BakerTech W121116   

BAKER TECH * YANGZiJIANG 15% PPL*

BAKER  TECH  W121116 

EXERCISE  PRiCE  S$0.32

TARGET  PRiCE

(S$0.93 - S$0.32) = S$0.61

pharoah88      ( Date: 22-Apr-2010 20:14) Posted: *BAKER  TECH* TARGET  PRiCE  S$0.93 CASH  PER  SHARE  S$0.443

 

frOm  BAKER TECH  fOrum

battouchai      ( Date: 22-Apr-2010 17:17) Posted: Just to share...pls SOBAYOR... m not vested.     1.  Sum of parts valuation implies Baker is worth $0.93 (non-diluted) or $0.73 (fully diluted) !! 2.  If PPL deal goes through, Baker will have cash of S$76M (existing cash) + S$214M (PPL offer) = S$290M or $290/654.8M = $0.443 cash per share !! Analysis 654.8M shares;  327.4M warrants Net Profit = $38.6M ('09) vs $18.8M ('08) Cash holdings = $76M;  debt = negligible Baker has 3 core pillars 1)   15% stake in PPL       - worth US$155M or S$214M 2)   49% stake in axle biz       - worth at least $20M based on the put option it can sell to Tata Group's associate 3)   Sea Deep Shipyard       - a 100% owned subsidiary       - contributed approx $33.1M out of $38.6M '09 net profit Sum of Parts Valuation (non diluted, 654.8M shares) a)   15% stake in PPL = $214M/654.8M = $0.3268 per share b)   49% axle biz = $20M/654.8M = $0.0305 per share c)   Sea Deep at P/E of 9x = 9x$33.1M = $298M or $298M/654.8M = $0.455 per share       - P/E of 9x for Sea Deep is conservative as this is a 50% discount to the P/E of 18x for the oil & gas sector in '09) d)   $76M cash holdings = $76M/654.8M = $0.116 per share       Value per share = a+b+c+d = $0.93 Sum of Parts Valuation (fully diluted, 982.2M shares) a)   15% stake in PPL = $214M/982.2M = $0.2179 per share b)   49% axle biz = $20M/982.2M = $0.0203 per share c)   Sea Deep at P/E of 9x = 9x$33.1M = $298M or $298M/982.2M = $0.303 per share d)   $76M cash holdings = $76M/982.2M = $0.0774 per share e)   327.4M warrants exercised at $0.32 = $104.8M or $104.8M/$982.2 = $0.1067 per share       Value per share = a+b+c+d+e = $0.73

pharoah88      ( Date: 22-Apr-2010 20:14) Posted: *BAKER  TECH* TARGET  PRiCE  S$0.93 CASH  PER  SHARE  S$0.443

 

*BAKER  TECH*

TARGET  PRiCE  S$0.93

CASH  PER  SHARE  S$0.443 

 

Thursday:
22 APRIL  2010  16:10:56

17,896,000  S$0.225

12th  POSITION

TOP  VOLUME

 

BakerTech W121116

Symbol: JQ5W

Currency: Singapore Dollar

Last:

0.22

+ 0.05

Vol (K): 16643.0

Trading
Updated Time	22-Apr 15:53
Open	0.165	High	0.225	Low	0.165
Prev Close	0.17	Buy	-	Sell	-
Volume(K)	16643.0	Buy Vol(K)	-	Sell Vol(K)	-
All Time High	0.185	All Time Low	0.055

Intraday Chart

 

pharoah88      ( Date: 22-Apr-2010 14:52) Posted: Thursday: 22 APRIL  2010  2:51pm 14th  POSITION TOP  VOLUME  CHART

 

Thursday:

22 APRIL  2010  2:51pm

14th  POSITION

TOP  VOLUME  CHART

 

dOn't  MiSS  THiS  CHERRY FLiGHT 
S$0.210

 

BakerTech W121116

Symbol: JQ5W

Currency: Singapore Dollar

Last:

0.205

+ 0.035

Vol (K): 9392.0

Trading
Updated Time	22-Apr 14:08
Open	0.165	High	0.21	Low	0.165
Prev Close	0.17	Buy	-	Sell	-
Volume(K)	9392.0	Buy Vol(K)	-	Sell Vol(K)	-
All Time High	0.185	All Time Low	0.055

Intraday Chart

 

 

Thank you Very Much fOr the Kind  Sharing.

