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Advanced Successfully Clinches S$17.0 Million In Refinery And Petrochemical Contracts
Advanced successfully clinches S$17.0 million in
refinery and petrochemical contracts
SINGAPORE – 14 July 2009 – Advanced Holdings Ltd. (“Advanced” or the “Group”)
supplier of proprietary process equipment and technologies, clean energy solutions and
environmental technologies, today announced that it has successfully secured three new
contracts totaling approximately S$17.0 million.
Two of these projects, which were awarded to Advanced by the PRC’s largest oil and gas
producer, Petrochina, are for petrochemical plants located in the country’s Sichuan and
Liaoning Provinces, while the third is for an oil refinery, owned by India’s flagship national oil
company and downstream petroleum major, Bongaigaon Refinery and Petroleum Limited.,
in Assam, India. These contracts are not expected to have any material impact on the
Group’s earnings in the current financial year.
Commenting on the new contracts, Managing Director of the Group, Dr Kar Wong said,
“Even though Advanced has been following on these projects way back in 2008, the project
deliberation and awarding period by our customers were lengthier as compared to previous
years, understandably so given the economic uncertainties last year. I am elated that our
, a globalAdvanced Holdings Ltd.
Advanced successfully clinches S$17.0 m in refinery and
petrochemical contracts
Page 2 of 3e: Sales@AdvancedHoldings.com
w: www.AdvancedHoldings.com
Company Registration No. 200401856N
efforts have finally paid off and believe that our success is a reflection of Advanced’s
established track record and our ability to meet and exceed the exacting standards placed
on us by our customers in the petrochemical and O&G industries in the PRC and India”
He added, “Advanced recorded outstanding orders of S$59.0 million as at 31 March 2009,
and despite a slow start this year due to the global crisis, Advanced is now beginning to gain
traction. We are seeing some signs of stabilisation in financial markets and revitalization in
the PRC as the effects of the Chinese government’s 4 trillion Yuan (US$570 billion) stimulus
package kick in. We are heartened by these developments and the positive impact on our
business growth. ”
Earlier this year, the Chinese government announced that it is speeding up the development
of 40 petrochemical projects from 2009 to 2011 as part of its stimulus plan for the industry.
These projects include 20 that are already under construction while the others are still in
the planning stage. These projects are mainly in oil refining and production of
petrochemicals. The petrochemical sector is expected to see industrial added value growth
of 15% annually from 2009 to 2011, according to the plan and by 2011 the added value of
the industry will amount to 1.75 trillion yuan (US$256 billion) a year
In the PRC, Advanced will supply process equipment to two multi-billion petrochemical
complexes. The expected completion of the both projects is targeted for 2010.
In India, the Group will design, manufacture and supply a Fuel Blending System
incorporating Near Infra-red Spectrophotometer technology for Motor Spirit Quality
Improvement Project (MSQ) to a refinery in Assam. The blending system will help the
refinery to achieve the Euro - III and better quality specification of Motor Spirit which will
become applicable from April 2010 as per Auto Fuel Policy of the Government.
ahead.”
Looking ahead
As at 31 December 2008, Advanced’s outstanding order book remains healthy at
approximately S$59.0 million, with no bank borrowings. The Group is mindful of the
economic situation at hand and expects the business environment to become increasingly
challenging in FY2009, and as such, it will adapt its strategies and resources to ride out this
economic crisis.
Nobody can beat my record. I got it at $0.64. Will be a shareholder until they go bankrupt.
Actually Advanced pays good dividends and its balance sheet is extremely strong.
Bad thing is its business is obviously affected by the crisis and they have not announced new contracts in awhile.
Net profit for the financial year 7,450
Any dividend declared for the current financial period reported on? Yes
The Board recommends the payment of a final dividend:
Name of Dividend Final
Dividend Type Cash
Dividend Amount per Share (in cents) 1.0 cent per ordinary share for the financial year
ended 31 December 2008
(one-tier tax exempt)
An interim tax exempt one-tier dividend of 0.35 cents per ordinary share was declared and paid on
30 June 2008 for the quarter ended 31 March 2008. A second interim tax exempt one-tier dividend
of 0.35 cents per ordinary share was declared and paid on 03 October 2008 for the quarter ended
30 June 2008.
Advanced Hldgs Q3 profit falls 63%
ADVANCED Holdings reported net profit of $1.38 million for the third quarter ended Sept 30, 2008, down 63 per cent from a year ago, as revenue fell 14 per cent to $21.0 million.
Today's trading action, especially the closing, reinforces my belief that someone is doing his / her utmost to suppress / drive down the share price of Advanced Holdings.
The counter traded in the morning with 124 lots done at S$ 0.185c and thereafter, for the rest of the day at S$ 0.18c. In total, only 396 lots were done for the day. Whenever the "sell" queue of S$ 0.18c was bought up, a new one for another 20 lots would appear almost immediately... and the cycle went on for the rest of the day.
At around 4.58 pm somebody bought up all the 8 lots left on the "sell" queue of S$ 0.18c . When the market closed at 5.00 pm there was 1 lot on the "buy" queue at S$ 0.18c and 75 lots on the "sell" queue at S$ 0.185c. Take note here that if there was a buy up of just 1 lot at S$ 0.185c, the share price would have closed at S$ 0.185c for the day... but it was not allowed to happen.
