down town to china town..tat's what happens when u can't sustain above 3K
Latest Posts By ozone2002
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| 18-Jul-2012 09:58 |
Seatrium
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Sembmarine
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Watch out for SembMar & Kepcorp securing contracts in the coming months Petrobras approves construction of 6 semisubs more projects on the horizon which could provide near term catalysts for Keppel Corp and SembCorp Marine Petrobras has approved the construction of 6 newbuild semisubmersibles in a contract with Sete Brasil. We believe this could signal impending conversion of Keppel Corp’s existing LOI into a firm contract, a positive near term catalyst, in our view. We believe this latest development also implies that we could be approaching the tail-end of Petrobras’ protracted 28- rig contracting process, and that SembCorp Marine could also announce firm orders for the remaining 5 Petrobras drillships. We believe this could be worth c. US$4bn. Separately, Upstream reported that contract signing for the chosen yards will now take place between July and September 2012. Apart from the 28-rig newbuilding programme, we note more Petrobras-related projects on the horizon. These include fabrication and integration contracts for 8 Petrobras-owned FPSOs and integration work for 2 chartered Petrobras-bound FPSOs. We believe KEP and SMM are keen contenders for
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| 17-Jul-2012 16:52 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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tsunami quick n fast or ripple slow n wait long long?.. :) | ||
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| 17-Jul-2012 11:15 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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back @ accumulation mode ..36c...... at this rate it will take a long time to catch up with Civmec.. |
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| 17-Jul-2012 11:10 |
SingPost
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Singpost
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gd dividend paying counter.. stable biz..high returns on capital invested.. low price volatility.. overall a fantastic stock to own.. gd luck dyodd |
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| 17-Jul-2012 11:05 |
Singapore Land
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Sp Land
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SingLand trades at lower valuation than UIC. estimates, the RNAV of SingLand is $4.0b, while the book value of its equity is $4.4b. However, SingLand trades at a market cap of $2.3b currently, a substantial 43% discount to its RNAV. UIC, on the other hand, has a market cap of $3.79b and book value of $3.95b. Therefore, in terms of relative valuation, UIC trades at a higher valuation of 0.97x P/BV compared with SingLand which trades at 0.52x P/BV. One reason for UIC’s higher valuation could be the gradual purchases by Mr Wee
Figure 18: SingLand’s valuation Description Tenure Stake NLA (sqft)/
Rooms
New market
value (S$m) SingLand Tower 999-year 100% 618,930 1,147.0
Clifford Centre Office 999-year 100% 219,327 286.3
Clifford Centre Retail 999-year 100% 54,832 69.9
The Gateway 99-year 100% 751,359 855.1
Abacus Plaza 99-year 100% 90,385 75.0
Tampines Plaza 99-year 100% 90,385 75.0
SGX Centre 2 99-year 100% 277,711 375.2
Marina Square - retail 99-year 53.10% 735,999 626.4
Marina Square - office 99-year 53.10% 77,059 52.6
Pan Pacific Hotel 99-year 53.10% 775 rooms 399.7
Total investment properties 3,962.3
Book Value of investment properties 4,350.0
Surplus of investment properties -387.7 Associate Companies Marina Mandarin & Oriental Hotels 99-year 26.50% 1,112 rooms 296.1
West Mall 99-year 50% 183,828 124.9
Novena Square office 99-year 20% 495,300 117.6
Novena Square retail 99-year 20% 160,000 28.9
Total associates 567.5
Book value of associates 404.4
Surplus of associates 163.1
PV of developmental profits 138.7
Total surplus ($m) -85.9
Book value of Equity ($m) 4,124.1
RNAV ($m) 4,038.1 No. of shares (m) RNAV per share $9.79
Premium/(Discount) -50%
Target Price $4.89 Source: Company, Maybank KE Unlocking SingLand’s value.
makes sense to put money in undervalued assets and wait for the
intrinsic value to be unlocked. In this case, SingLand offers an attractive
proposition given its deep discount to book. The logical way to unlock
its value is to privatise the company and the trigger for such an event
could be one of the following:
1. Mr Wee (through UOL) or Mr Gokongwei acquires an additional
stake of more than 1% within a six-month period, thus triggering a
mandatory offer for UIC and, in effect, will also be required to make
an offer for SingLand by virtue of the chain listing provision.
2. UIC can on its own make a voluntary offer to privatise SingLand. It
has been accumulating shares of SingLand from the open market
and it is not hard to envisage this possibility, given its substantial
78% holding in SingLand and the deep discount that SingLand is
In our opinion, the second likelihood may be higher as all it requires is
for both major shareholders to amicably agree to take SingLand private.
