Towards Financial Freedom
DBS Equity Research : Wired Daily 27 Mar 2015
Noble Group - Upside to $0.965 and $1.02, support $0.91
Singapore's port authority has denied allegations of misconduct made by Iceberg Research against a subsidiary of commodities trader Noble Group, this according to Reuters. Singapore's Maritime and Port Authority (MPA), in an emailed statement to Reuters, said it had in 2013 received information relating to the conduct of Noble Resources International Pte Ltd, but did not find any malpractices by the company".
The law of diminishing returns have clearly set in on Iceberg Research's third research report against Noble Group. Recall the second research was released on 15 Feb and the reaction was a 13% drop in Noble Group's shares in the subsequent 2 days. The second research report was on 25 Feb and the reaction was a lesser 11% drop in the subsequent 2 days. The reaction to the third and final research report was a 4.5% gain on 23 March.
This indicates that the sell-down in relation to Iceberg's claims has likely run its course. Technically, we see near-term support at $0.91 with upside to $0.965 followed by $1.02
United Envirotech(UENV) announced that it has signed an investment agreement for a BOT industrial waste water treatment (WWT) plant in Luntai County in Xinjiang. This project is positive as its good track record allows the company to extend its geographical reach to new areas. Nevertheless, we maintain our HOLD rating. Citic/KKR consortium is offering S$1.65 for all UENV shares. We will review our TP after the completion of the offer and the release of new development from the new major shareholders.
COSCO Corporationhas secured a contract with Maersk Line to build seven (7) 3,600 TEU (twenty-foot equivalent) container vessels. COSCO and Maersk Line have agreed to keep the contract price confidential. The container vessels are scheduled for delivery between April 2017 and November 2017.
Gallant Venture intends to issue S$175m 7.0% notes due 2018. The net proceeds from the issue of the Notes will be used for the refinancing of the existing syndicated term loans.
Singapore-based companies sold a total of US$5.43 bn worth of bonds so far this year, a 1.6% increase from the first quarter of 2014. These companies tapped both domestic and offshore bond markets to raise funds in several currencies, including US dollar, Singapore dollar (SGD) and Japanese yen, said Thomson Reuters.
Singapore's manufacturing sector contracted more than expected in February, falling 3.6% y-o-y on the back of plant closures during the Chinese New Year holidays and muted external demand. February's drop was sharper than the 2.2% decline projected by economists. In contrast, January's figure had been up 1.3%. Stripping out the volatile biomedical cluster, output for February would have sunk even further to clock 3.9%. Production in the key electronics cluster, which has the largest weight in the industrial production index, fell 4.5%, as nearly all segments recorded declines in output. The biomedical cluster chalked up a 2.5% decline, dragged down by the pharmaceuticals segment, where output fell 7.3%. This offset a 21.7% rise in the medical technology segment, fuelled by higher export demand for medical instruments and consumables. When comparing month-on- month (seasonally adjusted), however, manufacturing output rose 4.1% in February. Excluding biomedical manufacturing, output would have grown a more tepid 1.1%.
US stocks fell as declines in consumer and transportation companies overshadowed a rebound in technology shares. Energy companies gave up early session gains even as Saudi Arabia led air strikes against Yemen after the latter's government collapsed.
Source: DBS
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
