Latest Posts By ozone2002
- Supreme
About ozone2002
|
|
| 29-Apr-2011 09:53 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
 Go to Message
|
||||
 x 0
 x 0
|
Yangzijiang Shipbuilding---------------------------------------------------Maintain OUTPERFORM Strong 1Q11 results driven by high gross margin EPS: ◄ ► TP: ◄ ►Gerald Wong / Research Analyst / 65 6212 3037 / gerald.wong@credit-suisse.com Bhuvnesh Singh / Research Analyst / 65 6212 3006 / bhuvnesh.singh@credit-suisse.com Christopher Chang / Research Analyst / 65 6212 3024 / christopher.chang@credit-suisse.com ● revenue increase to RMB3.1 bn. Despite being a seasonally weaker quarter, 1Q11 gross profit of RMB827 mn was 26% of our FY11 forecast of Rmb3.2 bn, as gross margins surged to 27.1% in 1Q11 from 23.3% in 1Q10. Yangzijiang reported strong 1Q11 results, with a 14% YoY● Rmb3.4 bn, driven by an increase in interest income to Rmb281 mn. The company also registered a Rmb112.8 mn gain due to positive mark to market variation for outstanding contracts denominated in euro. 1Q11 net profit of Rmb955 mn was 28% of our forecasts of● orders worth US$512 mn in 1Q11. According to has also signed a letter of intent (LOI) with Seaspan to construct up to 22 10,000 TEU containerships worth US$2.2 bn. Yangzijiang announced on 11 April it had secured 14 newbuildTradewinds, it● May. On 2011E P/E of 11x, we believe Yangzijiang offers good value relative to its global shipbuilding peers. We maintain our OUTPERFORM rating and target price of S$2.40. We maintain our forecasts pending the NDR we are hosting on 4Strong results driven by high gross margins Yangzijiang reported strong 1Q11 results, with a 14% YoY increase in revenue to Rmb3.1 bn. 1Q11 gross profit of Rmb827 mn was 26% of our FY11 forecast of Rmb3.2 bn, as gross margins surged to 27.1% in 1Q11 from 23.3% in 1Q10. Management attributed the strong margins to the construction and delivery of contracts secured prior to the financial crisis. 1Q11 net profit of Rmb955 mn was 28% of our forecasts of Rmb3.4 bn, driven by an increase in interest income to Rmb281 mn. The company also registered a Rmb112.8 mn gain due to positive mark to market variation for outstanding contracts denominated in euro. Figure 1: Yangzijiang – 1Q11 results Reported results Change (%) Against FY est (RMB mn) 1Q10 4Q10 1Q11 QoQ YoY FY11E YTD (%) Revenue 2,676 4,090 3,050 (25.4) 14.0 14,280 21.4 Gross profit 623 857 827 (3.5) 32.7 3,234 25.6 PBT 741 1,081 1,151 6.5 55.3 3,892 29.6 PATMI excl EI 586 838 955 13.9 62.8 3,382 28.2 Gross margin (%) 23.3 20.9 27.1 22.6 Op. margin (%) 27.8 26.8 38.1 19.7 Source: Company data, Credit Suisse estimates. US$512 mn of contracts secured in 1Q11 Yangzijiang announced on 14 April 2011 that it has secured six newbuild orders worth US$214 mn in March 2011. These contracts would bring total order intake in 1Q11 to US$512 mn, representing 26% of our 2011 order forecast of US$2 bn. The six vessels are expected to be delivered between 2012 and 2013. Figure 2: Contracts for 6 vessels secured in March 2011 Units Vessel Size Estimated value (US$ mn) 2 82,000 DWT bulk carrier 70 2 4,800 TEU containerships 100 2 10,000 DWT bulk carrier 40 Source: Company data, Credit Suisse estimates. Order momentum improving Seaspan contract could provide further upside The US$512 mn of contracts secured in 1Q11 represent the highest level of contracts secured in a quarter since 3Q08, reflecting improving order momentum for the company. Press reports have suggested that Yangzijiang has signed a letter of intent with Seaspan for 22 containerships worth up to US$2.2 bn. If contracts for 15 10,000 TEU containerships are secured this year, Yangzijiang would achieve our FY11 forecasts without further contract wins. Figure 3: Order momentum improving 0 100 200 300 400 500 600 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Quarterly Contract Wins (US$mn) Source: Company data. NB: 3Q10 refers to Jul-Aug 2010. 