Straits Times Index   

News Update!

http://www.youtube.com/watch?v=1m7N4Y2Ws3c

 

 

Source: www.nextinsight.net

 

Credit to  nextinsight   www.nextinsight.net

YONGNAM HOLDINGS did an e-roadshow on Oct 2 for some foreign investors. (First time you heard of an e-roadshow? We too ... but it's cool).

Yongnam's CEO Seow Soon Yong and finance director-cum-executive director, Chia Sin Cheng, presented the company's business story -- basically, there is a large amount of infrastructure works in the pipeline.

Watch the video below for also an update on its business -- as well as listen to some questions and answers after the presentation.

Two revelations :

a. The potential for Yongnam to pursue business in the offshore sector in UK -- specifcally, structural works for the emerging wind energy industry.

b. Yongnam is currently working on getting its shares traded as ADRs in the US as well. Target date for the start of trading is November 2012.



Briefly, its stock data: recently 23.5 cents, market cap of S$297 million, dividend yield of 4.26% and 0.98 price/book.

 

Looking set for a rally YONGNAM Y02.SI

daretochiong      ( Date: 06-Oct-2012 14:39) Posted: http://yongnamholding.blogspot.sg/ Yongnam sitting pretty in industry sweet spot .The past few weeks have been good for the Singapore market, and especially construction stocks. Names such as piling specialist CSC Holdings, cranes specialist TAT HONG, property cum-construction specialist KSH LIANBENG and infrastructure player LC Development have been in the spotlight on expectations of swelling order books as Singapore braces for a huge wave of infrastructure and property development activity in the coming five years.   Analysts have been upping the earnings forecasts and stock price targets on many of these companies, and this, in turn, has continued to fuel the frenzied activity in construction and infrastructure plays, sending some stocks to new highs not seen since 2009. How much of this is real and how much of it is mere hype remains to be seen. Nevertheless, there are some genuine gems out there.   One of these is structural steel and construction engineering specialist Yongnam Ltd. Listed in 1999, Yongnam is Singapore's single largest fabricator of steel structures used in infrastructure. Its fabricated structural steel holds up the roofs of Suntec City, the National Library, Singapore Post Centre, Capital Tower, the Expo MRT station, KL International Airport and the new Suvarnabhumi Airport in Bangkok, among others.

 

http://yongnamholding.blogspot.sg/

Yongnam sitting pretty in industry sweet spot .The past few weeks have been good for the Singapore market, and especially construction stocks. Names such as piling specialist CSC Holdings, cranes specialist TAT HONG, property cum-construction specialist KSH LIANBENG and infrastructure player LC Development have been in the spotlight on expectations of swelling order books as Singapore braces for a huge wave of infrastructure and property development activity in the coming five years.
 
Analysts have been upping the earnings forecasts and stock price targets on
many of these companies, and this, in turn, has continued to fuel the frenzied
activity in construction and infrastructure plays, sending some stocks to new highs not seen since 2009. How much of this is real and how much of it is mere hype remains to be seen.
Nevertheless, there are some genuine gems out there.
 
One of these is structural steel and construction engineering specialist
Yongnam Ltd. Listed in 1999, Yongnam is Singapore's single largest fabricator of
steel structures used in infrastructure. Its fabricated structural steel holds up
the roofs of Suntec City, the National Library, Singapore Post Centre, Capital
Tower, the Expo MRT station, KL International Airport and the new
Suvarnabhumi Airport in Bangkok, among others.
 

 

SINGAPORE Stocks Earnings Announcement Dates (07/10/12)!

 

http://yongnamholding.blogspot.sg/

daretochiong      ( Date: 06-Oct-2012 13:56) Posted: http://yongnamholding.blogspot.sg/

 

http://yongnamholding.blogspot.sg/

 

Oil has soared yesterday touching 91.75 levels once again after it succeeded in clearing 89.00 levels and is currently hovering around EMA 50. Trading between 91.75 and 91.05 forces us to stand aside again over intraday basis as the above mentioned levels are the clues of the direction over intraday and short term basis.

The trading range for today is expected among the major support at 85.00 and the major resistance at 95.20.

The short-trend trend is to the upside with steady weekly closing above 78.00, targeting 104.65 and 110.55.

Support: 91.05, 90.50, 89.80, 89.00, 88.00
Resistance: 91.75, 92.35, 93.05, 93.80, 94.25

Recommendation Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.

