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25-Jan-2013 11:38

China Minzhong / China Minzhong Food forum

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1.065 laugh non stop

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25-Jan-2013 10:26

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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Yangzijiang announced that Seaspan has exercised options for

four 10k TEU containerships totaling US$360m. Including the

seven units of 10k TEU orders received since 8 June 2011,

Yangzijiang has a total of 11 vessels to Seaspan from year

2014 to 2015. Seaspan is left with 14 options for identical

vessels unexercised. Contract price of US$90m each is lower

than the US$100m contracted in 2011 but in line with current

market price. Margins are expected to be mid single digit with

the lower newbuild prices. (Maintain HOLD, TP: S$1.20).

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25-Jan-2013 10:22

Keppel / keppel Corp

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Kep corp margins are really squeezed.. will not advise to buy Kep corp becoz of this..

gd luck dyodd

Keppel Corp

Bumper payout year

Results within expectations, bumper payout. FY12 revenue came in 39% higher YoY at SGD14.0b while PATMI rose by 28% YoY to SGD1.91b after excluding revaluation gains and one-offs. Results were generally in line with expectations. Keppel proposed final dividend of 27 cts/sh, bringing full-year cash dividends to 45 cts/sh. In addition, it proposed dividend in specie of Keppel REIT units equivalent to 27.4 cts/sh. This brings total distribution to 72.4cts/sh, implying a yield of 6.4%. Maintain Buy with SOTP-based TP of SGD12.80.

O& M margins threading bottom. 4Q12 operating margin for O& M sector was flat at 12.8% (12.9% in 3Q12). We believe that margins are threading the bottom. Overall full-year margin came up to 13.5%, against our expectation of 14.0%. Despite conservative management guidance, we expect productivity and efficiency gains to contribute to higher operating margin of 14.2% in FY13F as Keppel O& M would deliver a record number of 22 newbuild units in the year.

Order win outlook remains rosy. O& M order win outlook remains positive with healthy pipeline of enquiries. Net orderbook currently stands at SGD12.8b. Our forecasted order win for FY13F stays at SGD5.4b, which we expect to come from a more balanced mixed of product types. The USD1.2b semisub contracts from Naftogaz are still under negotiation. Keppel does not rule out the possibility of walking away if final terms are unfavorable, demonstrating its discipline in taking on projects of a certain level of profitability. We infer that contracting environment must be strong, thereby allowing them to be selective.

Other segmental performances. Property segment’s exceptional performance this year is not expected to be repeated in FY13F. While still a small business segment, Infrastructure could see some improvement when the 800MW expansion of Keppel Merlimau Cogen Plant expansion goes into full operations in 2013.

Maintaining positive view. We maintain our Buy call on Keppel on strong O& M outlook with potential for margin to surprise on the upside in FY13F. Target price is maintained at SGD12.80. Keppel Corp – Summary Earnings Table

FYE Dec (SGD m)

2011

2012

2013F

2014F

2015F

Revenue

10,082.5

13,964.8

13,497.0

14,583.8

15,264.9

EBITDA

2,105.9

2,831.7

2,252.9

2,451.5

2,561.4

Net Profit

1,840.5

2,237.3

1,479.4

1,625.6

1,712.5

Basic EPS (S cts)

103.5

124.8

82.3

90.4

95.3

EPS Growth (%)

20.5

20.6

(34.0)

9.9

5.3

DPS (S cts)

43.0

45.0

44.0

44.0

44.0

PER (x)

11.0

9.1

13.8

12.5

11.9

EV/EBITDA (x)

11.2

8.3

10.4

9.6

9.2

Div Yield (%)

3.8

4.0

3.9

3.9

3.9

P/BV (x)

2.7

2.2

2.1

1.9

1.8

Net Gearing (%)

16.6

23.2

15.8

11.9

7.3

ROE (%)

26.7

26.9

15.5

15.9

15.6

ROA (%)

8.2

8.3

5.0

5.2

5.1

Consensus Net Profit (SGD m)

1,547

1,607

n.a.

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25-Jan-2013 09:52

IPC Corp / Solid NTA 27c

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Japan mkt up 2% today.. IPC still flat..

