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Why such low volume?
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yipyip
Master |
29-Jul-2009 12:07
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Healthy sequential growth expected in 3Q09 Reiterate SELL. OCBC 27/Jul/2009 We have revised our FY09 sales forecast upwards by 7.7% to take into account of the better outlook. While it is without doubt that Chartered has been making significant improvements in its business operations and financial position, we believe that the group may only reach its breakeven utilization of 75% in 2Q10, as opposed to 4Q09 as expected by management. At current price, the stock also seems to have run ahead of its fundamentals. As such, we keep our SELL rating for now, but revise our fair value upwards from S$1.40 to S$1.46 (0.6x FY09F NTA) on better earnings forecasts. 2Q09 results ahead of expectations. Chartered Semiconductor reported its 2Q09 results last Friday. Revenue fell 23.7% YoY (+43.1% QoQ) to US$349.0m but was slightly ahead of our expectation of US$340.4m and its revised guidance of US$338-348m. Net loss attributable to Chartered, on the other hand, registered US$39.4m, reversing its profit of US$43.4m in 2Q08 (US$98.8m loss in 1Q09), but similarly exceeded our estimate of US$50.7m loss and its guidance of US$45-53m loss. Key variances between our quarterly forecasts and the results came mainly from higher revenue, a US$18m favorable impact from a change in depreciation policy (effective from 4Q08), stronger contribution from associates, and a US$8.8m tax benefit from recognition of deferred tax assets for Fab 3E's unabsorbed wear-and-tear allowances and tax losses. For 1H09, we note that revenue totaled US$593.0m (-29.9% YoY, -27.3% HoH), making up 46.9% of our FY09 sales projections, while net loss reached US$138.2m (2Q08: US$45.8m profit, 1Q09: US$138.4m loss), or 55.6% of our full-year loss figure. Communications and computer sectors to drive 3Q09 growth. As Chartered progresses into 3Q09, it is seeing healthy sequential growth in its business, driven mainly by the communications sector and computer sector to a lesser extent. Based on the current outlook, the group is expecting its 3Q09 revenue to hit US$382-394m (up 9.5-12.9% QoQ) and its net loss to narrow to US$17-27m. Its utilization rate, likewise, is expected to improve to 67-73% from 60% in 2Q09. In order to capitalize on the momentum seen in its leading-edge technologies and customer engagements, Chartered is also increasing its FY09 capex to US$500m from US$375m as guided previously. We understand that this additional capex will be used to increase Fab 7's capacity to 31,000 12-inch wafers per month by 1Q10, although it is not expected to add significant capacity this year. |
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Andrew
Master |
31-May-2009 23:22
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The keyword here is "inappropriate".....I guess negotiation has started.....T has never use the word in the past.
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AnthonyTan
Elite |
31-May-2009 09:20
Yells: "patience" |
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Despite" Temasek declined to comment on the speculation" such a big and important deal must have taken quite some time for negotiation. This is not going to the market and say ok, I am going to buy fish, chicken,beef, etc etc for today. Just buy and go home. If there is no flame, there is no fire. Or somebody make out the story. Just wondering ??????????? |
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Andrew
Master |
31-May-2009 02:01
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This is probably the worst kept secret.....just like Venture on GES..... According to BT today, I quote "Temasek declined to comment on the speculation, saying it was 'inappropriate'." So....how much again ??
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smartrader
Elite |
29-May-2009 22:53
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CNA confirmed no formal bid. Investors will lose big time if the offer of $2.50 is accepted, ie. 25 cents per share before consolidation.. ATC is smart to get a cheap technology company overnight....info. i do not own any shares of chartered.. | ||||
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AnthonyTan
Elite |
29-May-2009 14:10
Yells: "patience" |
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"CSC wishes to clarify that it has not received such a bid from ATIC" ???????Is there a bid or not. ???????Can anyone throw some light regarding this matter, thanks | ||||
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tch77_pt75
Member |
29-May-2009 11:36
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Nevetheless, this stock should still close the gap with the one listed in the States. It is lagging far too behind | ||||
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Alligator
Veteran |
29-May-2009 11:24
Yells: "learning from past " |
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ANNOUNCEMENT Today's Business Times reported that "BT understands [Chartered] has received a bid from Advanced Technology Investment Company (ATIC) to buy Temasek Holdings's near-60 per cent stake at between $2.40 and $2.60 a share". Chartered Semiconductor Manufacturing Ltd ("Chartered") wishes to clarify that it has not received such a bid from ATIC. From time to time, Chartered engages various parties in discussions to pursue business opportunities or concerning the strategic direction of the company, with a view to maximizing value for all shareholders. There is no assurance that any definitive or binding agreement will result from these discussions. Shareholders of Chartered are therefore advised to exercise caution when dealing in their shares in Chartered. Issued by CHARTERED SEMICONDUCTOR MANUFACTURING LTD. May 29, 2009 Singapore |
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tch77_pt75
Member |
29-May-2009 11:16
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I think the current Chartered Semiconductor price, listed in Singapore, is extremely low when compared to the one listed in the States. The price should more or less be comparable but sad to say, it is not so. | ||||
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rutheone1905
Veteran |
29-May-2009 10:46
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take over price ard $2.40 | ||||
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oinkoink1999
Senior |
29-May-2009 10:42
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now I know why there is share consolidation...2.18 definitely looks good on papers compared to 0.218 if you are looking for a buyer.... | ||||
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Andrew
Master |
29-May-2009 10:30
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If they bought at least 30%, they need to make a general offer for all the remaining shares. If more than 90% accept the offer, the company will go private. To stay public, they need to find at least 500 shareholders lor....and at least 10% float...
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rabbitfoot
Veteran |
29-May-2009 09:15
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After the 60% takeover, I think Chartered will still be listed. Abu Dhabi's takeover is a great boost as they have a big stake in AMD (world's 2nd largest after INTEL). Just imagine, AMD outsourcing wholly to Chartered .... |
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Chewbacca
Member |
29-May-2009 09:06
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If really taken over and privatized....I'm going to guess that the current shareholders will get a pretty nice exit deal of some sort..... Heart still pain. |
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rabbitfoot
Veteran |
29-May-2009 09:00
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Arrgh ! Halted leow. Looks like takeover is a reality now ! |
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rabbitfoot
Veteran |
29-May-2009 08:54
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Oh dear ! As reoprted in BT today, if Abu Dhabi company buy 60% of Chartered from Temasek, what will happen to its listing ? Will Chartered be privatised ???? | ||||
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Zelphon
Senior |
29-May-2009 08:50
Yells: "Hauttttttttt AHhhhhhhh !!!" |
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Buy back in opening trade loh..
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Chewbacca
Member |
29-May-2009 08:44
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Oh, god. Already feel heart ache when I sold it off @ 1.96 2 days ago when there's been nearly no movement at all. ANGER! PAIN! SUFFERING! |
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Zelphon
Senior |
29-May-2009 08:11
Yells: "Hauttttttttt AHhhhhhhh !!!" |
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Time to BUY CHARTERED !!!!
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knightbridge
Veteran |
28-May-2009 21:51
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For a company that is bleeding and bleeding. Able to hold at this price is consider good performance.. People buying at this price based on fundamental are expecting it to make money very soon.. Only if they can make profit then likely to see some more action.. so far havent see charter reporting a very good year of net profit.. Track record compare to other chipmaker in taiwan or US are relative weak based on benchmark.. (That is my view only, if i going to invest in chip maker i most likely choose the one in taiwan or US)
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