ICN.com

 

Oil prices steadied after the sharp rally yesterday. Escalation of Middle East tensions and a fire in a Texas refinery sent concerns over supply disruption. The ECB meeting was a non-event with President Draghi stating that there was no discussion about the cutting the policy rates at the meeting and activation of the OMT rests on governments’ determination. The FOMC minutes stated that key reasons for the decision to implement QE3 were the deterioration in the global economic outlook and manageable cost of QE3. Policymakers had a vigorous discussion about shifting from calendar date-based policy targets toward data-driven thresholds.

News reported intensification of Turkey’s retaliation acts against Syria as Turkey's parliament approved a bill allowing the military to have cross-border operations into Syria. Attack was reported on a Syrian border town with some Syrian soldiers killed. Turkish Prime Minister Tayyip Erdogan stated that the country just wanted “peace and security” but not war. Elsewhere in the US, a fire broke out at a refinery in Texas operated by Exxon Mobile. The refinery has capacity of 584K bpd, the largest in the US. Exxon admitted that there would be some impact on production, although it would " meet its contractual agreements”.

At the ECB meeting policymakers affirmed that the OMT would be a 'fully effective backstop to avoid destructive scenarios with potentially severe challenges for price stability' in the Eurozone. On Spain, President Draghi also commented on Spain's fiscal consolidation progress, praising the countries' 'significant progress' in addressing its problems. He also indicated that the OMT is ready if needed, but 'now it's really in the hands of governments', suggesting the central bank is waiting for the Spanish government's request for financial assistance. Regarding the conditionality issue, he stated that 'there is a tendency to identify conditionality with harsh conditions' and 'conditions don't need to be necessarily punitive'.

Concerning the FOMC minutes, policymakers unveiled that key reasons for the decision to implement QE3 were the deterioration in the global economic outlook and manageable cost of QE3. Members also discussed on whether the purchase program should be Treasury-based or MBS-based. The decision on choosing the latter was partly because it would more directly help the housing sector. Yet, the program was not a unanimous one as 'a number of participants highlighted the uncertainty about the overall effects of additional purchases on financial markets and the real economy'. Also, 'several participants' noted concerns that the program might complicate the eventual withdrawal of policy accommodation. Policymakers discussed on a crucial issue about shifting from calendar date-based policy targets toward data-driven thresholds. Yet, the change is not without challenge. Some concerned that using the explicit numerical thresholds would be 'too simple to fully capture the complexities of the economy and the policy process or could be incorrectly interpreted as triggers prompting an automatic policy response'. The central bank pledged to do 'further work' related to better communications with the public.

 

Phillip Securities tips Singapore picks to play in 4Q12

Written by Dow Jones & Co, Inc

Friday, 05 October 2012 13:33

Share this Digg Del.icio.us StumbleUpon Netscape Yahoo Technorati Googlize this Facebook Export PDF Print E-mail Equity indexes’ underlying technicals are on an uptrend, Phillip Securities says, noting its Overweight Asean, Underweight US stance. For 4Q12, it tips going long on Singapore plays with quality business models and the ability to grow earnings and dividends, such as SIA Engineering, SATS, ST Engineering, Sembcorp, ComfortDelGro and SingTel. It tips going long on gold on QE3, citing SPDR Gold Trust ETF. It recommends going long on mortgage-backed securities and US homebuilders, citing Vanguard MBS ETF and SPDR S& P Homebuilders ETF, as the Fed’s plan to buy US$40 billion MBS/month indefinitely will lower mortgage yields and help increase home construction. It tips going long emerging-market and Asia debt, citing iShares JPMorgan USD Asia bond ETF, iShares Barclays USD Asia high-yield bond ETF, iShares JPMorgan USD EM bond ETF (EMB) and iShares EM high-yield bond ETF (EMHY) “risk-on or risk-off, portfolios will have to explore beyond traditional safe havens which yield too low and have doubtful credit ratings. EM nations, on the other hand, have nominal GDPs compounding faster than debt and +3.5% yields to boot.” It adds, while global equities appear set for another bull market, it advises remembering fundamentals are weak and keeping a “traders’ mindset” when going long ETFs it cites SPDR STI ETF, CIMB Asean 40 ETF and SPDR S& P 500 ETF.

