Latest Posts By ozone2002
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| 16-May-2013 10:39 |
Vard
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Vard Holdings
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1.15 gd luck dyodd |
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| 16-May-2013 10:32 |
Yongnam
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Yong nam
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Yongnam Holdings (KE) Positioning ahead of contract wins Regional infrastructure play. which is shaping up to be a good proxy to benefit from the unprecedented infrastructure boom in this region. It is estimated that USD8t will be spent in Asia on infrastructure investment, to support the transition from export-based economies to domestic consumption. Yongnam has market leading positions in structural steel and strutting. We reiterate BUY on the company,Within expectation. Revenue grew 22% yoy, with the ongoing execution of its orderbook. Though profit was flat yoy at SGD11.5m, this was in comparison to the same quarter last year which benefited from exceptionally high gross margins of 29%. This is only a matter of normalizing margins, and we are encouraged by the sequential improvement in gross margins, from 20.5% to 24% this quarter. 1Q13 results were largely within expectation.Margins should pick-up slightly from here. structural steel segment, which generally has lower margins than strutting, accounted for a bigger proportion of revenue (55%). Margins should pick up slightly for the rest of the year on execution of strutting orderbook and the commencement of new contract wins. Notable ongoing projects for the rest of the year include Marina Coastal Expressway, Singapore Sports Hub and Hong Kong MTR. This quarter, theGunning for several contracts in 2H13. wins to replenish the orderbook, which now stands at SGD324m. However, management is optimistic of wrapping up several major project bids in the 2 new contract wins commence immediately upon award by the main contractor and will contribute to revenue quickly. Ytd, there has been no ordernd half. It should be noted that in Yongnam’s case,Reiterate BUY. to be an interesting period with major contract win catalysts in store. We adjust our FY13F forecast slightly downward by 2%, but we expect medium-term growth trajectory to remain unchanged. Our TP of SGD0.43 is pegged to 10X FY13F PER, with 81% of FY13 revenue backed by orderbook schedule. We reiterate BUY ahead of 2H13, which is shaping upYongnam Holdings – Summary Earnings Table Source: Maybank KEFY DEC (SGD m) 2011 2012 2013F 2014F 2015F Revenue 332.7 301.6 381.1 359.4 368.8 EBITDA 99.1 76.9 93.7 98.2 112.8 Recurring Net Profit 63.4 43.5 55.7 61.3 74.1 Recurring EPS (SG cents) 5.1 3.5 4.3 4.7 5.7 DPS (SG cents) 1.0 1.0 1.2 1.3 1.4 PER (x) 6.7 9.8 7.7 7.0 5.8 EV/EBITDA (x) 3.4 4.1 3.6 3.9 3.9 Div Yield (%) 3.0 3.0 3.5 3.9 4.3 P/BV (x) 1.4 1.3 1.2 1.0 0.9 ROE (%) 21.7 13.5 15.3 15.0 16.0 ROA (%) 11.8 7.6 8.8 10.0 11.2
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| 16-May-2013 10:31 |
SinoGrandnes
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Sino Grandness - a growth stock with low PE
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Sino Grandness (KE) Watch Out For The Next Step Results within expectation. within market expectation. Revenue grew by 32% yoy to RMB376m and net profit grew by 25% to RMB70m. 1Q net profit accounts for 18% of our full year forecast but it is more of a factor of seasonality (last year 1Q net profit accounted for 19% of full year number). We reiterate our BUY call on Sino Grandness and keep our target price unchanged at SGD1.60. The next catalyst will be the clearance from SGX for Sino Grandness to spin off Garden Fresh, its beverage business. Sino Grandness’s 1QFY13 results wereGarden Fresh: on track to meet target. drive the growth with revenue up 50% yoy. Gross profit margin also improved thanks to the in-house production facility which significantly reduced the loquat puree cost. As a reminder, Garden Fresh has to achieve RMB250m net profit this year to enjoy the highest conversion PER for the CBs. This implies about 56% yoy growth, thus 50% growth in 1Q seems on track to the target. Garden Fresh continued toStronger quarters ahead. for three reasons. 1) 2Q/3Q are usually the peak seasons for canned vegetable export business. 2) Beverage sales also tend to be stronger in summer season. 