Back

Latest Forum Topics / Straits Times Index

Post Reply

STI to cross 3000 boosted by long-term investors Post Reply Rate topic
des_khor Supreme	22-Feb-2011 11:07        des_khor About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tell me who is the God or MFT from this forum??"
x 0   x 0  Alert Admin	Haha ! another victim of CSE !! krisluke      ( Date: 22-Feb-2011 11:02) Posted: Today’s Focus � � CSE Global – Downgrade to HOLD on limited upside to adjusted TP of S$1.44. The unrest in the Middle East countries of Libya, Iran, Bahrain and Yemen shifted rapidly into investors’ crosshairs. Oil price rose several percentage points as a result with the Brent Crude April futures currently trading at USD107.5pbl, the highest since the global recovery started in Mar09. While US markets were closed for holiday yesterday, futures traded down (DJ March futures -87pts currently) that points to a weak opening when trading resumes later tonight. In Europe, the London’s FTSE and Germany’s DAX were down 1.1% and 1.4% respectively. We expect the STI to react lower as a result. Recap our technical view that if the 3090 level, which the STI has been hovering for the past 1 week gives way, the next level is 2975. Examples of companies with business exposure to the Middle Eastern countries are Boustead (SGD240mil contract for Libyan township project), CSE Global (20% revenue from Middle East) and Hyflux (Algeria). CSE Global’s FY10 net profit of S$52.5m (+20% yoy) was slightly below our estimate of S$54m due to S$1.7m bad debts. Our analyst has trimmed FY11F/12F earnings by 8%/5% to reflect lower FY10 order wins. During FY10, CSE generated over S$57m in operating cash, demonstrating strong company operations. Political upheaval in the Middle East is a key concern. Downgrade to HOLD on limited upside to our adjusted TP of S$1.44 (Prev S$ 1.57). Solid management track record, 17% FY11 EPS growth and > 3% yield are the key attractions. Raffles Medical’s FY10 net profit of S$45m is in line. The group is setting up a Specialist Medical Centre at newly purchased Thong Sia for S$93m. Increasing capacity with new property and upgrade at Raffles Hospital will underpin long-term earnings. Maintain Hold, TP adjusted slightly to S$2.32 (Prev S$ 2.40) as we trimmed forecasts by c.3%. Hi-P’s net profit of S$35.9m exceeds slightly but core results were significantly better. Ramp of new programmes drove sales, while operating leverage and cost control lifted margins. Hi-P guided for higher revenue and profit in 1Q11 than in 1Q10 but lower numbers compared to 4Q10 due to seasonality factors. Will provide more details after analyst briefing this afternoon. STI Source: Bloomberg Stock Picks – Large Cap Rec’n Price ($) 21/02 Target Price ST Engineering Buy 3.28 3.85 Suntec REIT Buy 1.54 1.69 UOB Buy 18.44 21.50 Stock Picks – Small Cap Rec’n Price ($) 21/02 Target Price Pacific Andes Buy 0.335 0.48 Hi-P International Buy 1.120 1.43 CDL Hospitality Trust Buy 2.020 2.30 Source: Bloomberg, DBS Vickers Singapore Wired Daily Page 2 Today’s Focus (continued) Yangzijiang marked another record year, with net profit rising 29% yoy to RMB2.96bn. The stellar performance, largely in line with our expectation, comes on the back of 22% revenue growth and 1.5ppt margin expansion. Gross margin of 22.5% is the highest since 2007. Together with the results, Yangzijiang announced new contract wins worth over US$200m. This brings YTD order wins to over US$600m, making up 40% of our FY11 assumption of US$1.5bn. Current order book stood at US$5.3m, translates to healthy book-to-bill ratio of 2.4x. A full note will be issued after results briefing this morning. Results for Wheelock were within expectations. The group has an unlaunched site at Ardmore III and a huge cash hoard of S$860.7m (S$757m net) or 72cts (63cts net) to rebuild landbank. Maintain BUY, TP: S$ 2.27 (Prev S$ 2.32). Straits Asia Resources reported a net profit of US$30.5m for 4Q10, down 20% yoy. This followed an 11% drop in sales revenue to US$207.3m. Gross profit margin slipped to 29% in 4Q from 35% a year ago. While the group had mined more coal, average selling prices were some 8% lower, leading to reduced margins. As fuel accounts for over 30% of cash costs in the mining logistics chain, there will be upward pressure on costs, according to the group. Hyflux has won a contract to develop and operate a wastewater treatment plant in China's Zunyi City. The group will develop the project on a build-own-transfer basis. It will be responsible for designing and building the plant, intended to treat up to 150,000 cubic metres of domestic wastewater a day for Zunyi City in China's north Guizhou province. The project's investment cost is estimated at RMB200m. To date, Hyflux has secured a total of S$55.8m contracts, representing 35% of our analyst’s new contract win forecast of S$250m for the full year. However, given the unrest situation in the Middle East, we believe market would be more concerned over Hyflux’s significant exposure in the Middle East North African region, which contributed about 62% of sales. Ryanasia has sold 18.6m Tiger Airways shares for an undisclosed amount, reducing its holding in the Singaporelisted budget carrier to 1.99% from 5.41%. Beng Kuang Marine has secured a US$31.25m contract with to construct and deliver one 160metres submersible, transport, launch barge. The contract is expected to commence in Feb 11 and to be completed in Dec 11, and is expected to have a material impact on the EPS for FY Dec 11. In property news, Amber Towers, a freehold residential development at Amber Road, is up for collective sale with a price tag of $168m to $172m. This works out to $1,152- $1,180 psf ppr. A new condominium on the site could house around 110 units with an average size of 1,200 sq ft each. At Aalto just across the road, units changed hands for $1,704- $2,185 psf ppr last month.
