Post Reply
3901-3920 of 4131
IMO, any counters that is less than 20% off TP is overvalued right now.
In my understanding... TP is 12 mth target...meaning year end.
Now is October, 3 mths more.....shld be ard 20% less.
(exclusive of any unannounced good or bad news that is)
So any counters thats less than 20% off TP...shld not buy...or rather shld sell...
Personally, I only buy those counters with over 30-50% upside of TP..
and yet another bank is saying they are neutral about SGX..
SGX: M&A angle remains in focus (OCBC 101007)
Summary: Singapore Exchange (SGX) posted record 1QFY08 earnings of
S$130.0m, up 173% YoY. Improvements came from all segments, supported by
strong trading activities from securities and derivatives markets. Within
the last 2 months, SGX's stock price has almost doubled brought on by M&A
talks. This was fuelled by the recent 3-way deal between Borse Dubai,
Nasdaq Stock Market and the Nordic exchange operator OMX AB. We expect the
present bullishness to continue for a while, with heightened interest in
stocks, warrants and other derivatives products. SGX has declared an
interim dividend of 3 cents tax exempt with book closure on 26 Oct 2007.
With the strong 1Q results and better market momentum, we are raising our
FY08 earnings estimate from S$287m to S$471m. The M&A angle has also raised
peers' valuations to around 38x. Using 35x FY08/09 blended earnings, we are
raising fair value to S$16.20. We maintain our HOLD rating on SGX. (Carmen
Lee)
correction, I think u shd say in CIMB's view, sgx over speculated... There are many other houses apparently do not share this view, for example Goldman Sach's target is $18.40. Should I put a post that says SGX underspeculated, unvalued? Just to illustrate that one should not make a sweeping statement just by reading one report.
SGX, gs remains a BUY with target price $18.40 8-Oct-2007
- We are raising our FY08E/FY09E EPS by 35%/41% (20%/26% above consensus)
to reflect robust turnover (daily avg. up from S$2.2 bn in 1H to S$2.8 bn
in 2H to-date; 2-w moving avg. up from S$1.9 bn in early Sept. to now S$2.9
bn), and estimate daily turnover of S$2.9 bn/S$3.3 bn (velocity of 70%) in
FY08E/FY09E.
- Despite the recent share price rally, we stay bullish on SGX as we
believe turnover will remain robust given
1. Continued domestic reflation and benign/falling interest rates.
2. The still-low velocity of the Singapore stock market (72% ytd vs. 82%
historical peak; 90%-200% for Asia and over 200% for US/Europe ytd).
3. Good momentum in foreign listings, which enjoy higher velocity than
domestic stocks (68% versus 62% in FY2007).
4. Tick size reduction to reduce transaction cost and raise velocity.
5. New products (stock/index derivatives, OTC/commodities, trading links).
6. Business synergies between SGX and BSE and TSE (e.g. product
development; potential dual listing and trading link arrangements).
- We affirm our Buy rating and raise our 12-month target to S$18.4 (33X
calendar 2008E EPS) from S$11.8 (30X calendar 2008E EPS). We continue to
see SGX as an appealing M&A play off a unique derivatives/foreign listing
franchise, and given the open-minded stance of MAS/SGX. We believe TSE
could possibly raise its stake in SGX from 4.99% should their collaboration
with SGX prove successful.
- Exchanges are high-beta, if not binary, stocks. There is ongoing debate
as to whether the turnover pullback in Sept. is a temporary blip or an
inflection point. We take the former view but are mindful of the risk to
earnings and supportable valuations should it prove to be the latter.
SGX over speculated... read this latest CIMB report:
http://www.remisiers.org/research//SGX-091007.pdf
Target: S$14.20
Downgraded to Underperform
Hi Hi, I am new to this forum. Anyone care to share your thoughts on how the SGX financial result announcement tomorrow have any effect?
TA charts still looking strong.
dizzy very dizzy
Cheong all the way hitting TP $17 and close at cool $1 gain at $16.40.....
limhpp, there are quite a lot of existing 'literature' on knowledge of shorting in this very forum... search for it.. a few different threads at least because people keep asking the same question.
Hi, anyone can share... If you short, must you cover within the same day?
viruz, don't worry, your remiser will call you if there is a naked short.. and he/she will tell you that you are subject to sgx buy in!
Hi Nick
Care to share what how u go about "naked short" after T+3 and u do not own the stock? Thanks so much!
well...i think normal account can short..i m using uobkay anyway...dun think their system got the intellgient to tally and chk ur CDP account holdings :P
waiting to SHORT SIA...but opportunity has no arised yet..hee...
Bru nick,
Using normal account also can short rite...please advice.
Which counter are to to short?
dont worry i will attempt to SHORT it to make it affordable for u guys to load :)))))))))))))))))))))
<JP Morgan raise its target price to 17.00, how true is it? > It's true, $17 is the magical number.
Ya, I do agree with Singaporegal, TA chart is beautiful, strong and alert, closing at the middle of the daily bar, tmr may be 50 to 50 up or down, i guess..
Some info said JP Morgan raise its target price to 17.00, how true is it?
I always think if you can buy this counter .. you should be long term player.
But, don't like to play this counter, for fast money I would prefer forex.
Dont be too sure...
I reckon SGX wil fall to 13+ next one week...
Now in overobught region...
I think SGX will never looked bad singaporegal ...
Everyone make money in it. No matter we loss or win .. we pay them. It's just the matter of high season or trading holiday season ... Unless there is disaster ...
