 28-Aug-2012 10:01) Posted:

been advocating this stock since Jun..

finally it's above 20c.. & top volume..

DBS also aggressively promoting this stock..

gd fundamentals.. gd margins..

gd luck dyodd..

ozone2002 ( Date: 22-Jun-2012 09:37) Posted:

buy on dip..

fundamentals still strong.. price weakness is an opportunity to enter..

gd luck dyodd..

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27-Feb-2013 10:26

Nam Cheong / Nam Cheong

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Damn freaking good value stock (like its name suggests.. Cheong!) gd luck dyodd
A STRONG QUARTER TO FINISH FY12 (OCBC)
· 4Q12 net profit up 87% YoY
· Order-book of MYR 1.3b

· Expansion of shipbuilding programme
4Q12 net profit almost doubled
Nam Cheong Limited reported a strong set of 4Q12 results with
revenue and net profit increasing by 172% YoY and 87% YoY to MYR
379m and MYR 49m respectively. On a full-year basis, revenue
climbed 45% to MYR 877m, while net profit increased 47% to MYR
137m. Operating margin declined slightly to 16.4% compared to
17.3% a year ago, partly due to lower margins from its vessel
chartering division. Several vessels were demobilized upon the charter
fulfillment and later re-deployed for ensuing contracts. The
shipbuilding business achieved significant growth with revenue
improving to MYR 839m (+49%) and gross profit increasing to MYR
164m (+56%). The group recommended a final dividend of 0.5 S cts
for FY12 (FY11: 0.2 S cts), representing a payout of 19.2%.
To deliver 25 vessels in FY14
Looking ahead, Nam Cheong expects to deliver 19 vessels in 2013
and 25 vessels in 2014, up from 13 in 2012. Of the 19 vessels in its
2013 shipbuilding programme, it has already secured firm orders for
13. Currently, the group has a gross order-book of MYR 1.3b,
including a Letter of Intent (LOI) from Bumi Armada for USD130m for
four units of Multi-Purpose Supply Vessels. Outlook for the Malaysian
offshore industry remains robust, underpinned by Petronas’ planned
capex of MYR 300b across 2011-15. Management continues to see
demand for small size AHTS vessels and PSVs, with the older vessels
to be replaced by newer ones with higher technical specifications.
New funds put to work
The group disclosed that it has already deployed half of its S$160m
new capital – raised from its recent MTN issuance and placement of
ordinary shares – into its 2013 shipbuilding programme. We expect
the remainder to be progressively utilized over the medium term. Net
gearing improved to 0.40x as at end-2012 (end-2011: 0.63x).

Maintain BUY with an unchanged fair value estimate of S$0.30.

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27-Feb-2013 09:45

Mencast / Cornerstone investor GAY CHEE YONG in mencast

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jump 9% today to 67..wow!

gd luck dyodd

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26-Feb-2013 23:26

China Minzhong / China Minzhong Food forum

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looking over bought.. good to take profit after the spectacular run up..

markets overdue for correction

gd luck dyodd

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26-Feb-2013 16:55

Mencast / Cornerstone investor GAY CHEE YONG in mencast

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chart genie

Time: 4:52PM
Exchange: SGX
Stock: Mencast(5NF)
Signal: Resistance - Breakout with High Volume
Last Done: $0.61

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25-Feb-2013 13:38

China Minzhong / China Minzhong Food forum

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2 big daddies are in this stock

a) Temasek .. from SG Super big daddy sovereign fund..

b) Indo food aka Salim group.. big daddy of Indo...

these 2 fellas have already done their due diligence b4 investing in CMZ..

At PE 4x, upside higher than downside

gd luck dyodd

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23-Feb-2013 15:13

IPC Corp / Solid NTA 27c

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IPC INVESTS IN THE SEVENTH BUSINESS HOTEL IN JAPAN

adding more income streams to its business..

gd luck dyodd...

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23-Feb-2013 15:12

Food Empire / Results Commentary

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nice run up for this stock...

another one of my gems..

making its mark in Russia..

gd luck dyodd

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23-Feb-2013 15:08

Salt Investments / New Beginning

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banging on this to be the multibagger stock.. though it's a company in the red, believe it can turnaround in the oil & gas playing field

current price it's still cheaper than what temasek has bought..

gd luck dyodd

ozone2002 ( Date: 17-Feb-2013 13:19) Posted:

Last fri, japser in top 20 vol

looks like there's focus on jasper..

price now still cheaper than what temasek paid for..

gd luck dyodd

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23-Feb-2013 15:05

Yongnam / Yong nam

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another great company i spotted that's not in the spotlight just yet...

hope to get further gains on this gem..

gd luck dyodd

ozone2002 ( Date: 21-Jan-2013 23:13) Posted:

more MRT lines means more jobs for Yongnam?

looking gd for the long run.. highlighted in CIMB report

anyone in this?

