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If i am not wrong, UOB KH ever recommended a 'buy call' for China sports. Looks whats happening now to sports wear.
There are far more better brands than china brands in terms of sports wear.
KEahzq ( Date: 02-Jun-2010 16:25) Posted:
| UOBKH starts Qingmei Group at Buy with $0.51 target price based on 5X FY11 P/E. Cites China-based maker of sports shoe soles places strong emphasis on product design and has good working ties with customers. Forecasts 39% earnings CAGR over FY10-12, backed by increased production capacity. Notes Qingmei has >Rmb400m in cash to fund capex. Believes current valuation attractive with stock trading at 2.4X FY10, 1.7X FY11 P/Es while dividend yield high at 12.7% in FY10, 17.5% in FY11 with 30% payout |
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#China Fishery:
As mentioned yesterday, China Fishery has postponed its plan for a secondary listing on Norway's Oslo stock exchange because of acquisitions made over the past mth and potential buyovers it is likely to make within the next mth.
This means it is unable to update its prospectus in time to meet its orginal's listing deadline (02 June 2010) set by the Oslo Bors. Notably, this is the 3rd time the industrial fishing company has pushed back its secondary listing plan.
However, unlike its previous attempts, China fishery did not apply for an extension to list on the bourse this time round - which puts its plan on hold indefinitely.
KEahzq ( Date: 02-Jun-2010 15:01) Posted:
China Fishery has decided to postpone the proposed secondary listing of its shares on the Oslo Børs of Norway. According to magtm, the Company is considering and evaluating further potential acquisitions after it has recently made two significant acquisitions to expand its Peruvian fishmeal operations. China Fishery will, in consultation with its joint lead managers, decide on a new timetable for the Proposed Secondary Listing.
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(For info only, not a buy call....... ) DJ MARKET TALK: UOB KayHian Starts NOL At Buy, S$2.28 Target.............. 6/2/2010 3:50:00 PM ................ 0750 GMT [Dow Jones] STOCK CALL: UOB KayHian starts Neptune Orient Lines (N03.SG) at Buy with S$2.28 target price, based on 1.4X 2011 P/B. Says stock deserves valuation premium over peers due to shipping group's high value-added services, high operating flexibility, robust balance sheet following last year's US$960 million rights issue. Says based on current industry conditions, liners like NOL with big chartered-in fleets have more operational, financial flexibility. Notes NOL has number of chartering contracts running out over 2010-2012, but "it is very easy for NOL to find replacements at lower time-charter rates and with more flexible contract terms." Expects company to return to the black this year, remain one of most profitable carriers. Shares +1.1% at S$1.85. (frankie.ho@dowjones.com)
Thanks for sharing!
UOBKH starts Qingmei Group at Buy with $0.51 target price based on 5X FY11 P/E. Cites China-based maker of sports shoe soles places strong emphasis on product design and has good working ties with customers. Forecasts 39% earnings CAGR over FY10-12, backed by increased production capacity. Notes Qingmei has >Rmb400m in cash to fund capex. Believes current valuation attractive with stock trading at 2.4X FY10, 1.7X FY11 P/Es while dividend yield high at 12.7% in FY10, 17.5% in FY11 with 30% payout
Tech Stocks:
According to iSuppli report, Western Digital(WD) has overtook Seagate as HDD market leader by number of shipments in 1Q10 with the former's share of total shipments rose to 31.3% compared with Seagate's 30.9%. Notably, WD shipped a record 51.1m units, up 3.2% QoQ, while Seagate shipped 50.3m, up 0.8%. In April, Seagate's strong HDD shipments helped it swing into black in the last quarter and WD also reported a jump in profit because of higher shipments as well as better margins.
Looking ahead, it is widely expected that global HDD shipment will grow double-digit this year. We believe that Armstrong and Broadway will potentially benefit from this upbeat demand. WD and Seagate are Armstrong’s two major customers for its data storage segment (26.9% of sales in 1Q10) though Broadway derived lesser revenue from WD. Broadway’s two largest customers are Seagate and Hitachi( 3rd largest player in the world).
Kim Eng Securities has a BUY rating on Armstrong with TP of $0.48.
Hey E-War,
Kepcorp will dividend-in-specie up 325.9m units or 51% of the KGT units in issue to shareholders on the basis of 1 KGT unit for every 5 Kepcorp shares held.
Cheers
E-war ( Date: 02-Jun-2010 14:46) Posted:
Hi KEahzq, not too familiar with this play. Pls advise how many units of K green comes with per unit Kep corp? thks...
KEahzq ( Date: 02-Jun-2010 12:21) Posted:
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Support level is around $8.40-8.45 ...
Oil prices dropping will cause downward pressure on the share price too ...
I believe you bought it for the entitlement of K-Green trust?! |
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China Fishery has decided to postpone the proposed secondary listing of its shares on the Oslo Børs of Norway. According to magtm, the Company is considering and evaluating further potential acquisitions after it has recently made two significant acquisitions to expand its Peruvian fishmeal operations. China Fishery will, in consultation with its joint lead managers, decide on a new timetable for the Proposed Secondary Listing.
Hi KEahzq, not too familiar with this play. Pls advise how many units of K green comes with per unit Kep corp? thks...