At 5.02 pm someone (the manipulator) placed 90 lots on the "sell" queue at S$ 0.18c with the obvious intention to ensure that the share price closed the day at S$ 0.18c.
Consider this : No genuine seller would place 90 lots to sell at the end of the trading day when there is a buyer of just 1 lot at the same price, especially for a thinly traded counter like Advanced Holdings. It dosen't make sense at all. The seller would know that he / she has no chance at all to sell the 90 lots at S$ 0.18c unless he / she is doing it for the purpose mentioned above.
Nevertheless, a buy queue for 50 lots appeared almost immediately after the 90 lots "sell" queue was listed to effect a trade at the end of the day. I have seen this same immediate counter-bid appear on past occassions to suspect that it is an act by the same party / an affliate, to ensure that the shares (majority at least) stays within the family.
I am no detective or have too much free time on hand to think up conspiracy theories.
The illogical price movement / trading pattern of the counter tells its own story.
Advanced Holdings is a thinly traded counter and can be easily manipulated by someone with ill intentions.
On the other hand, it will also not take too much or be too difficult for the Management to counter-act against manipulators by doing a share buy-back when the trading volume is usually not more than 500 lots a day.
The Management of Advanced Holdings is to be congratulated for its good business performance but needs to be more alert / vigilant against manipulators of its share price. They should make full use of the share buy back mandate at times like these. My suggestion is to do the share buy-backs at the end of the trading day when their buying power will be most effective.
The Company may seem to be doing some share buy back the past 2 days but they certainly don't seem to want to support the share price / share value of the Company & its share-holders.
Something is just not right with this counter. I find the Company's action / inaction troubling. Consider the following :
They bought back 787 lots on Tuesday at $ 0.19c but allowed the share price to drop to S$ 0.185c with the last 20 lots traded at the end of the day. Don't you think that they should have bought the last 20 lots at S$ 0.19c too instead of allowing the share price fall to its lowest level of the year at S$ 0.185c ?? Not very clever, isn't it ??
They bought back 228 lots yesterday. The share was trading at between S$ 0.185 - 0.19c throughout the day but during the closing period when the buy queue was at S$ 0.18c and the sell queue was at S$ 0.19c (with nothing in between) somebody put in a sell trade of 65 lots at S$ 0.18c. The counter would have closed at S$ 0.18c for the day.
At around 5.02 pm, somebody put in a buy trade of 58 lots at S$ 0.185c. The counter would have still closed at S$ 0.18c as the buy quantity was lower than the sell quantity. Fortunately, there was another 10 lots added onto the buy queue of S$ 0.185c at 5.04 pm pushing the buy quantity (68 lots) above the sell quantity (65 lots) and the stock closed the day at S$ 0.185c.
From the facts shown above, it is obvious to me that somebody is trying to manipulate the share price of Advanced Holding to the detriment of small investors like us. It is quite ridiculous that the price keeps on falling even with a dividend of S$ 0.0035c due soon. The Managment may appear to be doing a share buy-back to support the price but they are deifinitely not doing a good job of it or in the right way...
I was skeptical at first when I read about Knightriders' theory but I am beginning to think now that he may be not be that far off...
It will be interesting to see how the story unfolds.
Meantime, I urge all share-holders / investors to closely monitor the trading action of the counter.
HuatAh! ( Date: 28-Aug-2008 12:51) Posted:
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It is obvious that somebody is manipulating te share price of this counter.
There were 797 lots done today, all at S$ 0.19c except for the last 20 lots at S$ 0.185c to push the price down.
I was checking the buy / sell queue throughtout the day and noticed that there were only 2 slevels queueing to sell, one for 40 lots at $ 0.195 and the other for 99 lots at S$ 0.24c. There was nothing in between. It is extra-ordinary that with the higher than normal volume done today the share price still closed S$ 0.005c lower with the last 20 lots done at end of day.
The price has remained stagnant at S$ 0.19c for the past week without any support from the Management and you can see at the end of the trading day there is always a sell queue of 20 lots slooted at the next level down.
It is time for the Management of Advanced Holdings to be more vigilant and to check / stop this manipulation of the share price...
On the other hand, you may not be that far off after all, Knightrider.
knightrider ( Date: 10-Jul-2008 17:10) Posted:
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One thing I think people don't like about Advanced is that its earnings are very hard to predict as it works on a revenue recognition model and of course, the liquidity has been really low recently.
However, I am quite pleased that the company is dishing out decent dividends to their suffering shareholders.
I still see the potential in Advanced's Clean Energy and Environmental Tech Biz as my gut feel is that environmental awareness will only get stronger with time. A lot will depend on the execution of these projects by Management and hopefully, a more steady and consistent revenue stream is developed.
Advanced’s interim profit surges 32.2% to S$5.4m
• Delivers record interim revenue of S$49.6 million
• Posts outstanding order book of S$68.0 million as at 30 June 2008
• Declares 2nd interim cash dividend of 0.35 Singapore cents per ordinary share
• Moves ahead to expand Clean Energy and Environmental Technologies businesses