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Penguin International landed a logistics management contract to service development of mega project in Dubai. Company expects contract to generate US$200 million in revenue over next 5 years. Project involves managing construction logistics port built specially to transport personnel, materials, equipment to support Dubai's construction of 300 man-made islands called "The World."
"On the surface, it looks good because it will contribute positively to results from next year, but they will have to deploy more vessels to the Middle East area. I''m not sure yet whether they have enough vessels to support this project," says local house analyst.
UBS ups tp for Straits Asia by $0.20.
SGX has been on sustained decline since May high, hurt by market's lower daily traded volume. ML, which has Underperform call with $5.00 target, cuts earnings forecasts for FY09-10 to reflect new assumption of further reduction in trading volume; "with 60% of revenues coming from equities, predominantly from clearing fees, SGX's top line is therefore currently under considerable downward pressure." Notes 2008's year-to-date average daily stock turnover has fallen to below $1.7 billion in 2Q08 from $2.5 billion-$3.0 billion in 2H07.
The following posts are from the forum at http://www.shareportal.biz/index.php
Yesterday's plunge in Indofood Agri due to counter's high volatility, not fundamental deterioration, Credit Suisse says. Notes most palm oil counters listed in Malaysia and Indonesia, where short-selling is difficult.
"Hence, we believe that equity market participants have a tendency of employing S'pore-listed palm oil counters, such as IFAR, to hedge their long positions in Indonesia- and Malaysia-listed palm oil counters."
Says mgt has denied unconfirmed reports company may raise capital to fund sugarcane plantation acquisition; mgt says will use internal cash flow according to existing plan.
Notes negative sentiment further fueled by Indonesia increasing country's CPO export tax to 20% from 15% yesterday; says, however, not a fundamental tax-policy change as existing tax is progressive, adjusted on monthly basis based on previous month's average CPO price. Keeps at Outperform with $3.40 target price.
Keppel Corp fell, likely on concerns over dispute with Fred Olson Energy over a semi-submersible drilling rig being serviced at Keppel Verolme yard in Rotterdam. FOE, which estimates cost of project at US$580m, has announced it's walking off with rig, called Black Dolphin, due to disagreement with Keppel over contract price; will carry out remaining part of the work scope by itself.
"It is possible that the price dispute in part may be rooted in the delayed delivery of the rig," says Credit Suisse, which has Underperform call with $10.30 target, noting rig now scheduled for delivery in late '08 vs 6/07 initially.
House says it's unaware of reason for delay but notes this could be due to scheduling considerations or variation orders; "as this contract was part of Keppel's order book, and given that the customer is walking away on a demand for higher price, there is likely to be some financial impact on Keppel.
By the way, here's the chart.
Straits Asia Resources is a Technical Sell, says CIMB; sets short-term downside target of $3.10-$3.14. Notes stock broke below short-term uptrend channel and 100-day MA yesterday on heavy volume. Says, "these breakdowns are bearish for the stock in the short term." Adds MACD, RSI also demonstrating weakness, stock appears to have formed double top with neckline at $2.60, next strong support tipped at uptrend line at $3.10. Says if trend line support fails to hold, stock could head lower toward neckline.
I don't agree that Straits Asia will fall to $2.60. Support is around $3.10, coinciding with the uptrend line connecting the 8/07 and 4/08 lows and the 200-day MA. Long term uptrend is still intact.
I previously recommended this stock in Apr and has now bought more at $3.10.
Sold IndoFood Agri at $2.77 for a $0.43 gain. Just a friendly reminder - my old website http://www50.brinkster.com/shareportal/index.asp has moved to http://www.shareportal.biz/index.php a long time ago.
IndoFood Agri is my top pick in the palm oil sector. Set to enjoy synergistic benefits from M&A with Lonsum. Bought at $2.34.
Bought Dayen at $0.32.
There's a large gap in valuation between Wilmar and Golden Agri. Will GAR match Wilmar in valuation? I've made a comparison of the 2. Pls check it out here.
TA for Golden Agri and Jiutian updated here.
I'm trying to move from a payment model to a donation model. What do you guys think? How much would you donate so that I can continue to provide good analysis and defray my costs? Pls feedback including any problems you encounter. Thanks!
Only one way to find out.
I wonder how accurate can it be.....
There's a new addition to tips for May.
Hi taybc1071. You're right. $4 for this month's tips and $4 also for last month's tips if you're interested.
hi Nostradamus, is it $4 per list of tips or what?
Nostradamus ( Date: 06-May-2008 23:06) Posted:
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Golden Agri was supported at the 200-day MA as expected. Where is it headed? Updated TA here.
Timing, timing and timing is everything. If you're late, it may result in lower profits or missed opportunities. But better late than never. Caveat emptor. Hurry!
Hi ilovebull. You can open a free PayPal account at http://www.paypal.com . It's a safe and secure payment method. Already more than 114m people worldwide are using it.
Hi Nos, we have to first open a pal account right ? How to go about opening ? From Post Office is it ? Thank you.