Singapore share market update - 15oct08
Listed Companies Results Release Date as announced on SGX MASNET
Date of Release Company Remarks
16-Oct Nera Telecommunications 3Q; After 5pm
17-Oct Ascendas REIT 2Q; After 5pm
17-Oct MobileOne 3Q; After 5pm
20-Oct Qian Hu Corp 3Q; After 5pm
21-Oct Aztech Systems 3Q; After 5pm
21-Oct CapitaMall Trust 3Q; Before 7.30am
21-Oct First Ship Lease Trust 3Q
21-Oct United International Securities 3Q
22-Oct Ascott Residence Trust 3Q; Before 7.30am
22-Oct Mapletree Logistics Trust 3Q; Before 8.30am
22-Oct Osim Int'l 3Q
23-Oct CapitaCommercial Trust 3Q
23-Oct Mercator Lines 1H; Before 7.30am
23-Oct Pharmesis Int'l 3Q
24-Oct Miyoshi Precision 3Q
28-Oct United Overseas Insurance 3Q
29-Oct CapitaRetail China Trust 3Q; Before 7.30am
29-Oct CDL Hospitality Trust 3Q
29-Oct NOL 3Q; Tentative
30-Oct Cambridge Industrial Trust 3Q
31-Oct Capitaland 3Q
31-Oct Rickmers Maritime 3Q
31-Oct UOB 3Q
3-Nov HTL Int'l Hldgs 3Q
4-Nov IFS Capital 3Q; After 5pm
4-Nov ST Engg 3Q; After 5pm
5-Nov Hi-P Int'l 3Q; Before 7.30am
5-Nov Starhub 3Q; After 5pm
10-Nov Memtech Int'l 3Q
11-Nov CitySpring Infrastructure 3Q
11-Nov Lee Kim Tah 3Q; After 5pm
12-Nov MFS Technology 3Q
13-Nov Ho Bee Investment 3Q
13-Nov WBL Corporation 3Q
14-Nov Armstrong Industrial Corp 3Q
By 14-Nov QAF 3Q; Profit Warning
By 14-Nov Sino Tech Fibre 3Q
By 14-Nov United Food Hldgs 3Q; Profit Warning
Wednesday, October 15, 2008
Thursday, October 09, 2008
SINGAPORE STOCK MARKET NEWS :
Upcoming Results Reporting Period as announced on SGX MASNET
Date of Release Company
15-Oct MAP Technology Hldgs 3Q; After 5pm
17-Oct Ascendas REIT 2Q; After 5pm
17-Oct MobileOne 3Q; After 5pm
20-Oct Qian Hu Corp 3Q; After 5pm
21-Oct Aztech Systems 3Q; After 5pm
21-Oct CapitaMall Trust 3Q; Before 7.30am
22-Oct Ascott Residence Trust 3Q; Before 7.30am
22-Oct Mapletree Logistics Trust 3Q; Before 8.30am
22-Oct Osim Int'l 3Q
23-Oct CapitaCommercial Trust 3Q
29-Oct NOL 3Q; Tentative
30-Oct Cambridge Industrial Trust 3Q
5-Nov Starhub 3Q; After 5pm
11-Nov CitySpring Infrastructure 3Q
14-Nov Armstrong Industrial Corp 3Q
By 14-Nov QAF 3Q; Profit Warning
By 14-Nov United Food Hldgs 3Q; Profit Warning
Upcoming Results Reporting Period as announced on SGX MASNET
Date of Release Company
15-Oct MAP Technology Hldgs 3Q; After 5pm
17-Oct Ascendas REIT 2Q; After 5pm
17-Oct MobileOne 3Q; After 5pm
20-Oct Qian Hu Corp 3Q; After 5pm
21-Oct Aztech Systems 3Q; After 5pm
21-Oct CapitaMall Trust 3Q; Before 7.30am
22-Oct Ascott Residence Trust 3Q; Before 7.30am
22-Oct Mapletree Logistics Trust 3Q; Before 8.30am
22-Oct Osim Int'l 3Q
23-Oct CapitaCommercial Trust 3Q
29-Oct NOL 3Q; Tentative
30-Oct Cambridge Industrial Trust 3Q
5-Nov Starhub 3Q; After 5pm
11-Nov CitySpring Infrastructure 3Q
14-Nov Armstrong Industrial Corp 3Q
By 14-Nov QAF 3Q; Profit Warning
By 14-Nov United Food Hldgs 3Q; Profit Warning
SINGAPORE SHARE MARKET NEWS : Straits Asia Resources
OCBC Investment Research, Oct 8
STILL a 'buy' despite bear-case assumptions: Shares of Straits Asia Resources (SAR) have plunged by 49 per cent over the past two weeks, starkly underperforming the Straits Times Index's (STI) 14 per cent fall.
We spoke to management and gathered that other than the recent cancellation of its restructuring plans, the fundamentals have not changed.
A substantial portion of SAR's shareholding spread comprises US funds, several of which have been trimming their positions. We suspect that this could have triggered the price fall, and weakness could persist if global funds continue to face high redemptions.
Restructure cancellation renders SAR a pure Indonesian coal play: SAR recently called off restructuring plans, citing volatile market conditions and lack of shareholders' support. To recap, the restructuring would have involved SAR acquiring coal interests in Madagascar and Brunei for US$100.3 million and taking up a secondary listing in Australia.