Nikkei 225: 10,856.56; +235.69; +2.22%

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25-Jan-2013 09:29

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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Viking has stakes in Utdenvirotech.. utd is now at 64.5 slowing creepin up

shouldn't Viking b moving up as well, having owned a water stock that has been rallying?

gd luck dyodd

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24-Jan-2013 17:16

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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By DMG

Ausgroup

Triplets! Three contracts in three weeks

AusGroup announced another contract win yesterday, making it the third contract win in as many weeks since the start of January. The latest one is a A$20m extension of the Gorgon Project for pipe spools fabrication, following a A$17m sale and hire of scaffolding. We are maintaining our Buy call with a TP of $0.755. The recent order wins have overtaken the rate of order book consumption, with the outstanding order book rising by A$9m from the A$271m order book we noted in our 7-Jan note. These bring the total contracts won this month up to at least A$57m (there are possibly small unannounced wins), outpacing by 25% the win rate required for our A$731m revenue forecast this year. We continue to expect a good order win momentum.

ASX listing plans still going ahead. We hosted AusGroup during our Corporate Day last week, and management shared that the ASX listing plans were moving along smoothly. There is no fixed timetable, though we did sense a certain impetus supporting this move for strategic reasons – once listed on the ASX, we think that a better valuation might be achieved which may then make AusGroup shares more valuable for acquisitions, dovetailing with management’s stated aim of expanding into Queensland.

Fundamentally undervalued even without ASX listing. While the success of the ASX listing may be a potential catalyst, we rate AusGroup on the base-case of the SGX-listing being maintained. Even so, it is undervalued – a FY13F P/E of 7.6x vs. Civmec’s FY12 P/E of 20.5x.

Our turnaround investment thesis is maintained. We initiated coverage on AusGroup on the thesis that the turnaround had gone unnoticed by the market. While the stock has risen 51% since our Sep-12 initiation, this has not fully priced in even the FY13F recovery. We expect net margin improvements to continue through FY15F. Also, the price today does not incorporate much growth expectations – unlike Civmec which clearly has a certain level of growth already factored into the price.

Maintain Buy with TP $0.755. We continue to value AusGroup at 9x FY13F EPS for a TP of $0.755. We are expecting the 2Q13 results release within the next three weeks.

A$280m outstanding order book today.

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24-Jan-2013 11:00

JB Foods / JB Foods

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Tee Yih Jia Food Manufacturing is subscribing for 80m

new shares in JB Foods. The subscription represents a

16.67% stake at an issue price of S$0.27 per share.

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24-Jan-2013 09:06

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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AusGroup Limited, subsidiary AGC Industries Pty Ltd, announced it has been awarded additional fabrication work to the value of approximately AUD20 million on the Chevron-operated Gorgon Project, taking the total contract value to more than AUD70 million. AGC’s scope of work involves high specification fabrication of stainless and carbon steel pipework, non-destructive testing, post weld heat treatment, blasting and LNG specification painting related to the LNG modules for trains 1-3 on the Gorgon Project. Fabrication will be undertaken at AGC’s manufacturing and fabrication facilities in Kwinana and Henderson, Western Australia. (Closing price: S$0.635, -0.781%)

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23-Jan-2013 15:17

Sapphire / all kena screwed.

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this is one of the few China listed stocks that didn't ride the recent rally of the Chinese markets..

hence there's ample room to play catch up..

LAGGARD!

gd luck dyodd

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23-Jan-2013 11:37

KSH / KSH Holding Value @ $0.50 Set to Rise

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fundamentally a gd stock..

low PE 4.5 for 2013 Forecast

gd luck dyodd

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23-Jan-2013 11:29

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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moving up today.. now 1.005

gd luck dyodd

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23-Jan-2013 10:41

SinoGrandnes / Sino Grandness - a growth stock with low PE

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catching up with CMZ.. or is it the other way round..? both rocketing like no tomorrow

gd luck dyodd

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23-Jan-2013 10:15

Civmec / Civmec forum

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Civmec has secured contracts in relation to the Chevron

operated Wheatstone and Gorgon Projects with Best JV

and CB& I Kentz JV respectively. The contracts combined

value is about S$50m. Works will commence in February

2013.

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23-Jan-2013 09:21

Golden Agri-Res / GoldenAgr

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go go go..

now 63

gd luck dyodd

ozone2002 ( Date: 18-Jan-2013 11:06) Posted:

same strategy

ozone2002 ( Date: 17-Jan-2013 14:19) Posted:

CPO can't stay at low prices for so long..

will rebound..

looking to enter GAR

gd luck dyodd

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22-Jan-2013 14:14

GLD USD / Gold going up this year?