Useful To Me  Not Useful To Me
krisluke Supreme	22-Feb-2011 11:02        krisluke About Contact  Quote this Post!
x 0   x 0  Alert Admin	Today’s Focus � � CSE Global – Downgrade to HOLD on limited upside to adjusted TP of S$1.44. The unrest in the Middle East countries of Libya, Iran, Bahrain and Yemen shifted rapidly into investors’ crosshairs. Oil price rose several percentage points as a result with the Brent Crude April futures currently trading at USD107.5pbl, the highest since the global recovery started in Mar09. While US markets were closed for holiday yesterday, futures traded down (DJ March futures -87pts currently) that points to a weak opening when trading resumes later tonight. In Europe, the London’s FTSE and Germany’s DAX were down 1.1% and 1.4% respectively. We expect the STI to react lower as a result. Recap our technical view that if the 3090 level, which the STI has been hovering for the past 1 week gives way, the next level is 2975. Examples of companies with business exposure to the Middle Eastern countries are Boustead (SGD240mil contract for Libyan township project), CSE Global (20% revenue from Middle East) and Hyflux (Algeria). CSE Global’s FY10 net profit of S$52.5m (+20% yoy) was slightly below our estimate of S$54m due to S$1.7m bad debts. Our analyst has trimmed FY11F/12F earnings by 8%/5% to reflect lower FY10 order wins. During FY10, CSE generated over S$57m in operating cash, demonstrating strong company operations. Political upheaval in the Middle East is a key concern. Downgrade to HOLD on limited upside to our adjusted TP of S$1.44 (Prev S$ 1.57). Solid management track record, 17% FY11 EPS growth and > 3% yield are the key attractions. Raffles Medical’s FY10 net profit of S$45m is in line. The group is setting up a Specialist Medical Centre at newly purchased Thong Sia for S$93m. Increasing capacity with new property and upgrade at Raffles Hospital will underpin long-term earnings. Maintain Hold, TP adjusted slightly to S$2.32 (Prev S$ 2.40) as we trimmed forecasts by c.3%. Hi-P’s net profit of S$35.9m exceeds slightly but core results were significantly better. Ramp of new programmes drove sales, while operating leverage and cost control lifted margins. Hi-P guided for higher revenue and profit in 1Q11 than in 1Q10 but lower numbers compared to 4Q10 due to seasonality factors. Will provide more details after analyst briefing this afternoon. STI Source: Bloomberg Stock Picks – Large Cap Rec’n Price ($) 21/02 Target Price ST Engineering Buy 3.28 3.85 Suntec REIT Buy 1.54 1.69 UOB Buy 18.44 21.50 Stock Picks – Small Cap Rec’n Price ($) 21/02 Target Price Pacific Andes Buy 0.335 0.48 Hi-P International Buy 1.120 1.43 CDL Hospitality Trust Buy 2.020 2.30 Source: Bloomberg, DBS Vickers Singapore Wired Daily Page 2 Today’s Focus (continued) Yangzijiang marked another record year, with net profit rising 29% yoy to RMB2.96bn. The stellar performance, largely in line with our expectation, comes on the back of 22% revenue growth and 1.5ppt margin expansion. Gross margin of 22.5% is the highest since 2007. Together with the results, Yangzijiang announced new contract wins worth over US$200m. This brings YTD order wins to over US$600m, making up 40% of our FY11 assumption of US$1.5bn. Current order book stood at US$5.3m, translates to healthy book-to-bill ratio of 2.4x. A full note will be issued after results briefing this morning. Results for Wheelock were within expectations. The group has an unlaunched site at Ardmore III and a huge cash hoard of S$860.7m (S$757m net) or 72cts (63cts net) to rebuild landbank. Maintain BUY, TP: S$ 2.27 (Prev S$ 2.32). Straits Asia Resources reported a net profit of US$30.5m for 4Q10, down 20% yoy. This followed an 11% drop in