vergenushttp://klseelwavetrading.blogspot.com/2014/09/klse-index-ready-to-go-1966.html Will klci go up or down? how do you all think??
albertlawAlways so impressive and promising but what shareholders want is profit/high growth-still in the red no profit to show but contimnue to place out more shares-dilution mah
Just found this write out:
Rex Int' l
Rex Int' l: ($0.615) Twin equity boost from prominent investors Alan Wang and Fidelity Shares of Rex International may get a boost after SGX filings showed that prominent investors Alan Wang and Fidelity Worldwide Investment (FIL) were the cornerstone investors in a recent share placement, leading them to become new substantial shareholders. Recall, Rex recently completed the placement of 168m new shares at $0.57 each. The net proceeds of $93.5m will be used to settle liabilities and working capital of Rex Technology Management (20%), for field development (60%) and to pursue existing and potential new business opportunities (20%). FIL picked up 70m placement shares, lifting its stake from 0.17% to 5.7%. Wang&rsquo s stake vaulted to 5.1% from 1.1%, after he took up 52m shares. Accordingly, parent Rex Commercial&rsquo s stake dropped to 44.1% from 50.9%, following the corporate action. The entry of two respected fund managers as substantial shareholders may lift sentiment in Rex&rsquo s shares. In particular Wang&rsquo s share transactions may be closely followed by some admirers. Wang is noted for his string of high-profile investments in stocks like HanKore, Memstar, Sarin, Sino Grandness, Asiatravel.com and UE E& C, all of which recorded significant share price outperformance subsequent his purchases. Rex trades at 2.5x proforma P/B. POSTED BY ALAN LUO AT 3:53 PM
Peter Graham LancashireHas anybody analysed the Short Selling Ratio and iits recent development? Maybe there will be a "short squeeze'" should either Korea or Japan come up trumps. Personally , having just read "The Birth of Korean Cool", I believe the chances that the Korean Government giving "thumbs up" in Q4 are better than 50 percent. In my book,therefore,a trading Buy at 1.12 sgd. PGL(vested).
BumbleBeepeople tend to treat the mkt like a casino instead of a place to invest in a real business. The mkt correction we had is testimony to this - gambling and speculating. In the end we all suffer. Stock investing should be treated like a business ....... http://shareinvestormalaysia.com/treat-stock-investing-like-business/
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BumbleBeegsyeo, U mean me? Nope, I am a small time investor like you.
pnuklisvery high gearing and with the oil prices low 80's the future seems bleak. High trading volumes dose not mean anything. When stocks like Pacific Radiance, Ezion, Swiber are struggling how will new players like this one become shining star?
zendenwhy this stock can't go up as much as breadtalk or sheng shiong?
albertlawAfter Peter Lim got the $$$ he doesn't care $$$ in his pocket or in his stable of co...I sold at 0.38 and warrants at $0.11 ..bro concentrate on Innovalue got dividends soon and 1 for 1 bonus likley next year ..good profits for 1 H 2014
Biz tines feb 18...red flags raised in Johore ppty mkt...grand entrance of chiba base Country Garden Holdings with its surprise launch of 9000 apartments at one go....may impact the mkt there...9000 units in Danga bay alone. ..overbuilding in Iskandar would replicate the ghost towns in China
I voiced my concern in beginning of the year...Iskander can't make it..Ringgit dropping in long term against S$..residential flood of supply..rental yield will drop no capital appreciation..they trying to shore up with MRT...maybe the value of Rowsley lies in RSP architects..very hit a low of 4 cts
ticktockcommenced drilling of the Koi-2 appraisal well (“Koi-2”) on 29 November 2013 using the Bohai-8 jack- up rig in the offshore area of the Salawati Kepala Burung PSC (“Island PSC”), West Papua, Indonesia. It is anticipated that drilling of the well will take approximately 21 days. results soon? Positive or negative?
0549617Is that any news or reason to push up the shares price?
passerbywah.....you are here to fry stock? no la, no reason to push or fry la....only reason is the fundamental of the company...you check the data of this counter with ft.com, you will see some impressive numbers...
1) identify a good fundamental company. There are a few parameters to gauge whether a company is a good company or not.
