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SPC
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idesa168
Elite |
28-Sep-2007 14:16
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Congratulation CKS. Rewarded for being a loyalist! Looks like the bus have to leave without me. On am on the Chinese bus now...hehehe...SYNEAR! |
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chinkiasu
Master |
28-Sep-2007 10:28
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on ward to 6.8.... but hey, lookcc, there is a warrant due 08/10/2007 |
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idesa168
Elite |
27-Sep-2007 21:15
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FYI....DJ Singapore Petroleum To Buy China Oilfield For US$223M (MORE TO FOLLOW) Dow Jones Newswires September 27, 2007 07:00 ET (11:00 GMT) DJ Singapore Petroleum To Buy China Oilfields For $223M SINGAPORE (Dow Jones)-- Singapore Petroleum Co. Ltd. (S99.SG) said Thursday it has bought offshore oilfields and got exploration working interests in Bohai Bay in China for $223 million. In a statement, SPC said its subsidiary, SPC E&P (China) Pte. Ltd., won a bid for all the shares of Sino-American Energy Corp., which owns the oilfields and exploration blocks in Bohai Bay. Sino-American is a subsidiary of Texas-based Ultra Petroleum Corp (UPL). "The rationale for adding Bohai to our stable is two-pronged," said Chief Executive Koh Ban Heng in the statement. "One, it is in line with our long-term strategy to grow our business through upstream activities. The other is to tap the vast potential of China, both as a major oil and gas-producing region and as a key market." SPC's share of the current Bohai production will be 4,300 barrels of oil a day, bringing SPC's total current oil and gas production to more than 11,000 barrels of oil equivalents a day. SPC said it does not expect the deal to have any material impact on the earnings per share and the net tangible asset per share of the company for the current financial year. The acquisition will be funded through internal resources and bank borrowings and is expected to be completed by the end of October. On a proforma basis, the net profit from the acquisition for the six months from July to December this year is expected to be S$12 million. It would have raised earnings per share from 55.2 Singapore cents to 57.6 Singapore cents last year, assuming the transaction had been completed by Dec. 31, 2006. -By Vladimir Guevarra, Dow Jones Newswires; +65 6415 4155; vladimir.guevarra@dowjones.com (END) Dow Jones Newswires September 27, 2007 07:31 ET (11:31 GMT) Copyright (c) 2007 Dow Jones & Company, Inc. |
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idesa168
Elite |
27-Sep-2007 21:08
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I think refining margin is still the critical one to look at. The new and existing oil field that SPC had just acquired or own them already, are to feed their own 285,000 barrel refinery. I think this E&P is a move to cut cost rather than intention to profit from high crude oil. This will ensure SPC is self sufficient without affecting much if the crude oild goes up high. So the products from refinery still counts. So far, with oyong coming on stream and existing Kakap, plus the newly acquired Bohai (cost SPC $233M), SPC will have 11,000 barrels of oil a day. It's still far reach from the 285,000 refinery which they shared with Chevron. |
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ygc91285
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27-Sep-2007 20:58
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Agreed. Acquisition of such asset will put SPC in a better position for higher growth and profit margin. E&P is a very very good business...with crude oil price will only go up and up.. Think the stock will cheong to another level.... |
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idesa168
Elite |
27-Sep-2007 20:26
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SPC with so many assets, recent purchase of Bohai in China, how not to value SPC above $10.00. I am waiting for opportunity to enter! Those vest, hold tight. The mkt will show you the true value of SPC soon, I hope very soon.....but must be after I take position...hehehe! |
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lookcc
Master |
27-Sep-2007 18:21
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cks, on leave 2day n observing intra-day trading of spc 2day, m of strong opinion that spc thru-out 2day is result of shortist(s) playing it. Shortist(s) has/have up to (the most) 12th of next month 2 play this counter...cos Q3 financial result shud b out ard 15th oct.......so, 4 next 2 wks (if sentiments not good) i wud short spc too...starting 2morrow (if dj is down >70 at closing 2morrow morning.....sg time). |
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idesa168
Elite |
27-Sep-2007 09:40
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Agree with all of you. If mkt smooth sailing from now to Feb 08, no recession, no credit crunch, SPC should be heading north, $7.20 to $8.50 range. That's why I am a little anxious about SPC share price now being on a little high for me to enter. If it drops a little...hehehe (no offense ah)...I will get in and ride up tp $8.00 range. |
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lookcc
Master |
27-Sep-2007 01:34
