SGX
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hehe... so confident.... now 8.78 liao... scare or not
ozone2002 ( Date: 26-Oct-2010 14:32) Posted:
yeah bot some @ 8.7
now gg up..
ozone2002 ( Date: 26-Oct-2010 10:29) Posted:
| 8.7 support level.. JUST BUY... |
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yeah bot some @ 8.7
now gg up..
ozone2002 ( Date: 26-Oct-2010 10:29) Posted:
| 8.7 support level.. JUST BUY... |
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haha...as some1 put it....win-win for SGX(mgt) & ASX(shareholders) ..wat a joke :P
Noob79 ( Date: 26-Oct-2010 14:23) Posted:
| I think is a win-win situation.... ASX will be stronger if it merge orelse will be losing ground.... |
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I think is a win-win situation.... ASX will be stronger if it merge orelse will be losing ground....
i think aas each day get by the anti-SGX-ASX merger is getting stronger siah! looks like this marriage-2-be gonna failed from start due to kangaroo's nationalistic ego! :P
=DJ 3rd UPDATE: Political Storm Brews Over A$8.4 Bln ASX Raid
(Adds detail, Swan comment)
By Rachel Pannett and Enda Curran
of DOW JONES NEWSWIRES
CANBERRA (Dow Jones)--A political backlash in Australia threatens to
derail the proposed A$8.4 billion takeover of the country's largest
stock market operator by Singapore Exchange Ltd. (S68.SG), with key
lawmakers signalling they may block the deal because it gives a foreign
investor too much control of the Sydney-based exchange.
Politicians on both sides of Australia's parliament on Tuesday
questioned the takeover of ASX Ltd. (ASX.AU), which requires the
approval of both the government and regulators to go ahead. Under
Australian corporations legislation, no single shareholder can own more
than 15% of the ASX, and any regulation to lift that threshold must be
tabled in parliament for 15 days.
The Singapore company's bid "tramples all over freedom of speech,
democracy, the rights of oppositions," said Bob Brown, leader of The
Greens. The party is crucial in supporting Prime Minister Julia
Gillard's minority Labor government in Canberra.
Brown's concerns about the takeover, which could create Asia's
fifth-largest market operator, were echoed by senior political figures
including the opposition treasurer amid signs that the deal will be
politicised.
"There will be concerns about our stock market being bought by a
regional competitor, so it's essential the government explain how this
is good for Australia," said Joe Hockey, shadow treasury spokesman, in a
statement to Dow Jones Newswires.
SGX has offered A$22 in cash and 3.743 SGX shares for each ASX share,
valuing the company at A$48 (US$47.11) a share based on the closing
share price before the offer was announced. ASX shares traded in Sydney
closed down 7.4% Tuesday, weighed down by concerns that a political
backlash could derail the deal.
In answer to critics of the deal, both chief executives of ASX and SGX
have said they want to break down national boundaries and create an
Asian-Pacific powerhouse with more than 2,700 listed companies from
about 20 countries. The exchanges have already started their campaign to
woo regulators and politicians, with executives from ASX due to meet
Hockey this week.
So far they have failed to convince a skeptical market with JP Morgan
warning Tuesday in a note to investors that the deal risks becoming "a
heavily politicised issue."
Amid calls for close scrutiny of the deal Australia's Treasurer Wayne
Swann told parliament that the deal should also be viewed in terms of
building "Australia's reputation as a financial services hub." Swan
added that SGX's takeover will undergo intense regulatory scrutiny to
ensure Australia's interests, and the market integrity of ASX are
preserved.
Swan may struggle to convinced some hardliners such as independent
lawmaker Bob Katter who plans to tabel a motion in parliament to oppose
the takover of the ASX by a foreign investor.
"I do not wish to live in a country of serfs working for foreign landlords," he told Dow Jones Newswires.
hmm...the way i see it...deal go thru...SGX over pay in premium fo ASX.....deal fall thru...SGX back to sq 1....both way stock price will drop??!?!?! haha...a mattar of which directions will cause it to drop more?!?!? :P yah ?? no???
Jackpot2010 ( Date: 26-Oct-2010 13:15) Posted:
| BUY when everybody is selling - @$8 is a safe bet! IF this deal flops - like SIA /Qantas flop - SGX will rise again. |
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I think there is a Chance of SGX falling below $8.00.