3) RMB290m indicative orders signed in March during the F& B trade fair could start to contribute to revenue in 2Q. We expect 2Q and 3Q results to be strongerCanned fruit could drive growth after Garden Fresh spinoff. might take into account the asset quality of the remaining business after the potential Garden Fresh spinoff. In our view the remaining business will still be growing healthily. Apart from Garden Fresh, Sino Grandness still have two parts of business left, namely canned vegetable export and domestic canned fruit. In 1Q, despite some minor slow down (-3% yoy) in the canned vegetable export revenue, domestic canned fruit revenue grew strongly by 94% yoy. The company will continue to grow domestic food business and expand the product range, which provides the growth engine for the remaining business. SGXKeep invested while waiting for the next step. call on Sino Grandness. Our current target price is pegged to 6x FY13 PER, which could be significantly raised once getting approval from SGX for Garden Fresh spinoff. We maintain our target price for the time being but watch out for the further step towards the Garden Fresh IPO. We reiterate our BUYSino Grandness – Summary Earnings Table Source: Company, Maybank KEFYE Dec (CNY m) FY11 FY12 FY13F FY14F FY15F Revenue 1019.7 1640.3 2427.7 2997.2 3522.1 EBITDA 231.9 427.8 564.7 692.0 796.8 Recurring Net Profit 151.5 289.1 392.2 483.5 556.2 Recurring Dilutive EPS (CNY) 0.5 1.0 1.3 1.6 1.9 EPS growth (%) 29.2 90.9 35.7 23.3 15.0 DPS (CNY) 0.04 0.00 0.09 0.12 0.13 PER (x) 13.9 7.3 5.4 4.3 3.8 EV/EBITDA (x) 9.4 5.5 4.1 2.8 2.2 Div Yield (%) 0.6 0.0 1.3 1.6 1.9 P/BV (x) 3.8 2.5 1.6 1.0 0.8 Net debt/(cash) 76.7 238.0 209.6 -181.1 -335.4 ROE (%) 31.2 41.3 36.4 28.4 23.7 ROA (%) 21.4 26.7 24.3 22.4 20.7
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| 16-May-2013 10:29 |
Swiber
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Swiber
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Swiber Holdings (KE) Strong Start to the Year Maintain Buy. in FY12, which supports our upbeat view on Swiber. Tendering environment remains strong for offshore construction and contract wins plus execution is critical for Swiber in order to benefit from better utilisation of its vessels. This would support a positive re-rating for the stock and relieve balance sheet concerns. Maintain Buy with TP of SGD0.84, which is pegged to 8x FY13F PER. A very strong set of 1Q13 results following a record year1Q13 above expectations. YoY, +18% QoQ) with corresponding PATMI of USD20.1m (+132% YoY, +38% QoQ). Results were above expectations with PATMI making up 43% of our previous FY13F estimate. This is due to significant contributions from work done in Mexico and Myanmar, higher associate contributions and lower effective tax rate. However, the strong quarter should not be extrapolated to derive full year results due to the lumpiness in revenue recognition for Swiber’s business. 1Q13 revenue rose to USD310m (+59%Main worry in order wins. contract wins since Feb 2013. YTD order win stands at USD153m with outstanding orderbook at USD1.1b. Our expectation is for USD1.2b in new contract wins this year. Contract wins can be lumpy and there is still time to play catch up, but this will be the focus for us to watch for from now. Our earnings forecast are at risk if contract wins falls short of our expectations. Swiber maintains that tendering is healthy and is bidding for close to USD2b worth of contracts, which includes 3 relatively large-sized contracts that could come to fruition this year. Swiber has not announced any newBalance sheet strain to ease. end-FY12. Swiber recently drew down SGD160m from its MTN program through issuance of fixed rate notes at a relatively high cost of 7.125%. We expect balance sheet strain to ease as high capex needs for fleet expansion has almost come to an end. Net gearing rose to 1.0x from 0.95x atStill below book. believe is mainly due to the weak balance sheet. Financials should improve if Swiber continues to secure contracts and execute. We raise FY13-15F earnings forecasts by 3-5%. Maintain Buy. Stock is still trading below book (0.7x P/B), which weSwiber Holdings – Summary Earnings Table FYE (USD m) FY11 FY12 FY13F FY14F FY15F Revenue 654.5 952.2 1,073.7 1,223.2 1,381.8 EBITDA 108.0 138.5 146.4 180.9 202.3 Recurring Net Profit 32.1 45.7 52.1 64.9 76.6 Recurring Basic EPS (cents) 6.3 7.7 8.6 10.7 12.6 EPS growth (%) (14.0) 21.1 11.5 24.6 18.0 DPS (cents) 0.0 0.8 0.8 0.8 0.8 PER 8.8 7.3 6.5 5.3 4.5 EV/EBITDA (x) 9.5 7.4 7.0 5.7 5.1 Div Yield (%) 0.0 1.5 1.4 1.4 1.4 P/BV(x) 0.8 0.7 0.6 0.6 0.5 Net Gearing (%) 87.9 95.0 89.3 81.8 73.0 ROE (%) 9.4 10.8 10.3 11.8 12.6 ROA (%) 2.7 2.7 2.7 3.2 3.6 Consensus Net Profit (SGD m) 53.8 64.5 71.9
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| 16-May-2013 10:05 |
IPC Corp
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Solid NTA 27c
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Japan GDP Jumps Most in Year as Consumers Open Wallets: Economy (Bloomberg) | ||
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| 16-May-2013 09:46 |
