William Chua - Investment & Trading Blog

Addvalue Technologies Ltd

2012-01-19T19:17:00.000-08:00

Symmetrical Continuation Triangle (Bullish)
The price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. A Symmetrical Continuation Triangle (Bullish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend

Elec & Eltek International Company Ltd

2012-01-18T20:56:00.000-08:00

Head and Shoulders Bottom
The price seems to have reached the end of a period of "accumulation" at the bottom of a major downtrend; the break up through resistance signals a reversal to a new uptrend. The Head and Shoulders Bottom is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, flanked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the first two declines, then diminishes through the right shoulder. Finally volume surges as the price closes above the neckline (drawn between the two highs) to confirm the reversal

SunVic Chemical Holdings Ltd

2012-01-18T00:12:00.000-08:00

Continuation Wedge (Bullish)
After a temporary interruption, the prior uptrend is set to continue. A Continuation Wedge (Bullish) represents a temporary interruption to an uptrend, taking the shape of two converging trendlines both slanted downward against the trend. During this time the bears attempt to win over the bulls, but in the end the bulls triumph as the break above the upper trendline signals a continuation of the prior uptrend

Hutchison Port Holdings Units

2012-01-17T23:20:00.000-08:00

Double Bottom
The price seems to have reached a bottom after failing to break through a support level and ultimately rising higher in a sign of reversal to a new uptrend. The Double Bottom pattern forms during a downtrend as the price reaches two distinct lows at roughly the same price level. Volume reflects a weakening of the downward pressure, tending to diminish as the pattern forms, with some pickup at each low, less on the second low. Finally the price breaks upward above the highest high to confirm the bullish signal

Yangzijiang breaks into large vessel sector with 2 wins

2011-06-26T20:14:00.000-07:00

In what analysts are calling a “positive endorsement of its shipbuilding capabilities and track record”, Yangzijiang Shipbuilding this month bagged new orders to build 15 10,000 TEU container ships of its own design, making it the first privately-owned shipyard in China capable of building ships of that size.
On June 23, the Jiangsu-based shipyard signed a Letter of Intent (LOI) to build eight of its 10,000 TEU mega ships at an estimated value of US$800 million ($990 million) in total for German shipping fund Peter Dohle. With Yangzijiang’s help, the fund has also successfully obtained up to US$1 billion in loans from the China Development Bank to pay for the ships over the next five years. The three parties also inked an agreement to cooperate on other projects in the future.
The deal comes just two weeks after Yangzijiang officially announced a long-awaited contract to build seven similar ships for New York-listed Seaspan Corporation. Due for delivery between 2014 and 2015, the contract also comes with options to build an additional 18 units, which, if fully exercised, could boost Yangzijiang’s revenues by US$2.5 billion over the next few years.
All in, the two new contracts will grow Yangzijiang’s order book by 28% from US$5.4 billion in 1Q2011. But more importantly, the wins underscore Yangzijiang’s successful move out of the 4,500 TEU and below segment stronghold -- where it has a 22% market share - and into the large-sized container ship sector, where demand is now stronger. Increasingly, ship operators are replacing smaller vessels with larger ones to improve load efficiency and save on bunker costs. In fact, Yangzijiang had actually been in talks with Seaspan to build the ships since February.
But while the new orders will keep Yangzijiang busy amid a weak shipping market, Low Pei Han of OCBC Research warns: “Despite encouraging news from the large container vessels’ front, the outlook for the newbuild bulk carrier segment is relatively weak, and vessel values are pressurised partly due to the high volume of deliveries expected in 2011. Though Yangzijiang has successfully received orders for its 10,000 TEU container ships and should benefit from increased demand from such products, the group may still be affected by weaker sentiment in the bulk carrier segment.”
Meanwhile, other analysts caution that the timing of the Peter Dohle orders will be dependent on Seaspan’s decision to exercise its vessel options. “The timeline for the LOI with Peter Dohle to be made effective is unclear at this juncture and is dependent on the number of options taken up by Seaspan and scheduling of vessel deliveries. Hence, we exclude this LOI from new orders secured for now,” Lim Siew Khee of CIMB writes in her report.
But Jon Windham of Barclays Capital points out that Peter Dohle has actually placed over 30 vessel orders with Yangzijiang in the past decade, four of which are still on order, adding validity to the agreement. “We continue to believe that the primary advantage of Chinese yards is the ability of Chinese banks to provide funding and filling the void of lower ship financing from European banks,” writes Windham, who expects “established yards (such as Yangzijiang) to continue to win the lion's share of new order flow for the balance of the year.”
On the whole, most analysts who cover Yangzijiang appear to be bullish. Eric Ong of Kim Eng, who initiated coverage on the stock on June 7, believes the shipbuilder is “well‐positioned for more sustainable earnings in the light of its plan to double its production capacity over the next five years.” He recommends a buy and values the stock at $2.15 each, representing an upside of about 40% from current levels. Shares of Yangzijiang have fallen more than 20% since the start of the year, closing June 24 at $1.45 each.
By Kang Wan Chern