I'm looking at $7.80, than $7.50.
hlfoo2010 ( Date: 26-Oct-2010 13:22) Posted:
Ithink go down to 7.37 not 7.4
nickyng ( Date: 26-Oct-2010 11:33) Posted:
wow...$7.40 !?!? sure or not?? :P
DJ MARKET TALK: JPM Downgrades SGX To Neutral; Target S$7.40
0317 GMT [Dow Jones] STOCK CALL: JPMorgan downgrades Singapore
Exchange (S68.SG) to Neutral from Overweight, cuts target to S$7.40 vs
S$9.70; expects SGX to trade on "ebb and flow of regulatory stance on
merger rather than on volumes traded." Says potential deal EPS accretive
by about 18% if cash portion financed by 2% SGD debt; at 4% interest
rate, deal only 2% accretive. "Despite accretive bottom-line on debt
funded deal, we expect the stock to decline. A debt funded deal would
add financial leverage to an already high operating leverage, leading to
greater earnings fluctuations and hence derating." Adds upside risk to
view is SGX walking away from deal, significant increase in volumes
traded. Says developments to look for include regulatory stance, other
exchanges' interest, reaction to fact it's corporate merger with dual
listing, not full-blown exchange-level merger; this main factor in
determining whether exchanges can gain revenue synergies, emerge as
pre-eminent Asia-Pacific exchange. Shares down 2.3% at S$8.74.
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Ithink go down to 7.37 not 7.4
nickyng ( Date: 26-Oct-2010 11:33) Posted:
wow...$7.40 !?!? sure or not?? :P
DJ MARKET TALK: JPM Downgrades SGX To Neutral; Target S$7.40
0317 GMT [Dow Jones] STOCK CALL: JPMorgan downgrades Singapore
Exchange (S68.SG) to Neutral from Overweight, cuts target to S$7.40 vs
S$9.70; expects SGX to trade on "ebb and flow of regulatory stance on
merger rather than on volumes traded." Says potential deal EPS accretive
by about 18% if cash portion financed by 2% SGD debt; at 4% interest
rate, deal only 2% accretive. "Despite accretive bottom-line on debt
funded deal, we expect the stock to decline. A debt funded deal would
add financial leverage to an already high operating leverage, leading to
greater earnings fluctuations and hence derating." Adds upside risk to
view is SGX walking away from deal, significant increase in volumes
traded. Says developments to look for include regulatory stance, other
exchanges' interest, reaction to fact it's corporate merger with dual
listing, not full-blown exchange-level merger; this main factor in
determining whether exchanges can gain revenue synergies, emerge as
pre-eminent Asia-Pacific exchange. Shares down 2.3% at S$8.74.
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BUY when everybody is selling - @$8 is a safe bet! IF this deal flops - like SIA /Qantas flop - SGX will rise again.
looks like more rooms for $HORTING siah! :P
DJ MARKET TALK: SGX-ASX Deal Isn't "Merger Of Equals" -Macquarie
0413 GMT [Dow Jones] Macquarie says Singapore Exchange's (S68.SG) merger plan with ASX (ASX.AU) not 'merger of equals' as if deal goes through, merged company's 15-member board would have 11 SGX directors, 4 from ASX. "Normally we would view this one-sided post-merger management structure as positive. But in this case, we think it will decrease the probability that the Australian authorities approve the deal." Adds, deal's rationale still unclear as while will create very large exchange understood, "this alone doesn't justify the acquisition premium," at 37% over Friday's ASX close. Notes, management indicated S$39 million cost synergies, "but was unable to quantify revenue enhancement...did not adequately defend the valuation premium." Keeps earnings forecasts unchanged, keeps S$10.90 target, Outperform call. Adds, value in SGX stock could emerge below S$8.00, but news flow, especially Australian government reaction, to dominate trade, no need to rush back into SGX stock. Shares off 2.9% at S$8.69. (matthew.allen@dowjones.com)
siao ah.. if this fails, it will even go more down since they have invested so much money.
nickyng ( Date: 26-Oct-2010 12:13) Posted:
gee...if this failed...does it mean SGX will shoot back up?!?! thk $HORTI$T better cover fast siah :P
cannotfind ( Date: 26-Oct-2010 11:43) Posted:
| hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves. |
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if not mistaken, sgx needs to hold an EGM to get shareholders' approval. That will take some time.
gee...if this failed...does it mean SGX will shoot back up?!?! thk $HORTI$T better cover fast siah :P
cannotfind ( Date: 26-Oct-2010 11:43) Posted:
| hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves. |
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Ang mo very proud one... how can they agreed to let us little red dot control over ??
cannotfind ( Date: 26-Oct-2010 11:43) Posted:
| hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves. |
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Can queue at 8.50 ?
this one also can comment like Nick "wow $11.4 !?!? sure or not...$11.4" by DBSV, think they want to get out..
SGX has made an offer to acquire ASX for a total consideration
of S$10.7bn in cash and shares. The acquisition will create an
enlarged listed exchange with long-term positives. Cost savings
will be about 7-15% of the combined entity’s earnings. Near
term key risk lies in attaining regulatory approvals, and
concerns that SGX is gearing up in terms of debt. However,
based on our analyst’s estimates, there is still a 13% EPS
accretion in FY12 after accounting for interest costs but
excluding potential revenue and cost synergies. Maintain Buy
and S$11.40 TP.
hehehe... like I said, both government has not approved this... maybe this will fail lei.... but really.... Aussie are proud to be themselves.