Waiting for Mr Wee or Mr Gokongwei to make an offer for UIC would
involve a more complicated process and may require more cash outlay
on the part of either party. What next after privatisation? 1. Do nothing By combining the assets of SingLand into UIC, stock valuation for the
enlarged entity with a more streamlined structure should already
enhance valuation. 2. Sell off SingLand’s assets Based on market valuation, the sale of SingLand’s asset could fetch up
to $4.0b, which would generate cash for UIC to do a few things. It could
acquire more landbank for development or finance the redevelopment
3. Spin off assets and securitise into a REIT By doing so, UIC can maintain a certain amount of control over the
assets, and possibly obtain a higher valuation for them through a REIT
structure. Indeed, this was Mr Gokongwei’s plan when he launched the
takeover offer for UIC back in 2005.
For such an exit, the capital market must be buoyant enough to justify
higher valuations if the REIT were to be listed. Given the quality of the
potential seed assets, such as SingLand Tower, The Gateway and SGX
Centre 2, such a REIT may appear less attractive than potential peers
like CapitaCommercial Trust (CCT) or K-REIT. Currently, CCT trades at
0.68x P/BV while K-REIT trades at 0.62x P/BV. It is hence unlikely that
the potential REIT can command a premium over these two peers. Does UIC have the balance sheet?
outstanding 21.56% of SingLand at 0.65x P/BV, which is the 12-month
average, it would have to fork out approximately $620m in cash. We do
not think UIC will have issues raising this amount from debt, which may
well increase its own net gearing to just 0.3x. If it succeeds in such an
offer, UIC may even book in a goodwill gain of about $333m (being the
difference in the offer price and SingLand’s latest book value). What we would like to see.
to see UIC make a privatisation offer for SingLand so as to unlock value
for the minority shareholders, neaten the investment holding structure
at the UIC level and perhaps boost UIC’s own valuations by $0.24 per
share, assuming a goodwill gain of $333m. With complete control of
SingLand’s assets, UIC will have full flexibility on how it wants to
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| 16-Jul-2012 15:11 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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| 16-Jul-2012 11:42 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Today’s Focus • growth on weak footing. 2Q results to reflect weak quarter 2013’s 14% earnings• downgrade Venture to Hold, TP reduced to S$8.15 and World Precision to Fully Valued, TP cut to S$0.43. We expect this coming 2Q results to be weak, therefore our 14% earnings growth for 2013, which is largely driven by rebounds in cyclical sectors where growth is dependent on external economies, is on weak footing. For this upcoming 2Q results season, we have factored a 2.5% earnings downgrade. We expect the STI to range trade from 2800 (-1 SD blended FY12/13F PE) to 3100 (-0.5 SD blended FY12/13F PE) for 3Q12, with re-rating potential towards the average blended FY12/13F PE level (STI target of 3300) only if macro uncertainties ease. We have highlighted 4 themes to beat the range bound index. 1. High conviction growth stocks with highly visible, sustainable earnings growth of at least 10% and minimal risks to earnings downgrades. These are stocks with growth backed by medium term charters (Ezion), or earnings at inflexion point from past investments (Bumitama and CMA), companies with steadily growing businesses – OCBC and SembCorp Industries. Stocks riding on Asian consumption theme are CMA, Capitaland, OCBC, and SembCorp Industries.. 2. Beneficiaries of China’s fiscal stimulus – Hyflux, Sound Global and Midas. 3. Steady and sustainable yield plays with growth. Yield plays have outperformed. We are now more selective, focusing on those which generates growth and offers better yield like Frasers Commercial Trust, Hutchison Port Trust, Mapletree Commercial Trust, Mapletree Log and Suntec REIT. 4. Stocks which have fallen out of favour but with upcoming catalysts to spur recovery, like Midas, Tiger Airways, China
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| 16-Jul-2012 10:31 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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can't even maintain 3K.. looks like no buying support.. will be lookin for signs to short.. |
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| 16-Jul-2012 09:13 |
Sin Heng Mach
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SIN HENG...the next MYMMMAR rush
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increased SSH stake in Sin Heng..gd sign.. CompanySubstantial Shareholder / DirectorFrom (%)To (%) SIN HENG HEAVY MACHINERY LTD TAL Holdings Pte. Ltd. 23.46 28.11 |
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| 13-Jul-2012 16:39 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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i smell 3K..sniff sniff | ||
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| 13-Jul-2012 10:21 |
ST Engineering
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ST Engg
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the super blue chip just keeps getting better! ST Aerospace, the aerospace arm of ST Engineering, has bagged a new contract worth US$80m for the repair and maintenance of Malaysian low-cost airline AirAsia's aircraft components. The deal is for 10 years and covers 75 Airbus 320 (A320) aircraft. Currently, ST Aerospace is already servicing 100 of AirAsia's A320 planes. With the
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| 13-Jul-2012 09:08 |
Ezra
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Ezra