2) determine the fair value of the company using the some available methods. if too lazy, just read the IBs report or coverage. Establish entry price using some safety of margin.
3) establish exit point once the price run ahead of the fundamental.
the above require discipline.
if punt or fry purpose....u see where the crowd go...u just join in, chances to make money or lose money are almost equal but most of the time the retail investors will lose out to the professional operators....hence, fry less & push less, sleep well at night
albertlawPang S.T..OCBC,Philip (T.P 60cts) AM Fraser (67cts) DBS (72cts) in fact b4 xd Valuetronics touched 59cts ..first qtr esults out dividends will be payable 15 Aug..nothing to expect except maybe next year..likley will drop to,50cts
It was artifically pushed up on AGM 22 July from 49-59cts within 3 days b4 it went ex on 25 July I believe will drop tp 45-50cts level
albertlawbelive 40cts can buy,...last few sharp drop it ended 38-39.5cts..Doji formed but still never breakdown..can accumulate slowly
Angel_InvestorWhat happen? How come such a cash rich company's share price oversold in 2 days!
albertlawAmFraser: Valuetronics Holdings Ltd: Shedding light on deep value (Maintain BUY, FV: S$0.69)
Dutch MNC is separating out the lighting division, not shutting it down. We think the sell-down on this weeks-old piece of news, was totally unwarranted. The sale of LED light bulbs is not the core revenue generator for this MNC. In fact, Lumileds made up only 5% of their lighting revenue in 2013. We therefore do not believe that the decision to spin-off the weaker lighting division came just from headwinds in LED sales. It also certainly does not mean that lighting will be left out to hang dry. In truth, no one knows what big MNC’s plans are and we believe it would be more prudent for investors to assume the status quo than take a wild stab at what might or might not happen, and make worst case scenario assumptions. Unlikely to do unprofitable business.There were also views that suggest that VALUE will continue to produce for big MNC even when its gross margins are halved or turn negative. We understand that the culture at VALUE is very profitability centric (superior net margins and them walking away from the licensing business). We find it hard to believe that Valuetronics would continue to do business with big MNC under such onerous terms. CE’s headwinds already a well known fact. The headwinds for the CE business (-11% yoy in 1Q3/15) is a true area of concern; this was a well known fact that was highlighted post 1Q3/15 results. Our assumed CE revenue growth of 4% yoy looks high, but we have also underestimated, the higher margin, ICE growth rate (+36% yoy in 1Q3/15 vs. Amfraser’s estimated growth rate of 16%). As a result we believe both effects will even out at the bottom-line level. With a lower contribution mix from CE, we believe VALUE looks an even better proposition now, with much lower concentration risk. Standing firm on our call. As 2Q3/15 results will be out in a couple of weeks, we make no changes to our current estimates, BUY rating and S$0.69 target. As of 1Q3/15 Valuetronics had cash of HKD441m or 19 Scts of cash per share with no debt and dividend yield of 9%. Cash level could fall over the next few quarters as Valuetronics spends on capex. Trading at 4.5x FY15F P/E, this stock looks extremely attractive in our opinion and this sell-down presents a very good chance for investors to buy.
Julie O'ConnorI would like to understand why Henderson Marine Base Pty Ltd aka Strategic Marine Pty Ltd are only divesting the assets of the Company and not selling the shares in the parent Company who own these assets? What will shareholders be left holding shares in? Are the Directors/Major shareholders going to be employed in the new entity?
kilbertverThe way I see it people need to take life into their own hands now days, you can do that by learning how to trade the markets. I've been learning to the website Emini S&P Trading Secret they have excellent videos and I just got their deal they are running and I'm very happy with their course material. The instructor is a very knowledgeable trader. I've been doing really well so far and my goal is within one month to quit my job and I believe I can do it.
thanks for your reply and suggestions. But currently I am looking more for property investment. A bit crazy but my family is quite superstitious about investment types, which type you should go and locations and stuffs so since they had suggested for me to do properties, I am looking towards that sector. :).
inphyyThai billionaire Charoen Sirivadhanabhakdi is looking to raise at least US$500 million ($640 million) by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N), people with knowledge of the matter said.