4Q10 refers to Sep-Dec 2010. Maintain OUTPERFORM We maintain our forecasts pending the NDR we are hosting on 4 May. On 2011E P/E of 11x, we believe Yangzijiang offers good value relative to its global shipbuilding peers. We maintain our
|
||||
| Good Post Bad Post | |||||
| 29-Apr-2011 09:52 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
Go to Message
|
||||
|
x 0
x 0
|
Yangzijiang (YAZG.SI) Margin Surprise Drives Stronger than Expected Quarter valuations (~11x FY11/12E P/E). While concerns remain over the rate of margin contraction beyond 2012, the group continues to make significant headway in its plans to broaden its product offerings (10-300k dwt vessels) and double shipbuilding capacity by 2013. Following the strong start, we think there might be potential room for upside risks to our FY11/12E earnings/order wins assumptions. Maintain Buy — We continue to like YZJ for its strong execution and undemanding than our above-consensus projections (29% of full-year est). The positive surprise came on the back of i) higher-than-expected gross margins (27% +615bps QoQ +382 bps YoY) ii) stronger interest income (RMB281mn +124% YoY) and iii) Forex gains (RMB113mn +187% YoY) relating to mark-to-market variations on outstanding EURdenominated orders. Net Cash remains healthy at RMB1.5bn. 1Q11 Results — 1Q11 PATMI of RMB955mn (+14% QoQ +63% YoY) was stronger ‘high-margin’ vessels and the corresponding write-back of provisions made in earlier periods. High-margin orders constitute c.55% of order backlog as at end 1Q11 and mgmt remains confident of delivering margins in the 20% region in FY11-12. From 2013, however, margins are generally expected to trend downwards to 10-15%. Margin Outlook — Gross margin surprise was underpinned by the completion of four our US$1.4bn full-year est), taking net orderbook to US$5.4bn (~ 50-50% split between containerships and bulk carriers in terms of order value). Details are still being finetuned with respect to the group’s potential contract with Seaspan (LOI to build 22 10k teu containerships worth US$2bn). Should the order materialize, we note that YZJ will be the first Chinese yard to be awarded Chinese customer. We think this would eventually improve YZJ’s competitive positioning vis-ŕ-vis the Korean yards. Orderbook Prospects — YZJ secured US$512mn worth of new orders in 1Q11 (vs.≥ 10k teu containership contract from a non-Equities Statistical Abstract Year to Net Profit Diluted EPS EPS growth P/E P/B ROE Yield 31 Dec (RmbM) (Rmb) (%) (x) (x) (%) (%) 2009A 2,290 0.627 38.9 15.3 5.5 43.1 1.7 2010A 2,955 0.799 27.4 12.0 3.7 36.4 2.3 2011E 3,329 0.862 7.9 11.1 3.0 29.8 2.3 2012E 3,429 0.887 3.0 10.8 2.5 25.1 2.3 2013E 3,007 0.778 -12.3 12.3 2.2 18.8 2.3 Source: Powered by dataCentral |
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 23:37 |
Sakari
/
Straits Asia
Go to Message
|
||||
|
x 0
x 0
|
straits asia moved into over bought zone with a big jump in prices today.. suggest to take profit if straits asia rallies further..
