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ADVANCE SCT LIMITED
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underdog2006
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16-Jul-2010 00:25
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Just got news from SGX that 60m+ new shares will be listed tomorrow? Will this lead to a massive sell down with so much additional supply through the placement? |
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srntyb
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21-Jun-2010 18:02
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I have no idea..there's been talks of consolidating debt and there's its joint venture. But that was so 'yesterday'. Anybody knows if there were any big buy ins? | ||||
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Hulumas
Supreme |
21-Jun-2010 16:26
Yells: "INVEST but not TRADE please!" |
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WHY?
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srntyb
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21-Jun-2010 10:06
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OMG! It moved today...its alive! | ||||
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iPunter
Supreme |
20-May-2010 21:23
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You are right... Penny stocks is where the big money is... It can make you jump overnight...
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alexchia01
Elite |
20-May-2010 21:15
Yells: "Catch The Stars And Ride With Them" |
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I don't about you guys, but I don't like to play stocks below 0.20. Any stocks below 0.20 are usually below the radar and can wait a long time before anyone notice them. Beside 0.01 up or down can quickly hit my cut loss point. Can end up cutting more losses than making profits. |
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iPunter
Supreme |
20-May-2010 21:08
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Thus, downtrends can also be discernble even in the penny stocks... 
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wishbone
Master |
20-May-2010 21:03
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I bought this one also at 0.070, 100 lots and I cut loss at 0.045 many months back after waited for quite some time. I doubt this counter will move up in short to mid term.Long term wise, I also have no faith in this company any more unless there are some strategic changes. Out of my radar screen.
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iPunter
Supreme |
20-May-2010 19:25
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That's very sad... 
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Hulumas
Supreme |
20-May-2010 19:15
Yells: "INVEST but not TRADE please!" |
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My cost price Sgd. 0.07, 3300 lots, all I cut loss from Sgd. 0.045 to today <Sgd. 0.035. Just too bad. I switch all the fund to other penny stocks!
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iPunter
Supreme |
20-May-2010 03:26
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This one is already trading at 3c...
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underdog2006
Member |
20-May-2010 00:04
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The company seems to be positioning itself aggressively for a turn-around as it disposes off all non-core assets and secures strategic investors to clean up its current debt. Interesting developmentts recently including the news on its debt restructuring. Though the company is technically insolvent, its financers may still find the company's long-term fundamental market prospects to be compelling enough to extend credit. Current price point of 3 cents may be a rallying point. In further demonstration that Advance SCT is cleaning up its balance sheet, it has announced further today that it is issuing 60,907,336 new shares for a portion of outstanding debt. This further reduces the net tangible liability per Share of the Company from (14.15) cents to (12.15) cents. I believe there could be further securitisation of debt owing creditors as the balance sheet continues to be cleaned up. This is definitely a speculative play but if things start turning, we could be looking at a multi-bagger! Trading at 3 cents now ... |
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iPunter
Supreme |