REIT....A big welcome! Me will involve? No thanks! after the recently listed SPH REIT, OUE Hospitality Trust and Soilbuild Business Space REIT. Me keep myself a yard distance (✿◠‿◠)
kongim61F&N Price took a beating by dropping 15% off since Jan 2, 2014. On a annualised basis (sum of last 4 Quarter results , shows 5.7% growth rate. The price is now all time 3 years low since beginning 2012. All its peer like Dlady, Nestle, shows stable results. Last 3 Quarters results shows little negative growth in net profits. Be informed from a period of 27th Aug 2014 to 26 Sept 2014, Amanah Raya Trustte Bhd - Amanah Saham Bumiputrad has acquired 400, 000 units of F&N and disposed 100,000 units in 10 Oct 2014. Big Fish are playing with the price. Do not get caught.
alexyapgood stock for long term. Consistent DY and good capital gain.
Trade Zignalsinstead of buying stocks and keep..best way is to also do trading using free signals.http://freestockbuyandsellsignals.blogspot.com/
inphyyEzion Holdings net profit more than doubles to $36.3m
Delivers "steady" performance in 3Q13.
According to PhillipCapital, Ezion Holdings (Ezion) delivered steady net profit in 3Q13, excluding exceptional items, of $36.3m, which was 130.2% higher than 3Q12 and 5.9% higher than the previous 2Q13.
With management is expecting 3 vessels to be deployed in 4Q13 -- 1 unit in Caspian Sea, 1 in South Asia and 1 in Arabian Gulf -- the research firm predicts earnings momentum should continue into FY14E, with a 61% increase in earnings from FY13E. But as 3Q13 net gearing rose to 1.05x from 1.01x in 2Q13 (0.83x in 1Q13), PhillipCapital said Ezion could slow down its rate of project wins in an effort to control its gearing levels.
"We expect net gearing to hit 1.1x by end-FY13E, before easing to 0.8x in FY14E on improve free cash flow generation from more vessels contribution," said PhillipCapital. But the research firm raised its FY13E/14E earnings forecast for Ezion to factor in new contracts, higher margins and updated SEUs deployment schedule.
Peter Graham LancashireGreat growth Story, but what about cash flow and free cash flow which require new capital either more debt or issue new shares? Alao nil dividend policy does not suit all institutional investors. PGL
pnuklisHolding on strong. Don't feel comfortable with all the action regarding dilution of shares, jk buy ans Ausgroup cooperation. May be I am wrong
pnuklisEzion has too much action like JK Tech, Ausgroup and dilution of shares all at the same time and not sure how it benefits or slows down. Too risky till every thing settles down and if it continues to win orders!
albertlawUp with high vol 5.9mil done..good sign I am confident of Innovalue heading even higher.Used to buy at $1.18 in 2007 and sold off at about $1.60
CEO buy up at 0.25.
Assuming 0.006C x 2 (twice a year dividend) 0.012 at current prices - say 0.3 - still a 4% dividend stock.
Year end results expected to be good. Volume picking up. I would say this stock got super potential still.
Called to buy since 0.225
albertlawWent in again at 29cts on Mon 8 Sept...worth the punt?
wow everyday just push up 1 cts is enough
albertlawInnovalues: AmFraser initaites coverage with Buy call and TP $0.465. The house notes that The automotve market in China and US has rebounded and been growing steadily after the global financial crisis and are expected to continue growing. Notwithstanding new customer acquisitions, a recovery in the European automotive market and the recent M&A conducted by its exisitng key customers will also add a further boost to Innovalues in the coming years.
Recently, its directors, including Chairman/CEO Mr. Goh Leng Tse, have been buying up shares from the open market. Over the last 2 months, about $1m was spent by these directors to acquire 4.7m shares (ave. price of $0.22) from the open market.
