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3721-3740 of 6935
wow then divvy will be like 55cents a share?Hard to believe so.
anyway,we shall see.
announce result on 25 July.
Should break $6 resistance before end of the month..
Support at $4.40.
I have yet to pick up TA skills but from what I have observed, 5.85 should stay today as there is still relatively weak demand and there are many people small players who are eager to sell at 5.85-6.00. Without the BBs and news coverage, price today would probably range between 5.8 to 5.9. I have observed accumulations from the BBs. Yesterday alone there were over 2.5 million shares bought by the BBs at 5.80.
Overall I am still happy as my buy price is 5.60 but I am still not ready to sell.
I say be patient Chinkiasu. SPC is building it's support at 5.80 and now is moving (crawling) up. There is a group of people who are eager to sell at 5.80-6.00. Need to get rid of these people first. On the hand as we near 24th July, there is a good chance of increasing interest in buying SPC.
Crude oil prices are now at record high above $70 and yet our counter remains unaffected... sigh perhaps the reason is just simply SPC refinery capacity with some units under maintenance repairs is already fully utilized...
but for info... report from Staronline..
Crude oil in New York held steady above US$70 per barrel yesterday, on expectation that petrol consumption in the US would rise during the peak summer months.
The light sweet crude on the New York Mercantile Exchange (Nymex) was little changed in Asia electronic trade after it surged to a near 10-month high of US$70.68 per barrel last Friday.
The contract had risen 8.4% over the past one month to US$70.40 yesterday.
In London, the European benchmark Brent crude oil yesterday eased a bit from a one-week high of US$71.41, as heightened terrorist threat alert in Britain kept investors wary.
Chart is derived from Platts data based on Tapis crude. Operating cost is not reflected in the chart.
The price does not reflect the actual margin but is good for observing the trend. Besides gasoline there are other refinery product such as naptha, jet fuel, gasoil, ...that would affect the overall refining margin. SPC core is refining business which is dependent on refining margin and also sales revenue. Nevertheless the chart is quite clear and points to a spectacular Q2 EPS.
I will be posting more news update on 16-18th to provide a summary of the overall market condition for refined products in June.
007
good work...where do u get the chart may i asked?
also,if EPS is 80 cents ,we can look forward to a good divvy yield.
The chart below shows the refining margin for Gasoline 95 and clearly points to a very profitable refining margin for gasoline for Q2.
6.40 based on a PE of 8 and a 2007 EPS of 80 cents. This is the low end range of my estimate and a low PE is given to reflect the lack of publicity from the media.
There is potential for higher valuation once SPC gains bigger publicity from the media. The recent indicator of share buyback at 5.50 is a positive development and I suspect that this is tied to the specular earnings received on April and May. June's earning is probably slightly above average. Earnings estimation is based on refining margin changes. The previous share buyback is at 4.90 in April. After that share buyback, it went up and peak at 5.85 before it retraced back to 5.50 due to Oyong delay, oil price and poorer economic sentiment in US.
SPC is still in the positive trend up. Also I have taken note that for 2007 SPC trend more on fundamentals rather than technical. Thus my guess is if SPC does not break 6.05 before Q2, it should do so shortly after Q2 announcement.
Here is some abstract on share buyback from the AGM held in April
2.2 Rationale
If and when circumstances permit, the Directors will decide whether to effect the share purchases
2.4 Status of Purchased Shares Treasury Shares As illustrated above, a summary of the financial effects as a result of share buybacks are:
Any Share which is purchased by the Company shall, unless held as treasury shares to the extent permitted under the Companies Act (as set out below), be deemed cancelled immediately on purchase, and all rights and privileges attached to that Share expire on cancellation. All Shares purchased by the Company (other than treasury shares held by the Company to the extent permitted under the Companies Act) will be automatically delisted by the SGX-ST, and certificates in respect thereof will be cancelled and destroyed by the Company as soon as reasonably practicable following settlement of any such purchase.
(b) decreased NTA per Share of the Group and Company;
(c) increased basic EPS of the Group; and
(d) increased return on equity of the Group
.........