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from Bloomberg .. Goldman forecasts gold to be US$1,825

Gold may climb over the next three months as U.S. lawmakers attempt to tackle the country’s debt ceiling and the world’s largest economy slows, Goldman Sachs Group Inc. said, advising investors to place bets on advances.

“We see current prices as a good entry point to re- establish fresh longs,” analysts Damien Courvalin and Alec Phillips wrote in a Jan. 18 report. The bank reiterated a three- month target of $1,825 an ounce, as well as a forecast for prices to weaken in the second half as the U.S. economy rebounds.

Gold fell 5.5 percent last quarter, the worst performance since 2008, on expectations for a recovery and potential end to central bank stimulus in the U.S. An advance to $1,825 would be consistent with rallies into debt-ceiling decisions, the analysts wrote. Since 1960, Congress has raised or revised the debt limit 79 times, according to the Treasury Department.

“The uncertainty associated with these issues, combined with our economists’ forecast for weak U.S. GDP growth in the first half of 2013 following the negative impact of higher taxes will push gold” to the three-month target, they wrote.

Gold, which rallied for a 12th year in 2012, traded at $1,687.90 an ounce on the Comex at 9:49 a.m. in New York. Holdings in exchange-traded products reached a record last month, data compiled by Bloomberg show. Most-active prices last traded above $1,825 an ounce in September 2011.

Borrowing Limit

The Treasury has said the U.S. will exceed its $16.4 trillion borrowing authority sometime from mid-February to early March. Financing for government agencies is set to lapse March 27, and lawmakers must pass new spending or cause a shutdown. Also in March, Congress will confront the $110 billion in automatic spending cuts, half from defense, that were postponed in a Jan. 1 tax deal.

Goldman restated its outlook for lower prices in the second half of this year, a call echoed by Credit Suisse Group AG and Allan Hochreiter(Pty) Ltd., as the U.S. recovers. As growth improves, prices will likely decline even with continued central bank and exchange-traded fund demand, Goldman said.

Gold’s bull market is over, Allan Hochreiter Chief Executive Officer Rene Hochreiter, the top forecaster in the London Bullion Market Association’s 2012 poll, said this month. The metal’s appeal is set to diminish as so-called fear trades fade, according to Credit Suisse’s Tom Kendall, head of precious-metals research and the most accurate precious-metals forecaster in the past eight quarters tracked by Bloomberg.

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22-Jan-2013 13:51

IPC Corp / Solid NTA 27c

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Translates to more biz travel within Japan hence IPC to benefit from this?

Published January 22, 2013

BOJ doubles inflation target, adopts open-ended asset buying

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The BOJ set a 1 per cent inflation target in February last year, and expanded monetary stimulus five times in 2012 through an increase in its asset-buying and lending programme - PHOTO : REUTERS

TOKYO - The Bank of Japan on Tuesday doubled its inflation target to 2 per cent and adopted an open-ended commitment to buy assets, surprising markets that had expected another incremental increase in its 101 trillion yen (US$1.12 trillion) asset-buying and lending programme.

The BOJ also issued a joint statement with the government in which it set 2 per cent inflation as its new target, although two of the central bank's nine board members dissented against this decision.

As widely expected, the BOJ maintained its overnight call rate target at a range of zero to 0.1 per cent by a unanimous vote.

BOJ Governor Masaaki Shirakawa will hold an embargoed news conference with his comments expected to come out some time after 4.15pm (0715 GMT).

The BOJ set a 1 per cent inflation target in February last year, and expanded monetary stimulus five times in 2012 through an increase in its asset-buying and lending programme.

Prime Minister Shinzo Abe, however, has piled pressure on the central bank to aim for 2 per cent inflation as a medium-term target and pledge to ease policy aggressively to achieve it. -- REUTERS

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22-Jan-2013 10:15

China Minzhong / China Minzhong Food forum

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dropped from 1.025 high to .995..

distribution definitely in play..

gd to take profit from the great run up..

gd luck dyodd

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22-Jan-2013 09:16

Yongnam / Yong nam

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https://brokingrfs.cimb.com/9mfOdlbgPn4S92Ux18-W06SZ5ctPq31yRQZcI4Uz4arrtQlUGzCf0LfnMaS5uCRw52YJWXoErEw1.pdf

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22-Jan-2013 09:11

China Minzhong / China Minzhong Food forum

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1.025!!

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21-Jan-2013 23:13

Yongnam / Yong nam

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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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