Innovalues is currently trading at 7.2x FY14F P/E with an expected CAGR of 38% for the next three years. Given its growth prospects, its high ROE, its transformation in sector focus, renewed balance sheet strength and higher prospective dividends, we believe it would be undemanding to value Innovalues at 10x FY15F P/E, which translates to a target price of $0.465.
albertlawI nitiate buy call even earlier than AM Fraser..my call to buy was when it was 22cts in mid August
Booming automove market. The automove market in China and US has rebounded and been growing steadily aer the global ﬁ nancial crisis and are expected to connue growing. Notwithstanding new customer acquisions, a recovery in the European automove market and the recent M& A acvies conducted by its exisng key customers will also add a further boost to
Innovalues in the coming years.
Strong boom‐ line growth through margin expansion. Although we are conservavely expecng revenue to grow at about 7% over the next 3 years, its resultant earnings is expected to grow at 3‐ yr CAGR of 38% between FY13‐ FY16F through margin expansion.
Higher dividends post balance sheet clean‐ up. Innovalues has been progressively paying down its debt over the last 6 years, and has just turned net cash in 2Q14. Along with its strong FCF, the company is now in a posion to increase dividends. We expect total dividends for FY14 to be increased to 1.7 Scts (5.7% yield) vs. 1.2 Scts in FY13 and FY12, and connue to grow going forward.
Posive insider acvity. Recently, its directors, including Chairman/CEO Mr. Goh Leng Tse, have been buying up shares from the open market. Over the last 2 months, about S$1m was spent by these directors to acquire 4.7m shares (ave. price of S$0.22) from the open market.
Clearly undervalued. Innovalues is currently trading at 7.2x FY14F P/E with an expected CAGR of 38% for the next three years. Given its growth prospects, its high ROE, its transformaon in sector focus, renewed balance sheet strength and higher prospecve dividends, we believe it would be undemanding to value Innovalues at 10x FY15F P/E, which translates to a target price of
albertlawbuy only if can hold not for contra..downside limited as directors gold bought 1 mil at $0.25 and various directors also bought and convert rights/warrants/loan stocks from 15cts -22cts.. Innovalue dropped from 70cts ex bonus in the past from $1.47-$1.60 ..it has probably bottomed last few years from 10-15cts
18-May-2007 11:50 User is Offline About happyday Contact Quote! x 0 x 0
Alert Admin told by my broker there was 55 lot buying in at 80.5 cents,now I know why this counter was artifically push up above its theoretical ex all price of about 73 cents to punish the short sellers when counter went ex all on may 14.Probably will come down soon as the large overhang of bonus issue is on the way(1 for 1).In 2004,co also declared same bonus ratio issue.those holding till now has made tremendous gain Rate This Post: Useful To Me Not Useful To Me happyday Member 17-May-2007 13:45 User is Offline About happyday Contact Quote! x 0 x 0
Alert Admin innovalue traded xall on 16 may 1 for 1 bonus and 2% dividend and yet it is still above its theoretical price after going ex all.Base on 11 may last traded price $1.47 it should trade below $0.73 and with its generous bonus issue coming on the way,there will be a supply overhang and yet the counter shot up to $0.83 on 17 may..Baffling,defying gravity.Eg unisteel after going ex bonus its price down from $2,78 to $2,28 and singapura finance also ex all price of $1.9 to its current price $1,62.Why is this innovalue so special?or is this ex all price artifically supported?
albertlawuckie wrote: it's pushing.. but how long can this last.. no one knows. As long as the senior management of the company is vested, I think it will last.
Edward LeeNice to meet you too. No, I never post anything, just give some comments and opinions here. Ya quite a lot Msians using i3 for discussion, but I think most of them are short term trader rather than value investor.
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Peter ChenCorporate Princess 5 : Kuok Hui Kwong & Robert Kuok succession planning 企业公主系列5 : 郭鹤年女儿郭惠光及新人事部署
syknAgreed. Its really good track record has only been the last 2 FY, which is not very long. I am vested a little bit, but going long, in case it's a dark horse, although this dark horse is now very popular and not so dark anymore.
pnuklisGood stock stock and strong fundamentals, low gearing and good consolidation of business by getting rid of the American part and buying TWG tea.
aikinlaianyone would like to comment this counter? first, enlarge the capital base to 28B share by raising sgd400m, now share consolidation 100 to 1. what happen after consolidation? share to fall back 1 sen & more small shareholder get trap
scimitarStock price is not always talking about good FA or in right industry. It is more than this. It is depends on the people buying and selling.. Most of it depend on who are the BB backing up the price or dumping the stock! It will continue to drop until it reach a good price for the BB to come in to stir the price up...