We were positive on the acquisition as it would have transformed SAR, which currently derives all its coal from Indonesia, into a global player with geographically diversified coal assets and larger reserves. The cancellation of the acquisition has eliminated what we view as a key catalyst for SAR's growth. Nevertheless, management remains positive on its organic growth and reiterates that it is on track to raise production levels at its Indonesian mines.
Pressure off its balance sheet: On the bright side, the restructure cancellation takes some pressure off SAR's balance sheet. We were expecting the US$100.3 million acquisition cost to be funded by debt, which would have been challenging in light of today's tight credit market and could have strained the company's gearing levels.
With the restructuring exercise out of its way, SAR can now focus on refinancing its US$230 million bridge facility (for the acquisition of
Jembayan) that matures in December 2008.
We understand that SAR is close to securing a US$300 million loan. Finance costs, however, are expected to rise in line with London Interbank Offered Rate (Libor) and widening spreads.
Changing our assumptions to factor in bear-case scenario: We have lowered our earnings and fair value estimates to reflect the following bear-case
assumptions:
lower production from FY2009, assuming that SAR fails to obtain
relevant permits to extend its Sebuku Mine boundary;
lower ASP on softening global demand for energy and commodities; and
higher borrowing costs.
In addition, we change our valuation methodology to the free cash flow to the firm model, bringing our fair value estimate to S$2.25 (from S$4.66).
Nevertheless, we maintain our 'buy' rating on SAR.
OCBC Investment Research, Oct 8
STILL a 'buy' despite bear-case assumptions: Shares of Straits Asia Resources (SAR) have plunged by 49 per cent over the past two weeks, starkly underperforming the Straits Times Index's (STI) 14 per cent fall.
We spoke to management and gathered that other than the recent cancellation of its restructuring plans, the fundamentals have not changed.
A substantial portion of SAR's shareholding spread comprises US funds, several of which have been trimming their positions. We suspect that this could have triggered the price fall, and weakness could persist if global funds continue to face high redemptions.
Restructure cancellation renders SAR a pure Indonesian coal play: SAR recently called off restructuring plans, citing volatile market conditions and lack of shareholders' support. To recap, the restructuring would have involved SAR acquiring coal interests in Madagascar and Brunei for US$100.3 million and taking up a secondary listing in Australia.
We were positive on the acquisition as it would have transformed SAR, which currently derives all its coal from Indonesia, into a global player with geographically diversified coal assets and larger reserves. The cancellation of the acquisition has eliminated what we view as a key catalyst for SAR's growth. Nevertheless, management remains positive on its organic growth and reiterates that it is on track to raise production levels at its Indonesian mines.
Pressure off its balance sheet: On the bright side, the restructure cancellation takes some pressure off SAR's balance sheet. We were expecting the US$100.3 million acquisition cost to be funded by debt, which would have been challenging in light of today's tight credit market and could have strained the company's gearing levels.
With the restructuring exercise out of its way, SAR can now focus on refinancing its US$230 million bridge facility (for the acquisition of
Jembayan) that matures in December 2008.
We understand that SAR is close to securing a US$300 million loan. Finance costs, however, are expected to rise in line with London Interbank Offered Rate (Libor) and widening spreads.
Changing our assumptions to factor in bear-case scenario: We have lowered our earnings and fair value estimates to reflect the following bear-case
assumptions:
lower production from FY2009, assuming that SAR fails to obtain
relevant permits to extend its Sebuku Mine boundary;
lower ASP on softening global demand for energy and commodities; and
higher borrowing costs.
In addition, we change our valuation methodology to the free cash flow to the firm model, bringing our fair value estimate to S$2.25 (from S$4.66).
Nevertheless, we maintain our 'buy' rating on SAR.
Friday, October 03, 2008
Singapore share market IPO - China Kunda Technology
OCBC short note :
Summary: China Kunda Technology Holdings Ltd. (China Kunda) is a provider of precision moulds, plastic injection parts, and IMD products. Based in Shenzhen city, Guangdong province, PRC, its plastic engineering solutions include design, R&D of plastic injection and IMD technologies. China Kunda will be publicly listed on SGX-ST on 9 October 2008. At an IPO price of S$0.215, China Kunda will raise about S$11.64m in net proceeds from the issue of the 67.2m new shares. The proceeds will be used to acquire Shenzhen Precision and corresponding investments in plant, machineries and production facilities, enhancement of R&D capabilities, expansion of sales and marketing network, and for general working capital. We do not have a rating on the stock.
comments :
FY07 profit only HK45.1m a rather small size company to float during turbulent times for the singapore stock market.....plus tech related sector is not too sexy at the moment......i will give it a Five Z rating (z = sleepy level)
OCBC short note :
Summary: China Kunda Technology Holdings Ltd. (China Kunda) is a provider of precision moulds, plastic injection parts, and IMD products. Based in Shenzhen city, Guangdong province, PRC, its plastic engineering solutions include design, R&D of plastic injection and IMD technologies. China Kunda will be publicly listed on SGX-ST on 9 October 2008. At an IPO price of S$0.215, China Kunda will raise about S$11.64m in net proceeds from the issue of the 67.2m new shares. The proceeds will be used to acquire Shenzhen Precision and corresponding investments in plant, machineries and production facilities, enhancement of R&D capabilities, expansion of sales and marketing network, and for general working capital. We do not have a rating on the stock.
comments :
FY07 profit only HK45.1m a rather small size company to float during turbulent times for the singapore stock market.....plus tech related sector is not too sexy at the moment......i will give it a Five Z rating (z = sleepy level)
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