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12-Nov-2010 10:48

Top Global / Another super laggard ?

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pretty high activity today

ozone2002 ( Date: 09-Nov-2010 17:49) Posted:

got Oei connection..unlikely to go wrong.. =)

vested heavily

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12-Nov-2010 09:39

Swiber / Swiber

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x 0

have faith in the counter.. look @ the forest n not the trees..

SP: Swiber - 3Q10's gross profit up 80% yoy; re-rating is just round the corner.

Swiber Holdings (SWIB SP)        BUY
Price: S$1.08/Target: S$1.45                Analyst: Nancy Wei/Stella Tan         Tel: (65) 6590-6628/6629                 Mkt Cap: US$428.9b        Daily Vol: US$6.4m        1-Yr Hi/Lo: S$1.25/0.86

3Q10 Results

3Q10 net profit, -52% yoy, is distorted by lower gains from vessels sales of US$7.0m vs US$17.2m in 3Q09 as there were less sale & leaseback transactions and mark-to-market provisions.

Gross profit is a better gauge of operating performance. 3Q10 gross profit increased by 80% yoy with gross margin improved by 6.4ppt to 21.7% in 3Q10 from 15.3% in 3Q09. 3Q10 turnover increased by 27% yoy.

3Q10 EBITDA increased by a mere 5% because of mark-to-market expenses in 3Q10 - a) US$4.7m fair value loss on financial liabilities due to mark-to-market loss on Swiber's convertible bonds and b) US$5.2m FX loss due to translation losses on Swiber's S$-denominated debt (accounts are in US$).

Associate contributions declined by US$2.8m (-57% yoy) to US$2.1m in 3Q10 from US$4.9m in 3Q09 due to a JV experiencing operational deficit during its initial stage of operations.

Gross Profit

Our Take
We are pleased with 3Q10's good core performance and believe that a re-rating for Swiber is just round the corner. We attribute Swiber’s lacklustre share price ytd to its unexciting quarterly performance in 1H10. We expect the company's earnings to start mirroring its large orderbook of US$900m more meaningfully from 4Q10 onwards with the impact from the three Indian contracts. We maintain our earnings forecasts and target price of S$1.45 pending more details from today's analyst briefing. We append our last report for more details.

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11-Nov-2010 21:55

Swiber / Swiber

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CHIONG AH!!!!

the price had a rally today..looks like some news leaked out..so kelong..but i like..

zhixuen ( Date: 11-Nov-2010 21:37) Posted:

SWIBER ACHIEVES NET PROFIT OF US$8.0 MILLION ON

REVENUE OF US$122.4 MILLION IN 3QFY2010

- Gross profit surges 79.9% to US$26.5 million

on 27.5% increase in revenue to US$122.4 million

- Gross profit margin up 6.3 percentage points to 21.7%

- Net profit mainly affected by fair value accounting and forex losses

- Strong order book of US$800 million

Singapore

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10-Nov-2010 16:33

China Gaoxian / ChinaGaoxian

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27.5.. shiok shiok..made 75K and still counting.. hahahah

ozone2002 ( Date: 09-Nov-2010 17:46) Posted:

25c CHIONG AH!!!! the long fruitful wait

ozone2002 ( Date: 01-Nov-2010 16:33) Posted:

24c chiong ah!!

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10-Nov-2010 11:06

Nordic / Nordic - NEW IPO

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x 0

where's ya broker from?

ianong ( Date: 10-Nov-2010 10:06) Posted:

My broker did book building, each get 5 lots and i ignored it. Wat a waste!

ozone2002 ( Date: 10-Nov-2010 10:03) Posted:

30c!! 50% gain.. sheetz..should have applied this..

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10-Nov-2010 10:03

Nordic / Nordic - NEW IPO

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30c!! 50% gain.. sheetz..should have applied this..

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09-Nov-2010 23:07

Others / STX-OSV_new ipo

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x 0

Die Die must try!!!

goldman sacs + dbs..no brainer

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09-Nov-2010 22:58

Swiber / Swiber

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November 9, 2010, 8.37 pm (Singapore time)

Oil prices march on, NY crude at fresh 2-yr high

LONDON - Crude oil futures extended recent gains on Tuesday, with New York prices striking fresh two-year peaks, as the International Energy Agency forecast steady demand growth up to 2035.

New York's main contract, light sweet crude for delivery in December, reached US$87.63 a barrel - the highest level since late 2008.

It later stood at US$87.51, which was a gain of 45 cents compared with Monday's closing level.

Brent North Sea crude for December delivery reached a six-month high of US$89.02. It later stood at US$88.86, a gain of 40 cents, in London midday trade.

Oil prices have won ground in recent days owing to a weak dollar and after the US Federal Reserve's decided to inject an additional US$600 billion into the market to stimulate the world's biggest economy.