|
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 23:34 |
Neptune Orient L Rg
/
NOL
Go to Message
|
||||
|
x 0
x 0
|
technicals forming a bullish divergence for NOL support 1.88 strong..likely to move upwards to resistance 1.95 break below 1.88 support cut loss.. gd luck
|
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 11:50 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
Go to Message
|
||||
|
x 0
x 0
|
28 Apr 2011 Singapore Results Note Yangzijiang Shipbuilding Accumulate for contracts - by Lim Siew Khee (YZJ SP / YAZG.SI, OUTPERFORM - Maintained, S$1.83 - Tgt. S$2.69, Offshore & Marine) 1Q11 core net profit of Rmb955.3m (+63% yoy) is 19% above our forecast and consensus, at 29% of our FY11 number, thanks to stronger-than-expected gross margins of 27% (22% expected). Interest income from investments in financial assets was Rmb280m, also beating our expectation of Rmb200m. We expect margins to normalise in the coming quarters as high-margin contracts secured before the crisis reach their tail end. Hence, we are keeping our earnings estimates, as well as target price of S$2.69, still based on 14x CY12 P/E, in line with regional peers. We recommend investors to accumulate YZJ ahead of potential sizeable contracts from Seaspan. Order wins and higher revenue from productivity gains plus the strong 1Q11 results are expected to boost its share price. |
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 11:29 |
Sakari
/
Straits Asia
Go to Message
|
||||
|
x 0
x 0
|
2.95!!..up17c on the sebuku license.. also coal demand has risen n supply shortage issues.. gd luck :)
|
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 11:22 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
Go to Message
|
||||
|
x 0
x 0
|
1Q11 results for Yangzijiang out this morning. Net profit rose 63% yoy to RMB954.9m, overshooting our expectation by 19%, attributable to high-than-expected 27.1% gross margin and forex gain of RMB112.8m. YTD order wins amounted to US$841m, making up 56% of our FY11assumption of US$1.5bn. We favour Yangzijiang as one of the most well-run Chinese yards and key beneficiary of replenishment of
|
||||
| Good Post Bad Post | |||||
| 28-Apr-2011 09:22 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
Go to Message
|
||||
|
x 0
x 0
|
Yangzijiang Shipbuilding: High gross profit margin in 1Q11 Summary: Yangzijiang Shipbuilding (YZJ) reported a 14% YoY rise in revenue to RMB3.05b and a 63% increase in net profit to RMB954.9m in 1Q11, accounting for 20% and 29% of our full year revenue and net profit estimates, respectively. The boost in net profit was mainly contributed by an increase in gross profit margin (27% in 1Q11 vs 23% in 1Q10) and higher other gains comprising mainly foreign exchange gains. 17 vessels were delivered in 1Q11, while the group secured 14 effective contracts worth US$512.3m over the same period. This brings YZJ’s order book to US$5.38b, comprising 131 vessels. Pending an analyst briefing later in the morning, we maintain our BUY rating but put our fair value estimate of S$2.36 under review.
|
||||
| Good Post Bad Post | |||||
| 27-Apr-2011 09:26 |
YZJ Shipbldg SGD
/
Cruising with the ship ..Yangzijiang
Go to Message
|
||||
|
x 0
x 0
|
has to break 1.86 to move further.. technicals oversold..risk reward looks gd.. |
||||
| Good Post Bad Post | |||||
| 27-Apr-2011 09:19 |
SunVic Chemical
/
Sunvic - Cheap valuations, record year but...
Go to Message
|
||||
|
x 0
x 0
|
broke new high..flying in the sky.. | ||||
| Good Post Bad Post | |||||
| 26-Apr-2011 20:20 |
Neptune Orient L Rg
/
NOL
Go to Message
|
||||
|
x 0
x 0
|
short term NOL formed a dble bottom where support is 1.88 technicals are oversold.. if 1.88 support is breached time to sell..if not it should move up to 1.95 break above 1.95 will confirm a reversal from its downtrend.. |
||||
| Good Post Bad Post | |||||
| 26-Apr-2011 16:25 |
GSH
/
something brewing?