DJ MARKET TALK: Genting S'pore Off 1.0%; Casino Cap Comment Concerns

2011-06-09T22:18:00.001-07:00

0440 GMT [Dow Jones] Genting Singapore (G13.SG) falls 1.0% to S$1.95, underperforming a slightly negative market in active trade, likely on worries over comments, reported today in local media, from Las Vegas Sands' COO Mike Leven referring to concerns the government may cap Singaporeans' casino visits if their proportion of visitors becomes too high. He told Inside Asia Gaming website last week that "we're basically told that so long as only about 30% of the people coming in (to the casino) are Singaporean then it shouldn't be a problem." An analyst at a foreign brokerage says the comments may have sparked a knee-jerk reaction, but he adds, "if such a cap does exist, it would be less of a negative for Genting's RWS than for MBS; the mass market accounts for about 55% of MBS's gaming revenue, whereas at RWS, it's more like 40% only. Genting Singapore is more VIP-centric." He adds, "all the while, the casinos have kept some sort of informal cap on the number of Singaporeans entering the casinos...I don't see it being a major problem going forward." (matthew.allen@dowjones.com)

Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

JPMorgan's Dimon says economy getting stronger

2011-06-02T18:35:00.001-07:00

(Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon is upbeat on the prospects for the world's largest economy, telling investors Thursday that pessimism is overdone and the economy is actually "getting stronger." "The underlying dynamics are pretty good, pretty broad-based and getting stronger, not weaker," said Dimon.
The comments from the chief of the second-biggest U.S. bank come on the heels of disappointing economic data on consumer spending and manufacturing. The government said on Thursday that initial claims for jobless benefits declined by only 6,000 to 422,000, which was 7,000 higher than expected by economists.
Dimon said he is encouraged because U.S. companies have the most cash in decades and are making "good profits." Mid-sized companies and small business are more creditworthy, he added.
"The consumer is far stronger than two or three years ago," said Dimon, whose bank has 5,300 branches across the United States. He was speaking at a Sanford C. Bernstein investor conference.
Housing market conditions are generally at their "worst" now, Dimon said. He predicted that distress in the market will ease over the next 18 months because fewer homes are being built and because prices have fallen enough to make houses more affordable. Still, he said the bank expects prices to fall another 3 to 6 percent.
(Reporting by David Henry and Lucia Mutikani; Editing by Richard Chang)

DJ MARKET TALK: GLP Tipped To Trade Sideways After 4Q Results

2011-05-30T18:58:00.001-07:00

0044 GMT [Dow Jones] GLP (MC0.SG) is unlikely to move strongly on its fiscal 4Q11 results, with the effects of Japan's earthquake on its headline net profit well flagged. "The market may look past this set of results and focus on management's execution for FY12, particularly on construction new starts and potentially on monetization of the Japan assets," says an analyst at a foreign house. He says the results are broadly in line with consensus, and slightly below his view, but adds the revaluation loss due to damage caused by the Japan earthquake "is not a major issue" and has been well flagged, "so the stock will probably trade sideways." GLP's 4Q net profit was US$49.2 million, down 63% on year due to revaluation losses (vs a US$100.2 million revaluation gain last year). Excluding revaluations, net profit for the quarter rose 13.5% on year to US$59.8 million. 4Q revenue grew 17% on-year to US$124.4 million. GLP shares closed up 0.5% Monday at S$1.99. (matthew.allen@dowjones.com)

CitySpring gets an upgrade

2011-05-28T00:51:00.000-07:00

The EDGE Weekend Comment May 27

CitySpring Infrastructure Trust announced better than expected full-year results on May 25. It achieved cash earnings of $16.1 million for the fourth quarter ended March 31 (4Q11) bringing full-year cash earnings to $74.9 million, up 29.5% y-o-y.