sales revenue to US$207.3m. Gross profit margin slipped to 29% in 4Q from 35% a year ago. While the group had mined more coal, average selling prices were some 8% lower, leading to reduced margins. As fuel accounts for over 30% of cash costs in the mining logistics chain, there will be upward pressure on costs, according to the group. Hyflux has won a contract to develop and operate a wastewater treatment plant in China's Zunyi City. The group will develop the project on a build-own-transfer basis. It will be responsible for designing and building the plant, intended to treat up to 150,000 cubic metres of domestic wastewater a day for Zunyi City in China's north Guizhou province. The project's investment cost is estimated at RMB200m. To date, Hyflux has secured a total of S$55.8m contracts, representing 35% of our analyst’s new contract win forecast of S$250m for the full year. However, given the unrest situation in the Middle East, we believe market would be more concerned over Hyflux’s significant exposure in the Middle East North African region, which contributed about 62% of sales. Ryanasia has sold 18.6m Tiger Airways shares for an undisclosed amount, reducing its holding in the Singaporelisted budget carrier to 1.99% from 5.41%. Beng Kuang Marine has secured a US$31.25m contract with to construct and deliver one 160metres submersible, transport, launch barge. The contract is expected to commence in Feb 11 and to be completed in Dec 11, and is expected to have a material impact on the EPS for FY Dec 11. In property news, Amber Towers, a freehold residential development at Amber Road, is up for collective sale with a price tag of $168m to $172m. This works out to $1,152- $1,180 psf ppr. A new condominium on the site could house around 110 units with an average size of 1,200 sq ft each. At Aalto just across the road, units changed hands for $1,704- $2,185 psf ppr last month.
Useful To Me  Not Useful To Me
iPunter Supreme	22-Feb-2011 11:01        iPunter About Contact  Quote this Post!
x 0   x 0  Alert Admin	That will show that you have no discipline.       If you have been cultivating yourself to pull back when necessary,           you would have found it chicken feet' to do even that... noobnoob      ( Date: 22-Feb-2011 10:51) Posted: Ok i try give better example.. haha It's like you go toilet.. pangsai... feeling come liao.... i ask u tarik back... lol   des_khor      ( Date: 22-Feb-2011 10:46) Posted: Live or dead chicken
Useful To Me  Not Useful To Me
des_khor Supreme	22-Feb-2011 10:59        des_khor About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tell me who is the God or MFT from this forum??"
x 0   x 0  Alert Admin	Can... when in fire for sure you will pull back your shit !! noobnoob      ( Date: 22-Feb-2011 10:51) Posted: Ok i try give better example.. haha It's like you go toilet.. pangsai... feeling come liao.... i ask u tarik back... lol   des_khor      ( Date: 22-Feb-2011 10:46) Posted: Live or dead chicken
Useful To Me  Not Useful To Me
noobnoob Senior	22-Feb-2011 10:56        noobnoob About Contact  Quote this Post!
x 0   x 0  Alert Admin	I'm not making comparsion of earning $$$ wat... Telling ppl don play shares in SHAREJUNCTIN FORUM.... as good as u stay inside toilet... tell ppl don pang jio don pang sai.... enjoy free smell.... iPunter      ( Date: 22-Feb-2011 10:49) Posted: You are making such an outrageous comparison!!!       Those people in that trade are sure to make money a lo of money...             whereas most all stock players are sure to lose money...                       So do you see that your argument is unfair, and pure air?... noobnoob      ( Date: 22-Feb-2011 10:44) Posted: anikwan how? as good as going geylang tell chicken don sell pussy...