This is true.. I studied there.... They are proud of their own products and very pariotic. They normally do not like asians as they believe asians are rich and definitely not asians taking their national pride. They are friendly though. Just that they want to be the dominating ones.
nickyng ( Date: 26-Oct-2010 10:41) Posted:
typical kangaroo nationalist and racist behaviour as expected....haha...wonder how Australia can b a leading financial centre on its own?
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DJ 2ND UPDATE: Australian Lawmakers Signal Opposition To ASX Takeover
(Adds comments from shadow treasurer, comments from PM, interview with independent Katter and comments from Greens leader)
By Enda Curran and Rachel Pannett
of DOW JONES NEWSWIRES
CANBERRA (Dow Jones)--A mounting political backlash in Australia
threatens to scuttle a proposed A$8.4 billion takeover of the country's
stock market operator by Singapore Exchange Ltd. (S68.SG), with key
lawmakers Tuesday saying it would give a foreign government with a poor
record on freedom of speech and democratic issues too much control of
the Sydney-based exchange.
The concerns add a new dimension to the ambitious plan, amplifying the
hurdles it faces if it is to win both regulatory and parliamentary
approval. The ruling Labor party has slim control of power with the
support of independents and the sole lower house Greens party lawmaker. A
protracted debate about the foreign takeover of the ASX could prove
damaging.
Greens leader Bob Brown told Dow Jones Newswires he won't back legislative changes to allow the deal to go ahead.
"(Singapore) is a state that tramples all over freedom of speech,
democracy, the rights of oppositions, the ability for public discourse,"
he later told reporters.
"The proposal here is that effectively the Australian Stock Exchange
in Sydney be subjugated to Singapore and we'll see it wither on the
vine," he added.
Lawmakers in Canberra will have to approve the deal, which would
require a change in Australian regulatory law. Under Australian
corporations legislation, no single shareholder can own more than 15% of
the ASX, and any proposal to lift that threshold must be tabled in
parliament for 15 days. That gives members of parliament time to table a
disallowance motion that could block the bid if passed. Australia's
foreign investment laws also require approval from the Australian
Treasurer Wayne Swan who will take advice from the Foreign Investment
Review Board.
The growing political opposition to the proposal means the onus is on
Prime Minister Julia Gillard and her government to shepherd the takeover
through any debate in parliament. Swan's office has so far avoided
commenting directly on the details of the SGX proposal. Gillard said
Tuesday the government considers all foreign investment proposals in the
"national interest".
"The Greens will not support any move to exempt the 15% shareholder
cap on the Australian Stock Exchange to allow it to be taken over by the
Singapore Exchange unless the benefits can be clearly proven," Brown
told Dow Jones Newswires in emailed remarks.
"We want to know what the impact will be not only on the Australian
market and shareholders but also superannuation accounts and financial
service and other workers," Brown said.
Independent lawmaker Bob Katter said he would table a resolution in
Parliament Tuesday to block the takeover and will oppose it on all
grounds.
"We will be moving a resolution opposing it," Katter told Dow Jones
Newswires. "I would remain very confident all of the (independent and
minor party lawmakers) will support it," he said.
"I have a desire some things in my country are left owned by my
country. I do not wish to live in a country of serfs working for foreign
landlords," he said.
The main opposition Liberal-National coalition also ramped up its
opposition to the deal, questioning whether it would give a foreign
government too much control of the Sydney-based exchange.
The government must prove that the takeover is in Australia's national
interest considering the large share of the company owned by the Asian
state's central bank, Joe Hockey, shadow treasurer, said.
"There will be concerns about our stock market being bought by a
regional competitor, so it's essential the government explain how this
is good for Australia," Hockey told Dow Jones Newswires in emailed
comments.
He said it is "premature" to say whether the conservative coalition
will support or oppose the deal, however, noting that he will receive a
briefing from the ASX later this week.
Asked if the Greens would support Katter's motion to disallow the
deal, Brown said: "We'll look at any motion, but our position is not to
allow it until we get evidence that it is going to be in Australia's
national interest."
SGX has offered A$22 in cash and 3.743 SGX shares for each ASX share,
valuing the company at A$48 (US$47.11) a share based on the closing
share price before the offer was announced.
ASX shares fell as much as 8.6% Tuesday, giving up much of Monday's
strong gains on the bid, as concerns about political opposition
intensified.
JP Morgan warned Tuesday in a note to investors that the deal risks becoming "a heavily politicised issue."
The chief executives of both Sydney-based ASX Ltd. and SGX said Monday
they want to break down national boundaries and create an Asian-Pacific
powerhouse with more than 2,700 listed companies from about 20
countries. The exchanges have already started their campaign to woo
regulators, people familiar with the matter said.
-By Rachel Pannett and Enda Curran, Dow Jones Newswires;
61-2-8272-4687; enda.curran@dowjones.com ;rachel.pannett@dowjones.com
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OMG... DBS Vickers sasys BUY - TARGET 11.40
