Post Reply
681-700 of 1192
Sea of red. Even a defensive counter suffering from such sell downs.
Maybe some funds trying to unload their holdings.
Good analysis.
What's also interesting is the chart formation made by ST Engg since end-Jun.
Wednesday, August 13, 2008
STEng - DBS
Margins weakened at Aerospace
Story: 2Q08 net earnings of S$119.9m was disappointing, coming in 2% below 2Q07 numbers due to lower-thanexpected earnings growth in the Aerospace and Land Systems segments. The weaker US$ shaved S$12m from group PBT in 1H08.
Point: The 18% y-o-y dip in Aerospace earnings came on the back of flat revenues as PBT margin slid more than 3 ppts to 15% (historical low) on account of i) the depreciating US dollar, ii) slower than expected ramp up in new facilities (Panama) and iii) higher prototyping costs as the Group worked on conversions of three types of passenger aircraft to freighters. Land Systems profits fell 9% y-o-y as a result of lower margins in the automotive segment and higher losses from associate CityCab. Electronics segment profit was up 13% y-o-y on the back of higher contribution from iDirect, which launched its new products. Marine segment was the
surprise package with earnings growth of 21% despite lower sales, as higher proportion of high-margin ship-repair works led to a 2.5 ppt margin expansion. With recent contracts wins (to build a Diving Support Vessel) and renewals (component supply to Polish Airlines) in place, orderbook stands at S$9.3b, of which about S$2.1m should be recognised in 2H08.
Relevance: We have revised our FY08 and FY09 earnings forecasts downwards by about 6% and 5% respectively. Management guided for flat FY08 earnings vs modest growth previously. We reiterate our concern about the Group’s exposure to the US airline industry – which is in the midst of paring capacity – and to the weak US economy (via Marine and iDirect in addition) to the extent of 28% of Group sales (down from 34% in 1H07). The recent strengthening of the US$, however should provide some respite to earnings, if sustained. As such, we keep our Target Price unchanged at S$2.80, and continue to maintain HOLD on the stock given attractive dividend yield in excess of 6%.
Profit attributable to shareholders ($m) 242.5 (2008 1H) compared to 231.6 (2007 1H).
EPS is 8.12 (2008 1H) compared to 7.84 (2007 1H).
STEngineering_HL_SGXNet_2Q2008.pdf
For St Aerospace
Profit attributable to shareholders ($m) 61.6 (2008 2Q) compared to 69.5 (2007 2Q).
For ST Marines,
Profit attributable to shareholders ($m) 16.2 (2008 2Q) compared to 13.9 (2007 2Q).
Previuos post is for ST Electronics
Now for ST Kinetics
Profit attributable to shareholders ($m) 20.6 (2008 2Q) compared to 22.0 (2007 2Q).
Profit attributable to shareholders ($m) 21.1 (2008 2Q) compared to 19.9 (2007 2Q).
ST_Electronics-HL-SGXNet-2Q2008.pdf
climbing up again
thanks elf for clarifying.
take a hot bath... chase the blue away. cheers.
sorry, i had abbreviated. cos a forumer had mentioned that he shorted on CFD. so what i meant was a short that has been kept open (on the CFD acct).
as opposed to the usual one day shorting or 3 day SGX buyback type.
elf, what's a "short open" btw?
From my post on 16 jul. had told a forumer via private msg last week already, so haven't been posting cos nothing deviating from the trend. bored....sigh. elf's blue again.
"short open is good; so i guess i won't havta tell ya that a bounce is in order in the general market soon; and shortists are likely to get caught out due to the thinness of market and lots of ppl waiting on sidelines. "
I think those burgers using CFD short in the prior 2 weeks are covering fast to limit their losses
which lead to reverse uptrend so quickly.
Don't think its getting driven by its own fundamentals. Just that the market seems to be feeling quite bullish today
this one on uptrend many days leh, no bottoming process . any bottoming theory to explain phenom? v-shape recovery, is it?
wa.. this pillai exercise price $1.86 only so no reason for me to pay more than that right!
thanks pillai for the new benchmark... hee
| 1. | Date of change of Interest | 18-07-2008 |
| 2. | Name of Registered Holder | CDP : Philip Nalliah Pillai |
| 3. | Circumstance(s) giving rise to the interest or change in interest | Exercise of Share Options/Convertibles | |
| # Please specify details |
|
| 4. | Information relating to shares held in the name of the Registered Holder | ||||||||||||||
|
Huh, another big paper loss counter which my average price still far too high of Sgd. 3.23 I wonder if at Sgd. 2.59, should be justified right price? Any suggestion?
Sporeguy ( Date: 16-Jul-2008 16:43) Posted:
|