 

novicealex      ( Date: 22-Apr-2010 12:26) Posted: Just be informed that this is an European style warrant, that owner can't exercise until expiry, thus market-maker can take the own sweet time to hold back the price different. Don't expect the warrant price to exceed or moves along the same way as the mother shares. pharoah88      ( Date: 22-Apr-2010 10:15) Posted: at  S$0.535,  Warrant  Price  should  be  S$0.215

 

Thursday:  22nd  APRIL  2010  14:01:56

S$0.200    1,000,000

 

Just be informed that this is an European style warrant, that owner can't exercise until expiry, thus market-maker can take the own sweet time to hold back the price different.

Don't expect the warrant price to exceed or moves along the same way as the mother shares.

pharoah88      ( Date: 22-Apr-2010 10:15) Posted: at  S$0.535,  Warrant  Price  should  be  S$0.215

 

BakerTech W121116

Symbol: JQ5W

Currency: Singapore Dollar

Last:

0.19

+ 0.02

Vol (K): 5995.0

Trading
Updated Time	22-Apr 12:02
Open	0.165	High	0.195	Low	0.165
Prev Close	0.17	Buy	-	Sell	-
Volume(K)	5995.0	Buy Vol(K)	-	Sell Vol(K)	-
All Time High	0.185	All Time Low	0.055

Intraday Chart

 

 

dOn't  MiSS  THiS  CHERRY FLiGHT 
S$0.190

 

at  S$0.535,  Warrant  Price  should  be  S$0.215

 

SUPER CHERRY  PiCKING 
S$0.180

pharoah88      ( Date: 21-Apr-2010 13:27) Posted: SharE  -  ExercisE  =  WarranT  S$0.600  -  S$0.32  =  S$0.280 S$0.595  -  S$0.32  =  S$0.275 S$0.590  -  S$0.32  =  S$0.270 S$0.585  -  S$0.32  =  S$0.265 S$0.580  -  S$0.32  =  S$0.260 S$0.575  -  S$0.32  =  S$0.255 S$0.570  -  S$0.32  =  S$0.250 S$0.565  -  S$0.32  =  S$0.245 S$0.560  -  S$0.32  =  S$0.240 S$0.555  -  S$0.32  =  S$0.235 S$0.550  -  S$0.32  =  S$0.230 S$0.545  -  S$0.32  =  S$0.225 S$0.540  -  S$0.32  =  S$0.220 S$0.535  -  S$0.32  =  S$0.215 S$0.530  -  S$0.32  =  S$0.210 S$0.525  -  S$0.32  =  S$0.205 S$0.520  -  S$0.32  =  S$0.200 S$0.515  -  S$0.32  =  S$0.195 S$0.510  -  S$0.32  =  S$0.190 S$0.505  -  S$0.32  =  S$0.185 S$0.500  -  S$0.32  =  S$0.180 S$0.495  -  S$0.32  =  S$0.175 S$0.490  -  S$0.32  =  S$0.170 S$0.485  -  S$0.32  =  S$0.165 S$0.480  -  S$0.32  =  S$0.160 S$0.475  -  S$0.32  =  S$0.155 S$0.470  -  S$0.32  =  S$0.150 S$0.465  -  S$0.32  =  S$0.145 S$0.460  -  S$0.32  =  S$0.140 S$0.455  -  S$0.32  =  S$0.135 S$0.450  -  S$0.32  =  S$0.130 S$0.445  -  S$0.32  =  S$0.125 S$0.440  -  S$0.32  =  S$0.120

 

Bullish outlook for equities and commodities

Stocks and commodities made an astounding comeback in 2009 after a disastrous 2008. Emerging markets and Asia ex-Japan equities posted their best performance last year — with strong 67.7 per cent and 61.7 per cent gains respectively while the MSCI World Equities Index managed only a 23.8 per cent gain.