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profit up 244%...best! Company Results S/NCompany NameQ/HY/FYCurrency, UnitsRevenueNet Profit CurrentPreviousChange (%)CurrentPreviousChange (%) 1Ezra Holdings Ltd3QUS $’000 265,572 164,793 61 22,379 6,499 244 Ezra Holdings Limited said its fabrication arm TRIYARDS has clinched a new US$77 million order for a specialised offshore unit, strengthening its position in the Southeast Asian offshore engineering and fabrication market. The contract also adds to TRIYARDS’ fast growing order book. Jobs in hand include two self elevating, mobile offshore units and the Lewek Constellation - an ice-class, deepwater multi-lay vessel with heavylift capability - which is among the most advanced construction and pipelay vessels globally in its class. (Closing Price: $1.090, -0.457%) |
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| 12-Jul-2012 13:28 |
ST Engineering
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ST Engg
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another reason why this is super blue chip.. word of caution PE kinda high.. UOB Kay Hian raised its target price for Singapore Technologies Engineering to S$3.78 from S$3.34 and kept its 'buy' rating, citing continued order wins. By 0425 GMT, ST Engineering shares were 1.8 percent lower at S$3.21 and have gained 19.3 percent since the start of the year, compared to the Straits Times Index's 12.5 percent rise. In the second quarter, ST Engineering secured S$1.5 billion worth of new contracts, 100 percent higher than the previous quarter, suggesting its order book in April-June will likely surpass S$12.3 billion, which was achieved at end-2011. Despite this, ST Engineering is trading at 0.81 times its orderbook, a discount to its 5-year average of 0.88 times, said UOB. |
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| 11-Jul-2012 10:50 |
Sin Heng Mach
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SIN HENG...the next MYMMMAR rush
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23c ..that's 15%.. patience pays off.. |
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| 11-Jul-2012 10:16 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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buyin quite hiong..now 2m shares done.. let's go ausgrp! gd luck dyodd.. |
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| 11-Jul-2012 09:47 |
Sin Heng Mach
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SIN HENG...the next MYMMMAR rush
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now 22c.. up 10% if entered @ 20c.. gd luck dyodd
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| 11-Jul-2012 09:11 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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to continue its fine run today? gd luck dyodd |
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| 10-Jul-2012 11:37 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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ausgrp is up 5.7% today @ 36.5 highest 37.5 civmec is down 1% @ 98.5 lowest 95 |
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| 10-Jul-2012 10:48 |
Civmec
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Civmec forum
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UOB Long/short ideas – What’s on the table Civmec (CVL SP, P9D) - Maintain technical SELL with 8.5% downside return Resistance: S$1.04 Support: S$0.91 We have revised the above following our technical sell for the stock on 28 Jun 12 (in our retail market monitor) has been stopped out (S$0.97). Currently there is a bearish divergence on its indicators as shown below. We have selected a chart with a shorter time frame as the stock has only recently begun its IPO. Ausgroup (AUSG SP, 5GJ) - Maintain technical BUY with 10.8% upside Resistance: S$0.41 Support: S$0.35 We maintain our technical BUY as per 27 Jun 12 (in our retail market monitor). On the daily, the stock is still on the uptrend, with the Stochastics indicator having hooked up and the stock trending higher on bullish divergences formed earlier. About the companies Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas (O& G), mining and other industries, such as the infrastructure, utilities, chemical and power industries. The company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services. Ausgroup Limited is an integrated multi-disciplinary engineering services provider. The company specialises in the O& G, LNG, and mining related industries. Source: Bloomberg |
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| 10-Jul-2012 10:38 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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UOB also sama sama idea as me... UOB Long/short ideas – What’s on the table Civmec (CVL SP, P9D) - Maintain technical SELL with 8.5% downside return Resistance: S$1.04 Support: S$0.91 We have revised the above following our technical sell for the stock on 28 Jun 12 (in our retail market monitor) has been stopped out (S$0.97). Currently there is a bearish divergence on its indicators as shown below. We have selected a chart with a shorter time frame as the stock has only recently begun its IPO. Ausgroup (AUSG SP, 5GJ) - Maintain technical BUY with 10.8% upside Resistance: S$0.41 Support: S$0.35 We maintain our technical BUY as per 27 Jun 12 (in our retail market monitor). On the daily, the stock is still on the uptrend, with the Stochastics indicator having hooked up and the stock trending higher on bullish divergences formed earlier. About the companies Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas (O& G), mining and other industries, such as the infrastructure, utilities, chemical and power industries. The company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services. Ausgroup Limited is an integrated multi-disciplinary engineering services provider. The company specialises in the O& G, LNG, and mining related industries. Source: Bloomberg
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