Vard
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Vard Holdings
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correction not one of the cheapest.. IT's THE CHEAPEST! gd luck dyodd
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| 16-May-2013 09:44 |
Swiber
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Swiber
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UOB chart genie - confirming the push Time: 9:11AM Exchange: SGX Stock: Swiber(AK3) Signal: Resistance - Breakout with High Volume Last Done: $0.705 |
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| 16-May-2013 09:37 |
Yongnam
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Yong nam
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hit 35.. extremely high volume | ||
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| 16-May-2013 09:25 |
Yamada Green Res
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Yamada-Since it IPO at 0.22c-good response
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This has been yoyo-ing between 24-27 range.. now 24c.. buy low sell high strategy (~approx > 10% gains if played within the range) gd luck dyodd |
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| 16-May-2013 09:24 |
IPC Corp
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Solid NTA 27c
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16.2c so far 1 million done | ||
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| 16-May-2013 09:18 |
Swiber
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Swiber
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4 million done in 20mins.. looks like BBs are pushin this one .. gd luck dyodd |
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| 16-May-2013 09:15 |
Swiber
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Swiber
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watch this goes higher even if it's severvely overbought.. hit 70c already single digit PE company.. i'm looking at the target price of $1 at least gd luck dyodd
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| 16-May-2013 09:12 |
Vard
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Vard Holdings
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one of the cheapest O& M stocks (single digit PEs) that has comparable growth to semb mar good luck dyodd |
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| 16-May-2013 09:10 |
Yongnam
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Yong nam
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single digit PE company with good growth worth a shot gd luck dyodd
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| 16-May-2013 09:07 |
Kreuz
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Kreuz cruising back up?
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Q 78c to sell.. follow DBS target price.. gd luck dyodd |
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| 15-May-2013 22:02 |
Citic Envirotech
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United Envirotech
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Just broke new high today.. likely to move higher.. advise caution as technicals showing signs of utdenviro being overbought gd luck dyodd |
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| 15-May-2013 22:00 |
Kreuz
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Kreuz cruising back up?
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Technicals screaming overbought.. I would advise caution for those wanting to jump in at this point.... Gd luck dyodd |
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| 15-May-2013 17:18 |
Swiber
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Swiber
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Swiber Q1 profit doubles to US$20.07m
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Swiber Holdings doubled its net profit to US$20.07 million from US$8.65 million a year ago for the fiscal first quarter ended March 31, 2013. Turnover rose 59.3 per cent year on year to US$309.74 million from US$194.43 million. Earnings per share were 3.3 US cents, up from 1.5 US cents a year earlier. |
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| 15-May-2013 16:40 |
Swiber
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Swiber
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Swiber PE 5.6x (figures from Bloomberg) based on 69c gd luck dyodd |
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| 15-May-2013 16:36 |
Swiber
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Swiber
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UOB chart genie trigger Time: 3:41PM Exchange: SGX Stock: Swiber(AK3) Signal: Bullish MACD Centerline Crossover Last Done: $0.685 |
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