For the quarter, CitySpring declared a DPU of 1.05 cents which is in line with guidance for a total FY11 DPU of 4.2 cents, and guided that DPU for FY12 will remain at 4.2 cents.

In a report dated May 26, Kim Eng Research warns that a capital review structure is underway and the results will be announced in September. But the house also says the risk of a DPU reduction has been priced in and the selling pressure that started last November is over so it is upgrading the trust from a sell to a hold with target price unchanged at 54 cents.

Although CitySpring unitholders get a DPU yield of 7.6%, the danger for them is a cash call either through a rights issue or dilution through placement or a combination of the two. Moreover, while CitySpring’s cash earnings rose, it still made a net loss in its P&L account of $16.1 million in FY11 versus $16.8 million in the previous year.

CitySpring says it generated higher cash earnings mainly due to the higher town gas selling prices (tariff increases) and sales volume at City Gas. SingSpring and Basslink also performed within expectations. The most profitable business is City Gas, which made a net profit of $7 million and recorded cash earnings of $52.3 million for FY11, up 85% y-o-y. SingSpring made a net profit of $3.8 million and had cash earnings of $17.4 million, down 6% y-o-y. Basslink recorded a net loss of $40 million (attributed to non-cash items) and had cash earnings of $15 million.

CitySpring and City Gas have obtained commitments from DBS Bank to refinance their respective loans of $142 million and $128 million, with a corresponding extension of maturity from August 2011 to August 2014 and from February 2012 to February 2014. “This suggests an amount close to 70% of the group’s total borrowings will mature in 2014 and 2015. A capital injection is clearly needed to provide long term financial flexibility for the group,” Kim Eng states in its report. CitySpring has unitholder funds of $357 million compared to its net debt of $1.4 billion, and total assets of $2.1 billion. NAV per share is 35.4 cents, and its units last traded at 55 cents, down 5.2% year-to-date.

Market outlook
Although emerging market equity funds saw outflows for the second week of US$1.03 billion ($1.28 billion) in the May 20-26 period, this is down from the outflow of US$1.64 billion of previous week, says Citigroup strategist Markus Rosgen in a report dated May 27. Asia ex-Japan too saw a tiny inflow of US$69 million, he adds. Based on his chart, Taiwan, Hong Kong, Korea and Indonesia saw inflows during the period and Singapore experienced a small outflow.

Shane Oliver, chief economist at AMP Capital investors, says “right now shares are a bit oversold and could see a further short term bounce.” However, the long worry list of Greece, European monetary tightening, softening global business conditions indicators, softer US economic data, US housing, US debt ceiling, the aftermath of the Japanese earthquake, whether China will have a hard or soft landing, high oil prices and the two-speed economy in Australia suggests that share markets will remain volatile and are at risk of a further correction over the next few months, he adds.

In Oliver’s view, sweet and sour spots giving rise to hot and cold investment markets suggests that the world’s two major economies are in different points of the investment cycle. The US is in the classic “sweet spot” with strong profit growth but very easy monetary conditions. By contrast, China is in a classic “sour spot” with now slowing economic indicators but ongoing monetary tightening. “This divergence is adding to the volatility in investment markets coming from all the other worries around at present,” he reckons.

Sydney-based Oliver also says Australia is caught between these two extremes, “benefiting” from the easy money that flows out of the US (via strong commodity prices and a strong A$) but subjected to worries about a hard landing in China. The end result is more volatility Down Under. -- Goola Warden

COSCO hit by parentfirm's accounting woes

2011-05-24T02:04:00.001-07:00

04:46 AM May 24, 2011
SINGAPORE - Shares in Singapore-listed COSCO Corp plunged in heavy volume yesterday, hit by news of accounting irregularities at its parent, the state-owned China COSCO Group, and concerns over pending orders from a Norwegian customer.

COSCO shares fell 14 cents, or 6.9 per cent, to S$1.89 each, under-performing the 1.8-per-cent fall in the Straits Times Index. About 42.7 million shares changed hands, making it the fifth most actively traded counter.

The China COSCO Group said yesterday that a national audit had found improper accounting procedures at the shipping giant from 2001 to 2009 but added it had rectified some of the issues and did not anticipate any material impact on its past earnings.

The announcement came after China's National Audit Office said on Friday that accounting irregularities were uncovered in a nationwide audit of some state-owned enterprises. The shipping group's audit found it under-reported revenue, cost and provisions for asset impairment, and underpaid taxes.