Go to Message
|
||||
|
x 0
x 0
|
Watch out for this counter.. used to be Koh Boon Hwee's baby.. now read that Serial which is Sam Goi's baby is taking part of their profits to buy up JEL's debt so that both companies can synergise their efforts to tap on each others markets n expertise. This gem used to be 30+c..currently 2c..that's a 15 bagger in the making. gd luck |
||||
| Good Post Bad Post | |||||
| 26-Apr-2011 11:52 |
Mencast
/
Cornerstone investor GAY CHEE YONG in mencast
Go to Message
|
||||
|
x 0
x 0
|
44c moving up slow and steady.. | ||||
| Good Post Bad Post | |||||
| 25-Apr-2011 09:43 |
SinoGrandnes
/
Sino Grandness - a growth stock with low PE
Go to Message
|
||||
|
x 0
x 0
|
sino broke 58.5 resistance..on gd vol retraced to 58c.. vested 58c.. |
||||
| Good Post Bad Post | |||||
| 25-Apr-2011 09:28 |
GLD USD
/
Gold going up this year?
Go to Message
|
||||
|
x 0
x 0
|
Joining the Gold Rush? A Simple Guide to Buying Gold Gold prices closed yesterday at $1,507 an ounce, in what now seems like a daily event. With precious metal prices on the rise and the dollar taking a nose dive, here are some gold basics that you need to know before getting in on the gold rush. Gold Coins – Preferred by the small investor for several reasons. Coins are easy to sell, easy to store and are priced generally according to their weight. Be prepared to pay a 5% premium over the spot price. Good choices for bullion coins include the American Gold Eagle, South African Krugerrand, the Austrian Philharmonic and the Canadian Maple leaf. Gold Bars – Bullion bars are widely considered the safest way to store your wealth. They are available 1-oz, 10-oz, 100-gram or 1-Kilo bars and are made up of 99.99% pure gold, if obtained by a credible source. Look for PAMP gold bars, Credit Suisse bars, Royal Canadian Mint bars, Johnson Matthey or Engelhard bars. Gold Certificates – If you are not in a position to store physical gold, certificates of ownership can be purchased. It’s one of the safest investment options and does not require additional insurance. The safest option for purchasing certificates is the Pert Mint Program. Perth Mint Certificates are available in Western Australia and are the only government guaranteed certificates. A sizable investment may be required. I still prefer you buy coins or bars that you hold in your possession. Gold Accounts – Similar to certificates, Gold accounts are good for those who do not want to store physical bullion. An allocated account entitles you to ownership of gold, which is stored for a fee. An unallocated account gives you a claim against the financial institution, but you do not physically own the gold. Bullion Vault, Gold Money and E-Gold are popular choices for this type of account. Exchange Traded Funds (ETFs) – Are good choices for the smaller investor, as they can be obtained in small denominations. I would only invest in ETFs after I have bought physical gold and silver. They are available for investment in Physical gold and silver, stocks in mining companies and futures contracts. Make sure you only invest in ETFs that actually possess the bullion. The big Gold (GLD) and Silver (SLV) ETF’s sub custodians are not audited and these ETFs may not perform as expected in a rising gold market. Gold Shares – Simply put, these are stocks in mining companies. Depending on the company, these can be risky investments, but they can also yield attractive returns. Usually good mining stocks will rise 2-3 times the increase in the price of gold. A dollar rise in the price of gold goes right to the company’s bottom line since the cost of mining is independent of the gold price. Be aware, this is a double edge sword in that gold stocks will fall 2-3 times the decline in the metal price. Consult a professional before investing in gold stocks, as there are a lot of considerations involved. Gold Futures – Another risky investment, gold futures contracts can be obtained with a small investment, but are very speculative. If gold prices rise, you profit, if prices go down you lose money. Only for the most sophisticated investor. |
||||
| Good Post Bad Post | |||||
| 17-Apr-2011 10:39 |
Mencast
/