Useful To Me  Not Useful To Me
yummygd Supreme	22-Feb-2011 10:54        yummygd About Contact  Quote this Post!
x 0   x 0  Alert Admin	hahahahaa huh?hahahaha thanks for this post...needin a laugh hahaha noobnoob      ( Date: 22-Feb-2011 10:51) Posted: Ok i try give better example.. haha It's like you go toilet.. pangsai... feeling come liao.... i ask u tarik back... lol   des_khor      ( Date: 22-Feb-2011 10:46) Posted: Live or dead chicken
Useful To Me  Not Useful To Me
noobnoob Senior	22-Feb-2011 10:51        noobnoob About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ok i try give better example.. haha It's like you go toilet.. pangsai... feeling come liao.... i ask u tarik back... lol   des_khor      ( Date: 22-Feb-2011 10:46) Posted: Live or dead chicken ? noobnoob      ( Date: 22-Feb-2011 10:44) Posted: anikwan how? as good as going geylang tell chicken don sell pussy...
Useful To Me  Not Useful To Me
yummygd Supreme	22-Feb-2011 10:51        yummygd About Contact  Quote this Post!
x 0   x 0  Alert Admin	:) sure wont say must agree .Victorf has never give advice or call just for his own boosting of reputation. He gave it as he sees it. thats why his posts are worth taking note. Market is always right.(victorf kou toe chang)  Have never tried to be Ge Kiang and never will. iPunter      ( Date: 22-Feb-2011 10:45) Posted: Please do not say I 'must agree with you'...       One must not treat the market as something you are smarter than... yummygd      ( Date: 22-Feb-2011 10:43) Posted: he did say that buy on dip are for people with holding power n not for contra players. this is a good time to collect. even Ipunter must agree right. what goes down will comes up. two months later those who have holding power will be thanking him.
Useful To Me  Not Useful To Me
victorf Master	22-Feb-2011 10:50        victorf About Contact  Quote this Post!
x 0   x 0  Alert Admin	since 18th Oct 2010, we have been NEUTRAL on Market till now...we adopt a cautious stand as STI in unknown territory (it dips when economy and companies still doing well with lots of cash holdings and dividends)...our posts always remind one  not to be so bullish or bearish....for current situation due to UNREST in middle east,  we see that for every crisis there is opportunity, and we are waiting for best opportunity to strike (as it will stop someday)...then the best horses (shares with their  intrinsic value) will gallop ahead again....remember we have  a long year ahead for the market...good luck :)
Useful To Me  Not Useful To Me
iPunter Supreme	22-Feb-2011 10:49        iPunter About Contact  Quote this Post!
x 0   x 0  Alert Admin	You are making such an outrageous comparison!!!       Those people in that trade are sure to make money a lo of money...             whereas most all stock players are sure to lose money...                       So do you see that your argument is unfair, and pure air?... noobnoob      ( Date: 22-Feb-2011 10:44) Posted: anikwan how? as good as going geylang tell chicken don sell pussy... des_khor      ( Date: 22-Feb-2011 10:40) Posted: IPunter will tell you the best is don't play shares !
Useful To Me  Not Useful To Me
des_khor Supreme	22-Feb-2011 10:46        des_khor About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tell me who is the God or MFT from this forum??"
x 0   x 0  Alert Admin	Live or dead chicken ? noobnoob      ( Date: 22-Feb-2011 10:44) Posted: anikwan how? as good as going geylang tell chicken don sell pussy... des_khor      ( Date: 22-Feb-2011 10:40) Posted: IPunter will tell you the best is don't play shares !
Useful To Me  Not Useful To Me
iPunter Supreme	22-Feb-2011 10:45        iPunter About Contact  Quote this Post!
x 0   x 0  Alert Admin	Please do not say I 'must agree with you'...       One must not treat the market as something you are smarter than... yummygd      ( Date: 22-Feb-2011 10:43) Posted: he did say that buy on dip are for people with holding power n not for contra players. this is a good time to collect. even Ipunter must agree right. what goes down will comes up. two months later those who have holding power will be thanking him. iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...
Useful To Me  Not Useful To Me
noobnoob Senior	22-Feb-2011 10:44        noobnoob About Contact  Quote this Post!
x 0   x 0  Alert Admin	anikwan how? as good as going geylang tell chicken don sell pussy... des_khor      ( Date: 22-Feb-2011 10:40) Posted: IPunter will tell you the best is don't play shares !! noobnoob      ( Date: 22-Feb-2011 10:38) Posted: So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar?
Useful To Me  Not Useful To Me
iPunter Supreme	22-Feb-2011 10:43        iPunter About Contact  Quote this Post!
x 0   x 0  Alert Admin	Hahaha...       Sifu is so " zhun" (spot on)...  des_khor      ( Date: 22-Feb-2011 10:40) Posted: IPunter will tell you the best is don't play shares !! noobnoob      ( Date: 22-Feb-2011 10:38) Posted: So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar?