Like other state-owned Chinese companies, China's shipping giants have complex, opaque shareholding structures. However, many investors overlook these factors and instead focus on the Chinese market's enormous growth potential.

Also hurting sentiment on the Singapore-listed unit was news on Friday that Norway's Sevan Marine had posted a preliminary first-quarter pre-tax loss of US$38 million (S$47.4 million). COSCO had signed a letter of intent in March with Sevan Marine spin-off Sevan Drilling for contracts for two structures worth about US$525 million each.

"If market conditions are difficult, then obviously it makes the likelihood of the orders coming through a lot less," said an analyst at a local brokerage.

COSCO's problems also hurt its Singapore-listed peer Yangzijiang. Shares in the China-based shipbuilder fell 10 cents, or 5.8 per cent, to S$1.62 each. About 24.1 million shares were traded, making it the ninth most active counter. Agencies

Source/转贴/Extract/: www.todayonline.com
Publish date:24/05/11

Top Great buy propels Mencast into spotlight

2011-05-20T16:19:00.000-07:00

The EDGE Weekend Comment May 20
Shares of Catalist-traded Mencast Holdings have seen heavy trading volume after it announced on May 18 it had acquired engineering systems installer Top Great Engineering & Marine.
Mencast -- which makes, supplies and repairs propellers and stern gear for seafaring vessels -- is purchasing Top Great for $24 million. Mencast will pay $9.6 million in cash and satisfy the remaining $14.4 million through an allotment of new Mencast shares via three separate tranches -- “a small price to pay for an accretive deal”, according to Gary Ng of CIMB.
That’s because the acquisition comes with a guarantee that Top Great will achieve net profits of not less than $8 million between May 1, 2011 and April 31, 2013. It Top Great fails to meet the target, it'll have to make good the shortfall in cash to Mencast within six months after the agreed period.

For the year ended Dec 31, 2010, income earned by Top Great before deducting taxes was $4.7 million. In comparison, Mencast achieved a net profit of $8.5 million over the same period, a 20.8% y-o-y rise, on the back of $32 million in revenues, up 21.9% y-o-y.
Analysts say the addition of Top Great will give Mencast the opportunity to tap a larger pool of clients in the region and add margin value with a fuller range of maintenance, repair and overhaul (MRO) services to the booming offshore and marine industry.
“This [acquisition] would allow Mencast to create positive synergies, economies of scale and strengthen its value proposition to attract and retain new clientele,” Ng of CIMB points out. “We think that with Top Great being integrated into Mencast, the group would eventually make its foray into overseas markets, which would mean higher margins due to the higher premium the group charges for projects outside Singapore.”
Mencast started out three decades ago as provider of repairs and maintenance services of marine propellers for fishing and bumboats in Singapore. It eventually expanded its client base to include owners and operators of tugboats and ferries in 1993 and extended its capabilities to provide a full range of sterngear equipment and services for local and regional shipyards and ship owners in 2001. In 2008, Mencast, which operates a yard in Tuas, sought a listing on the Catalist.
Last year, in a bid to increase growth, Mencast announced that it would lease 16,200 sq m of land at the waterfront on Penjuru Road to build a manufacturing plant for stern gear equipment and centralise its manufacturing activities for better efficiencies. Mencast expects to complete construction of the plant -- which will be 3.5 times larger than all its existing plants combined -- by year-end. Despite slowing demand for commercial ships given an existing oversupply in the market, Mencast is confident of booking revenues from repeat MRO (Maintenance, repair and operations) contracts from ship owners and expects to see growth coming from the booming offshore sector. The company currently has an order book of about $8 million.
Since the start of the year, shares of Mencast are up by about 10%, closing on May 20 at an all-time high of 45 cents each. But there’s more good news. Ng of CIMB has upgraded his 12-month target price on the stock by 6% to 70 cents apiece despite dilution from the new shares, as the stock is still trading at a 15% discount to its larger peers. At current levels, it has a market capitalisation of just $76.6 million and trades at 8 times earnings.
“This stock is only at the growth stage and has not scaled the high wall of valuation,” Ng writes in a recent report. “[The shares] will climb, and a further re-rating will propel the stock with an upgrade to the Mainboard from its current board.” -- Kang Wan Chern

LME, SGX to start trading lead, steel futures in third quarter

2011-05-18T22:38:00.000-07:00

The London Metal Exchange and Singapore Exchange will begin trading lead and steel futures on the Singapore bourse in the third quarter, according to Liz Milan, managing director for LME Asia.