25-Nov-2009 04:20
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Like most pennies, this one is still downtrending ... and may go for the gap-filling thingy @ .35... |
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ROI25per
Master |
07-Dec-2007 15:31
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this will be 1 of the future billion $ company... | ||||
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happyse27
Member |
07-Dec-2007 10:59
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www.dbsvickers.com Refer to important disclosures at the end of this report Advance Sct Limited Higher earnings growth to offset equity dilution �� Story: Advance SCT has completed the placement of 50m ordinary shares at an issue price of S$1.01 per share, which should be listed on SGX today. �� Point: Proceeds of S$50.5m would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. As such, we are conservatively raising our FY08 and FY09 earnings estimates by 10% each based on lower interest burden, higher margins at the Chinese smelter and potential buy-out of minority stake in Malaysian smelter. �� Relevance: Maintain BUY at one-year target price of S$1.40 based on 14x fully diluted FY08 EPS. We see a very healthy upside of over 42% at the current stock price. Potential acquisition announcements would be the catalyst for the stock price. High institutional interest is evident in the size and price of the equity issue. The issue price of S$1.01 is based on 8% discount to the average share price of S$1.10 on 13 Nov 07, the date when the placement agreement was signed. About 80% of the new shares are placed to institutional investors while 20% are placed to high net worth individuals. Upon completion of the placement exercise, ASCT?s share capital would increase by 18.9% to 314.2m shares. M&A is on the horizon. Out of the placement proceeds of S$50.5m, about S$20m would be used to fund the working capital requirements while the remaining would be invested in growth opportunities. We see a strong possibility of two M&A activities. (1) ASCT acquiring the remaining 20% stake in the Malaysian smelter, which kickstarted in Mar 07 and is generating good profits already. (2) ASCT could also buy more recycling capacity in Europe or US to secure cheaper scrap copper for the smelter. This move would further enhance net margins for smelter, as scrap copper in Europe is cheaper than Asia, due to lower demand in Europe as a result of environmental concerns. Higher margins at Chinese smelter. Management has guided that net margin per tonne for the smelter plant in China should be better than the previous assessment of USD 130 per tonne due to lower cost of scrap copper. The Chinese government has stopped issuing new imports licences for scrap copper and ASCT is among the last few companies to secure one. Since, ASCT would be able to import cheap scrap copper from its own recycling business in different parts of Asia, it implies higher margins for ASCT?s smelter in China, which uses scrap copper as raw material. We have assumed net margins of USD 200 per tonne for FY08 and FY09, which is fairly conservative compared to management?s expectations. Buy S$0.975 STI : 3,372.64 Price Target : 12-Month S$ 1.40 (Prev S$ 1.45) Reason for Report : Company update Potential Catalyst: Acquisition annoucement, A good set of 2H07 numbers, capacity expansion announcements ANALYST Sachin Mittal +65 6398 7950 sachin@dbsvickers.com SHARE PRICE CHART FORECASTS AND VALUATION FY Dec (S$ m) 2006A 2007F 2008F 2009F Turnover 267.4 666.1 936.4 1,211.4 EBITDA 11.5 33.4 62.1 83.8 Pre-tax Profit 7.2 25.0 46.9 67.4 Net Profit 5.8 19.4 39.3 56.9 Net Pft (Pre Ex.) 5.8 19.4 39.3 56.9 EPS (S cts) 2.7 7.3 12.5 18.1 EPS Pre Ex. (S cts) 2.7 7.3 12.5 18.1 EPS Gth Pre Ex (%) N/A 168 71 45 Diluted EPS (S cts) 4.0 6.4 10.0 14.4 Net DPS (S cts) 0.7 0.6 0.5 0.5 BV Per Share (S cts) 29.4 49.2 53.4 71.0 PE (X) 35.6 13.3 7.8 5.4 PE Pre Ex. (X) 35.6 13.3 7.8 5.4 P/Cash Flow (X) 27.8 11.3 7.0 4.9 EV/EBITDA (X) 21.7 9.1 5.8 4.3 Net Div Yield (%) 0.8 0.6 0.5 0.5 P/Book Value (X) 3.3 2.0 1.8 1.4 Net Debt/Equity (X) 0.7 0.3 0.3 0.2 ROAE (%) 18.6 20.2 26.4 29.1 0 .0 0 0 .2 0 0 .4 0 0 .6 0 0 .8 0 1 .0 0 1 .2 0 N o v - 0 6 F e b - 0 7 A p r - 0 7 J u l - 0 7 S e p - 0 7 N o v - 0 7 S $ A d v a n c e S c t L im i t e d 1 0 0 -D a y M A AT A GLANCE Issued Capital (m shrs) 314.2 Mkt. Cap (S$m/US$m) 308 / 212 Major Shareholders Yeok Kian Tea (%) 25.2 American International Group (%) 8.5 Lim Andy (%) 7.1 Free Float (%) 59.2 Avg. Daily Vol.