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Shplayer ... hee hee ... very observant... true enough 27 level is not in play yet ...just wondering ...how far would this goes???
27 cents follow by 31 cents and then 37 cents if historical is any guide.....
Yeah, noticed that too.
Since sometime in May09, when the price was about 17c, this buyer will appear on sporadic days, wait for accumulation of sellers at a certain price and mop it all up. E.g. say he's buying at 19c for that day, he will wait till sellers accumulate to a sizeable few hundreds lots, then mop up the exact number of sellers lots. This will be repeated throughout that day. This buy up action will be repeated almost precisely every 5 trading days......notice the volume peaks on the charts....very predictable.
This action repeated itself up to about 26c or 26.5c........however, I did not notice this pattern at 27c........current resistance....but base (support) seems to be forming at 26.5c. Next expected peak (T+5) is on Wed 23 Sep......or Tue 22 Sep if the buyer discounts the monday holiday. Hopefully it can breakout of 27c, otherwise, could it be the turning point? Lets see how it goes.
Check it out.
Caveat emptor
winsontkl ( Date: 20-Sep-2009 00:05) Posted:
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Hi Juzztrade,
Why such optimism on this counter??? Average up??? How far do you think it can go up???
Thanks to share.
PS: Thinking of buying for long term and needs input....Thanks.
Juzztrade ( Date: 20-Sep-2009 00:16) Posted:
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Vested 100 lot and will average up along the way
Thanks Vic and Shplayer ...will look into this more before accumulating.
Noticed strong accumulation recently from BB... any comments on this...
Just to update on some basic data of SMB
EPS NAV % Change (EPS)
1Q 09 0.55c 25.0c 0% - over 1Q 08
2Q 09 1.35 c 25.4c 145% ovr 1Q09, -24% ovr 2Q08
1H 09 1.89c 25.4c -19% ovr 1H08
Whilst its results is still down compared with the same period of 08, note the growth of 145% from 1Q09 to 2Q 09. This implies that SMB is well on the road to recovery from the recent financial turmoil.
Furthermore, its 59% subs EDMI 1Q09 eps is 1.58c compared to its FY08 of 0.91c.
Please make your own assessment of this counter.......Fri closed at 26.5c
winsontkl ( Date: 18-Sep-2009 23:53) Posted:
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Any comments on this counter Vic or anyone???
Meeting some resistance at 27 cents....
collection price today by CK is 23c to 23.5c.
Large buy ups. today
SMB is defintely waking up from its slumber.....
3 big buyups at 21.5, 22 and 22.5.
Breakout is probably imminent
Mr SMB United.....
U are slowly awakening from your slumber.....
In addition, the profit contribution from EDMI, the 60% owned subsidiary, in 2007 has dropped from 7 mill+ to only 1mill+ according to EDMI's announcement.
We will see if there is a sharp turnaround in financial performance with the S$40mill current order backlog in EDMI.
snleej2304,
If you refer to the commentary, it says the lower margins were due to higher raw material (copper wores, steel panels, etc) and lower margins for meters sold.
Thanks Shplayer for your good analysis. Appears the deterioration of margin may be due to the sharp decline of profit contribution from the subsidiary company for year 2007. We understand from the announcement that the subsidiary has secured to date S$40mill which will be substatially invoiced in 2008. Hopefully this would signal a sharp improvement with many more months to go in 2008.
The core business of switchgear appears to be on track for further improvement in 2008. Looking forward beyond 2008, orders for secured contracts for the many construction projects in Singapore shall be progressively invoiced and should support a steady stream of positive news for the Group.
2007 2006 %
Revenue 191,576 168,409 +13.8
Cost of Sales 141,735 116,851 +21.3
Gross Profit 49,841 51,558 -3.3
GP Margin % 26.0% 30.6%
Exceptional Items 7,393 27
Profit before tax (PBT) 22,693 15,173 +49.6
PBTMI 15,300 15,146 +1.0
Profit for the year 20,777 10,985 + 89.1
On the surface, the results look very good........revenue growth 13.8% and Profit after tax 89.1% YoY.
However, this healthy bottomline growth is mainly due to exceptional item (non recurring) of 7.4m, write back of bad debts, lower provision of bad debt and lower tax.
Issue of concern is the deterioration of margins........gross margins fell from 30.6% to 26.0%.......due to increase material cost, pricing pressures and probably labour cost.
If we strip off the EI, the PBTMI is flat at 15,300 (FY07) from 15,146 (FY06), a YoY increase of a mere 1% despite 13.8% revenue increase.
Based on PBTMI, FY07 eps is 3.21 c (3.17c FY06). NAV 23.3c, Div (Int+Fin) 2.7c
P/E is 9.35X (based on share price of 30c), P/B 1.29X and Yield 9%.
Conclusion:
FA wise, current price of 30c seems quite fair......especially the yield of 9%.
With expansion of their Spore plant and venturing into other markets, the prospects of revenue growth is good but the concern is whether management can arrest the margin fall.
Personnal opinion, caveat emptor
Have you seen the announcement of good results for 2007? And based on the construction sector in Singapore, Australia and Vietnam, year 2008 should be better, according to the press release. This counter should not be effected by all the gloomy news in the US?
All our Veterans for this counter, plse comment.
From FA perspective, I consider this counter good value at current price level.
Forecast P/E for FY07 is <10. Co. paid out interim divvy of 1.3cts (TE) 3.8%. FY06 final div was 1.3% less tax.
Issues with subs EDMI confirmation of a few large projects has been resolved.
Co. factory expansion will be completed by end 07. Building new fty in vietnam......=> can expect Revenue growth to continue in FY08.
Co. well positioned to take on higher value projects in the Spore building industry.
Vested, caveat emptor
Someone is interested in this counter....maybe RTO...