Each dollar-denominated lead contract will represent five metric tons of metal, while the steel contract will represent 10 tons of the alloy, compared with the benchmark 25-ton and 65-ton contracts traded in London, Milan said in an interview in Singapore.

The LME is expanding in Asia as growth in the region is “structural,” Chief Executive Officer Martin Abbott said in July. The Singapore Exchange started trading LME-SGX copper, zinc and aluminum futures on Feb. 15 after opening an office in Singapore last year.

“We’ve got some market makers, we’ve got active traders but you need liquidity,” Milan said. “It’s reached the first level and we really need to kick it on now to increase liquidity to bring in players who are watching.”

At the end of April, 27,816 lots of copper had been traded, according to bourse data. This compares with 395 lots of the LME’s own reduced-sized contracts, known as LMEminis, in the same period and 11.2 million lots for the 25-ton contract.

“We’re going to make a bigger push in Singapore, Hong Kong and China to see if we can engage them to the next level,” Milan said on May 11.

LME, SGX to start trading lead, steel futures in third quarter
Thursday, 19 May 2011

DJ MARKET TALK: Genting Singapore Unlikely To Move On Fine News

2011-05-18T20:14:00.000-07:00

0034 GMT [Dow Jones] Genting Singapore (G13.SG) shares are unlikely to be impact much by news its RWS casino was fined S$530,000 by Singapore's Casino Regulatory Authority (CRA) for breaches of the Casino Control Act; "The impact on Genting Singapore's operations and share price is likely minimal. These fines are insignificant compared to the extremely high profit generated from the integrated resort," says Aaron Fischer, a gaming industry analyst at CLSA. He adds, "the actions by the Singapore government are consistent with that of regulators in other markets. We view these actions as positive as it indicates the CRA is monitoring the gaming industry very closely and protecting customers' interests." Genting was fined for breaches including the reimbursement of entry fees for Singapore nationals and failure to retain surveillance camera footage for the correct length of time. Genting's 1Q EBITDA was S$529.4 million, more than tripling on year. Shares closed flat at S$2.07 Wednesday. (matthew.allen@dowjones.com)

Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

DJ MARKET TALK: Artivision Down 8.8%;Potential Takeover Target? -KE

2011-05-17T23:33:00.001-07:00

0352 GMT [Dow Jones] Artivision Technologies (5NK.SG) falls 8.8% to S$0.260, with 56 million shares changing hands, likely on profit-taking after the Catalist-listed stock's 14% surge Monday. Those gains came amid news the company launched a video advertising application on social networking site Facebook, though no commercial agreement has been signed with the internet giant. Despite posting a string of losses since listing at S$0.20 in August 2008, and relying on a shareholder loan for cashflow, the stock has shot up from a low of S$0.04 hit April 21, perhaps on hopes it may become a takeover target. Kim Eng says "while the prospects for commercialisation of its technologies appear promising, the company is still burning through cash...it is likely to need new capital in the form of equity/loan in order to ensure an adequate level of working capital." Alternatively, "it is not inconceivable that an internet giant like Google or Facebook could choose to buy out the company for a premium." Orderbook tips strong buying interest at S$0.250. (matthew.allen@dowjones.com)

Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

Morning Market Commentary - 18 May 11

2011-05-17T19:49:00.001-07:00

Strategy & Macro (Longer Term Outlook):Phillip Securities Research.US industrial production was flat, but ex-autos expanded 0.2%m-m. Underlying mfg growth is still there albeit auto supply disruptions from Japan. Housing starts continues to bounce along the bottom. Overall, markets are cautious when growth slows sequentially, bond markets spreads (yield curve 260bp) still however, signal an overall positive trend in stocks. Also IMF chief's arrest heightens the risk of a Greek debt restructuring, and delays in raising the US debt ceiling continue to hold back markets.
　
Technicals & Inter-market (Short/Intermediate Term Outlook):On Monday, Singapore shares closed lower down 27.20 points (0.86%) to close at 3,136.48. Volume was 990.10 million shares worth $1.08 billion. Losers led gainers 356 to 121. Singapore stock market is closed for holiday on Tuesday (17 May 2011).

The Shanghai Composite Index added 3.7 points (0.13%) to close at 2,852.77.