Unfortunately, equity performance in January 2010 cast a wet blanket over expectations. However the market picked up a positive momentum later in the quarter.

Economic data to date have been encouraging. Many nations, such as China and Singapore, have reported strong economic growth and even lag indicators — such as unemployment rate — have been showing encouraging signs of recovery globally.

We continue to hold our view that risky assets such as equities and commodities will continue to do well in 2010 as more news of economic recovery and strong corporate performance present themselves.

We also believe that the current low interest rate in most parts of the world will come to an end in the later part of the year as more signs of economic recovery turn up. We are therefore bearish on bonds this year.

We suggest investors shift the weight of their portfolios towards equities and commodities and away from bonds. ETFs are extremely helpful when constructing investment portfolios and should be used as the starting point of any portfolio construction.

The global economic recovery however fuels the fear of inflation.

With loose monetary and generous fiscal policies present in many parts of the world, many are now concerned that inflationary pressures will start to force governments to take early evasive action to prevent inflation from becoming a full blown issue. However, others are of the view that the shaky world economy may not be ready for a withdrawal of fiscal policies and a tightening of monetary policy.

These fears will continue to resurface periodically causing stock prices to correct whenever markets gain new highs. We therefore also suggest that investors consistently use available covered warrants to protect their portfolio when equity indices hit new highs (with put warrants) and extend their position (with call warrants) when positive momentum returns.

Bullish outlook for equities and commodities

This article is contributed by Roger Tan and Edmund Seow from SIAS Research.

 

178investors      ( Date: 18-Apr-2010 23:29) Posted:

 

SGX Mainboard listed Baker Technology Limited (Baker Tech) is a leading manufacturer and provider of specialised equipment and services for the oil & gas industry. Its core business is in the design and construction of a wide range of equipment and components for use in the offshore environment. These include offshore pedestal cranes, anchor winches, skidding systems, jacking systems and raw water tower structures. It also provides services such as project management, engineering services, quality assurance, and construction supervision. These products and services are highly specialised and cater to all facets of the oil & gas industry.

Baker Tech has a 49% interest in York Transport Equipment (Asia) Pte Ltd, a manufacturer and distributor of trailer axles and related components. It also holds a 15% stake in PPL Shipyard which designs and constructs offshore rigs.

PPL’s Pacific Class 375 jack-up rigs are well accepted in the market as rigs of choice.

Baker Tech has market presence in China, the Middle East, Asia and USA

 

20 April, 2010 - Tuesday 

Yangzijiang Shipbuilding Holdings Ltd, a shipbuilder based in China, on Saturday said that it, along with two other investors, have launched a US$155-million joint tender offer to buy Singapore-based PPL Holdings Pte Ltd, a wholly-owned subsidiary of Baker Technology Ltd, sources reported.

The Chinese shipbuilder said in a statement that it intends to acquire a 50.1% stake in PPL Holdings, while an unnamed investment firm from the Middle East and Yu Kebing, a non-executive director of Yangzijiang Shipbuilding, plan to take the remaining 45% and 4.9% stakes, respectively.

To finance the acquisition, Yangzijiang Shipbuilder will issue 83.60 million shares to the Middle East-based investment firm to raise US$77.70 million, according to the statement.

PPL Holdings owns a                                                        

15% stake in PPL Shipyard Pte Ltd,                 

while SembCorp Marine Ltd holds the remaining 85% stake.

The acquisition is expected to help Yangzijiang Shipbuilding strengthen its capability in offshore drilling design and operations and boost its business development and competitive strategy, said the firm.

Located in Jiangyin, Jiangsu Province, Yangzijiang Shipbuilding produces a range of commercial vessels, container ships, bulk carriers and multipurpose cargo vessels.