Useful To Me  Not Useful To Me
krisluke Supreme	22-Feb-2011 10:43        krisluke About Contact  Quote this Post!
x 0   x 0  Alert Admin	short in early morning,  got more meat.. As  the old saying early bird gets fat worm to eat. noobnoob      ( Date: 22-Feb-2011 10:38) Posted: So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar? iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...
Useful To Me  Not Useful To Me
yummygd Supreme	22-Feb-2011 10:43        yummygd About Contact  Quote this Post!
x 0   x 0  Alert Admin	he did say that buy on dip are for people with holding power n not for contra players. this is a good time to collect. even Ipunter must agree right. what goes down will comes up. two months later those who have holding power will be thanking him. iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...  iPunter      ( Date: 22-Feb-2011 10:26) Posted: I simply love that last line at the bottom...          That line says it all      ... Good to see that...  hehehe...
Useful To Me  Not Useful To Me
iPunter Supreme	22-Feb-2011 10:41        iPunter About Contact  Quote this Post!
x 0   x 0  Alert Admin	It's tool late to do anything now...       Should have taken this advice earlier :-               " Do Not Play Shares" (newbies) ... noobnoob      ( Date: 22-Feb-2011 10:38) Posted: So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar? iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...
Useful To Me  Not Useful To Me
des_khor Supreme	22-Feb-2011 10:40        des_khor About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Tell me who is the God or MFT from this forum??"
x 0   x 0  Alert Admin	IPunter will tell you the best is don't play shares !! noobnoob      ( Date: 22-Feb-2011 10:38) Posted: So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar? iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...
Useful To Me  Not Useful To Me
noobnoob Senior	22-Feb-2011 10:38        noobnoob About Contact  Quote this Post!
x 0   x 0  Alert Admin	So what's the best plan now? Sell stocks, short sell, sell house, sell backside ar? iPunter      ( Date: 22-Feb-2011 10:35) Posted: This is different from a few previous posts which asked people to " buy on dips" ..     Those who bought on dips (including averaging down) may have already committed suicide...  iPunter      ( Date: 22-Feb-2011 10:26) Posted: I simply love that last line at the bottom...          That line says it all      ... Good to see that...  hehehe...
Useful To Me  Not Useful To Me
krisluke Supreme	22-Feb-2011 10:37        krisluke About Contact  Quote this Post!
x 0   x 0  Alert Admin	WHAT: Singapore consumer price index for January WHEN: Wednesday, Feb. 23, 0500 GMT REUTERS FORECAST: +0.6 pct M/M s/adj, +4.65 pct y/y SINGAPORE CONSUMER PRICE INDEX (percentage change) Jan range Dec No of (median) (actual) forecasters M/M 0.6 -0.2/+1.2 0.9 10 seasonally adjusted Y/Y 4.65 3.9/+5.1 4.6 10 CONTEXT: - Singapore conducts monetary policy by managing the Singapore dollar's value against an undisclosed basket of currencies. A rise in the inflation rate increases the likelihood the central bank will let the currency strengthen further at its next monetary policy statement in April. - Singapore raised its 2011 inflation forecast on Feb. 17 to 3-4 pct from 2-3 pct, and warned CPI increases would accelerate to 5-6 pct year-on-year before moderating in the second half. The Monetary Authority of Singapore said, however, that underlying cost and price pressures were largely the same as at the previous policy review, and past policy tightening was still having an impact on the economy. Its comments were seen by some traders as a signal MAS would intervene to prevent the Singapore dollar from rising. - Inflation in Singapore has been driven primarily by higher housing and private transport costs in recent months, but economists warn price pressures are beginning to seep into the broader economy. CONTRIBUTORS M/M Y/Y Action Economics 0.8 4.9 Capital Economics 0.7 4.5 Citigroup 1.2 5.1 Credit Suisse 0 4.8 DBS 0 4.3 ING 0.7 4.8 OCBC 0.6 4.4 Standard Chartered Bank 0.6 4.8 United Overseas Bank -0.2 3.9 4cast 0 3.9 Median 0.6 4.65 Previous month 0.9 4.6 (Reporting by Kevin Lim) ((Kevin.Lim@thomsonreuters.com)(65)(6403 5663))
Useful To Me  Not Useful To Me

                                                         First   < Newer   38221-38240 of 69565   Older>   Last