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wow..how come asking for external auditor to audit will raise eye brown? u mean must wait till CAD to intervence or MAS to appoint an independent auditor meh ?!??!? hmm...
any legal representative can comment? hee..
pinnacle, did u manage to pick at 452 coz u missed the other day? I was a bit too slow..missed..460s level a bit too high...pity those who bought about 5plus...
i think they should change mgmt...
SembCorp Marine's decision to appoint its own external auditors to investigate unauthorised currency bets made by its former group finance director is raising eyebrows. Some believe the move could potentially compromise the independence of the investigation; they say appointing a completely independent accounting firm is the preferred best practice. SembCorp Marine (SembMarine) had announced on Monday that its finance director, Wee Sing Guan, had entered into various unauthorised foreign exchange transactions - which have resulted in unprecedented losses of as much as US$248 million at SembMarine. If fully liable, the losses would far exceed the company's profits last year of S$238.4 million. The oil-rig builder also announced that same day that it had relieved Mr Wee of his duties and taken steps to prevent the entry of any further unauthorised transactions.
more downside to this counter since dow is currently down -196 pts 
i will rather wait for 1-2 wks to play safe. More losses could unveil in coming weeks. What the company announced are only ESTIMATION... hahaha
Dig further & more skeletons will fall out?
Wiiliam is at -87% implyimg bottoming soon.
A rebound of 30+cts is possible.
This is a no brainer ... haha...
but the TA charts show that SembMar is very bearish looking now.
but the TA charts show that SembMar is very bearish looking now.
nickyng, what do you think of shorting Straits Asia? It's been on uptrend and today cheong to higher level....i wanted to short sembmar at 4.78 but not too sure.. tomorrow if open very low no chance to short...what price you wanna short we follow you...lol..
come to think of sembmar case, could there be more companies that could be involved in the forex fiasco hedging esp. with US$ dropping? ..there could be more cockroaches coming out from the cupboards...imagine what will happen when there are more to come...
do over worry..i am quite sure u will hv chance to pick up this burger..until u SCARE !! hee..
very soon gonna lao sai till $4.00 level liao..hee....
pre-DJ in red....tomor will be my day again !!! hee....SHORT ! hee....
wasted..tempted to short STX but din..darn..wasted opportunity :P
Deutsche Bank - Sell
Price (SGD) 5.60
Price target (SGD) 3.80
52-week range (SGD) 5.60 - 2.30
Market cap (USDm) 7,900
Shares outstanding (m) 2,050.5
Net debt/equity (%) -11.9
Book value/share (SGD) 0.82
Price/book (x) 6.9
Sembcorp Marine (SMM) announced that its group finance director had entered into unauthorised foreign exchange transactions. Based on the mark to market information on the foreign exchange transactions the estimated unrealised loss is expected to be about US$165m if the transactions are valid. In addition the company has already paid US$83m to one of the banks before the Unauthorised Transactions were discovered.
The company has appointed Drew & Napier LLC jointly with Ernst & Young to investigate the Unauthorised Transaction and has formed a special committee to get to the bottom of the issue and the circumstances surrounding it.
This could be a one off issue but the impact on the stock price is likely to be amplified given the seniority of the person involved and investor sentiment on whether a similar type of risk appetite flowed through into the operational side.
We note that in our recent marketing on the sector, investors were keen to know the reasons behind the stronger new order wins of SMM versus competition that Sembcorp Marine has had this year and whether this was driven by more than ideal aggression in terms of pricing and contractual terms. We note that from the discussions we have had with the company in the past the company has indicated that operational risks are very well managed.
SMM also announced that it has sold 39m shares in Cosco Corporation (Singapore) for an aggregate net consideration of $272m. SembCorp Marine still holds 111m Cosco shares which represent 4.98% of the share capital of Cosco. The sale will result in a gain of approximately $230m which will be booked this year.
I think today only serve the first dish. The main course will come when the actual financial report is out.
So look out for bargain again.
I missed the pick today and still feeling the pain.
Actually I think SM didn't fall that badly today despite the fact that the fella wipe out most of their profits for this year.
i c... we have common interest ...
go geylang? for wat? gee..didn't know u are a REGULARS of those nature siah !! :P
hee......
Nick hard lah.take the $$ go gelyang better
ok to create some excitement...who's betting this burger closing price today how much?
i say $4.66 !! hee....feel like shorting it AGAIN !! wow..record siah..SHORT the same stock twice in a DAY !! :P
Me from jspl? Haha. Total out of touch from that field.
Well, I'm just an investor and trader interested in making $$$.
Be it big $$$ or kopi $$$.
I'm just trying to see thing in perspective.
$$$ perspective in fact.
ok..enough fun!! covered short at 4.70x5 !!! cheers...net abt $300 gain !! hee...
wah!! contra and short also can make $$ siah !! :P
just my luck ! :)