 

Temasek not in favour of too many exec members on company boards
By Sim Ping Khuan | Posted: 05 October 2012 2243 hrs

	Click to enlarge Photos 1 of 1 Temasek Holdings logo. (AFP photo/Roslan Rahman)

		inShare0

 

 

SINGAPORE: Singapore's Temasek Holdings says it advocates that the boards of its portfolio companies be independent of management and not have excessive executive members.

The comment comes a day after Standard Chartered said that Temasek, its largest shareholder, had misinterpreted UK corporate governance rules.

Standard Chartered said this after Temasek reportedly abstained from voting for the re-election of the non-executive directors to Standard Chartered's board in May in a bid to register its unhappiness with the bank.

The rare public disagreement follows reports that Temasek is pressuring Standard Chartered to appoint more independent directors and has expressed discomfort with the bank's governance.

" We are keen to see boards which have the appropriate composition and strength to provide effective oversight of management, and will vote accordingly at shareholder meetings," Temasek spokesman Stephen Forshaw said in an emailed statement.

" We do not support excessive numbers of executive members on company boards," Mr Forshaw added.

Temasek currently owns an 18 percent stake in Standard Chartered.

Last week, Standard Chartered announced that it will appoint four new, independent, non-executive directors, but said the overall size of the board will remain broadly in line with the current level.

Currently, 10 of Standard Chartered's16 board members are independent, and it is unclear whether the ratio will change with these planned new appointments.

Since 2007, the number of executive directors at Standard Chartered has increased from four to six, though the number of independent directors has remained the same.

- CNA/ir

 

YONGNAM targeting to get the THOMSON LINE MRT project. ACCUMULATE when the trades are quiet.

 

Oil Rises Most in Two Months on Euro Strength
Oct 4, 2012 12:23 PM PT

Oil climbed the most in two months as the euro rose against the dollar and tension between Syria and Turkey fanned concern that Middle East output will be disrupted.

Prices jumped $3.57, erasing almost all of yesterday’s $3.75 loss. The euro advanced to a two-week high after European Central Bank President Mario Draghi said the common currency is “irreversible.” Turkey’s parliament authorized the government to order military action in Syria. A mortar bomb fired across the border yesterday killed five Turks.

“The euro is showing some strength and that’s helping to push oil prices higher,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “You’ve got a new front in the tensions in the Middle East plus the weakness of the dollar and that’s all adding up to the strength in crude.”

Crude for November delivery gained 4.1 percent to settle at $91.71 a barrel on the New York Mercantile Exchange. It was the biggest increase since Aug. 3. Futures plunged 4.1 percent yesterday after the Energy Department reported U.S. production climbed to the highest level in more than 15 years while fuel usage decreased. Futures have risen 21 percent in the past year.

Brent oil for November settlement advanced $4.41, or 4.1 percent, to $112.58 a barrel on the London-based ICE Futures Europe exchange.

The euro gained the most in almost three weeks versus the dollar after Draghi said the ECB is ready to start buying government bonds as soon as the necessary conditions are fulfilled. He spoke at a press conference today in Ljubljana, Slovenia, after policy makers left the benchmark rate at a historic low of 0.75 percent.

Euro Advances
“The more Draghi speaks, the weaker the dollar gets,” Armstrong said. “We had a strong selloff yesterday and it’s normal we should have a rebound.”

The euro increased as much as 1 percent to $1.3032, the highest level since Sept. 21. A stronger euro and weaker dollar increase oil’s appeal as an investment alternative.

“The possibility of the ECB getting something done is making people a little more bullish,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The Turkey-Syria tension is a big part of today’s story. Anything like this in that region tends to make traders nervous.”

The killings yesterday in the Turkish town of Akcakale highlight the risk that neighboring countries could be drawn into Syria’s civil war. Turkey has backed the rebels fighting to oust President Bashar al-Assad and allowed them to use bases inside Turkey. Turkish artillery units fired yesterday and today at Syrian military targets.

Pipeline Exports
The fighting also raised concern that the Kirkuk-Ceyhan pipeline will be disrupted. Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries after Saudi Arabia, exports oil through the line, which runs through Iraq and southern Turkey near the Syrian border.

“Traders are focusing on the situation in the Middle East,” said James Williams, an economist at WTRG Economics, an energy-research firm in London, Arkansas. “There may be an occasional attack on the pipeline but I don’t see that causing a major problem.”