(?000) 3,764 Earnings Rev (%): 2008: 10.7 2009: 10.3 Consensus EPS (S cts): 2008: 13.1 2009: 17.7 Variance vs Cons (%): 2008: (4.6) 2009: 2.3 Sector : Technology Bloomberg/Reuters Code: ASCT SP/ASCT.SI Principal Business: The Group provides a complete copper material solution from global sourcing and processing to eventual global sales and distribution of copper materials and related products. DBS Group Research . Equity 28 Nov 2007 Singapore Company Focus Company Focus Advance Sct Limited 2 of 4 Absolute Net Profit Contribution In S$ millions 06A 07F 08F 09F Copper Smelting ? Malaysia 0.0 11.8 18.0 20.9 Copper Smelting - China JV 0.0 0.0 7.2 8.6 Copper Refining 0.0 0.0 6.2 18.7 Testing and Finishing Services 5.4 4.1 4.5 4.8 Recycling and Supply chain management 6.2 5.8 4.8 5.6 11.6 21.7 40.8 58.6 Minority Interests 2.4 1.4 1.7 Net profit 19.4 39.3 56.9 Assumptions on capacity utilisation and profit margins 07F 08F 09F USD-SGD Exchange rate 1.47 1.44 1.44 LME Price 7500 7700 7700 Malaysia Smelter capacity utilisation (metric tonne) 24000 50000 58000 Malaysia smelter margins per tonne (USD) 335 250 250 China smelter capacity utilisation (metric tonne) 0 25000 40000 China smelter margins per tonne (USD) 0 200 200 Refining capacity utilisation (metric tonne) 0 14400 43200 Refining margins per tonne (USD) 300 300 300 Recycling capacity utilisation (metric tonne) 110000 120000 140000 Recycling margins per tonne (USD) 40 40 40 Source : Company, DBS Vickers Company Focus Advance Sct Limited 3 of 4 Income Statement (S$ m) Balance Sheet (S$ m) FY Dec 2006A 2007F 2008F 2009F FY Dec 2006A 2007F 2008F 2009F Turnover 267.4 666.1 936.4 1,211.4 Net Fixed Assets 33.7 54.5 56.8 57.7 Cost of Goods Sold (249.5) (608.4) (828.6) (1,056.2) Invts in Assocs & JVs 1.6 1.6 1.6 1.6 Gross Profit 17.9 57.7 107.8 155.3 Other LT Assets 2.6 14.4 14.4 14.4 Other Opg (Exp)/Inc (8.2) (27.6) (50.4) (77.5) Cash & ST Invts 16.7 89.0 85.4 80.4 EBIT 9.7 30.1 57.4 77.8 Other Current Assets 81.7 141.2 195.6 265.9 Other Non Opg (Exp)/Inc 0.0 0.0 0.0 0.0 Total Assets 136.2 300.7 353.7 420.0 Associates & JV Inc 0.1 0.0 0.0 0.0 Net Interest (Exp)/Inc (2.6) (5.1) (10.5) (10.4) ST Debt 47.7 115.3 115.3 115.3 Exceptional Gain/(Loss) 0.0 0.0 0.0 0.0 Other Current Liab 11.0 33.5 47.3 56.5 Pre-tax Profit 7.2 25.0 46.9 67.4 LT Debt 13.4 17.4 17.4 17.4 Tax (1.2) (3.2) (6.1) (8.8) Other LT Liabilities 1.6 1.6 1.6 1.6 Minority Interest (0.2) (2.4) (1.4) (1.7) Shareholder?s Equity 61.9 129.9 167.7 223.1 Preference Dividend 0.0 0.0 0.0 0.0 Minority Interests 0.6 2.9 4.4 6.1 Net Profit 5.8 19.4 39.3 56.9 Total Cap. & Liab. 136.2 300.7 353.7 419.9 Net profit before Except. 5.8 19.4 39.3 56.9 EBITDA 11.5 33.4 62.1 83.8 Non-Cash Wkg. Cap 70.6 107.7 148.3 209.4 Sales Gth (%) N/A 149.1 40.6 29.4 Net Cash/(Debt) (44.4) (43.6) (47.3) (52.2) EBITDA Gth (%) N/A 189.7 85.7 35.0 EBIT Gth (%) N/A 210.4 90.7 35.5 Effective Tax Rate (%) 16.9 13.0 13.0 13.0 Cash Flow Statement (S$ m) Rates & Ratios FY Dec 2006A 2007F 2008F 2009F FY Dec 2006A 2007F 2008F 2009F Pre-Tax Profit 7.2 25.0 46.9 67.4 Gross Margin (%) 6.7 8.7 11.5 12.8 Dep. & Amort. 1.7 3.3 4.7 6.1 EBITDA Margin (%) 4.3 5.0 6.6 6.9 Tax Paid (1.3) (2.6) (3.2) (6.1) EBIT Margin (%) 3.6 4.5 6.1 6.4 Assoc. & JV Inc/(loss) (0.1) 0.0 0.0 0.0 Net Profit Margin (%) 2.2 2.9 4.2 4.7 Chg in Wkg. Capital (5.6) (37.7) (43.4) (63.7) ROAE (%) 18.6 20.2 26.4 29.1 Other Operating CF (0.1) 0.0 0.0 0.0 ROA (%) 8.5 8.9 12.0 14.7 Net Operating CF 1.9 (12.1) 4.9 3.6 ROCE (%) 15.1 18.5 25.2 27.0 Capital Exp.(net) (7.8) (25.0) (7.0) (7.0) Div Payout Ratio (%) 26.7 8.0 3.9 2.7 Other Invts.(net) (0.7) 0.0 0.0 0.0 Interest Cover (x) 3.8 5.9 5.5 7.5 Invts in Assoc. & JV 0.0 0.0 0.0 0.0 Debtors Turn (avg days) 47.6 39.4 34.7 36.0 Div from Assoc & JV 0.0 0.0 0.0 0.0 Creditors Turn (avg days) 5.9 11.1 14.9 14.4 Other Investing CF 0.0 0.0 0.0 0.0 Inventory Turn (avg days) 8.7 23.8 35.0 38.5 Net Investing CF (8.5) (25.0) (7.0) (7.0) Current Ratio (x) 1.7 1.5 1.7 2.0 Div Paid (1.5) (1.5) (1.5) (1.5) Quick Ratio (x) 1.5 1.1 1.2 1.3 Chg in Gross Debt (18.8) 61.2 0.0 0.0 Net Debt/Equity (X) 0.7 0.3 0.3 0.2 Capital Issues 24.7 50.4 0.0 0.0 Capex to Debt (%) 12.8 18.8 5.3 5.3 Other Financing CF 0.0 0.0 0.0 0.0 N.Cash/(Debt)PS (S cts) (21.1) (16.5) (15.0) (16.6) Net Financing CF 4.3 110.0 (1.5) (1.5) Opg CFPS (S cts) 3.5 9.7 15.4 21.4 Net Cashflow (2.3) 73.0 (3.6) (5.0) Free CFPS (S cts) (2.8) (14.0) (0.7) (1.1) PE Chart (x) 7.0 9.0 11.0 13.0 15.0 17.0 19.0 21.0 23.0 25.0 Jan-06 Jun-06 Nov-06 Apr-07 Sep-07 Source: Company, DBS Vickers Company Focus Advance Sct Limited 4 of 4 DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (0-15% total return over the next 12 months for small caps, 0-10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends DBS Vickers Research is available on the following electronic platforms: DBS Vickers (www.dbsvresearch.com); Thomson (www.thomson.com/financial); Factset (www.factset.com); Reuters (www.rbr.reuters.com); Capital IQ (www.capitaliq.com) and Bloomberg (DBSR GO). For access, please contact your DBSV salesperson. As of 28 Nov 2007, the analyst and his / her immediate family do not hold positions in the securities recommended in this report. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the securities recommended in this report as of 26 Nov 2007. ANALYST CERTIFICATION The research analyst primarily responsible for the content of this research report, in part or in whole certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. This document is published by DBS Vickers Research (Singapore) Pte Ltd ("DBSVR"), a direct wholly-owned subsidiary of DBS Vickers Securities (Singapore) Pte Ltd ("DBSVS") and an indirect wholly-owned subsidiary of DBS Vickers Securities Holdings Pte Ltd ("DBSVH"). The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for general circulation. Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for the information of addressees only and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice. DBSVR accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities. DBS Vickers Securities Holdings Pte Ltd is a whollyowned subsidiary of DBS Bank Ltd. DBS Bank Ltd along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and their associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered broker-dealer, may beneficially own a total of 1% or more of any class of common equity securities of the subject company mentioned in this document. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company. DBSVUSA does not have its own investment banking or research department, nor has it participated in any investment banking transaction as a manager or co-manager in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. DBS Vickers Securities (UK) Ltd is an authorised person in the meaning of the Financial Services and Markets Act and is regulated by The Financial Services Authority. Research distributed in the UK is intended only for institutional clients. DBS Vickers Research (Singapore) Pte Ltd ? 8 Cross Street, #02-01 PWC Building, Singapore 048424 Tel. 65-6533 9688, Fax: 65-6226 8048 Company Regn. No. 198600295W |
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happyse27
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07-Dec-2007 10:45
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copper, silver and gold are rising. matter of fact another +50% or more | ||||
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huatah
Veteran |
07-Dec-2007 06:56
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Tinatio.. dun worry too much.. wat comes down must eventually goes up.. they will b commissioning their plant in the first quarter next year.. just a matter of month(s). Not vested. |
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happyse27
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07-Dec-2007 01:38
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new high today coming | ||||
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tinatio
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25-Nov-2007 16:30
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sad to see this stock drop to the level now and regretted not selling at $1.20....wanner when it will climp up again | ||||
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Kelvinbh
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20-Nov-2007 00:38
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Chile is the biggest copper producer in the world. An earthquake had halt operations at some of the world's biggest copper mines due to lost in power supply. Take a look at this http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=39739&sn=Detail Look like AdvSCT price will go up together with the copper price. Good luck. |
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