Fong Kh"Lippo Malls Indonesia Retail Trust (SGX: D5IU), a real estate investment trust focused on Indonesia-based retail properties, proposed a new acquisition. In the announcement, the trust also recommended that the purchase be partially funded by an equity fund raising exercise which might potentially dilute existing unit-holders’ stake in the trust by up to 12%. Given the extent of dilution, does this acquisition make sense for unit-holders?" read more at http://www.fool.sg/2014/09/16/is-lippo-malls-indonesia-retail-trusts-latest-property-purchase-a-winner/
lsngeeMidas Holdings Limited's subsidiary, Jilin Midas Aluminium Industries Co., Ltd has won RMB146 million worth of contracts for high-speed train car body components from CNR Changchun Railway Vehicle Co., Ltd. For the latest contracts, Jilin Midas will supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds up to 350km/hr. Slated for delivery in 2014, these contracts are expected to contribute positively to Midas' financial performance for the financial year ending December 31, 2014...
BHSLThe news apparently has no impact on share price.
dicklinglkProbably need to secure another major rail project.
Uptrend is expected soon.
ekomuwaBBs suppressing price....descending triangle forming with resistance at 0.445 ~ 0.450, support at 0.425, may go down to test 0.425 before rebounce...do your own study first before acion....
GoRiLaz7028Put aside the BBs.... Let's look into the FA again... any expert can offer a summary ? In particular:
1) Is it in long term debt or suffering any now? 2) Is it cash rich? 3) What is or any book order for the next 3~5 years? 4) What is the growth potential NOW? 5) Any other current risk factors?
Think need to satisfy above then worry about TA next for the best entry or exit point...
ekomuwaIn http://www.midas.com.sg/ir/index.html can provide answer 1) to 4), but you will need to read carefully and between the lines. Please help extract the info and share here if you have times. Let us see what happen when we go down the time tunnel....in TA, price discount everything....no 5) risk factor? yes, big players can play OUT small players, this is the fact, so go along with them not against them.
ekomuwaThe descending triangle formed and was broken down. Now heading south towards 0.38 cts. May test 0.35 or even 0.28 before rebound. Do our due diligence before taking up position to invest/trade.
JinchengIt is really a mistake to invest in this stock. "Midas"="买的死”
dustiHi ahlek888, IR is very much below the radar of analysts and investors and price is drifting nowhere. I took an average of a few analysts' TPs but one has recently upped to 69. Not surprising as recently two digs were confirmed oil producers. Check IR at shareinvestor.com for their achievement of producing wells in 2013 and 2014. Of course, there are many questions to ask, but I'm contented to being in a good place. Only hope price will be more realistic. Buy some and wait for the good news to hit the fan. Good luck!
ahlek888wow, this counter hasn't been moving much at all in the right direction. is that why the management is sweetening the deal by offering free warrants? but even that is taking quite a while to come into action. what are your thoughts?
dustiHi ahlek888. Have been puzzled on what is happening to IR and wondering I should take damage control measures. A couple of interesting news were released recently.....on5/9 the long awaited details of bonus issue/capitalisation issue (which I have asked my remiser to interprete) and on8/9 the announcement of a oil producer at 2000bopd, the best ever achieved by IR. Share price has improved from a scary 29.5 to 33 cents now. I still have high hopes for IR. Meantime you may want to check out Rex International which is in the same biz., but with more international exposure. On 2/9 an analyst had a "buy" on Rex Int.60.5 to a TP of 127cents.....I enjoy such dreams! Good luck! Cheers! Dusti
Ced PrennerAfter working for 25 years for somebody else I decided it was time for a change, trading was the answer for me because I need to work from home. I say stop working for somebody else and make your own money .Check out the website Traders Superstore, just Google them you should be able to find them, these guys are really doing it right and make you wonder why everybody isn't like them.
