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I've just posted a view on this counter @ www.bear-analysis.cblogspot.com
Comments welcome and links to the news on First Resources can be found withing the post.
so which direction will this counter goes tomorrow?
What I can gather is only the headlines... It seems that the link has expired...
First Resources up as output fears subside14/03/08 20:00 from Business Times Online - Companies NewsINVESTORS flocked back to the counter of First Resources yesterday, sending the stock up as much as 23 per cent to $1.17, after the company said the Indonesian corruption watchdog has withdrawn its intention to auction off three of its plan..
Are you able to post the article here?
I think the temporary price rebound is not very significant.
Given that even Wilmar is taking flake, and that quite a number of stocks are trading below IPO prices, I think this is a good stock to short.
Any other views?
Corrupted, maybe, maybe not. Today U c authority said go for it, tomorro said NO NEED. Ya
, then again if is enough, if not there goes again.....up down, up and down, up up, down ,down.
First Resources after Indonesia's anti-graft body said it will not auction off three of the firm's assets in relation to a case involving one of its founders.
First Resources said in a statement on Friday that the financial penalty imposed on Martias as a result of a court case has been fully paid. The Indonesian anti-graft body then withdrew its intention to auction off properties it deemed relating to Martias.
Martias and the KPK subsequently appealed to the Corruption Supreme Court at the
Supreme Court of Jakarta (the ?Supreme Court?). On 11 December 2007, the
Supreme Court ruled that the financial penalty previously imposed on Martias was
insufficient and ordered Martias to pay a penalty of approximately US$38.3 million.
None of the Company or its subsidiaries were a party to the legal proceedings, nor
did
the Supreme Court rule that the Company or its subsidiaries were liable for such penalties imposed on Martias..............
Thing is very unsettle, so is the trading price
| FirstRes |
-- |
-- |
0.935 |
0.925 |
-0.010 |
-1.1 |
2,415,000 |
93,000 |
0.920 |
0.925 |
1,000 |
0.940 |
0.910 |
Hi all,
Can give this amateur some advice on this stk,bought at 1.06 and since then,its been dropping,wonder why cause it traded at record volume on friday ?Is this share really going down this time ?
sian... keep dropping...
Chiam liao, Chiam Si Tong $1/- cannot Tong, going 92ct..
| High $1.060ct |
Low $0.920ct |
| FirstRes |
|
|
1.000 |
0.945 |
-0.105ct |
-10.0% |
total Vol: 24,926,000 |
Buy Vol: 63,000 |
Buy 0.945 |
Sell 0.950 |
Sell Vol: 270,000 |
folks...i hv done my best to bring down to 92cts liao hor...heee... liKE REAL ! :P
anyway...i think as long as uncertainties are ard..this burger will be SHORTED down daily...
which is FUN ! else how to make $$$ ?!?! :D
Who dare go long at this entry price? hmmm.....very tempting...
Published March 10, 2008
First Resources clarifies land seizure
It says Commission's action relates to co-founder who is no longer involved with the firm
By
ARTHUR SIM
INDONESIAN
palm oil plantation and mill owner First Resources issued a
clarification yesterday in response to news that the Corruption
Eradication Commission of Indonesia had seized and would auction three
of its properties there.
Its share price plunged by about 25 per cent to $1.05 on Friday last week after the news broke the day before.
First Resources, which was listed on the Singapore Exchange last
December, said that it believes that the action by the commission was
in relation to a conviction of one of its founders and former
shareholders called Martias. However, First Resources said that
Martias, who was convicted of corruption on May 3, 2007, is no longer
involved in the affairs of the company.
It also said that it has
consulted its Indonesian legal advisers on actions to publish counter
announcements clarifying that the properties in question are not assets
belonging to Martias. First Resources did say that the investigation by
the commission concerned the grant of land use rights to 11 companies
for private plantations from areas reserved as forest in East
Kalimantan, and that one of these companies has been a subsidiary of
First Resources since 2004. The subsidiary was not named as a defendant
in the court proceedings and no sanction was imposed on it by the
courts.
First Resources revealed that after an appeal to
Corruption Supreme Court by both Martias and the commission, the court
ruled that Martias was to pay a further penalty of US$38.3 million in
addition to an unspecific first penalty.
The commission then
announced last week that it would auction off 19 properties,
'presumably in order to secure payment for the penalty imposed on
Martias'. Three of these properties belong to subsidiaries of First
Resources.
First Resources pointed out that it was disclosed in
its prospectus under 'risk factors' that Martias, whose children
'directly or indirectly own all of our shares', was convicted of
corruption. However, there could be issues concerning uncertified land;
and the 'right to cultivate' certain land, also highlighted under 'risk
factors', was not further elaborated.
In a Bloomberg report last
Friday, DBS Vickers Securities' plantation analyst Ben Santoso said
that the forced sale of the assets could cost First Resources 40 per
cent of its net income. He added: 'Defending the legal challenge may
take a long time.
nickyng, kindlay short it to 80c. i like to long this one. I think it wqill turn out ok long term.
RESPONSE TO AN ANNOUNCEMENT BY THE CORRUPTION
ERADICATION COMMISSION OF INDONESIA IN THE RIAUPOS AND
MEDIA INDONESIA NEWSPAPERS ON 6 MARCH 2008
Martias and the KPK subsequently appealed to the Corruption Supreme Court at the
Supreme Court of Jakarta (the ?Supreme Court?). On 11 December 2007, the
Supreme Court ruled that the financial penalty previously imposed on Martias was
insufficient and ordered Martias to pay a penalty of approximately US$38.3 million.
None of the Company or its subsidiaries were a party to the legal proceedings, nor
did
the Supreme Court rule that the Company or its subsidiaries were liable for such penalties imposed on Martias..............
The Company has consulted with its Indonesian legal advisors on actions to publish
counter announcements clarifying that the Land are not the assets of Martias, and to
seek clarifications from the KPK on the announcements, and furthermore to challenge
any attempts to infringe upon its rights in relation to the Land in the courts of
Indonesia.
The Company continues to have full operational accessibility to the Land and hold the original HGU certificates to this Land.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DC53AFCD4246E0E048257407003899D0/$file/First_Resources_SGX_Announcement_9Mar08.pdf?openelement
oh idea, look at UOB. its still disgusting high.. lolz.. standing on$17.60.. should be testing immediate support of $17 next few days. Long Term support seems at $16.20. Financials willing be within firing range for coming days. DBS is at $16.68 no reason for this burger to be staying at tis level. SELL Call Trading TP $17
Do your own research before investing.. caveat emptor applies.
Oh Nick, my questions you answered here already! I think I have the same sentiment, short First Resource. Cheers! I am also fond of shorting YZJ.
hee...will attempt to SHORT this burger on Mon.....given the bleak outlook and uncertainties ...hee...
SHORTIST's LIST:
KEPCORP
CITYDEV
VENTURE
FIRST RESOURCE
so it will downtrend for this counter....rite?
