JES: +13.9% to S$0.205 after reporting that FY11 net profit surged 208.4% yoy to Rmb202.9m, partly retracing March 1's 13.6% drop after the co requested more time to release results; it remains below Feb. 29's $0.22 close. JES requested the extension to consider the adequacy of provisions for damages for certain vessels' potential delayed delivery amid the current shipbuilding environment; the 4Q11 provision came in at Rmb36.7m vs none yoy.
JES attributes FY11's improved performance to its new yard coming on-stream, allowing it to introduce more efficient production technology, increase capacity, improve ship designs and potentially win orders with higher contract prices and margins; its FY11 gross profit margin rose to 11.8% from FY10's 7.7%. With the provision concerns at least partially eased, JES may have more room to rise; it trades at 4.62X P/E and 0.55X P/B, vs SGX peers' average 9.68X and 1.66X respectively. The Feb. 29 close may offer a near-term cap.
Friday, March 16, 2012
Hi-P
Hi-P: (Technical Alert) Share price appears to have edged out of its recent high of $1.015, however a close above these levels are needed to suggest further upside. Technically, RSI and Stochastics still apear positive. Support should be at $1.00.
STATS ChipPAC
STATS ChipPAC: Thomson Reuters notes that the credit default swaps (CDS) of STATS have widened the most over the past month among the 24 actively traded CDS in Singapore.
A widening CDS spread indicates a drop in credit-worthiness and growing investor scepticism about a company's ability to service debt.
STAT’s 5-yr CDS spread stood at 402.612 bps on Thurs, having deteriorated by ~25%, or 79.98 bps, over the past month.
The semiconductor firm's shares have fallen nearly 8% since it announced 4Q11 results on Feb 1.
A widening CDS spread indicates a drop in credit-worthiness and growing investor scepticism about a company's ability to service debt.
STAT’s 5-yr CDS spread stood at 402.612 bps on Thurs, having deteriorated by ~25%, or 79.98 bps, over the past month.
The semiconductor firm's shares have fallen nearly 8% since it announced 4Q11 results on Feb 1.
Yanlord
Yanlord: CIMB has Technical Sell Call. House note that the pullback from the $1.51 high appears to be impulsive and prices have now rebounded back to its previous support turned resistance levels. Wed’s reversal on rising volume could induce further selling on the stock.
Its MACD and RSI are looking neutral with a tad of bearishness. For short term traders, unless prices can push up above the S$1.405 high, the odds favour weaker prices. Only aggressive traders should attempt to sell this stock now with a stop placed above $1.41. A drop below $1.24 would send prices falling towards the uptrend channel support at $1.19. Anything below would signal that the medium term trend has also changed.
Its MACD and RSI are looking neutral with a tad of bearishness. For short term traders, unless prices can push up above the S$1.405 high, the odds favour weaker prices. Only aggressive traders should attempt to sell this stock now with a stop placed above $1.41. A drop below $1.24 would send prices falling towards the uptrend channel support at $1.19. Anything below would signal that the medium term trend has also changed.
GLP
GLP: CIMB has Technical Sell call. Note that the uptrend for the stock is beginning to show some weakness. Prices are still trading within the uptrend channel, which allows for higher prices ahead. However, the technical picture shows a weakening uptrend. Potential bearish divergence could be seen on its MACD and RSI. Hence, bulls should tread with caution.
The stock is only a sell once prices fall below the uptrend channel support at $2.12. Anything below $2.05 would confirm the end of the uptrend, targeting $1.93 in the short term. Resistance is seen at $2.30 and $2.37.
The stock is only a sell once prices fall below the uptrend channel support at $2.12. Anything below $2.05 would confirm the end of the uptrend, targeting $1.93 in the short term. Resistance is seen at $2.30 and $2.37.
Chongqing / Ying Li
Chongqing / Ying Li: Bo Xilai, the Communist Party Secretary of Chongqing, has been sacked as Chongqing’s highest official. He leaves a legacy of economic growth that outpaced rivals’, his policies having lured billions of dollars in foreign investment and thousands of jobs to China’s most-populous municipality.
The so-called ``Chongqing Model'' emphasizes state-led investment, with development zones, transportation links and incentives to lure businesses. HP, Ford Motor and Coca-Cola have operations there. Economic expansion in Chongqing, which is in the center of China, was 16.4% last year and 17.1% in 2010.
Deutsche notes investors have been asking about the exposure of HK-listed Chinese companies to Chongqing, amid the resulting uncertainty over Chongqing's political and economic outlook.
Amongst the Spore-listed cos, Ying Li develops, sells and/or leases commercial properties in Chongqing.
The so-called ``Chongqing Model'' emphasizes state-led investment, with development zones, transportation links and incentives to lure businesses. HP, Ford Motor and Coca-Cola have operations there. Economic expansion in Chongqing, which is in the center of China, was 16.4% last year and 17.1% in 2010.
Deutsche notes investors have been asking about the exposure of HK-listed Chinese companies to Chongqing, amid the resulting uncertainty over Chongqing's political and economic outlook.
Amongst the Spore-listed cos, Ying Li develops, sells and/or leases commercial properties in Chongqing.
CapitaLand
CapitaLand: CEO, Liew Mun Leong, said China remains under-urbanised, and there are lots of opportunities to expand its residential and shopping malls there. Believes China's booming domestic economy will spur demand for some 12,000 new malls in the coming years, from the current 2,500.
He notes that China already has a bigger allocation of CapitaLand’s assets (China 38% vs Spore’s 34%), overseeing >50 malls in more than 30 cities like Beijing and Shanghai.
Apart from building malls, CapitaLand also plans to get a bigger slice of the low-cost housing market.
Its strategy is to offer homes on mortgage at 40% of household income.
While sales volume and home prices have declined in China, Liew remains unperturbed, saying that the cooling measures are part of the regulatory process.
As a long-term investor, he prefers a more stable property market rather than one full of speculators.
With regard to Singapore, Liew said while the high-end property market has been impacted by the Additional Buyer's Stamp Duty (ABSD), CapitaLand will not be quick to jump into the mass market segment. It would nevertheless consider, should there be a mass market site with a fairly reasonable price.
But for now, CapitaLand's sight is set on growing its business in China.
He notes that China already has a bigger allocation of CapitaLand’s assets (China 38% vs Spore’s 34%), overseeing >50 malls in more than 30 cities like Beijing and Shanghai.
Apart from building malls, CapitaLand also plans to get a bigger slice of the low-cost housing market.
Its strategy is to offer homes on mortgage at 40% of household income.
While sales volume and home prices have declined in China, Liew remains unperturbed, saying that the cooling measures are part of the regulatory process.
As a long-term investor, he prefers a more stable property market rather than one full of speculators.
With regard to Singapore, Liew said while the high-end property market has been impacted by the Additional Buyer's Stamp Duty (ABSD), CapitaLand will not be quick to jump into the mass market segment. It would nevertheless consider, should there be a mass market site with a fairly reasonable price.
But for now, CapitaLand's sight is set on growing its business in China.
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