KEahzq ( Date: 02-Jun-2010 12:21) Posted:
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Support level is around $8.40-8.45 ...
Oil prices dropping will cause downward pressure on the share price too ...
I believe you bought it for the entitlement of K-Green trust?!
windatoz ( Date: 02-Jun-2010 12:18) Posted:
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BNP Paribas starts Oceanus with Hold with $0.28 target price based on 1.5X P/B.
Cites China-based abalone farmer's negative free cashflow, depleting cash balance as major concerns; free cash flow to be positive only in 2013.
Limitation of caging capacity will lead to potential growth bottleneck while investment cost per tank has more than doubled. Tips ROE to decline from 22.3% in 2010 to 18.6% in 2012.
Owing to Oceanus' business model, very difficult, if not unlikely, to obtain commercial loans for working capital needs. As such, the company will probably have to continue selling young abalones in the market to generate cash to fund the daily operations, which will likely restrict the profitability potential of the company.
Just wait and see, will decide then.
Anyway thanks again and you have a good lunch.
See you later!!!
KEahzq ( Date: 02-Jun-2010 12:21) Posted:
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Support level is around $8.40-8.45 ...
Oil prices dropping will cause downward pressure on the share price too ...
I believe you bought it for the entitlement of K-Green trust?!
windatoz ( Date: 02-Jun-2010 12:18) Posted:
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Support level is around $8.40-8.45 ...
Oil prices dropping will cause downward pressure on the share price too ...
I believe you bought it for the entitlement of K-Green trust?!
windatoz ( Date: 02-Jun-2010 12:18) Posted:
$8.6 & $8.7
KEahzq ( Date: 02-Jun-2010 12:13) Posted:
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I reckon punters were anticipating contract wins from Petrobras tender last week but the bid results will only be opened 2 weeks after submission...
What price did you enter?!?!
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$8.6 & $8.7
KEahzq ( Date: 02-Jun-2010 12:13) Posted:
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I reckon punters were anticipating contract wins from Petrobras tender last week but the bid results will only be opened 2 weeks after submission...
What price did you enter?!?!
windatoz ( Date: 02-Jun-2010 11:38) Posted:
Hello there, need your advice - KepCorp look at the price ...........
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me still holding on. What say you KEahzq? |
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DMG downgrades Pan Hong to Neutral from Buy, cuts target price to $0.50 from $0.85pegged at 30% discount to FY11 RNAV estimate vs 10% premium previously. Tips lull period ahead for China-based developer as pace of home sales slows following Chinese govt's recent tightening measures; likes Pan Hong for its pure exposure to China's growing lower-tier cities but policy risks will cap share price upside. Expects Rmb700m worth of yet-to-be billed sales to provide earnings cushion during slowdown.
this is mainly an institutional play...
niuyear ( Date: 02-Jun-2010 11:37) Posted:
if they sell, temasek shld inject. do i see cheong? ~~~~~~~~~~~~
niuyear ( Date: 01-Jun-2010 15:17) Posted:
| So long as the main holders sitll holding.. |
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I reckon punters were anticipating contract wins from Petrobras tender last week but the bid results will only be opened 2 weeks after submission...
What price did you enter?!?!
windatoz ( Date: 02-Jun-2010 11:38) Posted:
Hello there, need your advice - KepCorp look at the price ...........
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me still holding on. What say you KEahzq? |
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Hello there, need your advice - KepCorp look at the price ...........
................
me still holding on. What say you KEahzq?
if they sell, temasek shld inject. do i see cheong? ~~~~~~~~~~~~
niuyear ( Date: 01-Jun-2010 15:17) Posted:
So long as the main holders sitll holding..
KEahzq ( Date: 01-Jun-2010 14:20) Posted:
China Minzhong Food Corp
JP Morgan and Chase has ceased to be a substantial shareholder of the company, which IPO'ed on April 15. Its stake has been pared from 7.21 % To 3.43 % based on this afternoon's disclosure on MASNet. JPMorgan was the sole global coordinator and bookrunner for the IPO. Cornerstone investors are Prudential Asset Mgmt (4.7%) and Fidelity Investment (1.2%).
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Daiwa downgrades SIA to Hold from Outperform, noting that market has already factored in traffic improvements and yield recovery as well as lack of strong share price catalysts over the near term. Cuts target price to $13.84 from $15.55 based on 1.1X P/B vs 1.2X previously but does not expect significant share price downside from current levels as valuation not demanding. Stack trapped between 200-day MA at $14.30 and support at $14.00.
Noble Group has released the cash offer term of A$12.60 for the remaining 12.3% stake in Gloucester Coal (GCL) which will cost max A$140m. The group also disclosed that it is in discussions to inject its Australian coal assets into GCL and is offering shareholders the option to choose between 1) cash offer, 2) an unlisted but expanded GCL or 3) retain ASX listing (if it does not obtain 97% stake) to acquire more Aust coal assets.
The implication is 2-fold:
1) enable Noble to unlock capital via asset sale of 100% owned Donaldson Coal & 25% owned Middlemount Coal into GCL and
2) making GCL into its listed coal vehicle for future acquisitions after failing to merge with Macarthur Coal.
I view this as a positive and proactive move by Noble.