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23-Feb-2013 15:03

Yamada Green Res / Yamada-Since it IPO at 0.22c-good response

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made my call in the early stages..but looks like Sam Goi and me both are on the same wave length, both of us see value in this company

congrats to those who are vested..

continue my good stock picks eg sino grandness & China Minzhong.. gd luck dyodd

ozone2002 ( Date: 14-Mar-2012 10:09) Posted:

ndamental View Technical View
Still a gd stock to invest in..before the herd comes in, 20c presents gd value dyodd!
Source: NextView
Yamada could be forming a cup-and-handle chart look alike
pattern. Resistance is currently at S$0.24 while support
appears at S$0.19.
Financials
Year to 30 Jun
(Rmbm) 2010 2011 2012F 2013F 2014F
Net turnover 314.0 364.4 533.4 626.9 716.8
Gross Profit 131.2 181.0 211.6 249.9 287.1
Operating profit 118.0 126.1 174.2 206.9 240.8
Net profit 103.3 112.7 169.0 201.7 235.5
EPS (Rmb cent) 86.1 27.7 41.6 49.6 57.9
Net margin (%) 32.9 30.9 31.7 32.2 32.9
Dividend yield (%) 3.4 0.0 6.6 7.9 9.3
PE (X) 1.5 4.5 3.0 2.5 2.2
P/B (X) 1.5 1.3 0.8 0.6 0.5
ROE (%) 29.8 28.1 27.8 24.8 23.5
Source: Bloomberg, UOB Kay Hian
Background
Investment highlights
•
from a larger production capacity, improved gross margins
and increased sales with a wider distribution network.BUY with a target price of S$0.33 due to stronger earnings
•
70% discount to Singapore-listed peers’ average. Yamada
Green Resources (Yamada) is currently trading at 4.0x
FY11 PE and 2.6x FY12F PE vs an earnings growth of
50.0%.The target price translates to 4.0x 2012F PE, pegged at a
Our view
•
government continues to encourage rural agriculture.Macroeconomic should favour Yamada as the
To curb food inflation, the Chinese government plans to
allocate Rmb1.2t for developing the agricultural industry,
improving rural areas and farmers' livelihood this year. At
the fifth session of the 11
Chinese Premier Wen Jiabao reiterated that the
government remains committed in its efforts to boost
agriculture production by developing technology and
investing in rural infrastructure. We believe Yamada will
benefit from such policies as the government can use
Yamada as a conduit to encourage corporate high
technology farming.th National People’s Congress,
•
for FY12.
1HFY12 to Rmb252.0m due mainly to higher sales of selfcultivated
fungi as the group almost doubled its shiitake
mushroom cultivation base from 2,614mu in 1HFY11 to
5,134mu in 1HFY12. As a result, PBT escalated 130% to
Rmb81.2m from Rmb35.3m in the previous period if we
exclude the Rmb14.6m valuation gains of the eucalyptus
trees in 1HFY11. We believe earnings growth momentum is
likely to continue for the second half, particularly so as they
have signed on new exclusive distributors for their
mushrooms.Expansion in mushroom cultivation to boost earningsYamada reported a 70.1% surge in revenue for
•
will improve margins.
profit margins in the fungi segment from 49.8% in 2QFY11
to 42.2%, mainly due to rising raw material cost of
synthetic logs. With the acquisition of 21,000mu of
eucalyptus trees in Dec 11, it will fulfill 20% of the
synthetic logs requirement in FY13 and 50% in FY14, thus
controlling cultivation costs and consistency in the quality
of their edible fungi. Gross margins are likely to improve
going forward.Completed acquisition in the Eucalyptus plantationsYamada reported lower gross
Peer Comparison
Company
Ticker Price
(S$)
Market
Cap
(S$b)
PE
FY11
(x)
PE
FY12F
(x)
CEREBOS PACIFIC
SINO GRANDNESS
PEOPLE'S FOOD
CHINA MINZHONG
Average 12.9 8.6CER SP 5.520 1748.5 17.5 14.2SFGI SP 0.405 107.4 3.6 3.1PFH SP 0.585 661.2 25.7 --MINZ SP 1.000 557.4 4.8 --
YAMADA GREEN RES YGR SP 0.205 84.2 4.1 --
Source: Bloomberg, UOB Kay Hian
Yamada is a major supplier of self-cultivated shiitake
mushrooms. The group operates one of the largest shiitake
mushroom cultivation bases in China. It also manufactures
and supplies processed food products such as mushrooms,

vegetables and convenience

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19-Feb-2013 11:55

China Minzhong / China Minzhong Food forum

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correction taking place after a 18% run up yesterday..