Countries in the Middle East and North Africa were responsible for 36 percent of global oil production and held 52 percent of proved reserves in 2011, according to BP Plc (BP/)’s Statistical Review of World Energy

Reasonable’ Prices
Saudi Arabia is trying to keep oil prices at a “reasonable level” and sees no difficulty in meeting demand, Oil Minister Ali al-Naimi said today at a conference in Ankara, Turkey.

Current prices make it unlikely the Obama administration will release crude from the Strategic Petroleum Reserve, said Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, in an interview with Tom Keene and Sara Eisen on Bloomberg Television’s “Surveillance.”

Oil also increased as U.S. stocks rallied after a report showed American jobless claims rose less than economists estimated. The Standard & Poor’s 500 Index gained for a fourth day, up as much as 0.8 percent.

Applications for jobless benefits increased to 367,000 in the week ended Sept. 29, Labor Department figures showed today in Washington. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey.

A Labor Department report tomorrow may show employers took on 115,000 workers in September, more than the prior month, while the jobless rate rose to 8.2 percent from 8.1 percent, according to the median estimate in a Bloomberg survey of economists.

U.S. Employment
“The market is a little optimistic on the employment numbers tomorrow and equities are higher,” said Carl Larry, president of Oil Outlooks & Opinions LLC in New York. “It’s a correction after yesterday’s free fall

 

JOBLESS RATE DROPS AND STOCKS GO NOWHERE: Here's What You Need To Know

An extraordinary drop in the unemployment rate had many cheering. But some cried foul.

 

First the scoreboard:

Dow: 13,610, +34.7, +0.2 percent
S& P 500: 1,460, -0.4, -0.0 percent
NASDAQ: 3,136, -13.2, -0.4 percent

And now the top stories:

• The Bureau of Labor Statistics released one of the most polictically important jobs reports in a long time today. And it was controversial.
• According to the BLS, U.S. companies added 114k nonfarm payrolls in September, which was essentially right in line with economists' estimates. However, private payrolls grew by just 104k, which was significantly below the expectations for +130k.
• The unemployment rate stunned everyone by dropping to 7.8 percent from 8.1 percent in August. At the same time, the labor force participation rate climbed to 63.6 percent from 63.5 percent a month ago. Minutes after this number was published, former GE CEO Jack Welch smelled conspiracy and tweeted, " Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers." Welch wasn't alone. Economist David Rosenberg thought the number was probably " too good to be true."
• Overall, experts agreed that the move was statistically unusual but not a conspiracy. From Goldman Sachs economist Jan Hatzius: " The most eye-catching part of this report is the 0.3-point drop in the unemployment rate, to 7.8%. For the most part, this looks like a genuine move, as it comes alongside large increases in both the labor force (+418,000) and the tally of jobs in the survey of households (+873,000) of which 187,000 was due to government."
• It's worth mentioning that Hatzius' colleague David Kostin unveiled Goldman's 2013 target for the S& P 500 this morning. Kostin sees the S& P surging to 1,575 by the end of 2013, only after plunging to 1,250 by the end of this year.
• Late in the trading session, the Federal Reserve published its August consumer credit data, and it was a monster. New consumer credit surged $18.12 billion, which was way ahead of economists estimate for $7.25 billion. This suggests that increasingly confident consumers are going shopping again in a big way.

 

Ten Of The Worst Excuses For Obama's Performance At The First Debate

AP Photo/M. Spencer Green

Democratic presidential hopeful Sen. Barack Obama D-Ill., pauses as he talks about the assasination of Pakistan opposition leader Benazir Bhutto as he begins a campaign rally Thursday, Dec. 27, 2007 in Des Moines, Iowa.Here's one area of bipartisan agreement: Barack Obama lost his debate to Mitt Romney Wednesday night.

 

Even the Obama campaign seems unwilling to stake much credibility on claiming otherwise -- instead, spokespeople say that Romney did well by lying, and acknowledge that the president will change tactics before the next meeting in two weeks.

From there, things get messier: Why did Obama lose?

here are plenty of reasonable and thoughtful theories. Incumbents tend to be rusty he's seemed to generally lack enthusiasm for some time and of course Romney simply out-debated him. And then there are the less reasonable and thoughtful theories.

