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Hi
l_tan888 ,
Many Thanks for your reply...!!! Eh.. the link doesn't seems to be working. Anyway, I have read something about the suit from other websites.
Wish good luck to all those vested. :)
Goldman Sachs targets $0.44 this morning!!!!!!!!CHEONG AH!!!!!!!!!
What's changed
Yongnam (YNAM) announced that they are placing 120mil new shares at
S$0.33/share, a 10% discount to YNAM?s last price before suspension on
May 14, 2007. The placement represents 11% and 10% of the existing and
enlarged share capital respectively. Out of the total net proceeds of
S$38mil, c.S$15mil will be allocated for the construction of a new
fabrication facility of about 25,000 tonnes/year in Malaysia and the rest of
the funds will be used for working capital. In addition, Mr. Tan Tin Nam -
the founder of the company is divesting his direct and deemed interest (via
Yongnam Pte Ltd - YPL) of 36mil and 32mil vendor shares respectively.
Implications
We?ve adjusted our TP marginally to S$0.43 from S$0.44 to reflect the
earnings dilution of 2%/4% in FY07/08E. We?re not overly concerned of the
founder?s share sale as (1) he has been taking a back seat in the business
and we believe his decision may have stemmed from his retirement plans,
& (2) the other three active executive directors still collectively have a
decent 9.7% interest in YNAM after the shareholding restructuring. The
positive note is that YNAM?s balance sheet should strengthen substantially
with estimated net D/E of the company lowering from 11X to 0.4X after the
placement. We maintain bullish on Yongnam as we believe it is well
positioned to ride on the construction upcycle given its dominant market
position and solid track record. We see very positive news flow over next
two quarters with construction contracts for the Marina & Sentosa IR
expected to be announced in Jun/Jul 07 & Aug /Sep 07, respectively.
Valuation
The stock is currently trading at 31.6X/15.4X FY2007/2008E P/E, translating
into an attractive PEG ratio of 0.3X versus its peers. Our S$0.43/share 12-m
price target is based on 18X FY2008E diluted EPS.
Correct me if I am wrong, thus after placement : The share will be further diluted, am I right !!!
I don't think we retail investors will be able to get the private placement. Anyway, their private placement this time is given out to CIMB. If you have an account with them, probably you can check with your broker for your eligibility, but chances are slim, unless you are a big shot. As for the YN/UOB lawsuit, follow my link
http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/3AC5323AEEC7A63F482572DB00239F25/$File/OIS.pdf
and read it. It's stated there. Not sure about the Emirate Stadium thing.
Hi to all,
Sorry.. me a newbie in stocks trading. Can I ask how do I apply for the private placement? and.. what is the suit between YN and UOB about? Is YN part of the consortium which the company that builds Emirate Stadium is a part of?
Anyone cares to shed some light?
Many Thks!!
Due to the placement shares discount of 3.5%, I think the price may be pressured to between 34c and 35c, once the trading halt is lifted. Also, don't forget there's a pending suit between YN and UOB for the 23rd floor of SpringLeaf Tower, to be heared on week 09 July 2007. Not vested yet.
Yongnam issues 120m shares for private placement. Follow this link below.
http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/3AC5323AEEC7A63F482572DB00239F25/$File/OIS.pdf
Good or not, you decide.
Thks ! I also hope this is some good one better be good ! Take care.
Oops.. Sorry if it was too deep for you. Material means something that will have significant impact on the status quo. Anyway, I suspect it is good news so stay tuned.
Good news or the other way round, don't use some deep Ah Moh, what is material news ! Ha ! Ha ! Just kidding.
Yongnam trading halt NOW. Awaiting material news.
I think Yongnam is a golden stock to have. Everything is now positive for it moving forward :
1. Coverage by the fud managers
2. $500m of contracts in construction sector to be awarded lastest in June ( mainly for IR I think )
3. Venture into Middle East has been quite successful and looks very promising.
Yongnam - traveling in a channel, today it showed strength
Again, we touched on patience is a virtue in stock trading.
Why? Yongnam had a retracement lasting to two week to previous high of $0.33.
If you have bought on breakout, you might be wondering why price didn't move.
Right now, we see Yongnam completes it retracement.
Click here for more on the article
would like to ask if anyone would think that Yongnam will continue to shot up again ?
oh.. sold 100lots ay 37.5 cts..
Yongnam up by $0.035 today
to $0.375.
Awarded new contract worth S$60 mil in Dubai.
Yongnam Holdings Limited ("Yongnam" or the "Group"), through its wholly owned subsidiary, Yongnam Engineering & Construction (Private) Limited, has been awarded a contract for civil and structural steelworks to 11 over-ground stations by Obayashi Corporation representing JT Metro Joint Venture for the US$1.6 billion (S$2.4 billion) Dubai Metro project ? Red Line . The contract value is approximately AED145 million (approximately S$60 million).
The Dubai Metro project will link Rashidiya to Jebel Ali. This is a significant major contract secured since the Group started to explore business opportunities in the Middle East in 2005. Last year, Yongnam secured structural steelworks and specialist civil engineering projects in Dubai with total contract value amounting to approximately S$13 million. This significant Dubai Metro contract is further testimony that the Group core competencies in structural steelworks and specialist civil engineering and strong track record are well-recognised and its business development efforts are well-anchored in the Middle East.
Construction work is scheduled to be completed by mid-2008. As such, it is expected to contribute positively to the Group's revenue and profit as well as consolidated net tangible assets and earnings per share for the current financial year and FY2008.
None of the Directors and, to the best of knowledge of the Directors, none of the substantial shareholders or controlling shareholders of the Group, has any direct or indirect interest in this transaction.
Submitted by Seow Soon Yong, Chief Executive Officer on 9 May 2007
Maybe this can help......
Sell until cannot sell already. Price drop has flattened. Good time for a swee swee rally liao.
Must keep close watch on this now. Anytime will cheong again.
Can i know exit price of Yongnam?
