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Time to acumulate this share...... This is a turn around play ....Going to post positive operation earning performance in Q4....../ Good luck to all vested this counter.
The company is sorting itself out and think there is soon light at the end of the tunnel. Once its balance sheet is cleaned up following its creditor schedules and arrangements, it should have a solid base for growth. Posted positive operating earnings performance in 1H which is its first positive performance in years. This is a turnaround play worth looking out for. Do your due diligence and hopefully you will see the potential in its recovering business.
Again on Aug 13 and another day in which the Chairman and CEO acquires another 500,000 shares at 4 cents!
Another day of significant trading activity on this stock with the Chirman and CEO himself buying another 400k shares at 4 cents each to add to his purchase of 3 million shares at 4 cents last week. Good to monitor its developments closely.
Negative NAV, yes point well noted!
What to expect from it? A probable turnaround. Nothing more, nothing less. It may jolly well turn out to be a complete wash-out. This is not a stock for everyone but for those willing to take a small exposure on signs of a possible turnaround play, this is it in my view. The fundamentals of the copper business is improving at a time when the balance sheet of this company is being cleaned up. Its creditors are one by one getting on board with its equity for debt offer or selling their debt to third party investors. Why would they do that if not they see some potential in a turnaround. Otherwise, they are better off pressing for a liquidation of the company on its remaining assets on books and salvaging whatever they can.
The enterprise is also expanding its footprint in China and extending its business portfolio into other waste / recyling related activities leveraging off its core domain knowledge in this field.
Hulumas ( Date: 07-Aug-2010 17:42) Posted:
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Just remember NEGATIVE NAV and no fresh fund injection, what should we expect from it?
underdog2006 ( Date: 07-Aug-2010 17:16) Posted:
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Latest company announcement indicated that the CEO further acquired 3m shares himself at 4 cents last week bringing his total holdings up to 19m shares from 16m before. Now this is another interesting observation! Let's continue to monitor developments. Good holiday weekend to all!
With last night's announcement, the company has further gotten one of its creditors to swap debt for equity and thereby further reducing its gearing and debt levels.
This has been happening several times the past couple of months as the company further restructures it books. Why would the creditors do that if not they too are similarly buying into the turnaround story of the company instead of pushing it into liquidation.
I could be wrong but again this bears for interesting observation and some modest buying if one is willing to make a small bet on it recovering.
With this further equity for debt conversion, the the net tangible liability per share of the compnay is further reduced from 13.70 cents to 13.30cents.
This has been happening several times the past couple of months as the company further restructures it books. Why would the creditors do that if not they too are similarly buying into the turnaround story of the company instead of pushing it into liquidation.
I could be wrong but again this bears for interesting observation and some modest buying if one is willing to make a small bet on it recovering.
With this further equity for debt conversion, the the net tangible liability per share of the compnay is further reduced from 13.70 cents to 13.30cents.
The company's earnings release was made yesterday and the positive results are finally coming through. This company is turning around and for the first time in a long while, it is posting a positive net income.
For 1H 2010, continuing operations contributed 0.06 cents versus a loss of 3.16 cents in the corresponding period in 2009. The disposal of non-performing / discontinued operations contributed a further 0.17 cents making a total of 0.23 cents for 1H 2010. The company made a net income of $852,000 in 1H 2010 versus a loss of $25.2 mn in 1H 2009.
I initially had mixed feelings with this stock for the past couple of months given its sluggishness (and low trading volumes) but the interesting thing is that I subsequently decided to acquire more of the stock as I studied the financials and balance sheet of the company in greater detail. The management is clearly on the path of turning around non-performing operations and disposing non-core assets. This is also being helped by the macroeconomics of the copper market which has improved significantly in the past couple of months.
I had also consulted my 2 close broker contacts for their views to see if I may be missing something and finally came to the conclusion that I should stay committed to this investment. Both my brokers feel there is little downside risk with where the stock is at this price. One of them also shares very strong convictions with me that the company is on the mend and turning around. Another one was more modest in his expectations but agreed that the company will recover in the year or so ahead.
Do your own analysis and hopefully you will arrive at similar convictions. I acquired somemore at 3 cents recently. The earnings release is already starting to move the stock and if signs of the recovery become even clearer, I will be certainly looking at acquiring more. When that happens, 10-12 cents for this stock will not just be a pipe dream. Watch this space.
For 1H 2010, continuing operations contributed 0.06 cents versus a loss of 3.16 cents in the corresponding period in 2009. The disposal of non-performing / discontinued operations contributed a further 0.17 cents making a total of 0.23 cents for 1H 2010. The company made a net income of $852,000 in 1H 2010 versus a loss of $25.2 mn in 1H 2009.
I initially had mixed feelings with this stock for the past couple of months given its sluggishness (and low trading volumes) but the interesting thing is that I subsequently decided to acquire more of the stock as I studied the financials and balance sheet of the company in greater detail. The management is clearly on the path of turning around non-performing operations and disposing non-core assets. This is also being helped by the macroeconomics of the copper market which has improved significantly in the past couple of months.
I had also consulted my 2 close broker contacts for their views to see if I may be missing something and finally came to the conclusion that I should stay committed to this investment. Both my brokers feel there is little downside risk with where the stock is at this price. One of them also shares very strong convictions with me that the company is on the mend and turning around. Another one was more modest in his expectations but agreed that the company will recover in the year or so ahead.
Do your own analysis and hopefully you will arrive at similar convictions. I acquired somemore at 3 cents recently. The earnings release is already starting to move the stock and if signs of the recovery become even clearer, I will be certainly looking at acquiring more. When that happens, 10-12 cents for this stock will not just be a pipe dream. Watch this space.
Copper prices had started moving sharply higher over the past 2 weeks. This must bode well for the company as it continues to resturcture its balance sheet for to position for a turnaround.
Wise advice!
shplayer ( Date: 19-Jul-2010 11:05) Posted:
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The problem now is that even if you want to sell at 3 cents in large quantities, this is not possible. I think have no choice but to let go further at 2.5 cents before even that is not possible!
Look at it this way. FY09 NAV is -15.5c.
If you sell at 3c, the buyer is effectively paying you 120% premium on your NAV. This deal is as good as it gets.
Preserving 50% of your capital gives you a closure to this bad investment rather than hoping in vain for a recovery....which may or may not happen,,,,,and if it does, will probably be years down the road.
underdog2006 ( Date: 18-Jul-2010 23:09) Posted:
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Just cut loss, while the price is still at Sgd. 0.03!
underdog2006 ( Date: 18-Jul-2010 23:09) Posted:
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Most likely have to take some losses at 3 cents as it seems the other leg may fall-off soon. If 3 cents is breached the technicals suggest 2.5 cents will not hold for long either. Concern is whether the company can remain a going concern given the fairly negative auditor's report a couple months back with all their creditors after them; if their business can be sustained, I am inclined to hold on. Anyone's guess ...
Will queue some at 3 cents tomorrow. Hopefully not too late given the massive US sell-off on Fri.
This one no eyes see.
Hulumas ( Date: 18-Jul-2010 17:01) Posted:
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Cut loss! negative NAV! BOSAYOR!
underdog2006 ( Date: 18-Jul-2010 01:44) Posted:
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Sigh ... prices trending down. Hoping it does not go further down to 2.5 cents. I am holding at cost of 6 cents!
Is it going to be Sgd. 0.005 its share price candidate?
srntyb ( Date: 21-Jun-2010 18:02) Posted:
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Yes. Yes. It is on the edge of . . . .
underdog2006 ( Date: 16-Jul-2010 00:25) Posted:
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