Here are the worst.

1. Theory: Obama Needed a Teleprompter

 

 

Proponents: Bill Maher, Charles Krauthammer

The Claim: The liberal comedian wittily takes a conservative talking point and reclaims it for the left. Meanwhile, here's Krauthammer on Fox News: " People say Obama was off his game this is his game. If you take away a prompter, this is his game," the pundit said on Fox News. Ha! Except, no. Obama has won debates without teleprompters before, and he's given dull speeches with them. Try again, this time with perspective, fellas.

2. Theory: Obama Was on Drugs

 

 

Proponent: Matt Drudge

The Claim: The master aggregator, perhaps still smarting from his Obama tape fail, offers a completely speculative opinion. Does Obama seem like an anxious guy? And who in his right mind would take a Valium before a presidential debate?

3. Theory: It Was the Altitude

Proponent: Al Gore

The Claim: On his Current TV broadcast, the former vice president argued that the problem was that Obama hadn't had time to acclimate to the Mile-High City. It's perhaps somewhat plausible, but it's not like he was climbing K2 -- he was in Denver. Besides, he could have been acclimating instead of hitting the Hoover Dam.

4. Theory: It's a Trap!

 

 

Proponent: Charles Blow

The Claim: The New York Times columnist's theory is tough to buy. Three problems: First, even if Obama wanted to play rope-a-dope, it's hard to imagine he'd be willing to get so roundly beaten in one of only three debates. Second, there are few words in journalism as worthy of skepticism as " some people suggest." And third, the Russian campaign -- while disastrous for Napoleon -- also resulted in 210,000 Russian deaths, massive destruction of crops, and the catastrophic burning of Moscow. Does Obama really want the equivalent?

5. Theory: Obama Doesn't Watch Enough MSNBC

Proponent: Chris Matthews

The Claim: Here's the host, melting down on Wednesday: " He should watch -- well, not just 'Hardball,' Rachel [Maddow], he should watch you, he should watch the Reverend Al [Sharpton], he should watch Lawrence [O'Donnell], he would learn something about this debate." Self-serving and nonsensical!

6. Theory: Obama Wants to Lose

Proponent: Kevin Baker

The Claim: In an apparent bid to one-up Andrew Sullivan's hysteria Wednesday night, Harper's published a rant by Baker arguing that the president is throwing the election. No, really: " There is no reasonable explanation -- no acceptable explanation -- for such a performance .... Obama signaled that he wants out." Sure, other than the months of frantic campaigning, hundreds of millions of dollars he's raised, and his lead in the polls, that totally adds up, right?

7. Theory: Mitt Cheated

Proponent: Reddit

The Claim: The social-media site's users are in a tizzy, suggesting that Romney was caught on camera pulling an illegal cheat sheet out of his pocket as the debate began. The Romney camp says it's a handkerchief, and there's footage of him using one later on. But even if it hadn't been debunked, the craziest conspiracy theory along these lines doesn't account for the widely acknowledged fact that Obama simply didn't debate well.

8. Theory: It Was Jim Lehrer's Fault

Proponent: Assorted Liberals

The Claim: Almost everyone agrees that moderator Jim Lehrer was a bust (except my colleague Clive Crook and Lehrer himself). But just because he was an ineffective moderator doesn't mean that's why Obama did poorly. Romney adjusted well to a laissez-faire forum Obama seemed uninterested in or unwilling to assert himself. When Obama aide Jim Messina was asked why his candidate didn't bring up Romney's " 47 percent" comments, Messina responded that " it just didn't come up."

9. Theory: Obama Is Lazy

Proponent: John Sununu

The Claim: The Romney surrogate and professional flamethrower went on MSNBC and tossed this grenade: " What people saw last night, I think, was a president that revealed his incompetence, how lazy and detached he is." You can ignore this. He's just trolling.

10. Theory: It Wasn't Mitt

Proponent: Barack Obama

The Claim: Obama had a new riff in his stump speech on Thursday: " It could not have been Mitt Romney because the real Mitt Romney has been running around the country for the last year promising $5 trillion in tax cuts that favor the wealthy. The fellow on stage last night said he didn't know anything about that." Nice try, Mr. President.

From TheAtlantic - shaping the national debate on the most critical issues of our times, from politics, business, and the economy, to technology, arts, and culture.

 

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