still cheap @ 4-5x PE

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18-Feb-2013 10:35

Golden Agri-Res / GoldenAgr

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Planters may underperform regional indices this year with

CPO prices expected to remain subdued. Our analyst has cut

CY13F-14F CPO prices by 10-11%. We no longer see

significant rebound in CPO prices this year, given huge

inventory carryover from last year. Soybean oil price premium

hence may not narrow as fast as we previously expected.

4QCY12 earnings are expected to drop 1-34% except for

Bumitama Agri and Wilmar. Switch to First Resources (raised to

BUY from hold, TP: S$2.16) for exposure. We believe YTD

selldown has been overdone and expect near term arbitrage

opportunity. Bumitama Agri is cut to HOLD, target price

reduced to S$1.20 from S$1.25. Though Bumitama is still the

best of the bunch, share price has performed well. Wait for

better entry point.

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17-Feb-2013 13:25

China Minzhong / China Minzhong Food forum

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acquisition from Indo food is definitely a welcome sign..

CMZ is still cheap @ PE4x..

any dip represents an opportunity to go long..

gd luck dyodd

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17-Feb-2013 13:19

Salt Investments / New Beginning

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Last fri, japser in top 20 vol

looks like there's focus on jasper..

price now still cheaper than what temasek paid for..

gd luck dyodd

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17-Feb-2013 13:08

Singapore Land / Sp Land

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Privatisation candidate.. gd luck dyodd

TP 8.32 from Kim Eng

Singapore Land Limited
Steady As She Goes
Slight growth in core PATMI.
in its FY12 headline PATMI to SGD407.1m, but excluding revaluation
gains, core PATMI showed a mere 2% YoY
largely in line with expectations. FY13F earnings are likely to take a dip
on the back of expected weaker rental income and development profit
recognition, but we are not overly concerned. Maintain BUY.SingLand reported a 23% YoY increase
Development profits picked up the slac
closure of the Pan Pacific Singapore hotel for
gross profit from the hotel dropped from SGD41.2m in FY11 to a
marginal loss of SGD0.3m in FY12. The decline in hotel earnings was
largely buffered by an increase in development profits, mainly from The
Excellency in Chengdu, China.
Portfolio revalued upwards by 3.9%
properties enjoyed a 3.9% YoY revaluation gain, despite
remaining flat YoY. This is presumably due to lower cap rates used by
the valuers. However, we believe that Grade B office rents are likely to
come under greater pressure in FY13, given the upcoming new supply.
Landbank sufficient for now.
projects in the pipeline, we reckon that SingLand will not be actively
landbanking. The first project to be launched is likely to be the 109
Mon Jervois at Jervois Road, right at the edge of Chatsworth Park
Goodclass Bungalow Area. We estimate the proje
SGD1,750 psf.With four unlaunched residential
Cheap valuation privatization still possible
an undemanding 0.6x P/B and P/RNAV, suggesting that it remains a
fairly attractive privatization candidate. We have raised our RNAV
marginally to SGD8.32, and maintain our BU
Singapore Land – Summary Earnings Table
FYE Dec (SGD m) 2011A 2012A
Revenue 615.3 580.6
EBITDA 264.9 248.2
Recurring Net Profit 214.8 218.6
Recurring Basic EPS (SG cts) 52.1 53.0
EPS growth (%) 4.7 1.8
DPS (SG cts) 20.0 20.0
PER (x) 9.2 7.5
EV/EBITDA (x) 12.3 13.7
Div Yield (%) 2.7 2.7
P/BV(x) 0.6 0.6
Net Gearing (%) 4.2 6.6
ROE (%) 6.9 7.9
ROA (%) 5.5 6.3
Consensus Net Profit (SGD m)
Source: MaybankKE
TIONS
13 February 2013
Singapore
Co. Reg No: 198700034E
MICA (P) : 099/03/2012
increase to SGD218.6m,
slack.
major refurbishment,
n
rental income
. ojects 109-unit
project to have an ASP ofDue to the five-month3.9%. SingLand’s investment
possible.

2, BUY recommendation.SingLand is trading at

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