Andrew WongBe patient :) US, UK n Europe slowly recover now. Short term risk should be the crash for Asia coming soon. http://awonginvestment.blogspot.com/
Lucky03The economic growth is picking up momentum.
Breaking News World Story
PUBLISHED MARCH 05, 2014 Eurozone Feb business growth strongest in 2-1/2 years: PMI PRINT |EMAIL THIS ARTICLE
Eurozone private businesses enjoyed their fastest growth rate in over 2-1/2 years last month as the region's service industry expanded quicker than initially thought, surveys showed on Wednesday - PHOTO: REUTERS [LONDON]Eurozone private businesses enjoyed their fastest growth rate in over 2-1/2 years last month as the region's service industry expanded quicker than initially thought, surveys showed on Wednesday. The upturn in the 18-member bloc's fortunes was again led by Germany, but the gulf between growth in Europe's biggest economy and the decline in France has only been wider once in the 16-year history of the surveys. Markit's final Eurozone Composite Purchasing Managers' Index (PMI), which gauges business activity across thousands of companies and is seen as a good guide to economic health, was revised up to 53.3 from an initial flash reading of 52.7. That was the eighth month the index has been above the 50 mark that separates growth from contraction and beat January's 52.9.
Lucky03Closed well supported. Saw this heading on JOC today - NOL Headed Back to Black NOL Group. Don't have subscription so can't access.
watoflosNOL Group will return to profit this year by concentrating on its core Transpacific business and reaping the benefits of its sizeable port holdings, according to one equity analyst firm.
NOL posted a full-year loss of $76 million in 2013, compared with a $412 million loss in 2012, in part due to the improve performance of APL, its container shipping business.
Drewry Maritime Equity Research said NOL’s third consecutive annual loss in 2013 was triggered by weak freight rate market conditions and high fixed costs. However, the equity analyst now believes NOL is now in a better position to return to profitability due to its focus on the trans-Pacific trade — from which 50 percent of its liner revenue is generated — and ongoing efforts to lower its cost base.
“We expect both operating margins and return on equity to recover from historical lows in FY14 and continue on an upward trend in FY15,” said Drewry analyst Rahul Kapoor. “NOL continues to cut its costs significantly and plans to move ahead in this direction in the coming years.”
By focusing on the trans-Pacific trade NOL is also lowering its risk from Asia-Europe, according to Rajat Gupta, also an analyst at Drewry. “U.S. economic data continues to surprise positively, raising market optimism on trade recovery,” she said. “The upcoming trans-Pacific contracting is a key event for both freight and volume development and will in all earnest decide the company’s financial performance in FY14.”
Drewry also rates APL Terminals as NOL’s “hidden gem” due to it being clubbed under “Liners” in financial statements even though it generated some 7 percent of total revenue last year and is ranked 15th on the list of global terminal operators.
“APL Terminals is a major source of income and value to the group,” Kapoor said. “We argue that APL Terminals remains a hidden gem in NOL’s asset portfolio and an opportune divestment of terminal assets even while retaining control will potentially unlock and add tremendous value for shareholders.”
watoflosLucky03. This is what you are looking for.
Lucky03Thanks, Watoflos :) Now will also start paying attention to terminal growth. Overlooked the hidden 'gem' - APL Terminal !
The next round of contracting period for transpacific shipping is May 1. The resumption of the work on the expansion of the Panama Canal should be favourable to transpacific shipping.
The trans-Pacific ocean shipping market is by far North America?s largest trade lane, accounting for nearly 20 million 20-foot-equivalent container units in the U.S. trade alone in 2012.
The market is dominated by imports by large retailers such as Wal-Mart, Target, Best Buy, Home Depot and Lowe?s, which, unlike in other markets, tend to contract directly with ocean carriers rather than through forwarders, as is typically the case in the Asia-Europe market. As a result of the one-year contracts that retailers and other large shippers typically sign as of May 1 each year, freight rates in the trans-Pacific eastbound trade tend to be less volatile than in Asia-Europe.
Key developments in the trans-Pacific include the approaching 2015 expansion of the Panama Canal and its potentially huge impact on routing of Asia goods into North America, Canadian West Coast ports? growing success in attracting U.S.-bound cargo, and West Coast ports? expected response to these competitive challenges.
