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Jittery news
Singapore's main index snapped four days of gains with shares down by midday, dragged lower by losses at commodities firm Olam International Ltd after it announced the resignation of its chief financial officer.
The benchmark Straits Times Index was down 0.71 percent at 2,835.22 points, outperforming other Asian bourses. The MSCI's broadest index of Asia-Pacific shares outside Japan fell nearly 1.2 percent.
Asian stocks fell broadly on Thursday after the Federal Reserve ramped up monetary stimulus by expanding " Operation Twist" but disappointed some investors who had been hoping for more aggressive measures.
Olam said yesterday its CFO Ravi Kumar will leave his post in end-July, after leading the corporate finance and treasury function for Olam for almost 20 years.
Olam shares were down 5 percent at S$1.86 by midday and have fallen about 13 percent so far this year, underperforming the 7.7 percent gain in the broader market.
" While Olam has a deep management bench, investors will likely fret about this development somewhat given Ravi's tenure and seniority," said Citi in a report.
" Olam's aggressive growth pipeline in acquisitions and greenfield projects also means investors will be keen to track growth in management bandwidth post Ravi's departure," the brokerage said.
as posted before the intrinsic value of this stock..
now it has truly moved towards that value..
fundamentals always triumph once the dark clouds have passed
ozone2002 ( Date: 11-Jun-2012 09:07) Posted:
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The stock second tested 1.80 recently where it is the opening gap from 1.80 - 1.95.
If the share price can be brokeout the 1.80 resistance the share will shoot to 1.95 to close the gap.
Short at 1.80 has a risk. I personally won't do that except 1.80 cannot be held.
New123 ( Date: 12-Jun-2012 11:42) Posted:
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i think is a gd opportunity to consider for a intra-day short at the current price of $1.80
hope to grab some on pull back..
dyodd gd luck
ozone2002 ( Date: 11-Jun-2012 09:07) Posted:
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olam strong rally is leading the rest of the commodities counters going higher.. May see $1.80 soon
Olam International has just announced a share buyback program – this to allow the company to buy up to 10% of its issued capital (or up to 244.2m shares) at a maximum price of 105% of the average closing price of the last five market days at the time of the acquisition.
According to management, the move “reflects the confidence that Olam’s Board has in the long-term fundamentals and growth prospects of the group”.
Immediately after the news, the share price surged 7.1% to S$1.74 (but off early S$1.755 high).
While management believes that it has more than sufficient liquidity to execute the proposed share buyback program, we note that it does have one of the highest gearing ratios around.
As of end-Mar, the group has a net gearing of 2.2x this as compared to Noble’s net gearing of 1.0x.
Other than the share buyback, we believe that the fundamental picture remains unchanged – the share price could continue to remain volatile in view of the ongoing issues in Europe and also sluggish economic growth in China.
Maintain HOLD with S$1.86 fair value.
So after the buy back programme, what normally will happen? I guess still downtrend this week?
Juzztrade ( Date: 11-Jun-2012 10:36) Posted:
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Olam International Limited has commenced a share buyback programme pursuant to its share buyback mandate renewed at the Annual General Meeting of the Company on 28 October 2011. Under the Share Buyback Mandate for market purchases, Olam may purchase up to 10.0% of its total number of issued shares excluding treasury shares, or up to 244,230,986 Shares, at a maximum price of 105% of the average closing price of the last 5 market days at the time of acquisition. All Shares purchased under the Share Buyback Programme may be held as treasury shares or cancelled, as the Company may decide from time to time...
Sakari is the better bet. cheap and upcoming
open 1.7+.. nice gains for this undervalued stock worth > $2
oil up to $86..commodities should follow suit..
gd luck DYODD..
ozone2002 ( Date: 08-Jun-2012 11:15) Posted:
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Strong company buy up. 
Olam if want to long, emm not time now
Sgshares ( Date: 16-May-2012 09:18) Posted:
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this is trading near the PE levels of the financial meltdown in 09...
price target should be 2.5
now 1.6+.. looking good..
dyodd gd luck!
wah...gaps down like you said....which is next? Noble?
bishan22 ( Date: 13-May-2012 14:05) Posted:
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Olam may rebounce soon..May be tmr..
Shortist oredi moved in...... hope it dont behave like Wilmar and gap down voraciously.
shadowmoon ( Date: 13-May-2012 13:49) Posted:
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I believe Olam result will not be good as well. All comodities counter are affected. I don't think it will be spared.
stocksburntme ( Date: 12-May-2012 11:35) Posted:
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results coming out soon. Will it be bad too and get whacked down like wilmar