The S&P 500 dropped a mere 0.49 of a point (0.04%) to close at 1,328.98. Day lows were put in at 1,318 testing support at 1,320 as previously mentioned. Buying around 1,320 anticipated to be weaker going forward. Another test of 1,320 could push through it. Sentiment continues to weigh as Wal-Mart and HP showed disappointing numbers. Utilities continue to outperform.
The CRB is testing support at 335, closing slightly above it at 336. RSI Convergence forming, increasing odds of higher prices in the coming week or so. Higher commodity prices could be a plus to risk at this point. Similarly, the Dollar has overextended itself to the upside with RSI coming off from > 80 levels and price digesting resistance at 76.00.
STI outlook unchanged. Risk is for the broad risk environment to weaken, taking the STI down with it. In the interim, STI continues to be range bound. 2 major levels continue to be 3,120 (support) and 3,180 (resistance). Support at 3,130, then 3,120. Resistance at 3,150 then 3,170, before 3,180

DJ MARKET TALK: UOBKH Cuts Neptune Orient Lines Target To S$2.30

2011-05-15T23:36:00.001-07:00

0434 GMT [Dow Jones] STOCK CALL: UOB KayHian cuts Neptune Orient Lines (N03.SG) target to S$2.30 from S$2.55, but keeps a Buy call, after the company Friday reported a 1Q net loss of US$9.7 million, narrowing from a loss of US$98.5 million a year earlier. Although the result was "a bit disappointing," the house expects a better 2Q given NOL's "greater exposure to Transpacific," where rates were consistently firmer than Asia-Europe rates since January 2011, would help profitability as compared with peers." Management has flagged a cautious outlook over high bunker fuel prices and severe competition, but UOB reckons the near-term share price could be catalyzed by a rate rebound and correction in oil prices. The house cuts its 2011 earnings forecast by 27% on revised volume and freight rate estimates, and says its S$2.30 target is based on 1.3X 2012 forecast P/B. NOL "deserves a valuation premium to its peers for its higher value-added services and greater exposure to transpacific trade," it adds. Shares are down 2.1% at S$1.86. (chunhan.wong@dowjones.com)

Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

(END) Dow Jones Newswires
May 16, 2011 00:34 ET (04:34 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

DJ MARKET TALK: OCBC Downgrades Swiber To Hold From Buy

2011-05-15T23:27:00.000-07:00

0409 GMT [Dow Jones] STOCK CALL: OCBC downgrades Swiber (AK3.SG) to Hold from Buy due to limited upside to its new fair value of S$0.88, cut from S$0.94, after it tweaks earnings estimates by incorporating lower gross margin and USD assumptions. It says 1Q11 core net profit of US$3.1 million accounted for only 10% of its full year estimate. It notes, the 78.2% on-year rise in revenue was mainly due to higher work volume in 1Q11 vs 1Q10 as Swiber recognized contributions from work in India; "on the other hand, the lower core net profit was partly due to the dip in gross profit margin from 21.2% in 1Q10 to 16.2% in 1Q11." OCBC adds, Swiber has secured contracts worth about US$190 million year-to-date, 42% of its order win target for the year; "we expect to hear more contract wins in the near term, but are unlikely to revise our revenue estimates should the order wins continue to fall within our new order estimate of US$450 million for FY11." Shares are off 1.2% at S$0.795. (matthew.allen@dowjones.com)

Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com

(END) Dow Jones Newswires
May 16, 2011 00:09 ET (04:09 GMT)
Copyright (c) 2011 Dow Jones & Company, Inc.

When it all started

2011-05-01T23:10:00.000-07:00

I've been planning to start this blog since 4 years ago. Due to work commitments and busy schedules, I simply could not find the time and energy to write until the collapse of Lehman Brothers .
I started to dabble into investments in 1993 when the Singapore Government listed Singtel on the Stock Exchange. If I remember correctly, the Singtel shares cost about $1.90 per share (IPO price). During the first days of trading, the prices shot up to nearly to $5.00. At that time, one can just close an eye and buy any stocks in the market and will still make some profit.
when I was still working in the bank, I've saw losing saw customers losing money without understand what had happened. My customer just buy when the mkt or stocks go lower and average down when the stocks go further down. If the stock do not recover back to their purchase price, they just hold the stock for years(worse without getting dividend) and worse the stock go into suspension.

So should we invest in stock? I will review it on later at my next post.