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share price unchanged yesterday, and was in tight range ($0.24-$0.245) for ~10 days.
Yongnam wins record $168 mil subcontract
Yongnam Engineering & Construction, the wholly-owned subsidiary of Yongnam Holdings, the structural steel contractor, has won a structural steel subcontract worth $168 million for works at Marina One, a mixed-use development located at Marina South, Singapore?s new CBD.
The contracts were awarded by the main contractor which is a joint-venture between Hyundai Engineering and Construction Co. and GS Engineering & Construction Corporation.
The subcontract covers three packages in which Yongnam is expected to fabricate and construct a record of almost 30,000 tonnes of structural steelwork. One of the three packages involves the conversion of the original reinforced concrete design of the office towers to a composite structural steel design. The subcontract also includes the application of fire-proofing as well as the supply & installation of a specialist floor damping system, at 28th to 30th storeys, on the linkway floors connecting the two office towers.
Seow Soon Yong, CEO of Yongnam, says: ?This subcontract is a record win for us in terms of value and structural steelwork quantity and brings our order book to $397 million. The award of a subcontract this large is testament to the confidence and trust that the main contractor has in Yongnam and we are delighted to play a part in the addition of another iconic feature to Singapore?s cityscape. We look forward to continue contributing to the development of the Marina South area as it develops into a catalyst of Singapore?s continuing economic growth.?
The Marina One project is being developed by M+S Pte. Ltd., a company owned 60:40 by Khazanah Nasional and Temasek Holdings respectively. The development will comprise two 30-storey office blocks, two 34-storey residential blocks, four basement levels, an underground pedestrian network, and an ancillary road network. With lush greenery and waterfalls expected to feature in the building design, the project is expected to be a landmark feature at Singapore?s new CBD when completed in 2017.
Works for the subcontract is expected to be completed by the first quarter of 2016. This subcontract is expected to have a favourable impact on the group?s financial performance for the current financial year ending December 31, 2013.
Great piece of news. Hope they have more contracts to come with the ura master plan.
HugoLee ( Date: 25-Nov-2013 22:25) Posted:
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Hugo, catching falling knives?
HugoLee ( Date: 25-Nov-2013 22:25) Posted:
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Yongnam Holdings said on Monday that it had secured a record $168 million subcontract through its wholly owned subsidiary, Yongnam Engineering & Construction Pte Ltd. Yongnam will fabricate and construct a record of almost 30,000 tonnes of structural steelwork for Marina One, a mixed-use development located at Marina South, Singapore's new Central Business District.
:-)
Agreed dont think it will go below 20. Monitor for next week and c how. Good luck.
bishan22 ( Date: 31-Oct-2013 08:04) Posted:
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despite the drop, it is still high risk buy for me.....only looking to buy below 21.
*need
fulson ( Date: 31-Oct-2013 13:16) Posted:
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Thanks for the quick reply. I would like a quite a bit of luck judging from what you said. Can only hope operators and retailers will not lose hope in this counter then.
Rosesyrup ( Date: 31-Oct-2013 11:59) Posted:
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Erm, this is my projection for the industry:
next 2 years====> > > Weaker firms and those who can't adapt continue to collaspe
3rd year> > > > > > > New players come in and everyone inside industry struggle to perform well under the new game rules. The one who can adapt the best should be the new industry leaders.
4th year> > > > > > > Those who survived starts to show quick recovery
5th years> > > > > > Industry once again reach stablisation
So at least 5 years if Yongnam can hit 40cents. But there are chances it won't surivive the first 2 years or lose the market leader position in the third year. From what I see, Yongnam has pretty high chance of survivng the first stage but not the second stage (3rd year). In order not to add salt to wound, I won't reveal the lowest price which this counter can reach here. But all these are just my predictions, take it ith a pinch of salt.
Goodluck.
fulson ( Date: 31-Oct-2013 10:15) Posted:
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Hope you wrong on this counter. But so far reading your posts, you have been right about yoma and this. Any projection as to when it may go back to 0.4 level? I have to keep this for long term as if I cut now there will be too much realised loss.
Rosesyrup ( Date: 31-Oct-2013 00:13) Posted:
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Opening 0.245.
So, anybody managed to sell higher during matching?
So, anybody managed to sell higher during matching?
To clarify, I'm vested, but am staying put.
Looks like opening 0.255
Looks like opening 0.255
Is selling off ones holdings and try to buy back lower considered shorting? Lol. Might do so later.
Anybody dare to short this counter, after all these bad sentiments?
Please post here when you do so.
Last done: 0.265
Please post here when you do so.
Last done: 0.265
Think wont be below 20cents. 21 cents is bad enough.
Below 20 can pick n keep under pillow. Nvm on the penny saga.
Rosesyrup ( Date: 31-Oct-2013 00:13) Posted:
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To some the news may seems to be a surprise, but I have been warning of financial difficulties in this industry for almost 6 months already. The lastest announcement proved my points!!!!
I hope most people have heeded my advice and exited at 28cents. If you have not, try to look for opportunity to exit at a reasonable price, because this is really just the beginning. More problems to come!
To a certain someone who keep rasing the doubt that I might be be trying to talk down the price just to get in. Hope this prove my innocence.
I have done my best to minimize causualties here, and what will happen after this point is beyond me. My job here is done and I am leaving.
Goodluck, I hope you all can still retreat safely.
Rosesyrup ( Date: 31-Oct-2013 00:00) Posted:
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PROFIT GUIDANCE FOR 3Q FY2013
The Board of Yongnam Holdings Limited (?Yongnam? or the ?Company?) wishes to advise
that, following a preliminary review of the unaudited financial results of the Company and its
subsidiaries (the ?Group?) for 3Q FY2013, the Group is expected to record an operating loss,
notwithstanding a healthy increase in revenue.
This is mainly due to two factors:-
- Cost overruns from three on-going projects which pared operating margin to new
lows
- A significant non-recurring one-off loss on disposal of some fixed assets that eroded
the already thin bottom-line profit for the quarter.
Notwithstanding the above, the Group is expected to report a net profit for FY2013, though it
expected to be significantly lower than that of FY2012.
Further details of the Group?s performance will be disclosed when it releases its 3Q 2013
financial statement on 11 November 2013.
BY ORDER OF THE BOARD
Seow Soon Yong
Chief Executive Officer
Date: 30 October 2013
The Board of Yongnam Holdings Limited (?Yongnam? or the ?Company?) wishes to advise
that, following a preliminary review of the unaudited financial results of the Company and its
subsidiaries (the ?Group?) for 3Q FY2013, the Group is expected to record an operating loss,
notwithstanding a healthy increase in revenue.
This is mainly due to two factors:-
- Cost overruns from three on-going projects which pared operating margin to new
lows
- A significant non-recurring one-off loss on disposal of some fixed assets that eroded
the already thin bottom-line profit for the quarter.
Notwithstanding the above, the Group is expected to report a net profit for FY2013, though it
expected to be significantly lower than that of FY2012.
Further details of the Group?s performance will be disclosed when it releases its 3Q 2013
financial statement on 11 November 2013.
BY ORDER OF THE BOARD
Seow Soon Yong
Chief Executive Officer
Date: 30 October 2013
Really came as a surprise..but it order book is also becoming a worry
edwinjup ( Date: 30-Oct-2013 21:48) Posted:
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Profit warning....cost overrun