Exports moving to those markets typically are lower-value commodities such as wastepaper and scrap that keep China?s manufacturing and packaging industries humming.
Andrew Wongup approx. 6.88% in less than 2 weeks ~ Nice!! http://awonginvestment.blogspot.com/
Lucky03NOL releasing Q1 result on 14 May. Hope to see sign of turning comer to profitability. By the way, the analysis at the top were dated 21/2/2014. Nobody interested to assess NOL for last 3 mths ?
Lucky03Sounds familiar today with Temasek going around shopping. I googled and found this below.
Why is Temasek Holdings paying $2.82 BILLION to buy back all the shares of Neptune Orient Line, when it had declared to divest itself from all ownership of viable GLC operations ?
If one is to relook at all the reported outflow of funds from Temasek Holdings for 2004 alone, one can only wonder if there is a bottomless depth in Temasek's pocket:
29 January 2004 - Temasek pay US$45million for 7.5% stake in India's Supply Chain Manager.
18 February 2004 - Temasek pay S$43.7million for an increase of 0.56% stake in India's ICICI Bank, raising its shareholdings from 6.72% to 7.28%.
3 March 2004 - Temasek pay US$765.8million for 5% stake in Malaysia's Telekoms.
(No follow-up during March 2004 to August 2004, anyone who did ? )
Temasek's NOL offer 'fair but not compelling'
HSBC advises investors to keep holdings if they are confident of long-term prospects but says those wishing to sell could do so if the market price was higher
By Nicholas Fang
TEMASEK Holdings' $2.82-billion cash offer for all the shares of Neptune Orient Lines (NOL) that it does not already own is 'fair but not compelling', said NOL independent financial adviser HSBC.
In a circular issued to shareholders yesterday, HSBC said that shareholders who wished to realise their investment in NOL immediately should consider selling their shares on the open market if they can obtain a higher price than Temasek's offer price.
However, shareholders who are 'confident of the long-term prospects of the group' were advised to retain their shares and not accept the offer.
Temasek Holdings stunned the market earlier last month when it announced its offer for NOL at $2.80 a share.
The Singapore investment company announced the offer after buying NOL shares on the open market and pushing its stake past the 30 per cent mark that triggers a mandatory takeover offer under corporate laws.
HSBC said that factors in favour of the Temasek offer included the fact that the offer price of $2.80 per share is higher than any adjusted daily closing price in the period since NOL's acquisition of its APL liner arm in 1997 up to the offer announcement date.
'The premium of the offer price over the historical share price of NOL in the observation period we have selected is in line with that of selected tender offer transactions in Singapore,' HSBC said.
However, it also noted that the adjusted daily closing price for NOL in the period since the date the offer was announced up to the latest practicable date has consistently exceeded the offer price.
The shares have closed above Temasek's $2.80 bid price every day after the offer was announced.
HSBC also said Temasek's offer valued the 36-year-old shipping line at a price-to-earnings multiple which was below the mean and median of comparable companies.
It recommended that shareholders who wished to realise all or part of their investment in NOL now, but were unable to obtain a price higher than the offer price on the open market, could consider accepting Temasek's offer.
A Temasek spokesman said yesterday: 'The opinion in the NOL circular has no new and material information on the company.
'We recommend that all NOL shareholders carefully read the independent financial adviser's opinion and the NOL board's recommendation based on the appropriate investment horizons.
'We wish to reiterate that our offer of $2.80 a share is an all-cash, firm offer, which closes on Sept 15 at 3.30pm.'
HSBC noted that NOL had said that, should APL be reclassified by the United States government as a controlled carrier if Temasek's stake in NOL edged above 50 per cent, the financial impact on NOL is unlikely to be material.
It said that NOL had told them that in the event of a loss of business due to such a reclassification, the financial impact would be immaterial as assets involved could be redeployed to serve other customers or trades.
NOL shares ended yesterday three cents lower at $2.82 per share with 3.95 million shares changing hands.
This news report was published in the Straits Times dated 3 September 2004, which will be archived after three days.