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CPO futures rebounded near 2,500 ringgit per tonne as per my previous post.

New posts on the following stocks at SP forum.

Hyflux
Genting International
First Resources
China Sports
Sunvic
NOL

 

What's the support for crude oil? What are the support levels for CPO futures and stocks? Find out here.

 

TA on First Res. Working on Golden Agri.

 

Details of Oceanus interview at SP forum.

 

Breaking news!

Indofood Agri Resources is looking to sell 10% to 15% of its shares to raise between US$300 million and US$350 million, Bisnis Indonesia reported, quoting unnamed sources.

The company would use the proceeds to pay a bridging loan maturing in the third quarter.

The unit of PT Indofood Sukses Makmur hasn't decided if the shares will be sold via a rights issue or private placement, the report said.

However, the company said it did not plan to issue new shares to help repay loans that will become due next month.

"We intend to refinance this loan using longer-term loans and we are negotiating with several local banks right now," Indofood Agri chief executive Mark Wakeford told Reuters.

"We've got no plans to do any equity raising for the August deadline," he added.

 

Correction:

Apac Coal offered up to 75m new shares. But it only reached slightly above the min subscription level of A$7m, issuing 35.727m shares.

 

Apac Coal received a poor response probably due to poor market sentiment. Investors only subscribed to 7m out of the 15m shares, meeting minimum requirement for listing.

 

Apac Coal (Magnus' subsidiary) hit a low of A$0.13 from its IPO price of A$0.20.

 

Hyflux has executed key agreements for the world's largest reverse osmosis desalination plant of 500,000m³/day in Magtaa, Oran, Algeria.

 

Bought Hyflux at $2.70.

 

Sold at $0.295 for a quick punt.

Nostradamus      ( Date: 29-Jun-2008 19:02) Posted: Bought Bio-treat at $0.245.

 

Why has China Energy been rising these 2 days? Find out at SP forum.

 

DBS Vickers, which has Hold call with $12.56 target, doesn't expect Keppel to make significant provisions as it had known earlier that MPU was facing financing issues; "any impact will not be significant given that the project is not sizable to Keppel''s O&M revenue."

CIMB, which retains Outperform call, $13.70 target, says while next course of action hasn't been decided, ownership of vessel remains with MPU; "we believe it is unlikely for Keppel to complete the project and sell in the open market."

 

Keppel Corp fell on concerns EUR140 million contract with client MPU Offshore Lift ASA may be in jeopardy as latter planning to file for bankruptcy in Norway. Unit Keppel Velrome landed contract in Dec '06 to build floating heavy lifter for MPU.

Keppel Corp. says it has stopped work on project with immediate effect, taking steps to preserve its contractual rights. Company adds it has received payments from MPU to meet all costs for project incurred to date, but hasn't mentioned how much MPU still owes it. Doesn't expect case to affect FY08 earnings.

Still, news won't bode well for investors, especially coming after recent price dispute with client Fred Olsen Energy.

In a research report, JP Morgan analyst Winnifred Heap said the loss of the project will reduce Keppel's earnings by $9 million for financial year '08 and by $13 million in '09.

 

Forecasted Mapletree DPU yields for '08 and '09 are at shareportal forum.

 

this one is going down further.

Nostradamus      ( Date: 29-Jun-2008 19:02) Posted: Bought Bio-treat at $0.245.

 

Bought Bio-treat at $0.245.

 

At first glance, RIM's lower-than-expected 1Q09 results, 2Q09 guidance may be taken negatively for Hi-P, but shortfall due to higher marketing expenses, Credit Suisse says. Notes device sales not slowing, Hi-P still seeing strong orders, derives 30%-35% of sales from RIM. Says 2Q09 revenue guidance actually better as RIM continues to see healthy subscriber adds, device sales, ASPs, gross margins. Notes as more players enter smartphone market, promotion efforts need to be stepped up. Notes Hi-P raised guidance last week, expects strong order momentum from RIM with influx of new model. Says Hi-P shares remain cheap at 5X-6X P/E, 0.9 P/B, despite being comfortably profitable with strong profit improvements.

 

Olam International will export wheat, barley and canola through its wholly-owned subsidiary, Queensland Cotton, starting Jul 1, a senior company executive said Fri.

Richard Haire, CEO of Queensland Cotton, said he expects the company, which diversified into the pulses and niche grains market with the acquisition of Mt Tyson Seeds in '03, to export 150,000-250,000 metric tons of wheat, barley and canola in the '09 financial year starting Jul.

"We do want to be a mainstream player so we'll be looking at trading around 1 million tons of wheat within the next 5 years, and some of that will be domestic trade," said Haire.

In other words, Queensland Cotton is aiming to account for close to 10% of Australia's export market, estimated at around 12 million tons this year, within 5 years.

Australia's government has passed laws deregulating its bulk wheat export trade from Jul 1. Queensland Cotton will be applying for an export accreditation under this new export marketing system.

Queensland Cotton has access to around half of Australia's wheat output through the Mt Tyson Seeds network and its footprint in the major grain producing regions in northern New South Wales and southern Queensland.

"We are on the lookout for opportunities to invest capital in very selective supply chain operations, such as a logistics-type facility or some first stage processing facilities...we''re certainly looking for those strategic investment opportunities in eastern Australia," said Haire.

Asia and Africa will be the main export destinations for Olam's grain business as it has strong marketing access to these regions, he added.

 

Weakness in Cosco could be due to dilution concerns triggered by its latest plan to increase number of ADRs by up to 100 million from 10 million currently in bid to enlarge market for its shares, boost profile in international capital market. But UOB-KayHian analyst Mark Tan says concerns unfounded, as new ADRs will be formed using existing shares, with no new shares to be issued; "we have spoken to Cosco's management and they have confirmed that there will be no dilution."