The International Energy Agency (IEA) meanwhile forecast that crude prices would grow to US$113 a barrel by 2035, despite environmental policies, essentially dooming climate-change goals.

Slightly more than a third of the new demand would come from China's appetite for energy. -- AFP

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09-Nov-2010 18:02

Sinomem / SINOMEM 'remains under-valued and mispriced'

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x 1

x 0

shoot..what rumors?

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09-Nov-2010 17:49

Top Global / Another super laggard ?

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x 0

got Oei connection..unlikely to go wrong.. =)

vested heavily

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09-Nov-2010 17:46

China Gaoxian / ChinaGaoxian

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x 0

25c CHIONG AH!!!! the long fruitful wait

ozone2002 ( Date: 01-Nov-2010 16:33) Posted:

24c chiong ah!!

ozone2002 ( Date: 22-Oct-2010 09:15) Posted:

really wait long long..but i don't mind..patience is the key to good stocks

every 1 c rise is 10K how to earn that kinda money..

SHIOK! =)

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09-Nov-2010 11:55

Swiber / Swiber

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x 0

bought more @ 1.06 from those contra forced sell

saw a DBS vickers report..CHIONG AH!!!!

Swiber Holdings, Buy S$1.08 , Bloomberg: SWIB SP
Earnings recovery intact
Price Target : 12-Month S$ 1.28 (Prev S$ 1.42)
By: Jeremy THIA +65 6398 7974

    ·                 Expect a strong finish to 2010 with seasonal order wins, award of
       contracts on tender.

    ·                 Reduce core FY10/11F by 50%/26% on revised recognition schedule;
       expect qoq improvement in 3Q10.

    ·                 Maintain BUY; TP revised down to S$1.28.

FY10 order wins assumption maintained at US$800m. We believe 4Q10 contract
awards could make up the outstanding order wins assumption of US$371m for
FY10 on the back of 1) potential awards of at least 4 major contracts worth
an estimated US$1.5bn in total; and 2) seasonal order wins for offshore
field development projects in Southeast Asia over 4Q10 to 1Q11.

FY10/11F cut on revised earnings recognition schedule assumption. Our
original earnings projections were too high, premised on shorter project
execution periods on smaller projects. In line with YTD contract wins and
Swiber’s aim to continue pursuing sizeable projects, we have adjusted the
assumed revenue recognition period to better match this, resulting in a
50%/26% reduction in FY10/11 recurring earnings forecasts. Notwithstanding
the cut, we project +268% y-o-y growth in FY10 earnings.

Sequential improvement in 3Q10 results to signal sustained earnings
recovery. We expect Swiber to post a recurring PATMI of US$11.5m for 3Q10
(vs. US$0.9m in 3Q09; US$4.7m in 2Q10) on sales of US$136.4m. This will be
largely driven by progressive recognition of its orderbook and positive
operating leverage, which will be reflected in improved EBIT margins of
12.3% (+6.3ppt y-o-y; +1.4ppt q-o-q).

Maintain BUY. Swiber’s TP is reduced to S$1.28 (prev S$1.42) on lowered
FY11 earnings and greater potential dilution with a lower conversion price
on its CBs, pegged to 10x diluted recurring FY11 PE. Maintain BUY on strong
expected order flows and earnings recovery, with potential upside should it
deliver stronger than expected margins.

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08-Nov-2010 15:59

Swiber / Swiber

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take note..

ozone2002 ( Date: 04-Nov-2010 09:19) Posted:

resistance is @ 1.09..

break that and fly to da mooooooon!!

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08-Nov-2010 11:18

Midas / Midas

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99.5.. baby u are the one..

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06-Nov-2010 11:25

GLD USD / Gold going up this year?

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Gold
Dec. 2010 contract
$ / troy ounce

Floor

1,397.70

+14.60

+1.06%

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06-Nov-2010 11:01

Swiber / Swiber

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Oil
+0.55
Price/barrel
$87.40

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05-Nov-2010 12:04

Swiber / Swiber

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Oil
+0.61
Price/barrel
$87.10

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05-Nov-2010 11:35

Swiber / Swiber

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lovely.. should break 1.09 resistance and move beyond 1.1... :)

bishan22 ( Date: 05-Nov-2010 08:15) Posted:

Oil - $86.68

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04-Nov-2010 16:49

Swiber / Swiber

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good doggie!! woof!..

Time Last Vol Buy/Sell

16:47:44 1.070 2 S

16:47:35 1.070 680 S

ozone2002 ( Date: 04-Nov-2010 16:37) Posted:

can somebody eat up the sell Q @ 1.07..

get on with it already...!!!!!!!!!!!

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04-Nov-2010 16:37

Swiber / Swiber

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can somebody eat up the sell Q @ 1.07..

get on with it already...!!!!!!!!!!!

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