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cks, i too think eps fy2007 83 cts is extremely low...100cts is likely, cud even b more than 100cts....results 4 for q3 shud b out next mth n for fy2007 shud b out in feb 2008 BUT what is most relevant wud b how the market is between now n mid to end oct tis yr n btween early and late feb next yr.If usa no recessn by end feb next yr, then pe cud be btween 8 to 10 (px wud then b fm $8 to $10.00. PE, as u know is dependent on px (not only eps). m a punter, so oso hope no recession...contra is better than naked short (my opinion) cos hv 4 trdg days to close, naked shorting dangerous if not closed position intraday itself. Hence, wat px spc wud b fm now 2 feb depends on really whether usa recession or not. |
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chinkiasu
Master |
27-Sep-2007 00:32
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Dear Smallchange... I am fully aware of DBS research forecast dated 25th, they have also comment earlier this month and I have made my own comments. Bottomline the analyst for reasons best know to him is ultra conservative and even some calculations do not add up.... in my earlier comments I have pointed out that even with their refinery margins lowered to the levels they talked about, their figures are really skewed to the very low side for reasons best known to them (pls check my earlier posts, I am very tired repeating the same things and do not wish to argue: all i ask of you is to take their refining margins and work it out for yourselves) the eps should still be about 1.00 so you just have to decide on your own... perhaps we just wait for the results no point arguing on this... the facts will reveal itself in a 100 days time... |
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idesa168
Elite |
27-Sep-2007 00:00
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The Refining margin which is always defined in US$, will have some impact on the bottom line of SPC earning if US$ remains weak at 1.49. I also suspect that the crude oil spike up is also due to the weak US$ apart from some other reason like geopolitical unrest, calamity, etc. |
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lookcc
Master |
26-Sep-2007 22:16
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spc did not hit 6.70 at all today, mayb 2morrow if dj ends up if not, mayb next wk, mayb next mth, mayb next yr but then mayb even b4 see 6.70 ...begin 2 SNAIL slide to below 6.00 over tis mth to mid jan 2008.....just mayb hor, no malice or offence insinuated. |
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smallchange
Member |
26-Sep-2007 12:54
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Hi Candice Sorry, I think ur guess is as good as mine. I'm basically a "fundamentalist". I only use whatever little I know of TA to enter or exit the market. CKS has provided an answer. Perhaps some other TA experts in this forum can also help, ya? btw CKS, DBS Research(dated 25th Sept) on SPC's '07 forecast earnings is 83cents with 12 mth target price of $6.70. (Can view the full posting on Shareinvestors forum). My own calculatuion is 85.5 cents (without considering Oyong) and at PE of 8 gives a price of $6.84. So anywhere between this and ur calculation is a good guide. |
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chinkiasu
Master |
26-Sep-2007 08:43
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i think today, the market depth show very low queues to sell at 6.50 in fact it has moved to 6.7 |
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candice
Member |
26-Sep-2007 08:26
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Mr smallchange When do you think the resistance can be clear? Candice |
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chinkiasu
Master |
26-Sep-2007 06:38
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Hi smallchange, its good to note SPC testing 6.50 in relatively heavy volumes... we have not seen this for a few weeks.. I suspect it would break thru the barrier even this week... and then we go for 7.00. btw, if we follow my argument of eps 1.00, the fair value of this stock should easily be 8.00 if PE of 8 |
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smallchange
Member |
25-Sep-2007 16:55
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Hi CKS Good to have other interests too. Idesa168 seem to know you pretty well! Are you both good friends? Anyway I am also vested in SPC. Resistance at $6.50 very strong but on the bright side, once clear, it shd become a very strong support, I think. |
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chinkiasu
Master |
24-Sep-2007 21:49
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hi smallchange welcome!! re your question, I wish I had just concentrated fully on SPC but alas I did not which is causing me some heart burn as I would now be clearly 15% up and not just languishing.. but I had 50% of my stocks in SPC. but I also have other interests as idesa168 has suggested... like taking pics now of wild animals & birds, sceneries etc ...and I love good wine, although I drink a lot of tiger beer too... |
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idesa168
Elite |
24-Sep-2007 19:21
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CKS is also vested in the wild animals, and beautiful wine! |
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smallchange
Member |
24-Sep-2007 14:45
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Dear CKS I admire your diligence in your calculations for SPC's earnings. Out of curiosity, are you vested in SPC only? |
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