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A Wuhan Iron & Steel Co. unit will set up an 80 million yuan ($15.5 million) building materials joint venture with Singapore’s Engro Corp. in the central Chinese city of Wuhan, the company said in a statement to the Shanghai stock exchange today.
/theedge/
They jus announced their FY2007, made a turn around from loss of 7mil to 8mil profit this year. Revenue increased with the demand for cement and chemicals. will be paying a dividend of 18.29cts with tax and 3cts tax exempted. With NAV at $1.28, this stock is definately undervalued and give pretty good yield too.
When we talk abt cement, 2 companies always come up in mind and they are HLA and Pan Utd. Any1 notice this fellow? On top of the cement and chemical business, they have a 10% share of Sentosa cove projects with Ho Bee, which is also their substantial shareholder. Chua TP of HB sits in both co and they have been quitely buying back since a few mths ago. the trade is v small as there is a small float but it has been pretty consistence at around 2 trades a week. Why are they buying? Privatising? With NAV around 1.3, it is still a discount. i kept mine ex rights til now and will mostly keep for mid term. with overall mkt down 15-30%, this baby has managed to hold with the mgt buying around 1.15 to 1.18. hope it will wake up engrow soon.