Cornerstone investor GAY CHEE YONG in mencast
Go to Message
|
||||
|
x 0
x 0
|
From Kim Eng Up-to-date in 60 seconds Background: Mencast Holdings is a Singaporebased marine services provider and a leading sterngear manufacturer and repair company for a wide range of commercial applications. It caters mainly to customers in the marine and offshore oil and gas industries in the Asia Pacific. Recent development: Mencast’s net profit grew by 20.8% YoY to $8.5m in FY10, from $7.0m a year ago. The growth was due to the full-year contribution from its subsidiary, Recon Propeller & Engineering, as well as higher demand for sterngear services (+60.8% YoY in revenue to $19.3m). However, this increase was partly offset by a 10.8% decrease in sales of the sterngear manufacturing segment due to the slowdown in shipbuilding activities in the region. Key ratios… Price-to-earnings: 6.7x Price-to-NTA: 1.5x Dividend per share / yield: $0.011 / 3.1% Net cash/(debt) per share: $0.005 Net cash as % of market cap: 1.4% Source: Bloomberg, based on historical data Everything else… Share price S$0.360 Issued shares (m) 170.573 Market cap (S$m) 61.41 Free float (%) 31.2% Recent fundraising activities Nov 2010: Private placement of 15.5m shares at S$0.35 a share Financial YE 31 December Major shareholders Sim Family (57.5%), Gay Chee Cheong (5.23%) YTD change -12.2% 52-wk price range S$0.29-0.425 Source: Company Our view Clear expansion plans in place. As part of its ongoing business expansion, Mencast is looking to raise its production capacity with the building of a new manufacturing plant in Penjuru Road. When completed in 4Q11, the waterfront facility will enable the company to expand its product range to include high-end sterngear equipments that generally command better margins. Strategic alliance brings new opportunities. Since 2008, Mencast has been working closely with Becker Marine Systems, a leading rudder and manoeuvring solutions provider in Europe. The tie-up has allowed Mencast to leverage on Becker’s technologies and acquire new customers, particularly from South Korea, Japan and China. Management believes the company is one of the preferred manufacturers of heavy rudder assemblies and high-end sterngear equipment in Asia. Robust orderbook. As at end-December 2010, Mencast’s sterngear manufacturing business segment has an outstanding orderbook of $8.0m, most of which is expected to be recognised in the first half of FY11. Undemanding valuation with decent yield. The company has declared a final cash dividend of 1.1 cent per share for FY10, representing a payout ratio of about 20.4%. The stock currently trades at 6.7x FY10 PER. |
||||
| Good Post Bad Post | |||||
| 14-Apr-2011 15:03 |
HPH Trust USD
/
HPH Trust US$
Go to Message
|
||||
|
x 0
x 0
|
hph now 96.5
|
||||
| Good Post Bad Post | |||||
| 13-Apr-2011 10:54 |
HPH Trust USD
/
HPH Trust US$
Go to Message
|
||||
|
x 0
x 0
|
HPH..buy 95c! |
||||
| Good Post Bad Post | |||||
| 13-Apr-2011 10:30 |
Tuan Sing
/
Tuan Sing's growth strategy
Go to Message
|
||||
|
x 0
x 0
|
DIRT CHEAP....5.3 PE and 0.7 BV...cheap cheap cheap... Tuan Sing Holdings (TSH SP, $0.345, BUY, TP $0.63) – We initiate coverage on Tuan Sing Holdings (TSH) with a BUY rating and target price of $0.63/share. TSH is a diversified property group which offers an immediate catalyst for each of its underlying businesses. Redevelopment could unlock the value of the prime commercial buildings it owns in the heart of Singapore’s financial district and the two five‐ star hotels in Australia. Turning coal to gold with new acquisitions is not impossible for its coal trading business held through subsidiary SP Corp. Finally, a corporate restructuring will give GulTech, its associate, a much higher valuation than just 5.3x PER currently. Trading at only 0.7x book value, TSH is poised for a major re-rating. |
||||
| Good Post Bad Post | |||||
| 13-Apr-2011 10:27 |
Mencast
/
Cornerstone investor GAY CHEE YONG in mencast
Go to Message
|
||||
|
x 0
x 0
|
the secret to stocks.. buy when majority isn't buying.. sell when everybody wants to buy it.. |
||||
| Good Post Bad Post | |||||
| First < Newer 2401-2420 of 7452 Older> Last |